BF001: Data Management for Business Success

Data Management for Business Success- Individual Assignment Name BF001 Date Task 1 – Plan to investigate a business issue or problem (LO1) Problem definition for the Quantitative Research The data on fast food restaurants for the years 2011 to 2014 include details on the total sales in millions (system wide sales) and average sales per unit and other factors likely to affect the total sales, and it is data from the year 2014 that is chosen for the research project. The sales include wholesale revenue for the different fast food restaurant brands in US and a total of 50 of these brands were included and the figures were estimated for some of the fast food restaurants. Pricing strategies, promotion, brand name recognition, location, consumer perception, taste and preferences and the food and beverage offered are some of the factors that influence the growth. The research question to be considered is “what influences the system wide sales of fast food restaurants in the US”? The industry’s competitive strategies are based price, convenience and even differentiation as fast food consumption has increased over decades. The chain of restaurants wills different strategic locations tend to serve a large customer base and grow if they have superior customer service and quality of food products. Using the information on fast food restaurant brands system wide sales it is possible to determine what influences sale and growth for the 2014 sales. Even as there have been millions of investments and entry of competitors in the fast food industry, but the dominant players still control a large customer base in the US in different states. The fast food industry in the US generated sales $ billions in the years 2011 to 2014 when the data was collected, also these sales have seen a sustained growth over that time period. The results of the fasts food restaurants and chains reflected the growth of the US economy and recovery after the 2008/2009 global financial crisis economy. McDonald’s is the top ranked fast food restaurant and reported system wide sales in millions of $34,172.00, $35,600.00, $35,856.30 and $35,447.00 in 2011 to 2014 respectively (Qsrmagazine.com, 2015). Expansion in different areas and concentration of the restaurants in some locations partly explains their growth patterns as those nearest to customers who spend a lot on fast foods are more likely to report higher sales because of the number of people they serve and food delivered to those who do not visit the restaurants. Planning of the Research Project investigation Planning and execution requires defining the research problem, the fundamental concepts and how to approach the problem using a methodological framework. Planning consists of making a plan or project of the research is to be carried out. The information contained in the research planning includes the data, and the overall process of the investigation and the conclusions based on the analysis. The research is carried out in sequential stages / phases. As the objective of the research has already been established reviewing other research on sales and growth of the fast food restaurant industry provides insights on how the issue has been handled. This is necessary as the research is open and fl...