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Although he has enough knowledge needed to start such an upscale restaurant, he is unsure about the demand for such a restaurant in the city. The city had a population of nearly 500,000 but he could not provide any assurance regarding the taste or the income which would generate the demand for his restaurant. In such a situation, Michael requires to collect some additional information, on the basis of which he will succeed in promoting his restaurant properly and make the design, choices and price as per the preferable choice of the customers. In this context, the project aims to answer the questions raised by Michael and suggest him the most suitable way that he should choose to make his new business intervention profitable. The questions are as follows: Is there sufficient demand for such an upscale restaurant in the city? How much price are the patrons or the potential customers willing to pay? What should be the operating and design characteristics of the store? Where should the restaurant be located in the city? What should be the promotional strategy that the organization should follow? In order to find the answers to these questions, the study intends to frame certain hypotheses and find the answers to the questions by accepting or rejecting those. The study also uses descriptive analysis and frequencies to facilitate the process of finding the answers to the questions. Finally, the paper will be providing the necessary recommendations to Michael. Preliminary Analysis In the preliminary analysis, descriptive analysis and analysis using the frequencies is done and it is focused on finding answers to the questions raised by Michael. Frequencies of categorical variable The frequencies of the categorical variable when performed, it firstly found that the people of the metropolitan city where Michael is intending to open his business, about 100 percent of the people do eat in this type of upscale restaurant at least once in every two weeks. The analysis also revealed that maximum people is seen to pay $110 towards their meal in the restaurant for each month, which is unlike the expectation of Michael. When the survey participants were asked for their opinion on the average price charged for an evening meal entree, they are found to spend $16 for evening meal entree itself (See Appendix I). The analysis shows that about 96.3 percent of the respondents watch radio. Among those 96.3 percent, maximum of the respondents are found to be listening to rock music. The next higher percent listens to news or the talk shows. Among the participants of the survey, about 89 percent of the respondents are found to be the viewers of the local news channel. Out of these respondents, maximum percent is the viewers of 10:00 news. Among the 94.5 percent of the respondents who are the readers of newspaper, a majority of the respondents are more interested in the local news. Therefore, the overall analysis reveals that a majority of the sample who participated in the study are interested in newspaper and radio as their most preferable media which they listen to often. The least preferred one is television. Thus, it can be suggested that among these three, Michael can choose ...Show more


Finance and Accounting Name of the of the University Date Table of Contents Introduction 3 Preliminary Analysis 4 Frequencies of categorical variable 4 Descriptive statistics 6 Data Screening 7 Hypothesis testing 10 Techniques used 13 Statistical and non-statistical interpretation 13 Summary and Discussion 15 Recommendation 16 Appendix 19 Introduction This case is about Michael Jenkins who works as a sales representative in a restaurant and dreams of owning a restaurant business of his own…
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Individual Data Analysis Report
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