Building A New Coffee Shop

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Introduction

Potential Traders Ltd is wanting to open a new coffee shop in Jackson Street, Petone. Initial research has been completed on costings and viability of the business. Needs Analysis Consultants have been hired to consult a number of various primary and secondary data collection methods to determine the potential number of customers and whether it translates into a profitable income.
Purpose

The purpose of this report is to analyse the potential methods that may be used in conducting research for this project, and to outline the research design.
Research Topic

Management question

Will it be profitable to open a new coffee shop in Petone?

Hypothesis

There is sufficient foot traffic on Jackson Street to warrant a profitable new coffee shop.

Research question

Will the quantity of foot traffic on Jackson Street make it profitable for Potential Traders Ltd to open a new coffee shop?

Objectives

1. To find out how much foot traffic Jackson Street has during a normal business day (7am-4pm).
2. To find out if the quantity of foot traffic will translate into a profitable income for a new coffee shop.
Literature search and critique
Quantitative methods used in the business environment

Quantitative research methods measure things, quantify issues and are characterised by numerical measures that allow for direct analysis, comparisons, and the formulation of graphs and tables (USCLibraries, n.d.). Some key quantitative research methods are:

Data mining

Definition

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