Assignment Details For This Submission Please Choose

Assignment Detailsfor This Submission Assignment Please Choose A Mic

For this submission assignment, please choose a Michelin Star Restaurant in New York City from this list. You will need to visit the restaurant’s Web site to get a feel for what its business is like. Scenario Now, imagine that you have just landed your dream job as a Business Analyst for the restaurant you chose. Your job is to provide upper management with credible statistical information to help them make sound business decisions. As the Business Analyst, your work needs to be based upon collecting data and interpreting them through appropriate formulas. You are not the company statistician, so your job is not to crunch a lot of numbers. It is much more about analyzing data and giving your recommendations to the company; however, along the way, you will crunch a few numbers as well. Your first assignment is to look at different types of data for a specific scenario that the company is facing.

The restaurant you chose (hereinafter referred to as “X”) is known for ultra-fine dining in New York City but wants to look at expanding into the casual restaurant niche to compete with family restaurants. Before it does that, management needs to do some in-depth research to decide if expansion into this market segment is a good idea, and if so, what the menu for their new restaurant may look like. Of course, the company wants to make money, so they want to ensure that any restaurant they open will give the public an atmosphere and menu choices that are in line with today’s busy lifestyles. However, they have an impeccable reputation to uphold and they want to make sure that any new restaurant will complement and enhance their reputation, not detract from it.

Prepare a PowerPoint presentation of at least 6–8 substantive slides that addresses the following: · List and discuss 2 qualitative attributes of the atmosphere of the new casual dining restaurant that X’s upper management might want to ask potential customers. (Think of items that the customers would want to see in the atmosphere). · List and discuss 2 qualitative attributes of the menu choices of the restaurant that X may want to explore with potential customers. · List and discuss 2 quantitative attributes of the menu items that management might want to measure to make sure they are providing menu items that customers want. · List and discuss 2 quantitative attributes that the new restaurant’s chefs may be interested in when creating the menu. · Explain the difference between a population and a sample in research. · Discuss at least 2 populations and 2 samples that X may be interested in using for their research. · Discuss the target market for this new restaurant venture. · Explain how the attributes you discussed above will help ensure that this new restaurant will compliment what you see to be X’s best attributes at their fine dining location (from what you learn by researching X’s Web site and other Internet sources you find).

Please keep in mind that your PPT should have a Title slide and a Reference slide. You should cite at least 3 credible sources of research to back up your thoughts and ideas on the topics. Great PPTs always have some color, a theme, and some graphics on the slides to keep the audience entertained as they learn. Your PPT slides should only have 4–6 bullet point items on them. The bulk of your presentation should be the speech you put into the Notes section of the PPT slides. Those notes are what you talk about when the slide is being shown to the audience. Deliverable Length: Make sure you have at least 200 words of substantive information in the Notes section of each slide to elaborate on the topics that you cover on the slide.

Paper For Above instruction

Introduction

The expansion of a Michelin-starred restaurant from fine dining to casual dining presents both opportunities and challenges. For a restaurant known for its exclusivity and high-quality experience, venturing into a new market segment requires thorough research into customer preferences and operational considerations. This paper explores the qualitative and quantitative attributes relevant to developing a successful casual dining wing for a renowned restaurant in New York City, referred to as "X." Understanding these attributes ensures alignment with the restaurant's brand and caters effectively to the target audience.

Qualitative Attributes of Atmosphere

Creating an inviting and appealing atmosphere in the casual restaurant is paramount. Two qualitative attributes that management may consider are ambiance and decor. Ambiance encompasses factors like lighting, music, and overall environment, which influence customer mood and satisfaction (Kwortnik, 2006). A relaxed yet vibrant setting may attract a broad demographic seeking comfort without sacrificing style. Decor pertains to the interior aesthetic, including furniture, artwork, and color schemes, which should reflect the restaurant’s brand and appeal to the target market (Bitner, 1992). Potential customers might prefer a contemporary, minimalist design or a cozy, rustic feel depending on their preferences. Gaining insights into these attributes through customer feedback can help tailor the atmosphere to meet expectations.

Qualitative Attributes of Menu Choices

When it comes to menu development, understanding customer preferences is crucial. Two qualitative attributes to explore are menu variety and ingredient quality. Menu variety ensures there are options that cater to different tastes, dietary restrictions, and cultural preferences (Barber & Scarcelli, 2016). Customers may value flexibility, such as vegetarian, gluten-free, or locally sourced options. Ingredient quality reflects the freshness and sourcing standards of menu items, aligning with the high expectations associated with fine dining (Kimes & Wirtz, 2003). Customer feedback on preferred types of cuisine, portion sizes, and presentation can guide culinary decisions to balance simplicity and sophistication, ensuring the menu resonates with the desired casual dining experience.

Quantitative Attributes of Menu Items

Measuring certain quantitative attributes allows management to assess whether menu offerings meet customer expectations while maintaining profitability. Two key quantitative attributes include price points and calorie content. Price points must be competitive yet reflective of the perceived value, balancing affordability with profit margins (Kim & Moon, 1998). Calorie content information appeals to health-conscious consumers and aligns with contemporary lifestyle trends emphasizing wellness. Tracking sales data related to pricing and calorie information helps fine-tune the menu for optimal customer satisfaction and cost management.

Quantitative Attributes for Chef Development

For chefs designing new menu items, certain quantitative measures are helpful. Two important attributes are ingredient cost and preparation time. Ingredient cost determines the profitability of each dish, influencing pricing strategies (Kimes & Wirtz, 2003). Keeping ingredient costs within target ranges ensures the menu remains financially viable. Preparation time affects kitchen efficiency and customer wait times; shorter, predictable prep times contribute to smoother service flow and customer experience. Monitoring these factors enables chefs to develop inventive yet practical dishes that support the restaurant’s operational goals.

Understanding Population and Sample in Research

In research, a population refers to the entire group from which data can be collected, while a sample is a subset of this population used for analysis. For instance, the population could include all potential customers within a certain geographic area, while a sample might be a selected group of patrons surveyed in a restaurant or via online questionnaires (Creswell, 2014). Accurate sampling ensures that insights represent the broader population, reducing bias and increasing the validity of conclusions drawn from the data.

Populations and Samples for X’s Research

Two populations relevant to X’s research could be: (1) All residents within a specific neighborhood in New York City, and (2) Visitors from outside NYC who dine at casual restaurants. Corresponding samples might include: (1) A random sample of residents surveyed through neighborhood panels, and (2) Diner feedback collected from online reviews and social media for visitors. These groups provide diverse insights into customer preferences, enabling X to understand regional differences and broader trends prior to expansion (Flick, 2018).

Target Market for the New Restaurant

The target market for X’s casual restaurant should focus on busy professionals, young families, and tourists seeking quick yet quality dining options. These demographics value convenience, affordability, and an inviting atmosphere that retains some elements of the high-end brand (Davis, 2014). Tailoring the menu and ambiance to suit their lifestyles maximizes appeal and enhances brand recognition across market segments.

Aligning Attributes with X’s Brand

The qualitative attributes such as atmosphere and menu variation ensure the new restaurant maintains the elegance associated with X, even in a casual setting. Quantitative measures like pricing, calorie counts, and operational costs enable data-driven decisions that uphold quality and profitability. By thoroughly researching customer preferences, X can develop a casual dining experience that complements its fine dining reputation while appealing to a broader customer base, leveraging its core strengths in service and culinary excellence.

Conclusion

Expanding into the casual dining market requires a strategic balance of qualitative insights and quantitative metrics. Understanding customer preferences through targeted research informs effective atmosphere design and menu development. By carefully selecting samples that reflect the target market and aligning attributes with X’s brand identity, the restaurant can extend its legacy of excellence into new market segments successfully. Data-driven decisions, combined with thoughtful marketing strategies, will position X for sustainable growth and brand enhancement in the competitive NYC food scene.

References

• Bitner, M. J. (1992). Servicescape: The Impact of Environment on Customer Perceptions and Behaviors. Journal of Marketing, 56(2), 57-71.
• Choi, S., & Kim, S. (2017). Consumer preferences and perceptions of casual dining restaurants. International Journal of Hospitality Management, 65, 1-11.
• Creswell, J. W. (2014). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. Sage Publications.
• Davis, B. (2014). Targeting millennials: insights for restaurateurs. Restaurant Development Magazine, 45(3), 21-24.
• Kimes, S. E., & Wirtz, J. (2003). Has revenue been the driver of restaurant profitability? Cornell Hospitality Quarterly, 44(3), 287-300.
• Kwortnik, R. J. (2006). Clarifying some unclear service experiences: The roles of atmosphere, staging, and scenery. International Journal of Hospitality Management, 25(4), 561-580.
• Kim, W. G., & Moon, T. K. (1998). Customers’ perceptions of international restaurateurs’ service quality and satisfaction. Managing Service Quality, 8(6), 391-401.
• Flick, U. (2018). An Introduction to Qualitative Research. Sage Publications.
• Kimes, S. E., & Wirtz, J. (2003). Has revenue been the driver of restaurant profitability? Cornell Hospitality Quarterly, 44(3), 287-300.
• Barber, N., & Scarcelli, M. (2016). Menu diversity and customer satisfaction in casual dining. Journal of Foodservice Business Research, 19(2), 113-128.