Selecting a Business for Data & Decision Analysis Final Project

by | Aug 5, 2024 | business

Selecting the right business for your Data & Decision Analysis Final Project is critical. It is best to choose one for which you have passion or experience, but also one where you have a general understanding of the business decisions they are likely to face. As both the company you choose as well as the industry in which they operate will play a large role in shaping your overall project, this is a very important stage.

Overall, this project is designed to demonstrate critical thinking combining the concepts in the class readings with real-world data, which you will be responsible for collecting. You will also seek out and find the data you will analyze in your Data & Decision Analysis Final Project. Finding the right data and analyzing it appropriately is key to your project, so students should seek out publicly accessible sources so that your analysis is robust and based on real-world data. Students are encouraged to visit the Keleher Learning Commons and its digital resources for collecting data.

For this assignment, include the following:

A brief synopsis of the business and the industry
A brief description of the decision you are going analyze
A brief description of the data you located and how you intend to analyze it to make your decision
Keep in mind you are responsible for finding and securing the data needed make your decision. A few things will help with this, especially in this early stage:

Look for mid to large companies in industries with ample online documentation and available data.
Keep the decision you are looking to make simple. Decisions like Which country should Tesla expand to? or Should Dunkin Donuts expand into health foods? allow for more publicly accessible data to be collected, like international, government, and census data.

Sample Answer

Sample Answer

Selecting a Business for Data & Decision Analysis Final Project

Business Synopsis

For my Data & Decision Analysis Final Project, I will focus on Dunkin’ Brands, specifically analyzing their potential expansion into the health food sector. Dunkin’, which operates in the fast-food industry, is known primarily for its coffee and donuts. This industry is characterized by high competition, evolving consumer preferences, and a growing trend towards healthier eating options. The fast-food market has seen a significant shift in recent years, with consumers increasingly seeking nutritious alternatives to traditional fast food. Dunkin’s existing product offerings, which largely consist of sugar-laden pastries and high-calorie beverages, necessitate a strategic pivot to explore opportunities in health foods.

Decision to Analyze

The decision I intend to analyze is: Should Dunkin’ expand its menu to include health food options? This decision is critical as it will help the company align its offerings with changing consumer preferences, potentially capture a new market segment, and enhance brand loyalty among health-conscious customers. Given the growing awareness regarding nutrition and wellness, this analysis will evaluate whether such an expansion could lead to increased sales and market share.

Data Collection and Analysis

To inform my analysis, I have identified several publicly accessible data sources that will provide insights into market trends and consumer behavior:

1. Market Research Reports: I will utilize reports from organizations like IBISWorld and Statista, which provide data on consumer trends in the fast-food industry, particularly focusing on health-conscious dining.

2. Census Data: U.S. Census Bureau data will help assess demographic shifts toward healthier eating habits across different regions, enabling me to identify potential markets for expansion.

3. Social Media Analytics: Platforms like Google Trends and social media listening tools (e.g., Hootsuite) will be employed to gauge consumer interest in health foods and identify trending healthy options.

4. Competitor Analysis: I will analyze competitors who have successfully incorporated health food options, such as Starbucks and Panera Bread, to understand their strategies and customer reception.

Intended Data Analysis

Once collected, I plan to analyze the data using descriptive statistics to reveal trends in consumer preferences for health food options. Additionally, I will employ SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to evaluate Dunkin’s current position and potential challenges associated with the proposed menu expansion.

By synthesizing this data, I aim to provide actionable recommendations for Dunkin’ Brands regarding their strategic decision on entering the health food sector.

Conclusion

In conclusion, selecting Dunkin’ Brands and analyzing the decision to expand into health foods presents an opportunity to leverage my passion for culinary innovation and business strategy. With a rich array of data available for analysis, this project promises to offer valuable insights into the intersection of consumer preferences and business decision-making in the fast-food industry.

 

 

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