Business Research Project Part 1: Formulation of the Research Problem
Business Research Project Part 1: Formulation of the Research ProblemQNT/561Christy Bowman, Daniel Rementov, Ifeanyi Uzoukwu, Tristan Brown, Bryon TealAugust 3rd, 2015Facilitator: Dr. Geoffrey K. MugaluBusiness Research Project Part 1: Formulation of the Research ProblemTeam B is tasked with identifying both independent and dependent variables based upon innovative production methods. The team’s company of choice is Beantime. Beantime was opened in 1971 as just a single store in Seattle’s historic Pike Place Market offering some of the world’s finest fresh-roasted whole bean coffee(2013, Our Heritage). Today Beantime doesn’t just offer a soothing cup of brewed coffee; it offers a wide range of other products as well.
Beantime has been facing issues with decreased sales. Beantime will look into concerns such as how healthy the products are and if the products lead to obesity or other health issues to determine if offering lighter caloric options will increase sales. The study will address questions regarding frequency of visits to Beantime, ages of consumers, health considerations of consumers, and the effects on sales of lower calorie options. The team members of this project are conducting research in an effort to identify and analyze to help Beantime increase sales and profitability. Two key variables will be examined to explain the challenge faced by Beantime. The overarching dependent variable is the gross sales of the store that are a large element to profitability and the capturing of margin. The independent variable is the average income of the surrounding town. This directly influences the dependent as our product has proven to be a discretionary luxury item rather than an essential need.Independent VariablesThe age of Beantime consumers. Dependent VariableIncrease in sales for Beantime. RQ: Is the increase in public health concerns and serving unhealthy products the cause for the decline in Starbucks sales amongst consumers’ age 18 years and older?