Question

In: Statistics and Probability

Let us say that you work for Starbucks! Since college campuses are traditionally very attractive locations...

Let us say that you work for Starbucks!

Since college campuses are traditionally very attractive locations for Coffee-shops, your District manager is proposing to set up a coffee shop near at the junction of Broadway and 35th   .

As a statistical consultant how would you explore this option?

Discuss what would be your population and variables, type of variables and how many?

Do you think some kind of secondary data would suffice in this case?

Solutions

Expert Solution

No. Secondary data will not suffice in this case, as we are talking of a different location ( not a general location) in this case i.e. traffic at the junction of broadway and 35th in specific. It is hard to get data for such a specific case.

As a statistical consultant I could define all the folllowing terms to estimate the traffic I would get at the junction' coffee shop. I could define the terms as:

Population: Number of students studying in the college campuses nearby

Variables :

1.No. of students within 5 mile radius of the junction - this could potentially decide what is the exposure of the Starbucks outlet

2.No. of students studying in the all the campuses nearby

3.How much space in available in the coffee shop? How many seats can be arranged at this coffee shop?

4. How much extra traffic potential does the junction have compared to a coffee shop on a normal 1way-street?

5. Given that the junction at the broadway will be priced higher vs. a location on a 1 way street, What is the return on investment, or the breakeven sales point for the shop?

6. If I can price the coffee, how much do I charge a customer on average, to breakeven within a given time period?

orchestra answered 2 years ago
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