1,331
26
Case Study, 2 pages (400 words)

Had rock case study

Case Study: Hard Rock Cafe

  1. Describe three different forecasting applications at Hard Rock. Name three other areas in which you think Hard Rock could use forecasting models. The first forecasting application that Hard Rock uses is the point-of-sale system (POS), they can analyze sales data, maintain a sales history, and improve their pricing of products. The second application Hard Rock uses is the 3-year weighted moving average to help evaluate managers and to set their bonuses. And the third application Hard Rock uses is multiple regression to help figure out how to set up the menu. Managers can compute the impact on demand for other menu items if the price of one item is changed. Three other areas Hard Rock could use forecasting models are seasonal forecasting for the menu, customer satisfaction with/without entertainment, and new menu items and its impact.
  2. What is the role of the POS system in forecasting at Hard Rock? The POS System counts every person who walks through the door. The system gathers information from what the customers buy or even if they just walk in. From this transaction, they then compile statistics on the average consumer. The statistics combined with data on weather, conventions, andfood/beverage costs affect the finalized forecasts. Since most of Hard Rock’s information is all gathered into one POS system, it becomes their core of all their strategies and basics for forecasting.
  3. Justify the use of the weighting system used for evaluating managers for annual bonuses. Using the weighting system, Hard Rock can more accurately predict sales and the bonuses act as an incentive for managers to exceed previous years’ sales. The three-year model helps to ensure that managers will strive to make sure the company does well in the long-term to maximize future earnings.
  4. Name several variables besides those mentioned in the case that could be used as good predictors of daily sales in each cafe. Some variables that can help as good predictors of daily sales would be the age demographic that comes to the stores and the times they come, vacations and holiday times, and when competitors have sales or offers. At Hard Rock’s Moscow restaurant, the manager is trying to evaluate how a new advertising campaign affects guest counts. Using data for the past 10 months (see table) develop a least-squares regression relationship and then forecast the expected guest count when advertising is $65, 000.
Thanks for your opinion!
Had rock case study. Page 1
Had rock case study. Page 2
Had rock case study. Page 3

Your fellow student wrote and submitted this work, "Had rock case study". This sample can be used for research and reference in order to help you write your own paper. It is prohibited to utilize any part of the work without a valid citation.

If you own this paper and don't want it to be published on EduFrogs.com, you can ask for it to be taken down.

Ask for Removal
Cite this Case Study

References

EduFrogs. (2022) 'Had rock case study'. 19 August.

Reference

EduFrogs. (2022, August 19). Had rock case study. Retrieved from https://edufrogs.com/had-rock-case-study/

References

EduFrogs. 2022. "Had rock case study." August 19, 2022. https://edufrogs.com/had-rock-case-study/.

1. EduFrogs. "Had rock case study." August 19, 2022. https://edufrogs.com/had-rock-case-study/.


Bibliography


EduFrogs. "Had rock case study." August 19, 2022. https://edufrogs.com/had-rock-case-study/.

Work Cited

"Had rock case study." EduFrogs, 19 Aug. 2022, edufrogs.com/had-rock-case-study/.

Get in Touch with Us

If you have ideas on how to improve Had rock case study, feel free to contact our team. Use the following email to reach to us: [email protected]