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ECON1203

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1. EXECUTIVE SUMMARY

performance and profitability of the CPResorts Forster conducted by Dynamic

Econometric Consulting Services (DECS), with the focus being on two key

performance indicators (KPI) stated in the CPResorts business plan. The first was

considering if the majority of customers stayed for the duration of a week at the

resort, whilst the second KPI assessed whether customer expenditures per day

surpassed $260.

The analyses were conducted on a sample of 200 customers, a sample

size large enough for the sampled distribution to be normally distributed,

according to the Central Limit Theorem, with the information provided featuring

income details, booking party numbers, duration of stay, customer age and

expenditure over accommodation costs.

The statistical investigation into the facilities performance established key

features of the Forster branchs type of customer:

Middle-aged customers are attracted to the resort, with a mean age

of 46.5.

69% of customers earn an income of over $80,000, reflecting the

upmarket status of the resort.

34.5% of customers attend the resort as a group of 4, showing the

resorts family appeal.

Time spent at the resort was mainly 2 days or 7 days, with 51% of

customers staying the full week.

The most common daily expenditure was between $200 and $250,

below the second KPI as stated in the business plan.

It is worthy of noting that the first KPI was achieved as there was no

contrary evidence, proving more than 50% of customers stayed for seven nights.

However, the second KPI was not fulfilled, with the mean daily expenditure being

$238, with only 30% of customers spending over $260 daily.

Page |2

ECON1203

revenue, the company should review its current promotional strategies and

facilities to better reflect its business plans and the customer market, with

particular consideration of higher income earning, middle aged customers

travelling with families to the resort.

2.1 INCOME

The annual family income is a crucial characteristic as it would influence

the number of people in the booking party, the length of stay and the

expenditure above accommodation costs. As shown in Fig. 1, the two income

brackets consisted of 31% below $80,000 and 69% above $80,000. The average

expenditure per family was approximately $532 in the lower bracket, and $1449

in the higher, reflecting the resorts advertising as an upmarket complex.

Furthermore, Fig. 2 shows the prevalence of high-income customers to stay the

full seven nights, maintaining the upmarket complex.

Family Income

98

50

Less than 80,000

25

47 23

Family

Income

31%

2

23

69%

Under

$80,000

Over

$80,000

Page |3

ECON1203

depicting the relationship

The number of people in each booking party identifies the type of

customer which has been attracted to CPResorts Forster. As seen in Table 1, the

largest frequency and modal class is occupied by bookings of four people,

represented by 34.5%. In addition, the table shows that 66.5% of customers

booked with 3 or more people, whilst only 33.5% booked as couples. This reflects

the business plan to position the resort as appealing to families, as the majority

of bookings with 3 or more people would be constituted by families.

Number of

Peopl

e

2

Frequen

cy

67

Relative

Frequency

33.50%

Page |4

3

4

5

6

Total

24

69

20

20

200

ECON1203

12%

34.50%

10%

10%

100%

Table 1; A Relative Frequency table displaying the number of people per booking

party.

2 people

10%

10%

3 people

34%

4 people

5 people

35%

12%

6 people

for the number of people in each booking party.

Page |5

ECON1203

Customer Ages

40

35

30

25

20

Frequency 15

10

5

0

Bin Class

of 38 years, from 26 to 64, with a mean and mode of 46.5 and 49 respectively.

Alongside the median of 46.5, these figures suggest that the later middle aged

group is potentially more attracted to making bookings at CPResorts Forster, with

Figure 4 showing the modal class of 46-50. The middle-aged group are most

likely to holiday with entire families, reflected in the covariance of -0.16 between

age and group numbers, and shown in Figure 3 above. Thus CPResorts can

identify the middle-aged group as their main potential customers.

Figure 4; Frequency Histogram reflecting the ages of CPResorts Customers, showing a

slight negative skew.

3.1 KEY PERFORMANCE INDICATOR 1 LENGTH OF STAY

The performance of CPResorts in the first KPI was assessed through the

customers length of stay. DECS analyzed this through a lower-tailed hypothesis

test to investigate whether 50% of the sample customers had stayed for seven

nights. With the sample size of 200, the Central Limit Theorem was applied,

establishing a normal distribution. Preliminary analysis reflected that 51% of

customers stayed the full week, as seen in Table 2, although further hypothesis

testing is required to reflect the population proportion.

Page |6

Lengt

h

2

days

3

days

4

days

5

days

6

days

7

days

Total

ECON1203

Frequen Relative

cy

Frequency %

75

37.50%

11

5.50%

2.50%

1%

2.50%

102

51%

200

100.00%

H0 : p = 0.5 (Null Hypothesis)

H1 : p < 0.5 (Alternative Hypothesis)

Let the significance level be 5%; = 0.05

Therefore, the Rejection Region is:

Z < -Z = -Z0.05 = -1.645

X 102

^p= = =0.51

n 200

^p p

p ( 1p )

n

0.510.5

0.5 0.5

200

=0.283

Page |7

ECON1203

However, 0.283 > -1.645, and therefore does not lie in the rejection region.

Considering the P-Value, P (Z < 0.283) = 0.5 + P (0 < Z < 0.283)

= 0.5 + 0.1103 = 0.6103

Therefore, the null hypothesis is not rejected, as the test statistic is not

contained in the rejection region, reflected in Fig 5. Furthermore, since the Pvalue is greater than 0.10, it is not statistically significant and suggests there is

no evidence to infer that the alternative hypothesis is true. As such, DECS

supports the statement that CPResorts Forster has more than 50% of customers

staying for a full week.

the customer's duration of stay

The second key performance indicator stated in the CPResorts business

plan is to have the average customer spending more than $260 per day in

excess of accommodation costs. Accordingly, a one-tailed hypothesis test was

undertaken in order to establish whether the second KPI was met. As the

population variance is unknown, the test could be conducted through tdistributions. However, the large sample size of 200 will result in miniscule

differences between Z and t-distributions, and thus a Z-distribution was applied.

Preliminary analysis of expenditure per day, presented the findings in

Table 3, whilst Fig. 6 shows the daily expenditure, with a modal class of 200-250,

suggesting that CPResorts has not met their KPI in a sample study.

Page |8

ECON1203

Sample Mean (

Sample Standard Deviation (s)

238.484

7

2521.64

50.2159

3

accommodation costs.

100

80

60

Number of Customers

40

20

0

Amount ($)

Figure 6; A negatively skewed histogram showing the expenditure per day in excess

of accommodation costs, with a modal class of 201-250, and an outlier at 533. 1

1 The bin classes marked are the maximum values of each bin.

Page |9

ECON1203

H0 : = $260

H1 : < $260

Let the significance level be 5%; = 0.05

Therefore, the Rejection Region is:

Z < - 1.645

238.48260

=

50.22

200

is given by: Z =

x

s

n

-6.06

Since -6.06 < -1.645, the standardized test statistic lies in the rejection region,

as illustrated in Fig. 8.

P a g e | 10

ECON1203

test, with a critical value of -1.645

reject the null hypothesis in favour of the alternative hypothesis being true.

Thus, CPResorts Forster has not met its second KPI; the average customer is

spending less than $260 per day in excess of accommodation costs.

4. CONCLUSION

The statistical analysis conducted by DECS, observed in this report,

establishes that CPResorts Forster is not operating at the target level stated in

the CPResorts business plan. The provided sample data has suggested that the

higher-bracket income group are a central part of the current type of customers,

along with families of 4 and middle-aged consumers. The resort did meet the

first KPI of having more than 50% of customers staying for seven nights.

However, the report illustrates that the resort has been unsuccessful in their

second KPI of customers daily expenditure being over $260. Ultimately, the

resort attracts upmarket customers, as per its business plan position, although

DECS recommends CPResorts to consider reviewing the current promotional

strategies and facilities to better reflect the established customer market.

P a g e | 11

ECON1203

P a g e | 12

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