Afew years ago, I was given the responsibility of gathering somecrucial information that would assist in developing an extended stayhotel. This structure would serve as a rental place where the clientscan check out at their convenience. The extended stay hotel uses abooking program that is similar to that of the hotels. Some types ofdata that are useful include information on demand for the long-termstay hotels which is both an inferential data. This information wouldassist the developer to assess the suitability of the businesslocation (Spriensma,2016).This data would indicate the possibility of sustaining the business.If the demand rates are high enough, then the company is assured ofcontinuous revenue generation from the client base which is crucialfor company`s prevalence.
Othertypes of data include the levels of competition in the market sectorwhich is descriptive kind of information (Simonsohn,Simmons, & Nelson, 2015).It would assist the investor to assess the possibility of survival inthe industry. If there are higher levels of competition in themarket, the entrepreneur would decide on the best techniques to maketheir brand more appealing than the rest. Low levels of competitionare an indication of an easier entry into the market and thepossibility of controlling it.
Anothertype of data is that about the legal requirements and the variousbusiness standards which are qualitative data, and it can be eitherdescriptive or inferential (Spriensma,2016). This information would assist the business developer to know thedifferent requirements concerning the company standards and legalregulation. As an inferential data, it would help the businessdeveloper realize the various consequences of not observing therequired standards. It may also assist the investor to determine thetypes and amounts of additional cost that they would incur whilesetting up the extended-stay-hotel due to those legal requirements(Simonsohn,Simmons, & Nelson, 2015).
Spriensma,A. (2016). Descriptive Versus Inferential . Journalof Endourology, 30(1), 1-4.
Simonsohn,U., Simmons, J. P., & Nelson, L. D. (2015). Specification Curve:Descriptive and Inferential on All ReasonableSpecifications.Availableat SSRN.