[Solved]- BUSN6770 Financial management for decision-making and control

Luca and Susan intended to start an ice cream business near Westbrook Bay in Margate, Kent. Data from the UK Office for National Statistics provided that the population estimate for Margate, Kent, as of 2020 was 65,339, with an annual population change of approximately 0.70% (UK Office for National Statistics, 2020). The data further provided that about 31,723 males and 33,616 females inhabit Margate. Around 14,000 people in the area are children and the youth aged 0-17 years, 36,000 adults aged 18-64 years, and the remaining 15,500 the elderly aged 65 years and older.

On the other hand, as of 2020, the population of Westbrook Bay in Margate was estimated to slightly surpass 4,000 inhabitants, with the population density estimated at 42.08 (Kent County Council). Similar to the larger area of Margate, the majority population in the region comprises the millennials, who consume food in a bar or a restaurant 30% more than any other generation cohort (Woo & Nam, 2020; Kuhns & Saksena, 2017). Literature evidence demonstrates that the Millennials prefer convenience over all the other generational units, especially in relation to food-at-home purchases (Kuhns & Saksena, 2017; Mancino, 2010; Mancino et al., 2010; Todd et al., 2010). Scholars have also affirmed that this generational cohort s largest budget share is consumed by ready-to-eat foods, such as ice creams. Besides, Millennials make fewer trips to the grocery and spend less on home-based meals unless they have more children living in a household (Kuhns & Saksena, 2017). Luca and Susan assumed that Westbrook Bay in Margate was the right location for the business. This is justifiable considering the high population of the youths and children in the area. 

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