Research Paper on Trends of Care Home Market in London

BUSINESS ANALYSIS AND PLANNING

Table of Contents
INTRODUCTION...........................................................................................................................1
DATA COLLECTION STRATEGY..............................................................................................1
Primary data collection................................................................................................................1
Secondary data collection............................................................................................................2
USE SOFTWARE FOR DECISION MAKING.............................................................................2
IDENTIFICATION.......................................................................................................................10
OBJECTIVE..................................................................................................................................12
RATIONALE................................................................................................................................12
RISK MANAGEMENT................................................................................................................12
Risk identification..................................................................................................................13
Risk analysis and evaluation..................................................................................................14
Risk matrix.............................................................................................................................14
Risk mitigation: Treatment and monitoring...........................................................................15
LITERATURE REVIEW..............................................................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................18
APPENDIX....................................................................................................................................19

INTRODUCTION
UK care home sector worth around £15.9 billion in a year with 410,000 residents.
Currently, there are around 11,300 care service providers operating care home for the older
people. Among these, 95% is owned by the private sector and charitable providers. With the
rising number of aging population, the market demand for the sector continuous to grow. Office
for National Statistics (ONS) projected 36% growing aging population from 1.5 to 2 million by
2015-2025, which substantially increase demand. The sector presents a strong opportunity to the
new entrepreneurs to Open Luxury Residential Care Home in the Cambridgeshire. Thus, the
research paper will examine the current trends of Care Home market in London and analyze that,
to what extent the project will be worthy and deliver good profitability or not. It will be done
through collecting data from both the primary and secondary sources and analyze through
suitable method. Apart from this, various risks will be identified and accordingly plan would be
design to mitigate their occurrence.
DATA COLLECTION STRATEGY
Before planning and establishing a new business unit in the competitive and uncertain
market era, investor needs to collect required information by different sources, including both
primary and secondary. For the planned investment in UK care home market, data gathering plan
is constructed below:
Primary data collection
As name itself, it is the information collected for the first time by the researcher
himself/herself. Thus, it require investigator to carry out a real market research of the target
respondents to obtain specific details. No-doubt, it is a costlier way of data gathering and takes
lot of time, still, excessively used in the real business practice to collect authentic and reliable
information (Sullivan-Bolyai, Bova and Singh, 2014). Survey, observation, focus group,
interview and others are several popular tools of primary data collection, among all;
questionnaire survey is one of the great tools that carry out market survey of the selected
participants to determine people’ preferences, desires and other factors that affect the growth of
care home.
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For the purpose of the business plan, elderly people preferences can be know through
surveying them. Questionnaire is the best way and useful for surveying people, in which, they
will be asked with the certain key questions regarding all the care home facilities like
accommodation, chargeable fees, social activities and other aspects. By the help of this, gap will
be determined prevailing in the sector so as to open a new luxurious house that will satisfy
people requirement in the best manner (Matthews and Ross, 2014). As UK has vast population of
elderly people, therefore, it is not possible to survey universe. Thus, it is decided to survey 50
people who are currently living in a care home. All the people will be randomly selected at no
biasness to assure data authenticity. It will be a field survey, in which, selected target
respondents will be asked with framed questions and their responses will be generated. In order
to assure high rate of response, all the people will be asked for their voluntary participation in the
survey.
Secondary data collection
Secondary dataset collects information that is already available for use and do not
requires an original investigation. The data set may be either available in the published form or
sources which are not published like reports published by regulatory authorities, previous
research studies, online material, academicians research and others (Orkin, 2014). The key
benefit associated with the method is that it is very fast way of data gathering, however,
sometimes information may be outdated. Besides this, limited quantum of secondary resources is
a major drawback of it.
In order to establish a new Luxury Residential Care Home in Cambridgeshire, secondary
information can be acquired to know current trends in the care home market, staff wages,
property costs, average weekly rental charges and others. For the purpose of current research,
care home market reports, online material and academic literatures will be used for secondary
survey (Best and Kahn, 2016). It will help to analyse growth drivers for the care home operators,
critical business challenges and various strategies to gain strong success in the market.
USE SOFTWARE FOR DECISION MAKING
After obtaining required data set, it needs to be analyzed thoroughly applying the best
tool and technique. It may be of different types such as quantitative and qualitative. For the given
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research, as 50 care home service users will be surveyed through questionnaire, thus, it will use
quantitative information that will be analyzed and examined through Statistical Package (SPSS).
Using this, necessary statistical calculations will be performed including correlation, descriptive
statistics, frequency table and regression to judge impact of different factors on Luxury Care
Home market success (Mayers, 2013). In addition, necessary charts for the graphical
presentation will be made such as pie chart and column chart.
Primary data analysis
Gender
Gender
Frequency Percent Valid Percent Cumulative Percent
Valid
Male 28 56.0 56.0 56.0
Female 22 44.0 44.0 100.0
Total 50 100.0 100.0
There were 56% (28) male and 44% (22) female candidates who participated in the
survey and gave their responses.
Frequency distribution
Which is the most important requirement of yours in care home?
Frequency Percent Valid Percent Cumulative
Percent
Valid Social activities 5 10.0 10.0 10.0
Quality food 13 26.0 26.0 36.0
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Modern surrounding 20 40.0 40.0 76.0
Safety and security 3 6.0 6.0 82.0
Caring staff 4 8.0 8.0 90.0
Companionship 3 6.0 6.0 96.0
Others 2 4.0 4.0 100.0
Total 50 100.0 100.0
The results reported that quality food and modern surrounding are the two most important
factors that affect care services users decisions. From the survey findings, out of 50, 13(26%)
responded quality food choices and 20(40%) people respond that they wish that care is designed
with modern surrounding including infrastructural facilities and others that perfectly meet their
expectations. Thus, it interpret that newly designed care home must pay focus on designing a
well infrastructure with all the services and offer qualitative and nutritional food choices to
people.
Descriptive statistics
Statistics
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