Exploration Of Market Opportunities For Kitchen Ltd | Assignment

Added on -2020-02-12

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BUSINESS DECISION MAKING
Table of ContentsINTRODUCTION...........................................................................................................................................4TASK 1..........................................................................................................................................................41.1 Create plan for data collection of primary and secondary data.........................................................41.2 Present survey methodology and sampling frame in carry out research...........................................41.3 Design Questionnaire.........................................................................................................................4TASK 2..........................................................................................................................................................62.1 Summarize the results.......................................................................................................................62.2 Analyze the results.............................................................................................................................72.3 Range, IQR and standard deviation....................................................................................................82.4 Explain quartiles, percentiles and correlation....................................................................................9TASK 3........................................................................................................................................................103.1 producing different graphs..............................................................................................................103.2 Create trend line .............................................................................................................................123.3 Business presentation......................................................................................................................133.4 Business report................................................................................................................................23TASK 4........................................................................................................................................................234.2 Prepare project plan........................................................................................................................244.3Using financial decision making tools...............................................................................................26CONCLUSION.............................................................................................................................................28REFERENCES..............................................................................................................................................30
INTRODUCTIONBusiness has gained higher importance as the changes in the external market has enhanced their capabilities. Kitchen Ltd has been selected for this project report which deals in providing kitchen equipment services. This report will stresses on conducting market research in order to explore market opportunities. Statistical measures are followed to test the accuracy of the data and also graphical methods to present the data inn visual manner.TASK 11.1 Create plan for data collection of primary and secondary dataPrimary data- Researchers are appointed in order to gather information related to the tastes and preferences of different customers. The local customers of kitchen equipments are approached in order to make right decisions in developing their own services.Secondary data- Online sources are accessed in order to search out the blogs and surveys on thesame matter to take certain help in convening the research (Rajasekaran, 2016). Third party will be approached in order to take their opinion about the price of the products and the quality of material they get in return.The market research will be organized in which questionnaires will be supplied among allthe existing customers of the Kitchen Ltd who are taking services of the firm. The regular customers approached who are the loyal customers by taking their suggestions in improving the working status and products currently offered by an entity which would help in designing the innovative products according the demands of all the customers.1.2 Present survey methodology and sampling frame in carry out researchConducting a good survey required proper sampling technique to be adopted in order to accomplish their desired goals and the objectives in a given time span. Stratified sampling technique will be used in which different groups and categories of customers are picked in order to take their opinion on the existing aim of the research.100 customers will be asked which will be the total sample size of the current research in order to get positive or satisfying results.1.3 Design QuestionnaireQuestionnaireName-GenderMaleFemaleTransgender
How old are you?20-35 years old35-45 year old45-60 years oldAbove 60 years oldWhat is your annual income?£15K-£20K£20K-£25K£25K-£30K£30K-£35KWhat is your family size out of the given below options?Nuclear FamilyJoint FamilyWhat is the size of your bathroom?10 Amp20 Amp35Amp40 AmpWhich color bathroom to wish to choose?RedWhiteYellowBlueOrangePlease specify any other color you like________________Which of the following material you wish to select for your bathroom?MarbleLeninGlassWoodSyntheticWhich factors influence your decision while buying materials for your bathroom?Quality of materialFinishing of the materials usedAttractive lookPrice of material used in the bathroomsWhere do you usually buy materials for your bathroom?____________________________________________________Are you satisfied with the seller who provides material in building your own Bathroom?YesNoTell me the reasons of dissatisfaction buying material from our current seller?What is your requirements iin building bathroom or design of the bathroom?___________________________________________How often you purchase bathroom items?Once a year
Every 2 years2-4 yearsMore than 5 yearsDo you purchase any product from Kitchen design ltd?Yes NoWhich method do you prefer while purchasing bathroom items for building your favoritebathroom?OnlineRetail storePlease give your suggestions in improving the services offered by Kitchen designLtd________________________________TASK 22.1 Summarize the resultsSales £000MonthsCountryMinimalist Jan90430Feb80360Mar130350Apr170350May240320Jun280330Jul290310Aug310300Sep300300Oct180370Nov140400Dec90420Total inYr23004240
CountryMean191.67Standard Error25.49014Median175Mode90Standard Deviation88.30045Sample Variance7796.97Kurtosis-1.74034Skewness0.127255Range230Minimum80Maximum310Sum2300Count12Mean353.33Median350Mode(Single)350Max430Min 300Range130
Q1317.5Q3377.5IQR60Standard deviation44.792.2 Analyze the resultsMean- Major Technique used in the central tendency by an individual in analyzing the trend of buying patterns is Arithmetic mean. This is also recognized with another which is average that divides the sum of data by number of observation in order to predict a trend to design products inorder to meet various goals and the objectives of the business enterprise. An entity has assessed two sales lines in order to decide which sales line will be continue or divest the existing business.The mean of minimalist is higher as compared to the sales lines of Country which shows that on an average the firm will earn normal sales of 353.33 thousand sales in a year.Median- This is another important measure of central tendency which divides the whole set of data into two equal parts (Chen, 2017). The middle position will be determine by an enterprise which depicts that minimum sales will be achieved by the firm as this provides assurance to the business related to the earning of higher sales as based on this position the firm will increase their production. Again minimalist lead the sales line of country as it has generated middle position of sales of 350 which is better than its competitors but this is lesser than the mean whichneeds to be improved with the passage of time.Mode- The most frequent and repetitive values occur in the overall data set depicts the mode as this determines the consistency of earning same value of sales by an entity. The mode of country is 90 and mode of Minimalist is 350 but minimalist median and mode is similar which shows that higher number of customers purchases the products of this line as t produces the same sales target in particular years.2.3 Range, IQR and standard deviationRange of CountryRange230Minimum80Maximum310Sum2300Count12Range= maximum value and lowest value

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