Market Research for Facelift Ltd - Report
18 Pages4836 Words278 Views
Added on 2020-01-07
Market Research for Facelift Ltd - Report
Added on 2020-01-07
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BUSINESS DECISION MAKING
INTRODUCTIONBackground:The Facelift is a general merchant selling office furniture in the UK market.They have 100 stores with 8000 employees. The company wants to diversify into the homefurniture market, because the economic downturn having affected their core furniture business. Rationale: The present report helps to make market research for Facelift Ltd. It will be veryhelpful to forecast some details about the new furniture and helps to determine changes in futureperiod. The new furniture would be suitable for families, woman, and man between ages 20-55.Objectives: Our objective has to be SMART Specific, Measurable, Achievable, Realistic andTimed. The present report mainly aims at market research analysis so as to start manufacturing newfurniture products and launching new furniture at the market place. This report includes both thequantitative and qualitative research. AC 1.1 Market research analysisMarket research: It is a method of gathering information about the target market. It helps tocollect both the primary as well as secondary data. Primary data has been collected by theinvestigator itself while secondary data includes all the published information sources. It has beencollected with the help of the internet, for example, home furniture websites, competitor’s websiteand from books.Quantitative research: It helps to collect more valid and reliable numerical and statisticalbusiness information, helps to estimate the future easily.Qualitative research: It helps to determine customer needs and their preferences accurately.By using this information, business will be able to clarify their future business prospects.Timeframe:WeekActivity01-MayResearch05-JunSampling frame07-AugDesign08-SepE-mail the online questionnaire10-DecDo the face to face interviews13-14Secondary data from the internet14-16We need to analyse the data17-18Report18-22Launch the new productBudget:PhaseDescriptionfee
Qualitative research500 face to face interviewsand 1200 onlinequestionnaire18000QuantitativeresearchSecondary data from theinternet about the bikemanufacturer.1000Total fee19000Types of data: Data may be of two types that are quantitative and qualitative data.Quantitative data can be measure into values such as previous year business sales for differentfurniture products. However, qualitative data includes changes in customer demands, theirpreferences, their likes and dislikes, their buying behaviour and buying pattern. Type of sources: There are two types of sources for collecting data that are primary sourcesand secondary sources. Primary data are collected for the first time by the researcher for fulfils theirown purpose (Cohen and et. al., 2013). It has been collected by making questionnaire and face toface interview. However, secondary sources are already available to the researcher as it wascollected by any other researcher also. The company will also collect secondary data from theinternet about the bike manufacturer. StagesDescriptionIdentify types of datafor the businessscenarioPrimary data: This data are collected by Facelift business itselfhelps to fulfil company's purpose. It includes knowing customerpreferences, their choices, satisfaction survey and so on.Secondary data: This are already available data hence, can beused by Facelift for their own purpose. It includes webinformation, Scholarly articles and other published reports.Sources of secondarydata1)Internal Sources: These are available in Facelift business. Forinstance, historical business sales and profit records.2)External Sources: These sources are available outside from thecompany.Methods for collectingprimary dataQuestionnaire, Observations, interviews are the methods for collectingprimary data. In context to Facelift, the primary data will be collect byquestionnaire method.Sampling FrameThe sampling frame says that through selecting an adequate size ofsample and studying it, Facelift company will be able to analyse thepopulation.Sample sizeIn present report, sample of 40 customers have been taken to study theuniverse.Sampling methodsSample has been selected by simple random sampling method. Under
the method, all the units of the population have an equal chance ofinclusion in the sample.Data storageAfter collecting the data, Facelift business also needs to ensure propersecurity of them. It will be done by employing Data base managementinformation system (DBMS).Data AnalysisData will be analysing through various statistical measurement such ascentral tendency, dispersion, correlation and graphical presentation.ResourcesFacelift business needs human resources for collecting the information.Further, it requires money and time resources for that purpose.1.2 Survey methodology and Sampling frame Survey methodology: It is a method of studying a sample group from the total population.There are various ways available to study a sample unit that are questionnaires method andinterviews. Questionnaire method: By constructing various kinds of questions helps to collect necessaryinformation required by the business. It is greatly used in market research analysis. Wide range ofinformation can be collected by using this method. In this method, researcher can design a numberof questions that helps to fulfil their objectives. A designed questionnaire can be provided to theconsumers who are responsible for filling it and send back to the investigator (Berenson and et. al.,2012). It is filled by the respondent themselves hence, bias can be eliminated in this method.Another web questionnaire can also be designed and filled by sending e-mails helps to acquireinformation from a wider space. Interview: Another method of survey methodology is interview method. Under such method,investigator can take telephone and face to face interviews. Interview method refers to asking all thequestioning that provide relevant information to the researcher. Telephone is a medium ofcommunication in this method. However, under the face to face interview, both the researcher andrespondent are in front of each other. This is quite effective method as investigator can analyse therespondent in an effective manner. However, bias possibility is the disadvantage of this method. Sampling frame: It is very difficult for every corporation to analyse the universe as it takeslong time and will be very expensive also. Therefore, business has to identify an appropriate size ofsample that represents all the characteristics of universe. The method employs that by analysing therepresentative sample, Facelift business will be able to analyse whole the universe and takeeffective decisions. In context to Facelift business, we have taken a sample of 40 people by usingsimple random sampling method. In this method, all the units of the universe have an equalprobability of inclusion in the sample (Morato, 2013). The reason for using this method is that,sampling error can be determined in this method helps to provide better results.
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