STT100 Statistics for Business Assessment
Added on 2020-03-01
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IntroductionReal estate business is a business involving the sale of land, buildings on that land and any other natural resources available in that piece of land (Leiser & Groh, 2014). It is one of the booming businesses in most parts of the world due to appreciating value of pieces of land with time. In most cases, other commodities in the market might experience the fall in prices but for the real estate business the prices seem to ever been escalating (Cherif & Grant, 2014). There are variety of factors to consider before engaging in this type of business just like in other business sectors. One who ought to engage in real estate business need to have high negotiation skills so that whennegotiating the prices with the customers or the willing buyers, you don’t overstate the prices or rather understate the prices and end up selling at a very low price (Abatecola et al, 2013). Population of a place have been associated with better business performance. In the densely populated areas, the businesses tend to perform better than in less dense populated areas. As a result of this therefore, the geographical location of the real estate business should focus to be in well populated region. In this our case, we choose to pick on urban areas since more people tend to migrate to the urban places in search for jobs from the rural areas. The specific locations that were studied for the operation of our business were Belton, Domaine, Hills, Mount and Terrata. Data were collected from the aforementioned cities where information such as the number of rooms contained in a house in each city was recorded, the amount that was listed against each house from various cities for variety of houses of different number of rooms and even the prices for which the houses were finally sold.The startup of real estate business requires relatively large capital due to continuous increase in the real estate products and the maintenance cost that is involved in the process. Renovation
skills is among the skills the owners of the real estate are expected to have (Brounen & Koning, 2013). This is fundamental because it will ensure that houses before they are put and advertised for sale are in good and admirable condition. Experts in the sector put all due efforts in preparation of the real estate property ready for sale. The services would include buying of pieces of land, building houses, leasing or renting houses and selling some of the houses. In order to reach the wider market, marketing strategies that are put in place for use in reaching the willing buyers would be through the social media and other means such as the magazines, newspapers and the media broadcasting houses (Soroca $ Karasic, 2012). This will ensure that the business is made well known including the services offered by the business with the aim of boosting the sales of the business for its betterment and survival in the market. Acquired data from the cities of business operation will be used to predict the future performance of the business and some other factors that could lead to the increase or decrease in the price of the houses for either leasing, renting or selling.Research questionsIn order to meet the objectives set by business research, research questions will offer the guide through the answers provided that are directed towards achieving the objectives. Research questions are made from the center of interest in business with the aim of providing solutions to some of the business problems from the available answers. In this research, both qualitative and quantitative variables were involved. The qualitative variable was city names while the rest such as house number, number of bedrooms, bathrooms, all rooms, listed amount, final sale and advertising expenditure were quantitative. With these variables, we can be able to exhaust any kind of information that could be hidden through constructing questions that would be directed towards solving the problems.
Growth of business is always one of the experience the business owners wish to have and enjoy. As a result, there was need to check for the mean difference among the sampled cities. Due to this therefore, the research ought to have the question; “Is there mean difference in the final sale of the houses in the various sampled five cities?” this question was important in helping to know if there was a variation of the final sales in the five cities. Probably, answering this question was useful in identifying the city that recorded the highest sales by considering mean of final sales.Development of a business enterprise depends on the imposed efforts by the marketing department among other issues including production of quality products. The marketing department incorporated advertisement service providers to help in selling the image of the business (Wahid & Ahmed, 2011). The amount incurred in the advertisement was another major factor of concern since it falls under the business expenses, the business was most likely to go forthe least charging advertising company in order to minimize the expenses. Research question arose in this section was; “How do the cities compare in terms of the amount incurred on advertisement of the houses?” Advertisement is examined due to its associated importance in business. One of the importance of advertisement is to create promotional perspective since our real estate business deals directly with the customers. Further, advertisement is carried out for the purpose of creating awareness among the customers about the products handled by the business. This will help loyal customers and other prospective customers to stay aware about what the real estate business offers. The expense that is involved in the advertisement of the real estate products across the cities will help in future planning of the business so that adjustments can be made in case the allocated amount was less or much in a certain city.
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