Analysis of Data for Entrepreneurial Opportunities: A Case Study

This assignment focuses on data interpretation and its application to entrepreneurial opportunities, particularly in the context of biodegradable packaging. The analysis includes interpreting survey data to understand consumer preferences regarding biodegradable packaging, its time frame, and willingness to choose it over traditional plastic. The assignment also examines how costs can be minimized through the use of cost-effective materials and process modifications. The data suggests a strong preference for biodegradable options, highlighting the importance of market research in identifying and evaluating entrepreneurial ventures. The assignment is a homework assignment and is available on Desklib, which offers past papers and solved assignments for students.

Identifying
Entrepreneurial
Opportunities

P4 Interpret data appropriately to provide evidence of market
potential
Interpreting data is important because it helps in getting accurate information
and which results in analysis without error. Market potential determines the size
of a particular product in the market and market research helps the business to
evaluate the values and figure in proper manner.TitleIt is important for
organisation to properly use the data interpretation so that information is
reliable and is used in effective manner. Data interpretation as well as research
requires a capital and time.

Q1 Are you in favour of biodegradable
packaging?
Freque
ncy
Yes 19
No 1
19
1
it is seen that 19 respondents are in favour of biodegradable packaging and who are not in favour of
biodegradable packaging are not socially active. So, it is crucial for organisation to adopt the
biodegradable packaging in effective manner.

Interpretation-The displayed graph shows
that most respondents are in favour of short
period because when process of decomposing
is adopted it has to be done as quick as
possible so all the bacteria and fungi are
removed permanently
Q2 What is the time period of biodegradable
packaging?
Freque
ncy
Short term 13
Long term 7
13
7

Interpretation-The graph depicts that
most respondents are in favour of plastic
packing this is because its time durability.
18
2
Q3 Will you choose process of biodegradable
packaging over the plastic packaging?
Freque
ncy
Yes 18
No 2

Interpretation -It depicts that mostly people or
respondents support that cost of
biodegradable is minimised by using cost
effective material. The other 4 respondents
use modification process because of new
ideas and thoughts.
16
4
Q4 How the cost of biodegradable packaging
will be minimised?
Frequency
Through cost-effective raw materials 16
Through modification in the process 4

Interpretation-The above graph depicts that
biodegradable is most effective measures
which is mostly used. The rest 7 respondents
use other process of decomposing depending
upon the cost and time.
13
7
Q5 Do you think biodegradable packaging is
effective measure?
Freque
ncy
Yes 13
No 7