Business Decision Making: Kitchen Ltd Market Research Project Report

This project report for Kitchen Ltd investigates the feasibility of opening a new division for bathroom equipment through market research. It details the data collection process, including primary and secondary data sources, survey methodology, and questionnaire design. The report summarizes and analyzes the collected data using statistical measures such as mean, median, mode, range, interquartile range, and standard deviation. It also covers quartiles, percentiles, and correlation to assess sales trends. The analysis provides insights into the market's preferences and demands, offering a comprehensive overview of the business decision-making process. The report aims to assess the viability of the project using statistical and project management tools.

BUSINESS DECISION
MAKING

INTRODUCTION
Decision in the business is important as this would enhance the existing skills and
capabilities of the business. Kitchen Ltd business has opted by this project report which is all
about conducting market research in order to open new division of building bathroom
equipments. This project is all about using various statistical measures like mean, median and
mode in order to assess the accuracy of the collected data in the business project sake. Project
management tools and capital budgeting tools and techniques in order to test the viability of the
projects.
TASK 1
1.1 Prepare collection of data
Collection of data is regarded as important framework need to be prepared by an entity
before approaching for market survey (Stingl and Geraldi, 2017). The data plan is essential as it
acts like a compass who directs right path to an individual in order to reach their actual
destination. It prescribes various methods and techniques to be choose by the business in
collecting facts and information in order to support the aim of the business entity. This is that
approach which helps in enhancing the overall value of the existing brand image of the firm as in
this process representatives of the business will more interact with all the customers.
Primary data- Counselors who are appointed on behalf of the firm will present the transparent
actions of the business entity in collecting important information. Questionnaires are used as
common method under the primary collection of data in which respondents will ask questions
directly to all the customers by visiting streets, shopping destinations in order to collect
important information to fulfill the variety of goals and the objectives of the business entity.
Secondary data- Books and journals are accessed I order to find the fashionable trend running
currently in the market as in the modern world technology has rules the overall market.
Automatic tap is one of the innovative product to be uses in the bathroom of an individual in
order to give lavish look too the whole bathroom (He, Wang and Akula, 2017). An entity needs
to give focus on small items of the bathroom such as one tap shower, bathtubs, toilets, wash
basins. Adding fragrance to the bathroom is to be given as complimentary service in which
fragrant tiles will be placed in the bathrooms to change the whole ambience.

1.2 Survey methodology
Methodology is regarded as one of the important tool which directs the whole research
study to another level towards the achievement of all the goals and the objectives. Survey
without methodology is like ship without compass as the researcher will have no particular
direction to shift their whole study which will result into termination of the study. Research
approaches will be designed by an individual in order to achieve the desired aim and the
objectives currently framed by the business concern (Bowie, 2017). It is essential for an
individual in convening their research process as objectives of the research study will guide a
user in order to divert their study in order to earn all the objectives by gathering important
information.
Sampling frame is that technique in which specific samples will be collected in order to achiev
all the goals and the objectives as the whole population are assessed by taking consent of several
peoples such as households, individuals and sellers currently deals in offering kitchen Ltd
products to its variety of customers.
Random sampling- It is that approach in which random samples are picked by an individual out
of the total population which gives equal chance to all the users to be selected in this analysis.
The samples related to the opinion of all the customers will be selected which will help an
individual to get reliable data.
Cluster sampling- It is that form of sampling method in which the data will be collected by an
individual into different categories which help an individual in order to get right amount of data
without spending lots of time searching out for the data. Quality of the products will be formed
as one of the category under which all the information will be gathered this would help an entity
in order to know the perspectives of all the customers in relation to the quality of the products
current deals by an enterprise.
1.3 Design questionnaire
Questionnaire
Name-________________
Gender
 Male
 Female
 Transgender

How old are you?
 20-35 years old
 35-45 year old
 45-60 years old
What is your monthly income?
 £10K-£20K
 £20K-£30K
 £30K-£40K
What is your ideal family size out of the given below options?
 Nuclear Family
 Joint Family
What is the size of your bathroom?
 10 Amp
 20 Amp
 30 Amp
Which is your favorite color
 Red
 White
 Yellow
 Blue
 Orange
Please specify any other color you like________________
Which of the following material you wish to select for your bathroom?
 Marble
 Lenin
 Fiber glass
 Synthetic
Which factors influence your decision while buying materials for your bathroom?
 Quality of material
 Attractive look
 Price of material used in the bathrooms

Please mention the details of current seller of bathroom equipments
____________________________________________________
Are you satisfied with the seller who provides bathroom Material?
 Yes
 No
Tell me the reasons of dissatisfaction buying material from our current seller?
_______________________________________________
Mention your personal requirements of additional things to be included in your bathroom
specifically.
___________________________________________
How often you purchase bathroom items?
 Once a year
 Every 2 years
 2-6years
 More than 6 years
Do you purchase any product from Kitchen design ltd?
 Yes
 No
Which method do you prefer while purchasing bathroom items for building your favorite
bathroom?
 Online
 Store
Please give your suggestions in improving the services offered by Kitchen design
Ltd________________________________
TASK 2
2.1 Summarize data
Months Country
(000 £)
Minim
alist
(000

£)
January 90 430
February 80 360
March 130 350
April 170 350
May 240 320
June 280 330
July 290 310
August 310 300
Septembe
r 300 300
October 180 370
November 140 400
December 90 420
Country
Mean
191.66
67
Standard Error
25.490
14
Median 175
Mode 90
Standard
Deviation
88.300
45
Sample
Variance
7796.9
7
Kurtosis -
1.7403

4
Skewness
0.1272
55
Range 230
Minimum 80
Maximum 310
Sum 2300
Count 12
Minimalist
Mean
353.33
33
Standard Error
12.929
49
Median 350
Mode 350
Standard
Deviation
44.789
07
Sample
Variance
2006.0
61
Kurtosis
-
0.8866
5
Skewness
0.5085
94
Range 130
Minimum 300
Maximum 430

Sum 4240
Count 12
2.2 Analyze the results
Mean- Mean in common parlance is an average of information divided by total number of
observations recorded by an individual (Cumulative Frequency, Quartiles and Percentiles. 2014).
It is important technique used by the researchers as this is important measurement of central
tendency used in determining trend of sales to be earned by the business in particular months to
improve the yearly performance. Mean is higher in minimalist sales lines as compared to its
other products.
Median- Another important component of measures of central tendency will help in dividing the
whole data set into two equal size segments. This determines the middle position of the dat value
set which depicts the middle point of the data which guides an enterprise in order to achieve
minimum amount of sales by the business by selling all of their products to their existing
competitors.
Mode- An individual can observe the higher repetitive values in the overall data set in the
discrete probability distribution data set. The overall information set are ordered in ascending
and descending order in order to calculate the mode of the data. Value of the mode of country
product is higher as compared with the values of kits another segment that is minimalist segment
products.
2.3 Range, Inter quartile and standard deviation
Range of Country
Range 230
Minimu
m 80
Maximu
m 310
Sum 2300
Count 12
Range= Maximum value- lowest value
= 310-80=230

Range of Minimalist
Range 130
Minimum 300
Maximu
m 430
Sum 4240
Count 12
Range= Highest value- Lowest value
=430-300=130
Internal quartile range= Q3-Q1
Quartile Country Minimalist
Q3 282.5 377.5
Q1 120 317.5
IQR(Q3-Q2) 162.5 60
Interpretations
The variability in the data set will be assessed on the basis of particular technique as this
would help an enterprise in order to improve their current working conditions (Bowie, 2017). It
shows the different between third quartile and first quartiles of the given set of data. The data
will be given rank on which the user will interpret the information on various parameters using
different developed parameters used in the quartile management system. This is highly
recommended to the business entity in order to predict various sales trend as this will help in
enhancing overall brand image of the business in relation to its external market.
Standard deviation of Country
Standard
Deviation
88.3004
5
Sample
Variance 7796.97
Standard deviation of Minimalist

Standard
Deviation
44.7890
7
Sample
Variance
2006.06
1
Interpretations
This measure of dispersion will help in analyzing the variations takes places in the data
value set in order to predict its future sales to be generated by an entity in a particular year. The
higher or lower values of will indicate its closeness with the mean of the data value. In the given
case scenario, standard deviation value of Country product is higher and other product is lower.
2.4 Quartiles, percentile and correlation
Quartiles Country Minimalist
Q1 120 317.5
Q2 175 350
Q3 282.5 377.5
Q4 310 430
Interpretations
Descriptive statistics have given rise to this quartile technique which helps in ranking the
data gathered by an individual in order to support their project aim. The quartiles will segment
the overall data set values into four divisions namely quartile1, quartile2, quartile3 and quartile
4. Quartile2 is regarded as median which divides the set of data into two equal parts. The overall
value will be presented with the help of Box plots. This graph shows the specific direction that
helps in predicting actual trend of values which shows that country sales line’s sales is increasing
over the years as compared to the product line offered by Minimalist line.
Percentile Country Minimalist
20% 98 312
50% 175 350
75% 282.5 377.5
Point Column1 Rank Perce

nt
8 310 1
100.00
%
9 300 2
90.90
%
7 290 3
81.80
%
6 280 4
72.70
%
5 240 5
63.60
%
10 180 6
54.50
%
4 170 7
45.40
%
11 140 8
36.30
%
3 130 9
27.20
%
1 90 10 9.00%
12 90 10 9.00%
2 80 12 0.00%
Point Column1 Rank
Percen
t
1 430 1
100.00
%
12 420 2
90.90
%
11 400 3
81.80
%