With the data submitted by David and Victoria I put together some general statistics table and charts which included all of the important information. From these tables and figures I did the suitable analysis which covered the points in the project brief.
First, According to the market research data that gave area sales and population for 49 different areas in the U.K. it is estimated that the home furnishing sales in Lancaster and Morecambe are £2141580.3 by analyzing the mean of the Area Sales per Population and the total population in Lancaster and Morecamble area. Also, it is found that the magnitude of the correlation is 0.864 which close to 1 and most of the points located near to the regression line, indicating that there is a strong positive correlation between population and area sales, which means a larger population will give higher sales.
Second, According to the questionnaire survey where they described the new shop and asked the respondents whether they would use the shop, it is showed that the new shop cannot get a high attention from Lancaster citizens. 51.7% responders are not wiling to use the new furnishings shop. However, people from ‘31-49 age group’ are relatively get higher interested in the new shop, this group of people would be their targeted customers.
In addition, further information would be useful for estimating a more accurate and reliable turnover value. For instance, more sales data, more information about each of the shops would helpful for drawing a more authentic regression line and avoiding misuse of irrelevant samples.
This report is for David and Victoria setting up a home furnishings shop in Lancaster, which included analyzing and describing a market research data that gave area sales and population for 49 different areas in the U.K. and a questionnaire survey where they described the new shop and asked the respondents whether they would use the shop.
The aim of this report is helping David and Victoria find out the turnover for the shop that use for prepare their business plan. It would affect what size of shop they need to buy.
For seek of first hand and update data, a questionnaire was designed for getting response of the topic scope.z
The answers in questionnaire were designed to be quantitative for collectable and analytical data
The survey was conducted by asking citizens selected random in Lancaster City Centre to complete a questionnaire. There were 120 sets of data successfully collected, which came from 39, 48 and 33 responders in ’18-30 years old, ’31-49 years old’ and ’50 years old or above’ groups respectively.
A market research data that gave area sales and population for 49 different areas in the UK also found for helping estimate the total home furnishings sales figures for the Lancaster and Morecambe area.
According to the quantitative nature of data, table, bar chart and pie chart are used to demonstrate the results.
Result & Discussion: A) Although the market research data not exactly recorded sales data of Lancaster and Morecombe, it gave area sales and population for 49 different areas in the UK, so believed that it would be useful for estimate the total home furnishings sales figures.
Area sales per population which shows the home furniture spending of each person. A greater value of it means a higher spending in that particular area.
In order to estimate the Home furnishing sales in Lancaster and morecambe, the mean of area sales per population in these 49 places is prepared as shown in the below:
Mean of the Area Sales per Population= 22.54295037
The population in