Business Decision Making (Facelift Ltd- The innovative company)

Facelift Ltd- The innovative company

Task 1- Business Survey

The economic downturn has certainly affected many businesses and forced the entrepreneurs to diversify their businesses and work in other markets as well to cover up the profits affected because of the downturn. Facelift Ltd. is a general merchant selling office furniture in the UK market. They have 100 stores, 8,000 employees and have projected to increase the turnover significantly. For this purpose, a market research was required in order to determine that whether the company should diversify its business or move in the way it is moving right now.

Primary and Secondary Data

In order to perform the market research for Facelift Ltd, there are two types of data collection methods used to collect data i.e. primary and secondary data collection. The primary data has been collected through the questionnaires and the respondents were asked questions regarding the survey for the furniture to be sold for homes as well. A sample of 500 respondents was taken in the primary research and the questionnaire containing 5 questions were answered by the respondents. The questionnaire contains questions which represent the demand for Facelift Ltd furniture as well as the behavior of people in responding to the branded furniture. The data for the survey was collected from various companies in UK (regular customers of Facelift) through their managers which control the option of changing furnitures. The major reason of involving managers in the collection of primary data was that their single decision will lead to thousands of dollar sale of Facelift because of heavy buying for the company. Further, questions regarding the diversifications of the business through different products were asked so that the company shall know about the importance of their brand.

Similarly, secondary has been obtained from the similar questionnaire which includes income, amount they spend on luxuries and other variables significant for the studies. Secondary data will help us in analyzing the comparison between the current and past studies results which lead us to determine the comparison of average salaries and ranges of poor and rich in the region or in the study sample.

Methodology

The research will include basic statistical tools including the frequency distribution of the variables which shall be determined through the demographic factors i.e. gender of the respondents, employed or unemployed, income level and behavior towards the Facelift brand etc. Further, descriptive statistics will help us analyze the average income levels of the households which shall be determining the buying capacity of the respondents for the Facelift furniture.

Questionnaire

CONSUMER PREFERENCE QUESTIONAIRE - FACELIFT Ltd

1.Do you know Facelift Ltd? (Please put an 'X' in the appropriate box)

?YES

? NO, if no, please return this questionnaire.

2.How many bedrooms do you have in your home?

_________ Bedrooms

3.In the past month, have you bought any furniture?

? YES

?    NO

If Yes, then which type of furniture:

Bedroom Furniture Office Furniture Drawing room Furniture Other

4. What is the overall income of your household $ ____________ ?

25000 - 34000 35000 - 44000 45000 - ...