However, findings from these primary and secondary researches are been analysed and presented in other parts of this assignment; however, most of them are communicated in the findings and analysis chapter. [ P1]
For the current work an extensive primary research has been conducted and information were collected from sample who are the selected through non-probability sampling method.
Through sampling organisation or researcher selects the required number of respondents for the research study. The sampling process has different actions to look after, which are, population definition, sampling frame, sampling unit, sampling method selection and sample size (Brassington, and Pettitt, 2000).
As mentioned earlier that, for the current work, non-probability sampling method was selected, because, non-probability sampling is easier than probability sampling and researcher are more flexible that probability sampling. In probability or random sampling each sample has equal chances of been selected and in the same time researcher needs a list or respondents, where as in non-probability sampling, researchers can enjoy judgemental sampling, where researcher can select respondents of their own choice to get the better sources of their information required (Brassington, and Pettitt, 2000).[P2, M3]
To develop questionnaire for the current work few objectives were selected to create questions for questionnaire from them. These objectives were selected from the secondary research and also from the case study provided.
However, the objectives were selected, based on whether they are suitable for the research methods, suitable to analyse and whether they are easy to collect (Brassington, and Pettitt, 2000).
Finally, where developing the questionnaire, no open – ended questions were added as they are difficult to analyse and only closed ended and ‘Likert scaling’ questions were added to comfort analysis. Beside that special focus was given to keep the wording of the question simple, so that they are easier to understand for the respondents (Brassington, and Pettitt, 2000).
A sample questionnaire is added in the appendix part of this assignment. [P3, M3]
Mean
Mean is the summation of all the values divided by total number of values (Pegg, 2010). For better understanding if we take data from question 10 of the questionnaire to find its mean, we will find;
Here data: 45, 20, 14, 51, 27, 3, 0, 3, 7,
Sum of total values: 170
Number of values: 9
Mean: 170/9 = 18.88
Median
After mean we considered median and median is the middle value of the data after they are been sorted (Pegg, 2010). Here if, we take the same data from mean and sort them, it will look like;
Sorted data: 0, 3, 3, 7, 14, 20, 27, 45, 51
So the median will be: 14
Mode
Mode is the value, which occurs more commonly in the data set (Pegg, 2010). Here if we take the data set used for mean and median, we will find 3 is coming more than others and that is why we can say for the current data set 3 is the mode. [P4, M2, D1]
Standard deviation:
Through standard deviation researchers can find the variability of the statistics (Easy Calculation, 2010). The formula of standard deviation is the following,
Here,
Σ = Sum, X = Individual score, M = Mean of all scores, N = Sample size (Number of scores)
From our questionnaire if we take question 10 to find the standard deviation, we will find,
So here, Σ(X-M)² = 2811and N = 9 and standard deviation will be;
S= √Σ(X-M)²/ N-1; S= √2811/9-1; S= √2811/8; S= √351.375, S= 18.74
Finally, from the above we can say, standard deviation for question number 10 is 18.74. [P5, M2,D1]
Quartiles
According to Easton and McColl (2010) quartile value divides the sample data in to four different groups and tries to keep equal number of observation in each group. As a result each sample data may have maximum three quartiles. However, the middle quartile is equal to the median of the data set.
For example, from the current work if we take the response of question 9 from the questionnaire, which asks respondents; “While buying a car, which brand you will prefer most?” and the response was as follows and from there we can find the quartiles,
Table 1: While buying a car, which brand you will prefer most
Ordered data from the table: 0 4 6 8 19 22 25 41 45
Median: 19; Lower quartile: 6; Upper quartile: 25
Percentiles
On the other hand Easton and McColl (2010) mentioned, percentile divides the data in to 100 different groups but unfortunately for the current work on RH cars. Such a large number of data are not collected; as a result for RH cars percentiles were not calculated.
Coefficient
Easton and McColl (2010) also mentioned, on the basis of the proportion of the mean of data coefficient measures the spread of data. Coefficient is the ration of samples standard deviation to sample’s mean.
Here,
Σ = Sum, X = Individual score, M = Mean of all scores, N = Sample size (Number of scores)
From our questionnaire if we take question 10 to find the standard deviation, we will find,
So here, Σ(X-M)² = 2811 and N = 9 and standard deviation will be;
S= √Σ(X-M)²/ N-1; S= √2811/9-1; S= √2811/8; S= √351.375, S= 18.74
Here, Correlation coefficient is 18.74/18.88 [P6]
TASK 2
For the current work, students were divided in smaller groups and were provided with the same questionnaire, which was developed from the secondary research again with in the class. And afterwards total 170 responses were collected from respondents and were merged together. And finally from that data the following graphs and charts are drawn.
Line Chart
In order to draw a line chart question number 7 from the questionnaire is been taken to analyse.
From the line chart we can see, when the customers were asked to respond on type of cars they are more interested in investing, it came out like, majority of our respondents are focusing towards family type, which received 45 responses out of 170, beside that, luxury and economical cars also received good responses.
Pie chart
In order to draw a pie chart question 1 from the questionnaire has been considered here. Where respondents were been asked about the factors which influence them most while buying a car and the responses are the following;
From the above figure 3, we can see most of our respondents mentioned quality as the main influencer while buying a car, which received 30% of the total responses and beside quality price and brand became also important with 25% and 23% responses accordingly.
Bar Chart
With question number 9 from the questionnaire a bar chart is added in this assignment (Figure 4), where the respondents were asked to response on their preferred brands, and we can consider these brands as RH cars competitors.
However, from the figure 4, we can see majority of the respondents, responded for Mercedes (45) and second most response went for BMW (41). Even though from the pie chart (figure 3), we can see brand is the 3rd choice for respondents to be influenced in buying car, here it is evident strong brands plays important role in customers mind.
Histogram
The questionnaire started with an option for the respondents to mention their age group and the age groups were designed as continuous data so that we can draw a histogram for the respondent’s responses on the specific option. However, histogram of the respondent’s age is been added in the following (figure 5);
From the above histogram, we can find, majority of our respondents belong to age group 25-29 (60 respondents), second majority is 18-24 and 30-34 age groups, both with 39 respondents. And finally, 35-39 age groups had 19 respondents and only 13 respondents are from the age group 40 and above. [P7]
Based on the primary and secondary data collected, we have created a presentation for RH cars, which can be helpful for them in future planning as some recommendations are been made for them as well.
However, to develop the presentation, we have used Microsoft power point as the software as, this is user friendly for both the company (RH cars) and researchers. Sample from the presentation are added below for better understanding,
[P9]
Through MIS (Management information systems) any organisation can effectively and efficiently control their inventories, with the help of point of purchase data collection; where point of purchase suggest to the place where sales are made and it can be a shopping mall to counter area where cashiers makes the transactions (Ireland, Hoskisson, and Hitt, 2007).
However, there are different tools manage MIS, but for organisation like RH cars IDIS as a tool for MIS will be more appropriate, which includes ISIS and IDAMS systems and that will allow RH cars to store and retrieve information with a software package processing and analysing numerical data (United Nations Educational scientific and cultural organisation, 2010). [P11]
On the basis of the information from BarcodesInc, (2010), we can understand that Inventory control system, is tool to track and control inventory in the organisation and that can be done through a set of hardware and software. It is also mentioned in BarcodesInc, (2010) that, through inventory control system one organisation may control almost any type of quantifiable goods. For example, books, cloths, equipment, even large items like cars.
The most recent technology to be used in inventory control system is ‘barcodes.’ Barcodes became popular first of all in grocery stores, more specifically in retailers to control their inventory and afterwards its been adopted by many other organisations who are not dealing with groceries. The main facility of using barcode is, the organisation may use it in ware-less mode, which resolves many complications (BarcodesInc, 2010).
As barcode has become one of the most popular tools for inventory control, I would like to suggest RH cars to implement barcodes in their organisation, especially for controlling parts and materials in their manufacturing sites to maintain the inventory. [P12]
I assume a question and due to that I developed a spreadsheet for EOQ and calculated it.
RH COMPANY purchases good for resale. The annual demand for the good is 10000 unit sand the minimum order quantity is 1000 units and they are sold in boxes of 100. The holdingcost per units is 2 rupees and the cost of placing the order is 300 rupees
A spreadsheet for EOQ will look like this
EOQ
And the graph for EOQ
The Economic Order Quantity (EOQ) is the order quantity for an item of stock which will
minimize the cost in other words the total cost where the ordering cost and storing meets. Thus,
here EOQ is 1700 units. [P13]
The current work is designed to produce some conclusive decision and recommendation regarding customer needs, wants and satisfaction for the car company from the case study named RH cars. In order to produce these decisions, primary and secondary researches were been conducted and analysed accordingly and they are presented on different chapters of this assignment.
However, different activities for the current work are presented with the help of a Gantt chart underneath and limitations are also mentioned accordingly (covers 4.4).
Figure 1: Gantt Chart for the current work
In above figure 1, different task carried over for the current work are been mentioned and how much time was spend on them are also been highlighted.
However, the main limitation for the current work I will suggest the allocation of time for data collection and data analysis. As both for data collection and data analysis only 2 weeks each are been spend, which is not enough to collect and analyse appropriate amount of data to draw a valid conclusion. [P14]
Discounted cash flow
According to Value Based Management (2010), through discounted cash flow someone can anticipate how much he or she is going to get in return for the investments the person is making in recent or current time. So in short, discounted cash flow helps someone to convert future’s earning in today’s money.
As many of the big multinational organisations and manufacturers are looking forward towards the investments from general public, through having shares of the organisation in the market and by offering them a greater return after a time period, with a convincing discounted cash flow; I would like to suggest RH cars also to have such a number of shares in the market when they will become more popular among the public.
Internal rates of return (IRR)
‘Internal rates of return’ is the return one person receives on his or her investment. And this return is calculated on the time value of money. In most of the organisations IRR is calculated on annual basis (Money Terms, 2010).
We can take examples from banks and other financial institutes, to clarify more about internal rate of return. In most of these organisations, they offer their clients to invest money for a certain period of time, on agreed terms and conditions and in return these clients gets some profit out of the investments, which was agreed earlier. For instance, banks offer clients to invest money on 12% annual rate or return.
Similarly, RH cars also may offer their clients such facilities to invest their money with the company, so that they can feel more closer to the company, in the same time, clients will be happy as they will get some profit out of their investment every year. [P15, D3]
References
BarcodesInc, 2010. Inventory Control System. [Online] Available at: [Accessed: 26 April, 2010]
Brassington, F., and Pettitt, S., 2000. Principles of Marketing. 2nd edition. Essex: Pearson Education Limited.
Easton, V. J. and McColl, J. H. 2010. Presenting data. [Online] Available at: http://www.stats.gla.ac.uk/steps/glossary/presenting_data.html [Accessed: 21 March 2010]
Easy Calculation, 2010. Standard Deviation Tutorial. [Online] Available At: [Accessed: 15 March 2010]
Ireland, R.D., Hoskisson, R.E., and Hitt, M.A. 2007. The Management of Strategy, Concept and Cases. Eighth Edition. Mason : South-Western Cengage Learning.
Money terms, 2010. IRR. [Online] Available at: [Accessed: 03/05/10]
Pegg, Jr., E. 2010. Mean, Median, Mode. [Online] Available at: [Accessed: 15 March 2010]
nited Nations Educational scientific and cultural organisation, 2010. Information Processing Tools. [Online] (Updated: 11/03/10) Available at: [Accessed: 26 April 2010]
Apendics
[sanjib kumar saha, Student ID- 10586] Page