Issuu

Name: Avi Tankaria Email id: avitankaria@gmail.com Question

State your objectives and hypotheses clearly. (Word limit: 100 words) Objective To understand how comfortable young Indians are when it comes to renting furniture rather than buying it.

Response Hypothesis - The hypothesis is as follows Young people of India (24-35 years of age) traveling for work or living in the major cities of India are comfortable renting furniture than buying it.

Question

Identify and explain the method to find the population size, assuming the target audience as people between the ages of 24 and 35 living in Mumbai, Delhi, and Bangalore. Please note that you can assume a target audience with a wider age group and from different regions. In such cases, clearly state your assumptions. (Word limit: 100 words) (Hint: Use the Guesstimate Method) Target Audience estimation 1. Total Population of India: 1300000000 (1.3 Billion) 2. Out of the total population 30% of the population lives in urban areas So, 30% of 1.3 Billion = 390000000 (390 million)

Response 3. Considering 2% of the total population of India lives in Delhi and Mumbai whereas 1% lives in Bangalore Delhi: 26000000 (26 million) Mumbai: 26000000 (26 million) Bangalore: 13000000 (13 million) Total Population (Delhi + Mumbai + Bangalore) = 65000000 (65 Million) 4. Considering that 40% of the people living in these three major cities lie within 24 to 35 Hence, 50% of 65000000 = 32500000 (32.5 million) 5. Average household size in India is 5, however, this age group consists of working people who mostly live with their partners or prefer staying alone as opposed to 5 people staying in one house. So, assuming 2 people in one house. 32.5 million / 2 = 16250000 (16.25 million)

6. Lastly, considering 20% of the population live as paying guests, with relatives or live in a furnished apartment with all the necessary furniture is provided by the landlord. 20% of 16250000 gives us a target audience of 1,30,00,000 (13 million)

Question

Calculate the sample size taking the confidence interval as 95%, the margin of error as 10%, and the response rate as 10%. (Hint: Use Sample Size Calculator) Calculated Sample Size using https://www.calculator.net/sample-sizecalculator.html?type=1&cl=95&ci=10&pp=50&ps=13000000&x=93&y=21

Response

Parameters Confidence level: 95% Margin of Error: 10% Population Proportion: 50% Population Size: 13000000 Result: 97

Prepare a questionnaire suiting your objectives. Submit the link to the survey. Question Response

https://forms.gle/bgDw3QsfPkDxAiAKA https://rb.gy/4pocol

Response

Question

Response

Conduct the survey among the target audience. [List down the different channels you have used to reach your target audience. Also, mention the number of respondents you surveyed. (Word limit: 50)]

Channels used to reach the target audience – LinkedIn post, Facebook post, WhatsApp status, and broadcasts. Total number of respondents - 40

Question

Analyse the data collected, submit the insights inferred from the data, and give proper reasons for these insights. Based on these insights, explain how you can validate the hypothesis you framed in the beginning. (Word Limit: 150 Words)

1. Initial analysis of the data was done based on gender, age, and their preference towards renting furniture as opposed to buying new furniture. Findings are shown below in the form of a bar chart, where the results suggest females in Delhi and males in Mumbai are more inclined towards renting furniture. People of Bangalore on the other hand show less interest in renting furniture.

Furniture rental analysis for major cities of India

Prefernce towards renting furniture (Scale 1-5)

4 3

3 3 2

Female

Male

2 1

1 1 0

Bangalore

Delhi

Mumbai

Age Group 24 to 35 years

2. Upon further analysis it was established that the majority of the people like buying furniture once every 3 to 5 years and their preferred channel of purchase is offline – custom made. The purpose of this analysis is to understand the frequency and different purchase channels.

Analysis of furniture purchase purchase (frequency and preferred channel) Total Count of respondents

Response

10 9 8 7 6 5 4 3 2 1 0

Different channels Offline - custom made Offline - ready made

Online - custom made Online - ready made

1 - 3 years

3 - 5 years

5 - 7 years

7 - 10 years Once in more than 10 years

Frequency of furniture purchase

3. The below pivot table shows why would the respondents prefer renting furniture. The two most selected reasons for renting furniture are “No need to move the furniture when moving houses” and “Try many options frequently”. The purpose of the analysis was to find out the motivation behind renting furniture. Reasons to rent furniture Number of responses Cheaper to rent 1 Cheaper to rent;Exciting offers and subscriptions;No maintenance required;Value for money 1 Cheaper to rent;No need to move the furniture when moving houses 1 Cheaper to rent;No need to move the furniture when moving houses;No maintenance required;Value for money 1 Cheaper to rent;Try many options frequently;No need to move the furniture when moving houses 1 Cheaper to rent;Try many options frequently;No need to move the furniture when moving houses;Exciting offers and subscriptions;No maintenance required;Value for money 1 Cheaper to rent;Try many options frequently;No need to move the furniture when moving houses;No maintenance required 1 Cheaper to rent;Value for money 1 If you stay in a rented house which is unfurnished. 1 N/A 1 No maintenance required 1 No need to move the furniture when moving houses 7 No need to move the furniture when moving houses; No maintenance required 1 No need to move the furniture when moving houses; Will be staying for shorter period. Will be cheaper to rent 1 Prefer buying instead renting 1 Try many options frequently 4 Try many options frequently; No need to move the furniture when moving houses; No maintenance required 1 Value for money 1 Total 27

Conclusion Based on the survey inputs received and the analysis done on them suggest that young people of India still prefer the traditional channel of furniture purchase i.e., offline – custom made. However, people would opt for renting furniture majorly because of less amount of hassle which is faced while moving houses and try different options frequently. If these points are addressed along with competitive subscription packages and offers, the idea of renting furniture would slowly become popular in India and would also be accepted widely by people across different age groups. The below chart validates the previous statement. The Y-Axis shows the scale of preference where 1 being the lowest and 5 being the highest.

Renting preference across age group 5 5

Preference on renting furniture

4 4

3 3 Total

2 2 1 1 0 18 to 23 years

24 to 35 years

36 to 50 years

Above 50 years

Age group