User Survey

Name: Mithvin Kousthub C M Email id: mithvinkous@gmail.com Question

Response

Question

State your objectives and hypotheses clearly. (Word limit: 100 words) Objective: To identify the market share of individuals keen on renting household furniture online.

Hypotheses: ● People who would like to change their furniture need accordingly with trend ● People can opt for temporary requirements. ● People can furnish the way they want. ● People can save a lot monetarily from buying a new one. ● If the quality is meeting their expectation, people would prefer to rent it. ● Person/family who frequently relocates can make the best use of renting the furniture. ● People can afford luxury as it is a rental.

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 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) Following are the assumptions for guesstimate calculation: Population: 1.2Billion Urban: 30% | Rural: 70% Urban Population: 1.2B * 30% = 0.36B Mumbai, Delhi, Bangalore, Chennai, Hyderabad & Kolkata. ~20%.

0.36B*20% = 7,20,00,000

Response

Considering age from 24 yrs to 35 yrs - 20% = 7,20,00,000*20/100, i.e., 144,00,000 36 yrs to 55 yrs - 25% = 7,20,00,000*25/100, i.e., 180,00,000 Population Size - 144,00,000 + 180,00,000 = 3,24,00,000

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)

Response

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Given that response rate is 10%, 97 * 10/100 = 9/7 For 97 sample size the respondents are 9.7.

Then for 30 respondents = X sample size.

97 * 30 / 9.7 = 300 sample units.

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

Question Response

https://forms.gle/CUU7Xqu8oxqjqTUF6

Response

https://docs.google.com/forms/d/1v_N-QmStIO6mHnKrc8vN9-JTHtH1m2yF5HByR WUuKXA/edit?usp=sharing

Question

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)]

Managed to get responses from WhatsApp groups and peers.

Response

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)

Response

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As we can understand, true potential is from Bangalore. Hence we can assume that we can capture the markets majorly.

67.7% of people are between the ages of 24 - 35. Hence we can say that the majority of the demand will include the 24-35 age category people as consumers .

61.3% of people think to buy furniture by physically visiting the outlets rather than buying online. Hence the hypothesis does not meet.

The majority of the people consider renting furniture for a minimum of 6 Months to 1 year.

Hence we can assume that hypotheses are met as it is set for temporary replacement.

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41.9% of the people think that it is better to rent online than buy the furniture.

We can easily assume that this is the best example of luxury at an affordable price.

Hence it meets the hypothesis.

80.6% of the people have not rented in the past. This can be a potential customer base. So if the quality is met to expectations, we can convert the people into customers. This meets the assumption.

The above bar graph gives us the data that 77.4 % of people would prefer to rent the furniture for a temporary need,which meets the hypothesis. Similarly, 54% of people consider renting furniture to adapt to the trend which also meets the hypothesis.

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