The document outlines the steps taken in conducting a market research study to understand customer needs and demands for renting furniture online. It includes defining the objectives and hypotheses, determining the population size in Delhi, Mumbai and Bangalore aged 24-35, calculating a sample size of 38, preparing and distributing a questionnaire via email, WhatsApp and LinkedIn to over 600 people, and analyzing the data collected. The analysis revealed that customers place more importance on convenience and services over offers when renting furniture, validating one of the original hypotheses.

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Name: Tuhina Porel
Email id: porel.tuhina@gmail.com
Question State your objectives and hypotheses clearly. (Word limit: 100 words)
Response
Objective: Needs/Demands of customers in Delhi, Bangalore, Mumbai for renting furniture
online
Hypotheses:
a) Customers trust online stores as much as offline stores and open towards new brand
b) Customers’ decision should be based on convenience, service and flexibility and not just
offers
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 target audience with a wider age group and from different regions. In such
cases, clearly state your assumptions. (Word limit: 100 words)
Response
The population size was determined based on:
a) Age
b) Income
c) Current City that they live in
City Data as per 2020 predictions:
# CITY NAME POPULATION
1 Mumbai 12,691,836 (12.5M approx.)
2 Delhi 10,927,986 (11M approx.)
3 Bengaluru 5,104,047(5.1M approx.)
67% are youth (15-65 years) as per 2018 statistics. Assumptions:
Metro cities would be having more youth population, we can assume that for every city 70% is
the youth (15-65years) In India.
Therefore city wise Break-up of the population size is:
Mumbai: 8.75M
Bengaluru: 7.7 M

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Bengaluru: 3.57M
Total Population: 20M
Assuming that survey is a sample of the actual market:
People renting furniture: 29.7% of total population: 594 *10^5 People
People renting online: 48.6 % of 594*10^5= 28,51,200 People
Thus, to understand user needs and demands we should conduct detailed survey with an
estimated population of 2.85M people across Delhi, Mumbai, Bangalore in the age group of 15-
65years.
Question
Calculate the sample size taking the confidence interval as 95%, the margin of error as 10%, and
the response rate as 10%.
Response
We are keeping the sample size or the Population size as per the survey conducted across
various platforms. So, the sample size is only determined for the following case.
Considering the response rate of 10% on the total population to whom the survey was sent i.e.
600, Population Size(N): 60
Confidence Interval = 95%
Margin error(e)= 10%
Z score =1.96
Assumption: P =Population proportion=0.5
Sample Size= (z^2*p(1-p))/e^2/1+((z^2*p(1-p))/e^2N)
Thus, sample size should be 38
Question
Prepare a questionnaire suiting your objectives. Submit the link to the survey.
Questionnaire https://forms.gle/jyAcbqKGNay8nt2X7
Response
https://docs.google.com/spreadsheets/d/1VenQlyR4sQO-
CpKrje50gAcioQsneTn29unsFWd5ip8/edit?usp=sharing

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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)]
Response 1) Email
2) WhatsApp
3) LinkedIn
Total Surveyed Population i.e. the survey link was shared across 600+ people
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)

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Response
Insights:
A) People are more interested in buying (70.3%) furniture over renting (29.7%) and people are
slightly more inclined to Renting offline (51.4%) than online (48.6%)
Validation of the insights from hypotheses:
Given the difference between the preference over renting online & offline is very less and the
inclination towards trying new brand with offers, tells us that people trust online stores as much as
offline stores.

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B) Customers gave more importance to convenience and services over offers.
Validation of the insights from hypotheses:
For the services like Easy Replacement, Easy Refunds, doorstep delivery had higher- very important
rating compared to offers and buy out options.
Thus service is cherished more by customers than offers.
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