This assessment will cover following questions:
- Calculate the monthly cost of repayment of mortgage of $350,000, where interest is applied to loan outstanding at the beginning of the each year with the rate 7% per annum.
- Explain why Poisson distribution is appropriate for the task 8 case and advice Eco-Fone about the about the quality procedures.
- Evaluate some features which make smartphones popular with the old customers.
INTRODUCTION
In today's environment, smartphones are becoming a necessary part of daily routine. The project report is based on the study and evaluation of smartphone market conditions in the United Kingdom context. The report covers details on the UK mobile market summary and predictions are made to help Eco fone corporation. In addition, benefits and drawbacks of expanding business are also mentioned in project report. As well as report contains information regards to effectiveness of mobile phones of above business entity.
MAIN BODY
TASK 1
(a) Overview of mobile phone market in United Kingdom.
In the United Kingdom background, there is a number of electronic equipment that consumers buy. The mobile is one of them that is most widely bought by customers. It is projected that the mobile market to grow by an enormous margin in the current cycle. According to the study, it can be found that smartphones are being bought from electronic devices with a 30 percent increase. While the remainder of the products' purchasing is nearly half. In the aspect of other electronic devices this can be find out that laptops have been purchased by margin of 15%. This means that the UK smartphone market is too small and is expected to increase in the years to come by an enormous margin. The very first touch screen phone was introduced about 10 years ago and the smartphones are constantly being produced after this invention (About smartphone market in United Kingdom, 2019). As a result, people began buying such. Eventually, United Kingdom's major reason for success or expanded smartphone market is to include different features within the phones. Such smartphones provide camera features, different software installation, and much more. Because of it, role of smartphones in different segments of market is increasing. This is estimated that penetration of mobile phones will be of 95% in upcoming year 2022.
(b) Usage of smartphones.
TASK 2
Liner diagram of given data during 2012-17.
In this case linear forecasting model can not be implemented because this method requires two variables and there is only one variable which is usage of smartphones. The above presented graph shows that there is usage of smartphone in year 2012 was of 52% which raised in upcoming years by significant manner. Such as in year 2013, this was of 62% as well as in year 2014, its usage was of 70%. So year by year, usage of smartphones in the United Kingdom has been raised effectively.
TASK 3
Key features which makes smartphones so popular among old customers.
In the today's market, the use of smart phones varies based on people's age due to the ability of older generations to adapt very rapidly. According to Deloitte's 2017 report, it shows that far more than 71 percent of the people have their private mobile and they're under 55 to 75 years of age. About 20 percent of the elderly said they check their smartphone about 15 times a day (About smartphone feature, 2019). Herein, below some key features are mentioned that makes smartphones more popular among older customers:
- Bigger screen-It is one of the key benefit of smartphones which makes this popular among older customers. Due to bigger size of screen customers can easily see the fonts.
- Easy to make payment via phone- In today's smartphone, it is possible that customers can make payment by just one click. This becomes possible because bank account can be linked with mobile phones to make payment. Due to this facility, older customers prefer to buy smartphones as they can do payment online which minimise the risk of carrying cash.
- Effective sound quality- Due to this feature, it becomes easier for customers to hear all sort of sounds. Specially for older customers, this is very useful as they can become able to listen sounds without any harm to ears.
TASK 4
Should ECO FONE expand their business to Kingston or not?
Eco-Fone company is planning to expand their operations in Kingston. Herein, below advantages and disadvantages of expanding business are mentioned which are as follows:
|
Pros |
Score/10 |
Cons |
Score/10 |
|
1. Increased output efficiency and scale. |
8 |
1. Higher need of capital. |
7 |
|
2. Improved brand expansion. |
9 |
2. Increased logistical complexities. |
6 |
|
3. Wider customer base. |
8 |
3. Ineffective control over activities and operations. |
5 |
|
4. Increasing in total market shares. |
9 |
4. Lack of current assets. |
4 |
|
5. Scope of generating more sales. |
8 |
5. Increased staff turn over |
6 |
|
Total pros |
42 |
Total cons |
28 |
|
Average pros |
8.4 |
Average cons |
5.6 |
Conclusion- In accordance of above mentioned table this can be concluded that above company should make expansion of their operations into Kingston. This is so because there is higher score of pros which is of 42. While cons score is of 28. It indicates that company should expand their business in Kingston.
STRIP 4
TASK 5
(a) Monthly cost of loan of 15 year whose amount is of 350000.
Amount of loan to be taken= 350000
Interest rate= 7 % per annum or 0.00583 % for per month
Time period= 15 years or 180 months
EMI of each month= 3145.90
Total payable interest= 216261.81
Total payment= 566261.81
On the basis of above calculated amount of interest amount, this can be find out that above company has to pay interest amount of 216261.81 pounds in total 180 months or 15 years. As well as they are needed to pay monthly instalment of 3145.90 pounds in each month for 180 times. In addition, they are required to make payment of 566261.81 pounds of total amount in regards to taking mortgage loan of 350000 pounds. .
(b) Eight famous company for loan in United kingdom.
TASK 6
Efficiency two retail shops of Eco Fone company.
Eco-Fone has two stores located in Putney & Richmond, in which the business's daily net take-up should be determined in order to identify which shop is high in income compared to other stores. Business offers a variety of smartphone and devices. Following the details, are mentioned which are as:
First shop-
Mean => 100 pounds
Standard deviation => 20 pounds
Coefficient of variation (C.V.) = standard deviation / mean * 100
=> 20 / 100 *100
=> 20 %
Second shop-
Mean => 90 pounds
Standard deviation => 40 pounds
Coefficient of variation (C.V.) = standard deviation / mean * 100
=> 40 / 90 *100
=> 44.44 %
Analysis- On the basis of above calculated value of coefficient of variance, this can be find out that both companies are performing different results. Such as in the aspect of shop one it can be find out that coefficient of variance is of 20 %. On the other hand, in the context of shop second this can be assessed that coefficient of variance is of 44.44%. It indicates that second shop is much better in compare to first shop. This is so because of difference in calculated amount of output. As well as there is variation in mean and standard deviation too which is making difference.
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TASK 7
Summary- In accordance of excel sheet, there are 27 respondents who bought above company's products. As well as there is 0 number of customers who never purchased. In addition, there is only 19 respondents who purchased products in last or more then in year ago.
Question 2. How long you have used our product?
Option Number of respondents
Fewer then 6 months- 1
Between 6 months to 1 year- 30
Between 1 and 3 years- 37
Between 3 and 5 years- 27
More then 5 years- 8
Never- 0
Summary- As per the data, it can be assessed that there are 37 customers who used above company's products between one and 3 years. In addition, there are only 8 respondents who used products more then 5 years.
Question 3 Please rate us on the following:
Option Number of respondents
Customer service- 7
Quality of product- 14
Sales staff- 52
Price/value- 30
Summary- On the basis of this data analysis, it can be find out there are 52 respondents who rated to sales staff of above company. While there is only 7 customers who rated to customer service.
Question 4. How would you rate yourself overall satisfaction with us?
Option Number of respondents
Very satisfied- 11
Satisfied- 10
Neutral- 16
Dissatisfied- 50
Very dissatisfied- 16
Summary- As per the provided data of respondents of customers, it can be find out that there is 50 respondents who are dissatisfied. As well as there is 16 respondents who are very dissatisfied. In addition number of satisfied customers are only 10.
Question 5 . How likely are you to continue doing business with us?
Option Number of respondents
Very likely- 2
Likely- 14
Neutral- 30
Unlikely- 47
Very unlikely- 10
Summary- In accordance of given data, this can be find out that there are huge number of respondents who are unlikely to do business with this company. As well as there is only 2 respondents who are like to continue business with above mentioned company.
Question 6 . How likely are you to recommend our products?
Option Number of respondents
Very likely- 21
Likely- 60
Neutral- 0
Unlikely- 15
Very unlikely- 7
Summary- As per this data, it can be find out that there are 21 customers who are very likely to recommend this company's products. As well as 60 respondents are likely to recommend. While there is only 7 respondents who are very unlikely to recommend.
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TASK 8
Reason for which poisson distribution is needed to be applied in the context of above mentioned case of Eco Fone company.
Poisson distribution- A Poisson distribution is a mathematical distribution in statistics that indicates how often times an occurrence is likely to happen within a specified period of time. It is used for separate events occurring within a particular time period at a constant velocity (Cordeiro, Rodrigues and de Castro, 2012). The Poisson distribution is a binary function, which means that the occurrence can only be calculated as occurring or not as appearing, which means that the factor can only be calculated in complete numbers. In other words, a Poisson distribution may be used to predict how probably an "X" amount of times something else is going to happen.
When this is used: The Poisson distribution is being used to define a huge population's allocation of rare occurrences. For example, there is some likelihood that a specific cell will obtain a variation within a larger population of cells at any given time (Jamkhaneh and Gildeh, 2012). Variation is a rare occurrence.
In the context of Eco-Fone company, this can be applied in order to find out variation in the errors in the invoices. Herein, below calculation is done which is as follows:
Sample size (n) = 10000
Mean (average) X = 2
Probability = 2 / 10000
= 0.0002
Poisson (3, 2, and 1) = 0.8571 or 85.71 %
= 100 – 85.71
= 14.29 %.
CONCLUSION
The project report concludes information about a smartphone company Eco-Fone. Report is categorised into different parts such as first task concludes about higher smartphone industry of United Kingdom in which usage of mobile phones is much better in compare to rest of electronic devices. Second task concludes about reason for which linear model can not be implemented. The reason for which this model can not be applied is lack of variables. Third task concludes about features of smartphones such as bigger screen size, better sound system which are making these useful for older customers. In accordance of fourth part of report, it has been concluded that company should expand business in Kingston. In addition, further part concludes that above company should not take mortgage loan as its cost is higher. In the end, this can be concluded that poisson distribution can be useful for above company in order to manage quality of operations.
REFERENCES
- Cordeiro, G. M., Rodrigues, J. and de Castro, M., 2012. The exponential COM-Poisson distribution. Statistical papers. 53(3). pp.653-664.
- Jamkhaneh, E .B. and Gildeh, B. S., 2012. Acceptance Double Sampling Plan using Fuzzy Poisson Distribution 1.
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