THE IMPACT OF INFLATION CRISIS ON SMALL ENTERPRISES AT SANTOS Updated 3potangina

QUEZON DISTRICT
QUEZON NATIONAL HIGH SCHOOL

Alunan, Quezon, Isabela
IMPACT OF INFLATION CRISIS ON SMALL

ENTERPRISES AT SANTOS, QUEZON, ISABELA AND
THE BUSINESS OWNERS’ COPING MECHANISM
A Research
Presented to the Teachers of
Quezon National High School
Senior High School Department
In Partial Fulfilment
Of the Subject Requirement for
Inquiries, Investigations and Immersion
Andrei Andumang
Keren Kim Capoy
Francis Nick Dempo
Alpha Dela Cruz
Charlie Diwayan
Vincent Morase
Desiree Pasiola
Maica Rose Segovia
Arjie Sagun
Joyce Aleck Gatpo

Edrian Santiago
Queen Dairen Uy
(May, 2023)
CHAPTER I
078-258-6133
300568quezonnhs@gmail.com
www.facebook.com/300568QuezonNHS
QUEZON DISTRICT
The Problem and its Background
Background of the study
Inflation is a significant economic phenomenon that affects individuals
across all levels of the economy. However, for small business owners, the impact
can be particularly devastating, especially when struggling to compete against
larger chains and superstores. Inflation measures the gradual increase in the price
of goods and services over time, leading to a decrease in consumer buying power.
Although inflation is a constant occurrence, it is important to understand its effects
on businesses and to come up with immediate solutions.
According to the National Federation of Independent Business (NFIB),
approximately 90% of small business owners are negatively impacted by current
inflation rates. This puts small businesses under immense pressure to either raise
prices and risk losing sales or accept loans to cover expenses and maintain their
profit margins. Since the pandemic, over 80% of small businesses have increased
their prices, and some have had to make drastic cost-cutting decisions. Inflation
can also result from a country's monetary policy, such as a downward adjustment
in exchange rates, or other policies like subsidies.
The rising prices of goods and services have made it difficult for small
businesses to maintain their profit margins, leading to reduced investment, lower
productivity, and even business closures. Small enterprises in Santos, Quezon are
also affected by global inflation and have resorted to improving their business
strategies, finding ways to reduce costs or increase revenue, or exploring new
markets. However, these measures may not be enough to sustain their businesses
in the long run. Small business owners must be able to adjust to the changing
business environment to stay competitive.
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QUEZON DISTRICT
Overall, understanding how different types of businesses cope with inflation
can help identify strategies that may be more effective than others in helping them
survive and thrive during difficult times. Additionally, this study aims to provide
valuable insights into how small businesses are affected by economic changes,
which can be used to inform policy decisions such as providing targeted support for
small businesses in times of economic hardships. Lastly, it could also provide
valuable insight into the overall health of the economy and its effects on small
business owners.
Conceptual Framework
Inflation is a major concern for small business owners, as it can have a
significant impact on them. Small business owners must be aware of the potential
effects of inflation and develop strategies to cope with it. Inflation can have both
positive and negative effects on small business owners, depending on the specific
circumstances. It can lead to increased costs for goods and services, which can
reduce profits and make it difficult for small business owners to stay competitive.
At the same time, inflation can also lead to increased demand for goods and
services, which can help small business owners increase their sales and profits.
The most obvious effect of inflation on small business owners is that their
costs will increase. This includes the cost of raw materials, labor, and other
overhead expenses. As prices rise, businesses must either absorb the cost or pass
it on to customers in the form of higher prices. This can lead to decreased sales
and profits if customers are unwilling or unable to pay more for goods or services.
In addition to increasing costs, inflation can also reduce the purchasing
power of small business owners’ profits. When prices rise faster than wages,
businesses may find themselves unable to purchase as much with their profits as
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they could before inflation sets in. This can lead to cash flow problems and
difficulty meeting financial obligations such as loan payments or payroll taxes.
In order to cope with the effects of inflation, small business owners must be
proactive in managing their finances. This includes developing strategies to reduce
costs, such as negotiating better prices with suppliers or finding ways to increase
efficiency. According to Ryan Lynch (2022), managing workforce expenses can also
get tricky as wages generally rise during inflation, so increasing productivity might
require some out-of-the-box thinking. Additionally, small business owners should
consider diversifying their income streams by offering new products or services that
are not affected by inflation. Finally, they should also consider investing in assets
that are likely to appreciate in value over time, such as stocks or real estate.
Overall, the impact of inflation on small business owners is complex and
requires careful consideration of the specific circumstances. By being proactive in
managing their finances and diversifying their income streams, small business
owners can mitigate some of the negative effects of inflation while taking advantage
of any potential opportunities that arise from it.
Research Paradigm
INDEPENDENT VARIABLE DEPENDENT VARIABLE
Profile Variable: Coping Mechanism
a. Age
b. Gender
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Business Profile:
a. Alunan, Quezon, Isabela
Type of Business
b. Length of Business Operation
QUEZON DISTRICT
Figure 1. Independent Variable-Dependent Variable Model
The researchers adopted the independent variable and dependent variable
model. The independent variables include personal profile, business profile, and
effects of inflation to the business operation, business sustainability, sales, and
profit. And for dependent variable, coping mechanisms is included .
Statement of the Problem
This study aims to determine the effect of inflation crisis on small
enterprises and business owners coping mechanism. Thus, this research study is
guided by the following question:
1. What is the profile of the respondents in the following:
Personal profile:
1.1 Age; and
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1.2 Gender?
Business Profile:
1.3 Type of Business;
1.4 Length of the business operation?
2. What is the effect of the inflation crisis on the small business enterprises in the
following:
2.1 Business operation;
2.2 Business sustainability;
2.3 Sales; and
2.4 Profit?
3. What are the coping mechanisms of the business owners in the inflation crisis in
the following areas:
3.3 Sales; and
3.4 Profit?
4. Is there a significant difference in the effects of the inflation crisis on the small
business enterprises in the following:
4.3 Sales; and
4.4 Profit?
Hypothesis
There is no significant difference on the effect of inflation crisis on the small
enterprises such as business operation, business sustainability, sales and profit
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when grouped according to gender.
Significance of the study
Every research has importance to the people, the society, and the country.
The generalization of this study would make a substantial contribution to the body
of knowledge about how the inflation crisis affects small businesses and the coping
strategies of business owners. The purpose of this study is to provide knowledge
about how small businesses and business owners can deal with the effects of
inflation that is not only helpful to the people but highly sufficient and useful as
well. Thus, the findings and implications of this study will be unsound for the
Researchers and to the Small Enterprises.
For business owners, the findings of the study will enlighten them about how to
handle inflation and develop strategies that will help them grow their companies.
They will become aware of how much the raw materials that go into the cost of their
products, as well as how much they must pay their workers in wages.
To consumers, this could help them make more informed decisions when
shopping for goods and services, as well as give them a better understanding of the
economic environment in which they live.
For those retailers, this study will help them understand what factors influence
the cost of their purchases and sales during inflation. By studying this research,
they will determine and know what they will do throughout inflation.
For future entrepreneurs, this study will serve as information regarding the
status and possibilities of engaging in any business. It can help them have possible
ideas on how they will build their own business in the future, as well as the
techniques and strategies for their business.
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For future researchers, this study will provide reference material for their future
studies. It can be a big help to them in terms of finding related studies that will
serve as evidence or supporting details for their studies.
Scope and Delimitation
The researcher will give emphasis on the Impact of the inflation crisis on
small enterprises and business owners’ coping mechanisms. The study will be
conducted at Santos, Quezon, Isabela during the 2 nd semester of the S.Y. 2022-
2023. The respondents will be owners of the sari-sari store in Santos, Quezon,
Isabela with a total number of 47. The total enumeration will be used. The
respondents will be requested to answer a survey questionnaire which will help the
researchers to come up with definite and factual information to support the study.
Definition of terms
To understand the words used or given by the researchers, the definitions
are the following:
Age – a measure of how long an individual has been alive.
Gender – a social construct that refers to the roles, behaviors, activities, attributes
that considers appropriate for men and women.
Length of business – refers to the amount of time it has been in operation. It is
usually measured from the date of its founding or incorporation.
Type of business – refer to the different categories of businesses that exist.
Inflation crisis – a situation in which the prices of goods and services rise rapidly,
leading to a decrease in the purchasing of money.
Small business enterprise – it often provide goods and services to local
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communities, and may be family-owned or managed by a single individual.
Business operations – are the activities and processes that a company performs
on a regular basis to deliver products and services, achieve its objectives, and
generate revenue.
Business sustainability – the practice of conducting a business in a manner that
meets the needs of the present without compromising the ability of future
generations to meet their own needs.
Profit – a measure of how much money a business has made after accounting for
all costs associated with producing and selling its goods or services.
Coping mechanisms – are strategies used to manage stress and difficult
situations.
CHAPTER II
Review of Related Studies and Literature
This section presents the reviews of different related literature and studies
summarized from the writings of various persons and researchers experts in their
fields. The definitions given by the authors show that inflation can have both
positive and negative impacts on small businesses, depending on the level of
inflation and the strategies used by business owners to cope with it. This review of
literature examines the impact of inflation on small enterprises and business
owners’ coping mechanisms.
Foreign Literature
Inflation
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Inflation is defined as the persistent increase in the general price level of
goods and services in an economy over a period of time. It is measured by the
inflation rate, which is the percentage change in the price level over a given period
of time. It also has a significant impact on small enterprises, which are often more
vulnerable to economic shocks than larger businesses (Fernando, 2023).
According to a study by Mordi and Ojo (2016), inflation can have both
positive and negative effects on small businesses. On the positive side, inflation can
increase the demand for goods and services, leading to higher sales and profits for
small businesses. Inflation can also lead to higher wages and salaries for
employees, which can boost consumer spending and further increase demand for
goods and services. However, inflation can have a negative impact on small
enterprises and business owners, as it increases the cost of production and
reduces the purchasing power of consumers according to Akinlo and Akinlo (2018).
This can result in reduced sales and profits, which can lead to business closures
and job losses. Inflation can also affect the ability of small enterprises and business
owners to obtain financing, as lenders may be hesitant to lend money in an
inflationary environment. Rees and Rungcharoenkitkul [2021] also claim that the
supply chain bottleneck had an enormous impact on the increase in inflation in
2021. Due to the economic recovery that followed inflation, the global financial
crisis, and the COVID-19 pandemic, there could be observed a strong surge in
demand for raw materials, intermediaries, and logistics services. Demand exceeded
supply, which caused the increase in prices of the above-mentioned goods, which
in turn generated higher prices for consumer goods. As a result of such an
excessive surge in demand, not all orders could be filled. Companies, intending to
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avoid production downtime, started to increase their stocks, which only further
boosted the demand and price growth [Rees, Rungcharoenkitkul, 2021, p. 1].
Inflation is the number one concern of small business owners, according to a
recent survey conducted by the U.S. Chamber of Commerce. When inflation rises,
every aspect of a business becomes more expensive. The current inflationary trends
are making it more expensive for small businesses to offer their goods and services
at competitive prices. That leaves managers and owners with a choice: Eat the
extra costs, or increase prices (James Webster, 2022). Some businesses increase
their costs for inputs such as raw materials, labor, energy, transportation, etc.,
while reducing their revenues from sales due to decreased demand for their
products or services (Kumar & Kumar 2020). This can lead to reduced profits or
even losses for these businesses. “Having survived the pandemic, now small
business owners are being hit with surging inflation. It’s limiting their purchasing
power and forcing small businesses to raise their own prices and absorb higher
costs within already thin margins,” said Neil Bradley, chief policy officer at the U.S.
Chamber of Commerce. High levels of inflation can lead to an increase in interest
rates which further reduces profitability. It can also reduce consumer confidence
which leads to decreased demand for goods and services produced by small
enterprises (Kumar & Kumar 2020).
Effects of Inflation to the Business Operations
Inflation has a significant impact on business operations, particularly in
areas such as pricing, inventory management, and supply chain management.
According to a study by the International Journal of Economics and Business
Research, inflation can lead to increased costs for businesses, which can result in
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reduced profits and decreased competitiveness (Kumar & Singh, 2018). Inflation
can also affect the purchasing power of consumers, which can impact demand for
products and services.
Effects of Inflation to the Business Sustainability
Inflation can have a negative impact on business sustainability, particularly
for small and medium-sized enterprises (SMEs). According to a study by the
Journal of Business Research, inflation can lead to decreased profitability, reduced
investment, and increased financial risk for SMEs (Hassan, 2017). It can also
impact the ability of businesses to attract and retain employees, as rising costs of
living can make it more difficult for businesses to offer competitive salaries and
benefits.
(Lazonick, 2021) stated that, inflation can also reduce the competitiveness of
small businesses in the marketplace. This is because inflation can lead to higher
prices for goods and services, which can make small businesses less attractive to
consumers. Inflation can also lead to a decrease in the value of the currency, which
can make it more difficult for small businesses to compete with foreign firms.
Effects of Inflation to the Sales
Inflation can have a significant impact on sales, particularly for businesses
that rely on consumer spending. According to a study by the Journal of Business
Research, inflation can lead to decreased consumer spending, as rising prices can
reduce the purchasing power of consumers (Hassan, 2017). This can result in
decreased sales for businesses, particularly those that offer non-essential products
or services.
Effects of Inflation to the Profit
Inflation can have a negative impact on profits, particularly for businesses
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that are unable to pass on increased costs to consumers. According to a study by
the International Journal of Economics and Business Research, inflation can lead
to decreased profits, as rising costs can reduce margins and increase financial risk
(Kumar & Singh, 2018). Inflation can also impact the ability of businesses to invest
in growth and innovation, as financial resources may need to be devoted to
managing inflationary pressures. Additionally, the need for stable and ongoing
financing is something that business owners are going to face for the foreseeable
future. The higher inflationary and higher interest rate environment that we find
ourselves in today is a challenge for small business owners. Costs keep rising
because of ongoing supply chain issues and labor shortages (Rohit Arora, 2022).
When inflation occurs, companies typically pay more for input materials.
One way for companies to offset losses and maintain gross margins is by raising
prices for consumers, but if price increases are not executed thoughtfully,
companies can damage customer relationships, depress sales, and hurt margins.
An exposure matrix that assesses which categories are exposed to market forces,
and whether the market is inflating or deflating, can help companies make more
informed decisions McKinsey (2022).
Inflation can reduce the purchasing power of small businesses by increasing
the cost of inputs such as raw materials, energy, and labor (Mordi and Ojo, 2016).
This can lead to a decrease in profits and a reduction in the ability of small
businesses to invest in new equipment, technology, and marketing. Inflation can
also increase the cost of borrowing for small businesses, making it more difficult to
obtain financing for expansion or investment.
Business Owners’ Coping Mechanisms
Business owners use various strategies in order to cope with the effects of
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inflation. Companies tend to deal with inflation by raising prices, accepting smaller
margins, or reducing product costs (and often quality). However, better analytics
now allows companies to consider more sophisticated strategic responses to
inflation. According to Oded Koenigsberg in 2020, managers should consider these
three strategic options, especially if inflation persists: making changes to the
product portfolio, repositioning the brand, or revamping the pricing model. These
options are not mutually exclusive, so managers could also pursue a combination
of them. Furthermore, some business owners can cut costs, which is a common
thing to do when facing hard times. Companies making a physical product can
change their suppliers, while others may opt to use less expensive materials (Glenn
Curtis, 2023). Additionally, some business owners may choose to borrow money
from banks or other lenders in order to finance operations during periods of high
inflation (Kumar & Kumar 2020).
According to Adeyemi and Adeyemo (2018), small enterprises and business
owners can also cope with inflation by diversifying their product offerings and
markets. By offering a wider range of products and services, businesses can reduce
their reliance on a single product or market and spread their risks. Businesses can
also explore new markets, both domestically and internationally, to expand their
customer base and increase their revenue streams.
Local Literatures
Everyone's conduct is impacted by inflation in general. Because of the
possibility that the price of the same item we bought a month ago may differ from
its current price, which is essentially the outcome of inflation, our decision to buy a
single item will vary. The growing cost of goods and services over time is referred to
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as inflation according to Amadeo, K. (2018). Our cost of living rises as a result of
inflation. When our cost of living rises, we will be less able to buy specific products
and services because the value of the Philippine Peso would fall. The Bangko
Sentral ng Pilipinas (BSP) is in charge of managing and controlling inflation in the
Philippines with the primary objective of restricting and leveling the rate of inflation
in order to avoid negatively affecting the lives of Filipinos and to maintain a healthy
economy. The BSP's primary goal, according to Section 3 of Republic Act 7653, or
the New Central Bank Act, signed in 1993, is "to maintain price stability conducive
to a balanced and sustainable growth of the economy. It shall also promote and
maintain monetary stability and the convertibility of the peso." A change in the
leadership of the government also has a significant impact on whether inflation
rates rise or fall. The growth or decrease in the inflation rate is significantly
influenced by changes in the leadership of the government. The high rates of
inflation in the Philippines under the Rodrigo Duterte government, in the opinion of
economist JC Punongbayan, are due to many factors than only the increase in
global oil prices. Other reasons, such as the impact of the tax reform bill on the
price of petroleum goods, the weakening peso, and people's anticipation of inflation,
are also involved, as highlighted by Rappler.
Synthesis
This review has examined the impact of inflation on small enterprises and
business owners’ coping mechanisms. It has been found that high levels of inflation
have a direct effect on these businesses in their business production, business
sustainability, sales, and profit. Business owners use various strategies such as
price increases, cost-cutting measures, diversification into new markets, etc., in
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order to cope with this phenomenon.
CHAPTER III
Research Methodology
This chapter covers the various approaches that were employed in the
data collection and analysis for the research. The methodology will cover topics
including research design, study’s location, sampling and sample size, research
instrument, data gathering procedure, and also the statistical tool.
Research Design
The study will used descriptive research design as it uses survey
questionnaires to provide a real picture of the existing phenomena on the impact of
inflation crisis on small enterprises and small business owners coping
mechanisms.
Locale of the Study
The study will be conducted at Santos, Quezon, Isabela. All sari-sari store of
Santos, Quezon, Isabela will be used in the study. It will be conducted during the
second semester of S.Y. 2022-2023.
Respondents of the Study
The research will focus on the impact of inflation crisis on small enterprises
and business owners’ coping mechanism. With that, the respondents for this
research will be the small business owners of Santos, Quezon, Isabela. The
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barangay has 47 small enterprises which led to a total enumeration of the
respondents.
Data Gathering Instrument
A survey questionnaire will be used to collect data from the participants
regarding the impact of inflation crisis on small enterprises and their coping
mechanisms. The instruments will be created by researchers that will gather all the
information required to understand how the inflation crisis impacts small
enterprises and their coping mechanisms. The questionnaire survey will be divided
into three parts: part one is the respondent’s profile; part two will be covered how
inflation affected small business owners; and part three will be covered the
strategies they used to deal with the effects of inflation.
Data Gathering Procedure
After the validation of the instrument, the researchers will write a letter
requesting permission to conduct a survey in Santos, Quezon, Isabela. After given
the permission, the researchers will explain the purpose of the study to the
respondents, and then they will make sure each participant respond to the defined
criteria. The researchers will seek to gather data from respondents to
questionnaires that included their age and sex. The data will then categorize and
organize for tabulation, interpretation, and analysis.
Data Gathering Analysis
The data obtained through the survey questionnaire will be interpreted and
analyzed using the statistical tool below:
1. Frequency count and percentage distribution. This will be used to determine the
profile of the respondents.
Formula:
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% = (f / n)× 100
Where:
% – percent
f – frequency
n – number of cases
2. Weighted mean. This will be used to determine the participant’s responses on
the impact of the inflation crisis on small enterprises and small business owners’
coping mechanisms.
Formula:
X=∑x/N
X - mean
∑ - the sum of all scores
N – number of cases
4. Analysis of variance (ANOVA). This will be used to determine the difference in the
impact of the inflation crisis on small enterprises and business owners’ coping
mechanisms.
Formula: MSB / MSE
Figure 2. Arbitrary Scale
Scale Mean Interval Visual Interpretation
5 4.20-5.00 Always Observed
4 3.40-4.19 Often Observed
3 2.60-3.39 Sometimes Observed
2 1.80-2.59 Rarely Observed
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1 1.00-1.79 Not Observed
References:
Friedman, M. (2019). The counter-revolution in monetary theory. London: Institute
of Economic Affairs.
Mckinsey (2022). What is inflation? https://www.mckinsey.com/featured-
insights/mckinsey-explainers/what-is-inflation
Fernando, J. (2023). Inflation: What it is, How it can be controlled, and extreme
example. https://www.investopedia.com/terms/i/inflation.asp
Lazonick, W. (2021). Business organization and the myth of the market economy.
Cambridge: Cambridge University Press.
Webster, J. (2023). Inflation Affects More Than Just Small Businesses’ Bottom
Lines
https://www.forbes.com/sites/forbesfinancecouncil/2023/01/13/inflation-affects-
more-than-just-small-businesses-bottom-lines/?sh=1f76600e2aa6
Mordi, C., & Ojo, O. (2016). Inflation and small businesses in Nigeria. Journal of
Economics and Sustainable Development, 7(7), 88-97.
Curtis, G. (2023). Simple Ways to Keep Your Business Going in Hard Times
https://www.investopedia.com/articles/pf/09/keep-small-business-afloat.asp
Lynch, R. (2022). How Inflation Affects Small Businesses

https://www.americanexpress.com/en-us/business/trends-and-insights/
articles/how-inflation-affects-small-businesses/
Adeyemi, S. B., & Adeyemo, O. A. (2018). The impact of inflation on small and
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medium scale enterprises (SMEs) in Nigeria. International Journal of Economics,
Commerce and Management, 6(11), 1-14.
Jałtuszyk, G. (2023). Inflation, the global financial crisis, and COVID-19

pandemic.
https://www.researchgate.net/publication/
369313894_Inflation_the_global_financial_crisis_and_COVID-19_pandemic?
fbclid=IwAR1U6EqWyMnI5zSg1wopmZalSztbh4CYqgz6Pn5iQNDp2voKs3PG
TVPTjFc
Akinlo, A. E., & Akinlo, O. O. (2018). Inflation and small and medium scale
enterprises (SMEs) in Nigeria: A review of the literature. Journal of Economics and
Sustainable Development, 9(4), 1-10.
Hassan, M. K. (2017). The impact of inflation on small and medium-sized
enterprises: Evidence from Bangladesh. Journal of Business Research, 70, 319-
327.
Kumar, S., & Singh, R. (2018). Impact of inflation on business: A review of
literature. International Journal of Economics and Business Research, 16(1), 1-16.
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QUEZON DISTRICT

QUEZON NATIONAL HIGH SCHOOL

IMPACT OF INFLATION CRISIS ON SMALL

Joyce Aleck Gatpo

The Problem and its Background

Background of the study

Inflation is a significant economic phenomenon that affects individuals

can be particularly devastating, especially when struggling to compete against

Although inflation is a constant occurrence, it is important to understand its effects

on businesses and to come up with immediate solutions.

According to the National Federation of Independent Business (NFIB),

approximately 90% of small business owners are negatively impacted by current

in exchange rates, or other policies like subsidies.

businesses to maintain their profit margins, leading to reduced investment, lower

strategies, finding ways to reduce costs or increase revenue, or exploring new

business environment to stay competitive.

Overall, understanding how different types of businesses cope with inflation

small businesses in times of economic hardships. Lastly, it could also provide

Inflation is a major concern for small business owners, as it can have a

In addition to increasing costs, inflation can also reduce the purchasing

difficulty meeting financial obligations such as loan payments or payroll taxes.

proactive in managing their finances. This includes developing strategies to reduce

require some out-of-the-box thinking. Additionally, small business owners should

Overall, the impact of inflation on small business owners is complex and

requires careful consideration of the specific circumstances. By being proactive in

of any potential opportunities that arise from it.

INDEPENDENT VARIABLE DEPENDENT VARIABLE

Profile Variable: Coping Mechanism

Figure 1. Independent Variable-Dependent Variable Model

The researchers adopted the independent variable and dependent variable

effects of inflation to the business operation, business sustainability, sales, and

profit. And for dependent variable, coping mechanisms is included .

Statement of the Problem

This study aims to determine the effect of inflation crisis on small

guided by the following question:

1. What is the profile of the respondents in the following:

1.1 Age; and

1.3 Type of Business;

1.4 Length of the business operation?

2.1 Business operation;

2.2 Business sustainability;

2.3 Sales; and

the following areas:

3.1 Business operation;

3.2 Business sustainability;

3.3 Sales; and

business enterprises in the following:

4.1 Business operation;

4.2 Business sustainability;

4.3 Sales; and

There is no significant difference on the effect of inflation crisis on the small

enterprises such as business operation, business sustainability, sales and profit

when grouped according to gender.

Significance of the study

strategies of business owners. The purpose of this study is to provide knowledge

Researchers and to the Small Enterprises.

economic environment in which they live.

techniques and strategies for their business.

serve as evidence or supporting details for their studies.

Scope and Delimitation

To understand the words used or given by the researchers, the definitions

are the following:

Age – a measure of how long an individual has been alive.