BUSINESS RESEARCH METHOD-II

FINAL PROJECT

GROUP 7:

DIBYENDU ROY :M076-22

KAUSHIK SARKAR :M088-22

MUHAMMED IQBAL PK :M091-22

ROHIL SINHA :M102-22

SAHIL S :M107-22

SADEESHKUMAR R :M106-22
Topic: Retail store inside the campus

1. Executive summary: The aim of this research proposal is to evaluate the need for a retail
store inside the IIM Ranchi campus. Due to the absence of a retail store inside the campus,
people must either go out or order online, paying a delivery fee to get their daily essentials.
Therefore, we want to study the relevance of a store inside the campus to help the people
inside the campus reduce their time of travelling and the cost of ordering online by
providing them with all the products inside the campus. We will be conducting surveys and
collecting primary data by which we will try to analyse and test our hypothesis.

2. Background: The absence of basic and everyday essentials like soaps, toothpaste,
detergents, etc., inside the campus is an issue that students of IIM Ranchi are facing. There
are no nearby retail/supermarket outlets near the campus from where students of IIM
Ranchi can make purchases for their everyday needs. Therefore we will study the need for
a supermarket inside the IIM Ranchi Campus and see if the superstore will be viable from
a business perspective.

3. Problem definition: MDP - Should a retail store be opened in IIM Ranchi Campus?

MRP – What is the attitude towards opening a retail store inside the IIM Ranchi campus?

4. Approach to the problem:

Research Questions:

RQ1: What is the total spending of people inside IIM Ranchi?

Hypothesis:

H0: There is no significant relationship between attitude towards opening a store and total
spending
H1: There is significant relationship between attitude towards opening a store and total spending .

RQ2 : What is the spending on groceries?

H0: There is no significant relationship between attitude towards opening a store and grocery
spending
H1: There is significant relationship between attitude towards opening a store and grocery
spending
RQ3:What is the frequency of visit to a retail store?

H0: There is no significant relationship between attitude towards opening a store and frequency of
visit .
H1: There is significant relationship between attitude towards opening a store and frequency of
visit .

RQ4: What is the variety of products available in the store?

H0: There is no significant relationship between attitude towards opening a store and variety of
products.
H1: There is significant relationship between attitude towards opening a store and variety of
products.

RQ5: How much premium is the price charged from the retail store inside campus?

H0: No significant relationship exists between attitude towards opening a store and premium price
.
H1: There is significant relationship between attitude towards opening a store and premium price
.

RQ6: Will people prefer buying groceries from online stores rather than inside the campus?

H0: No significant relationship exists between attitude towards opening a store and online stores .
H1: There is significant relationship between attitude towards opening a store and online stores.

5. Research Design :
Exploratory The research design adopted, whether exploratory, descriptive, or causal,
should be specified.
(1) Kind of information to be obtained- Primary Data
(2) Method of administering the questionnaire- personal and electronic interviews, Focus group

6. Fieldwork/Data Collection :
We have collected primary data from survey and conducted in-depth interviews of students inside
IIM Ranchi. For this research project, data collection involved a combination of survey and in-
depth interview methods. A sample of individuals from the college population was drawn, and a
survey was administered to gather their opinions on the need for a retail store on the college
campus. The survey was designed to be concise and easy to complete, with questions focused on
assessing the need for a retail store, the types of products that students would be interested in
purchasing, and their shopping habits.

In addition to the survey, a few in-depth interviews were conducted to gather more detailed
information on the potential demand for a retail store on campus. The interviews were conducted
with a few students who were willing to share their experiences and opinions on the matter. The
fieldwork involved reaching out to students and inviting them to participate in the survey or
interview. Data was collected using both online and offline methods, depending on the
convenience of the respondents. Overall, the data collection and fieldwork point were designed to
gather reliable and accurate information on the potential demand for a retail store on the college
campus.

Data Analysis:

Qualitative:
In-depth interview

Questions:
• How do you feel about the prospect of having a retail store on campus?
• Are there any particular products or services you would like to see offered in the store?
• How often do you think you would visit the store?
• Do you think having a store on campus would make your life as a student easier? If so,
how?
• How important is convenience to you when it comes to shopping for daily necessities?
• Would you be willing to pay slightly higher prices at the new store in exchange for
convenience?

We have interviewed a couple of people from the IIM Ranchi campus, and we concluded the
following:

The most important factor we learned from the interviews is that based on convenience and
availability of products inside the campus, people will be willing to purchase items from the retail
store. Also, since there is a lack of transportation facilities to and from the campus to other retail
stores, many interviewees have said that having a store inside campus will be beneficial as they
will not have to travel much, and this will also reduce the cost or expenditure incurred for transport
(which is usually very high). People usually visit the store for supplies 2-3 times a week, and also,
having the store inside the campus will make their life a bit easier as far as the purchase of products
on time is concerned. Hence we concluded that having a retail store inside the campus is highly
required.
Quantitative:
Multiple Regression

Attitude towards opening a store =3.528 + 0.088 Total Spending -0.051 G&amp Spending -
0.028 Frequency + 0.095 Variety - 0.063 Premium Price + 0.223 Online Site
Confidence level: 95%

Analysis:
No multicollinearity since the VIF for all the variables are below 1

For finding out which factor is the most important we can look at the Sig. value and compare them
with the p-value.

For Total Spending:

Sig. = 0.08, which is more than 0.05. Hence we fail to reject the null hypothesis.
There is no significant relationship between Total Spending and attitude towards opening a retail
store.

For Grocery Spending:

Sig. = 0.344, which is more than 0.05. Hence we fail to reject the null hypothesis
There is no significant relationship between Grocery Spending and attitude towards opening a
retail store.

For Frequency of Visit:

Sig.= 0.539, which is more than 0.05. Hence we fail to reject the null hypothesis
There is no significant relationship between the Frequency of Visits and attitude towards opening
a retail store.

For Variety of items available:

Sig. = 0.091, which is more than 0.05. Hence we fail to reject the null hypothesis.
There is no significant relationship between the Variety of items available and attitude towards
opening a retail store.

For Premium price of products:

Sig. = 0.242, which is more than 0.05. Hence we fail to reject the null hypothesis
There is a significant relationship between the Premium price of products and attitude towards
opening a retail store. This means that if the campus retail store has premium prices compared to
other options, people inside the campus will not buy products from the retail store inside the
campus.

For Online Site:

Sig: <0.001 which is less than 0.05. Hence we reject the null hypothesis
There is a significant relationship between Online sites and attitude towards opening a retail store.
Hence if online sites are providing products at a discounted price or giving any offers to make their
products attractive to their customers, then people of IIM Ranchi will buy products from them.
People will prefer online platforms over retail stores inside the campus.

Factor Analysis:

There are two factors, components 1 and 2, since post component 2, the cumulative% exceeds
60%.

Variables:
● Total spending
● Spending on Grocery
● Frequency of visit
● Variety
● Premium Price
● Online site
FACTOR 1 Frequency, Variety, Premium Price, OnlineSite

FACTOR 2 Total spending, Grocery spending

An R-square value of 0.086 indicates that approximately 8.6% of the variation in the dependent
variable, "attitude towards opening a retail store," can be explained by the independent variables,
"total spending," "grocery spending," "frequency of visit to store," "variety of products available
in the retail store," "attitude towards retail store over online site," and "attitude towards buying
from retail store for a premium price."

In other words, the independent variables included in the model can only explain a small portion
of the variability in the dependent variable. This may suggest that other factors are influencing
attitudes towards opening a retail store that is not captured by the included independent variables.

Null hypothesis: There is no significant relationship between factor 1 and attitude towards opening
a retail store.
Alternate hypothesis: A significant relationship exists between factor 1 and attitude towards
opening a retail store.

Only factor 1 is significant, containing Frequency, Variety, Premium Price, and Online Site.
Sig. = 0.002 < 0.05, which means we reject the null hypothesis.
Hence Factors such as frequency of visits, variety of products, the premium price charged by retail
stores and availability of online sites are significant factors to consider while opening a retail store
inside the campus.
Conclusion :
After conducting a thorough research project that involved data collection through surveys, in-
depth interviews, and various analytical methods such as multiple regression and factor analysis,
it can be concluded that the attitude towards opening a retail store on the college campus is positive.
The results of the in-depth interviews also supported this finding, with students expressing their
need for a convenient and accessible store that catered to their daily needs.
Thus we should open the retail store inside the IIM Ranchi campus.

Questionnaire:
Link to the questionnaire: https://forms.gle/R4weCjE1nBcmciSh6
Response sheet:
https://docs.google.com/spreadsheets/d/1oo80PJhs4aSu84Ib4K_n0fowzoWFPJDG1mymNuZUe
vw/edit?usp=sharing
Appendix: