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Company sales is one of the key performances that shows that the business is either doing well or in some verge to collapse. The CEO of Honeybee Fruit is a concerned person and would want to understand how the company is performing. He is particularly interested in knowing which of the products are doing well and which ones are not doing well in the market. With this in mind, this study therefore sought to analyse the performance of Honeybee Fruit and make recommendations to the CEO regarding how best or worst the company is doing in terms of the profits made, sales, which months of the year the company made more profits, what about the seasons among others.
The main research questions that this study sought to answer include;
What are the best and worst selling products in terms of sales?
This is the first research question that the study sought to answer. To answer this question, there is need to have an idea of how the products perform. Considering sales and product type, we will find the mean sales for each of the products and the rank based on the product with the highest average sales to the product with the lowest average sales. This means that descriptive statistics will be able to answer this research question.
Is there a difference in payments methods? (Cash vs Credit)
Different payment methods are normally available for different organizations. This study sought to find out whether any of the payments methods brings in more revenue than the other and if yes, then which payment method is that? To answer the research question, a recommended test is the t-test which compares the average for two groups (Marden, 2000).
Are the differences in sales performance based on where the product is located in the shop? How does this effect both profits and revenue?
This is another question that we sought to tackle in this study. To answer it, we needed to make a comparison between the average sales performances for all the locations and test the hypothesis. Since this question unlike the previous one has more than 2 factors, the t-test used above would not be ideal but rather we would use analysis of variance (ANOVA). ANOVA test is useful when we want to compare the average of more than 2 factors (Wilkinson, 1999)
Is there a difference in sales and gross profits between different months of the year?
Just like the above research question, to answer the question as to whether the sales between the various months of the years is different or not, we have to use ANOVA test since there more than two factors for the independent variable (Derrick, Broad, Toher, & White, 2017).
Are their differences in sales performance between different seasons? (Summer, spring, autumn, winter)
Again analysis of variance (ANOVA) test would be the most ideal test to be used since the number of season are four and this number is more than 2 factors hence the need to use ANOVA test.