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Business Studies - Researching The Feasibilty

Extracts from this document...

Introduction

Business studies Katie Entwistle Candidate number: Contents Aim & Objectives Method Collection of Data Selection, Presentation & Analysis Part 1 Selection, Presentation & Analysis Part 2 Selection, Presentation & Analysis Part 3 Evaluation & Conclusions Bibliography Appendices Aim & Objectives A Year 10 enterprise group 'Tempo' in June 2007 sold a Yearbook to the Year 14 pupil's that were leaving school. The purpose of the Yearbook was to let the pupil's be able to reflect on their experiences, achievements, team performance and friendships. I am hoping to do something similar and so my aim is "to investigate the demand and potential profitability for a school year." This is to ensure that the price I charge and the quantity I make will reduce the threat of not breaking even. I will consider what Year 14 want to see in the Yearbook within a particular budget to make sure the Yearbook will sell. The Yearbook is a limited edition so I believe a high percentage of the year group will want the book. If the book does not satisfy my targeted customers it will not sell and sales could fall below the breakeven point. It is important to research the consumers' opinions on how much they would pay for the Yearbook as it illustrates how much they value the product as well as how I should price it. If I sold it at a low price I could lose profit as it would cost more money to manufacture the book than selling price. If I sold it at a high price I could also lose profit as the demand for the product would be lower. I want to make the biggest profit I can so I want to charge as much as people will pay. I will need to research how many Yearbooks to produce but I am aware that there is a limited market. I do not want to produce more units than necessary but at the same time I wish to maximize sales. ...read more.

Middle

Using my calculations I found out 82 pupils from Year 14 that will want a Yearbook. I will make 82 yearbooks. The variable costs for the project were given to me as:- Reisograph printing (black & white) = 1p per side Reisograph printing (colour) = 5p per side Binding = 35p per bind Laminate Pouches (2 required for each yearbook) = 15p each My research showed me that there was a high demand for personal profiles so I have decided to have 47 black & white pages for the 94 pupils in the year group, 2 on each page. It would take a lot of my time, effort and money to create a whole page about 94 pupils so I minimized that by reducing it to 2 per page. I also decided to have 3 colour pages for photographs from different events and this is because of the high demand for:- 1. previous school events they have been in 2. formal photographs 3. sports teams So I have taken 3 pages each to display these pictures in a scrapbook type way. I could have spread the photographs out more using more pages but I limited this because I want to make sure I don't fall under my breakeven point so I have decided to keep the content low. However, I will laminate the front and back page for the yearbooks. Using this information I will calculate my variable costs. VC = (1p x 48) + (5p x 3) + 30p VC = 48p + 15p + 35p + 30p VC = �1.28 �1.28 will be the variable costs of one yearbook. To find out the total variable costs for all the yearbooks I will need to do a calculation. TVC = number of yearbooks x VC of one yearbook TVC = 82 x �1.28 TVC = �104.96 Having researched the maximum selling price of the yearbook the year 14's would pay, I discovered the average to be �5. ...read more.

Conclusion

I think I got the best profit I could possible. In my product there was personal profiles and pictures. I only included the content that was most demanded so I could have low manufacturing prices and so it would be less timely to produce. If I had more time I could have had a lot more content to increase the value of the product. I could have had comments from teachers and the headmaster as these were popular from pervious yearbooks. Although with these I don't think it would have increased the demand for the product much more than it was. I promoted the product by putting the details of when, where and how much it would cost in the announcements to be read out in assembly. I could have improved my promotion by putting up posters and sending out leaflets. These actions are costly and because I was trying to keep my costs to a minimum I decided not to use these methods. I think by announcing them in assembly was a good enough way to give the consumers enough notice and detail on the product to be aware of what was for offer and there would be no cost for doing so. I would sell my product in the Jamison room. I think this was the most logical place to sell because it took the least time to organise. I did not need to get any permission to sell there and my target market is there at lunch time and break time, which is when I decided to sell it to them. I chose this one because I thought it was most reasonable and also because the other places I wrote on my questionnaire weren't demanded. It didn't affect anyone around me apart from my target market, which was the difference with the other optional places. I think this was a feasible idea. I think that it is realistic I would make over �100 for producing the yearbook. The yearbook I planned to create would not take up much time and effort so for that I think �100 would be brilliant. ...read more.

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