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Market Survey testing for new products

Extracts from this document...

Introduction

Business studies course work We needed to find out a suitable product that we could make for are business studies project so we have made a questionnaire with seven questions asking the consumer what they would be interested in buying. I will now explain for each question what we asked and why. Question1: What year group are you in? We asked this question to give us an idea of what age group has been an identified making sure that each year group is identified. Question 2: Would you be interested in buying a school game? -This question was to indicate the number of the products we were going to sell and the amount of products we were going to have to make. Question 3: What features should the game have? -This was asked for the basic reason that we would not make something that was inappropriate to are customers. Question 4: How much would you be willing to pay? -This is to help us indicate what quality it should be and to estimate the total income of the product to tell us if it was going to be a make a profit. Question 5: Were do you think it should be sold? -This was to give use a good idea of were the product would do well and were it would be likely to sell the most Question 6: when do you think it should be sold? ...read more.

Middle

The place where It will get the most attention this would be at canteen as it achieved 30,90%. And the next one was for room with 31.51% so these would be the most likely places to sell are product as it would be the most efficient. Question six 'When do you think it should be sold?' from my results its that the best time to sell the product at would be lunch time were it got 32.81% this tells me when people would be prepared to buy the product and it also gives me a time that would be a waste of time selling it as people would not be prepared to buy it this time was registration. Question seven 'How should we promote it?' this just tells us e best type of advertising campaign I should try and in the survey it shows that the best way would be registration were it got 28.00% and that the worst type of advertising would be intercom as it got 16.00% and would not be effective. And I would promote the product with the registration idea as it would be the best place to advertise your product as you would get your message across to a bigger number of possible consumers . Break even forecast Why do we need to forecast? We need forecast so that it will help us decide what product are selling it gives us indication on what the targets will be and what the profits are likely to be like. ...read more.

Conclusion

Fixed Cost will always be represented by a horizontal line (in green). The Break-Even Point is at the intersection of the TOTAL COST line and the TOTAL REVENUE line. Remember, by definition, break-even means COSTS = REVENUE. Here is an algebraic solution which verifies the break-even point as found on the chart below... CM = P - VC = 25 - 10 = $15. Break-Even Volume = FC / CM = 900 / 15 = 60 units as below. The break-even revenue, $1500, can also be gleaned from the chart. Unit sales to the left of the B-E point (<60) would result in a loss whereas unit sales to the right of the B-E point (>60) would produce a profit. The chart makes it easy to find the profit or loss for any volume in units. Draw a vertical line between the TC and TR lines above the desired volume. The length of this vertical line is the profit or loss at that unit volume. In the next graphic, the loss at 40 units is 1300 - 1000 = $300. 40 units is 20 less than the break-even volume of 60 units. A loss of 20 "CMs" = 20 x $15 = $300...verifying the chart answer. Similarly, the graphic below shows a profit of $300 at a volume of 80 units. 80 units are 20 more than the break-even volume of 60 units. A profit of 20 "CMs" = 20 x $15 = $300...again verifying the chart. ...read more.

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