Verified Document

Product Definition Everyone Who Has Been To Essay

Product Definition Everyone who has been to college knows how difficult shopping can be with roommates. The fact of the matter is that no one agrees on anything. What happens is that often times, college students have to buy sodas in bulk, thinking they will be saving money; but, because only some people in their household actually like certain flavors, there is a lot of waste. The product here is actually a beverage delivery service that provides 12 and 24 packs of beverages or sodas, all with unique flavor combinations upon order request. The customers can go online and order whatever number of particular flavors they want, allowing them to mix and match in order to create a bulk discount that all the members of their household can enjoy.

Data Table

Data

Subject

Price 12 pk

Price 24 pk

1

2

9

15

3

8

4

5

6

7

8

9

10

5

11

11

12

6

13

14

11

15

4.5

9.99

16

8

12.99

17

6.99

10

18

5.99

11

19

4.99

8.99

20

5.5

10

21

6.5

11.99

22

7.99

13

23

5.5

9.99

24

4.5

8.99

25

6.5

Intervals

Number of Bins and Intervals

6 bins of 5 Intervals each to make up the answers for both 12 pack and 24 packs

Data Intervals

Frequency...

It is important to understand how frequency contributes to consumer demand (Cartlidge & Phelps, 2010). I get a general idea of what people would be willing to spend for a more specialty beverage product, and helps me assume what the average frequency would be, which can be compared to the price point made through the mark up after understanding the value chain analysis and the costs of operating per pack, either 12 or 24 beverages. Frequency and data intervals must be appropriate to the data provided, or else there is nothing gained from the testing (Lind et al., 2004).
I did learn a lot about data collection. I learned that it is important to really take advantage of statistical analysis in order to understand the consumer market. The analysis here allows me to see what consumer expects to pay (Citizens Information, 2011). This can then be compared to what I would need to mark unit prices up based on the cost I would be paying per unit. The two need to correlate in order for me to make a profit on the product (Gopinath & Itskhoki, 2009).

Part II

Topic 9, Exploration 6

a. At 4% interest, the monthly payment…

Sources used in this document:
References

Cartlidge, John & Phelps, Steve. (2010). Estimating consumer demand from high-frequency data. Annual International Academic Conference on Business Intelligence and Data Warehousing. Web. http://www.cs.bris.ac.uk/~cszjpc/pubs/10bidw.pdf

Citizens Information. (2011). Display price for goods and services. Pricing. Web. http://www.citizensinformation.ie/en/consumer_affairs/consumer_protection/pricing/price_display_of_goods_and_services.html

Gopinath, Gita & Itskhoki, Oleg. (2009). Frequency of price adjustment and pass-through. Princeton University. Web. http://www.princeton.edu/~itskhoki/papers/FrequencyAndPassThrough.pdf

Lind, D., Marchal, W. And S. Wathen (2004). Statistical Techniques in Business and Economics. The McGraw-Hill Companies.
Cite this Document:
Copy Bibliography Citation

Related Documents

Architectures for Websites Audience Definition Earlier the
Words: 963 Length: 2 Document Type: Essay

Architectures for Websites Audience Definition Earlier the team defined the target market as 18- to 45-year-old students and professionals. Throughout the following discussions greater granularity of definitions have been achieved. These specific audiences each have significantly different needs for a customizable tablet PC. All however share a common baseline of expectations that any product that includes the option of mass customization needs to allow them to also customize the user experience

Business Ethics a Broad Definition
Words: 714 Length: 2 Document Type: Essay

This would lead to a new round of calls for increased ethical standards. (De George, 2005) Name at least three reasons why ethics are important to your job/profession or a job/profession you would like to work in Three reasons why ethics is important would include: it helps improve decision making, allows us to go beyond traditional business theories and it creates a culture of acceptable behavior within an organization. Decision

Legal and Ethical Considerations in Marketing Product Safety and...
Words: 3091 Length: 10 Document Type: Term Paper

Marketing, Product Safety, and Intellectual Property Ethical issues relating to marketing and advertising, intellectual property, and regulation of product safety Various organizations often find themselves in the wrong side of the law when undertaking their various business practices relating to marketing and advertisement. It is the desire of every company to have its product known to as many consumers as possible. This often drives them to employ diverse marketing and advertisement

Breaking the Definition of Business Ethics Into
Words: 1896 Length: 6 Document Type: Term Paper

Breaking the definition of business ethics into individual ethics and organizational ethics helps provide an optimal definition. As an individual one must be able to look at him and be comfortable with their conscience. Further an individual must have self-esteem and self-confidence to do take the right action. Remaining patient allows a person to look at the long-term results of his actions and avoid being too focused on the short-term

Creativity New Product Concepts: The Importance of
Words: 538 Length: 2 Document Type: Essay

Creativity New Product Concepts: The Importance of Creativity New product concepts are vital to the functioning of a successful enterprise. All businesses must, no matter what field they are in, innovate at some point, and this often utilizes creativity. For this reason, there are many advertisements and marketing strategies that will enable a consumer to both know and want the "new product." For instance, Nicholas Graham introduced colorful designs on boxer shorts. This

Diffusion of Product Innovation Through
Words: 16573 Length: 55 Document Type: Dissertation

Moreover, CoPs develop their practice through improving the diffusion of innovation within their active networks; the benefits of such interactions are countless especially in the field of healthcare. One can assume that specialty doctors' communities would present the perfect example for CoPs because they share the same practice, interest and professionalism. It would be interesting to study if those CoP networks exist in United Arab Emirates, whether they are active

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now