Market survey Essay

I. AbstractAs you buns see, our AIS senior high School campus has a small student store at the lobby. This store is managed by students and they sell foods and drinks that canteen doesnt watch. The cost of the products there range from 500 to 24000VND. However, these prices are made up by the students without any limpid reason. That is why we do this marketing survey project in order to help the students government make right decisions about products and set in the student store. In this project, we apply the core concepts related to Demand (Demand Schedule, Demand Curve, Elasticity of demand) to gain accurate results. We hope that this project will non only help the students store to generate the best profit but pave way for students to experience how entrepreneurs part the lessons in making decisions and learn how to assist well in a group.II. MethodologyIn this project, we choose Panda cookies as the main product for the survey. We are interested in the relation mingled w ith price and measuring stick of demand in market places. Well use price to estimate the measure of demand throughout the survey of the panda cookies. According to statistic, we have to start checking out conditions whether they are satisfied or not before doing any calculation. Our world is all students at AIS and the population size is 40 students. The population size is less than 10% of all males and females students at AIS. We carried out the survey through the following steps Firstly, we assigned each student in AIS High School a different ID number. Secondly, we used graphing calculator to randomly pick 10 students (5 males and 5 females) for each grade from 9 to 12. Then, we surveyed them independently and recorded the answers down.The enquiry that we used is For every price point below, how many packets of Panda cookies would you buy per week? We listed out prices from 6000VND to 10000VND and bill of demand from none to more than five.* Calculation and Graphso Interpreti ng the graph As you can see in the demand curve above, it shows negative linear relationship which means that the lower the price, the more quantity of demand will be. There are no scatter throughout, no shape, no bent and no extrapolation. An R2 of 96.72% indicates that 96.72% of the variation in maximum price can be accounted for by the variation in the quantity of demand in the market places.o Calculation We have a mean of price (is 8000 and normal deviation (Sy) of price is -1581.14 a mean of demand ( is 107.6 and a standard deviation (Sx) of demand is 37.4606. We have a correlation is 0.98 which means the relationship amidst prices and the quantity of demands is strong.o Slope b1 = = = -41.363By looking at the slope, you can know that when quantity of demand appends by 1 quantity, price will increase -41.363vnd.o Intercept b0 = b1 = 8000 + 41.363 = 8041.36The y intercept tells you that whenever the quantity of demand equals 0, the estimated price will be 8041.36. Finally, w e have the regression equation for the price as the quantity of demand increases or decreases. People can use the equation to estimate the price in the future.= -41.363x + 8048.36III. ConclusionsIf we look at the result, we can see that the price affects the quantity of demand a lot and thus plays an important part in making profit. Since one of the purpose of this project is to make the most profit, we decide to use the demand schedule to estimate at which price will bring out best profit. After calculating, we realize that at 7000VND with quantity of demand at 140 makes 980000VND which is the most out of all price points. So we decide to choose price around 7000VND for each packet of Panda cookies.