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Milk Based Cold Shakes Product Idea

Essay by   •  December 24, 2018  •  Case Study  •  592 Words (3 Pages)  •  74 Views

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THE GREAT SHAKE LAKE

(Micro Economics Project)

CENTRAL IDEA

THE BASIC BUSINESS PROPOSTION IS BASED ON THE NEED FOR A PRODUCT TO QUENCH THE THIRST OF THE STUDENTS, APART FROM THE ALTERNATIVES SUCH AS SOFT DRINNKS AND PACKED JUICES ALREADY AVAILABLE IN THE CAFETERIA.  HENCE AVAILABLITY OF FRESH MILK-SHAKES THAT ARE YUMMY AND RICH WITH NUTRIENTS, WILL SERVE STUDENT’S AS A HEALTH DRINK.

PRODUCT IDEA

BASED ON THE SURVEY CONDUCTED, MILK BASED COLD SHAKES HAVE A GOOD DEMAND IN COMPARISON TO OTHER BEVERAGES AND WILL BE INITIALLY SOLD WITH THREE FLAVOURS WHICH ARE OREO, KIT-KAT AND COLD-COFFEE.

BUSINESS EXPECTED

INTRODUCTION OF THREE VARIANTS WITH PRICE BASED ON MARKET SURVEY. THERE WILL BE A GRADUAL PRICE INCREMENT TO OBESERVE THE CHANGE IN DEMAND. THIS WILL GIVE AN INSIGHT TO THE NEEDS OF THE CUTOMERS AND THEIR BUYING ABILITY. ALSO, INTRODUCTION OF MORE FLAVOURS AND VARIATIONS WILL BE INTRODUCED AS PER THE NEED AND OBSERVATIONS.

        

THE VARIOUS RESULTS AND CURVES THAT WILL BE PRESENTED AT THE END OF THE PROJECT ARE:

  • LAW OF DEMAND
  • TOTAL REVENUE CURVE
  • TOTAL COST CURVE
  • MARGINAL COST CURVE
  • AVERAGE COST CURVE
  • TOTAL COST CURVE
  • PRICE ELASTICITY
  • CROSS PRICE ELASTICITY

QUESTIONAIRE

  1. What type of drink would you like to have?
  • Juice
  • Milk Shake
  • Mock tail
  • Soft drinks
  • Others
  1. How likely would you buy milk shake in the following price range?(1 for least, 5 for most)
  • 40
  • 45
  • 50
  • 55
  1. How frequently would you like to drink milk shake per week?
  • 0
  • 1-3
  • 4-6
  • 7-10
  1. What's your favorite flavor?
  • Oreo
  • Kit-Kat
  • Strawberry
  • Coffee
  • Mango
  • Ferrero Rocher
  1. What time would you prefer to drink a chilled beverage?
  • Afternoon
  • Evening
  • Midnight
  1. Which day will you prefer milk shake? 
  • Monday
  • Tuesday
  • Wednesday
  • Thursday
  • Friday
  • Saturday
  • Sunday

RESPONSE STATISTICS

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[pic 3][pic 4]

[pic 5][pic 6]

PURPOSE OF THE QUESTIONS

Question Asked: What type of drink would you like to have?

Purpose: To gauge demand for milk shakes in competition with other beverages. This will help us to identify the competition relative to our product from the same category and as such present with the best possible options.

Question Asked: How likely would you buy milk shake in the following price range?(1 for least, 5 for most)

Purpose: To determine, how much a customer is willing to pay for a glass of milk shake and eventually to determine the price of a product from procured data.

Question Asked: How frequently would you like to drink milk shake per week?

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