MKT 202
Nature of the research
Regarding this research, I did a survey of how many people at different prices would buy my products. This survey and statistics include Considered Expensive, Considered Cheap, Expensive beyond consideration and Cheap beyond consideration. This survey and statistics can help us visually find out how many customers are buying products at what price. This is very important for us to price the product.
Results & recommendation
From the research, I think $3.5 is the best price. I think if the price is too expensive, the number of customers will be significantly lower on the form. This is not a good operating model. According to the table, we can find that the purchase price is the most at the price of $1, but our cost price is $1.5. If we only sell $1, we will lose money, so I don't recommend selling only $1. Going back to the table, we can see that the number of customers is also very good when selling $2 and $5, so I took the average of these two prices as the final price of the pizza. In my opinion, we can earn $2 per pizza for $3.5, and this price is very easy for customers to accept. Because this price is not an expensive price. I think that when doing business, you need to be able to let more customers accept the price set by the merchant without violating their own profits. This price cannot be too high or too low. Excessive prices can make customers resent, so they don't buy your goods, and too low a price will make customers doubt whether the quality of your goods will be problematic. That's why I think the average of the highest and lowest prices for the most purchases is the most appropriate reason for the price of the final product.