Interpret Trends
Assessment Task One:
Interpret trends and market developments for a business – draft report
BBQfun is aiming to be the leading outdoor lifestyle retailer in Brisbane. With a range of products including BBQs, outdoor furniture and BBQ accessories, BBQfun hope to be positioned as the best in class for outdoor lifestyle retailing.
Data analysis
Below is a table for the sample amount 50 customers spend on barbeque equipment (Brisbane area)
1) 485.00 | 14) 525.75 | 27) 462.20 | 40) 389.15 | 2) 521.90 | 15) 434.70 | 28) 420.15 | 41) 358.25 | 3) 394.15 | 16) 431.60 | 29) 497.00 | 42) 534.50 | 4) 447.35 | 17) 511.90 | 30) 460.20 | 43) 516.35 | 5) 418.40 | 18) 560.60 | 31) 432.10 | 44) 403.30 | 6) 582.80 | 19) 606.35 | 32) 477.10 | 45) 321.65 | 7) 478.20 | 20) 324.70 | 33) 402.65 | 46) 442.70 | 8) 388.20 | 21) 492.65 | 34) 292.70 | 47) 410.30 | 9) 449.70 | 22) 572.75 | 35) 448.20 | 48) 537.40 | 10) 387.80 | 23) 676.40 | 36) 495.50 | 49) 441.60 | 11) 433.05 | 24) 427.45 | 37) 51.80 | 50) 627.70 | 12) 580.25 | 25) 628.10 | 38) 602.60 | TOTAL: 23638.55 | 13) 495.20 | 26) 746.70 | 39) 611.80 | |
From the table above, I can now calculate the central tendency:
Mean: 23638.55/50 = 472.771
This means that the average spend on barbeque equipment in the Brisbane area is $472.77. This is good to know as it means that we can price our own equipment near to this price to ensure that our costs are reasonable and people can afford them.
As well as the mean, I can also look at the range:
The highest spend is $676.40
The lowest spend is $51.80
Therefore the range in the amount that customers spend is $676.40 - $51.80 = $624.60.
This is a big range and therefore I feel that $51.80 is an anomaly in this data. If I take this data out, then the new range will look as follows:
$676.40 – $292.70 = $383.70.
This is more of a realistic range. From this we can make sure our prices for evenly between these ranges to ensure that our products can be targeted to customers with these
Interpret trends and market developments for a business – draft report
BBQfun is aiming to be the leading outdoor lifestyle retailer in Brisbane. With a range of products including BBQs, outdoor furniture and BBQ accessories, BBQfun hope to be positioned as the best in class for outdoor lifestyle retailing.
Data analysis
Below is a table for the sample amount 50 customers spend on barbeque equipment (Brisbane area)
1) 485.00 | 14) 525.75 | 27) 462.20 | 40) 389.15 | 2) 521.90 | 15) 434.70 | 28) 420.15 | 41) 358.25 | 3) 394.15 | 16) 431.60 | 29) 497.00 | 42) 534.50 | 4) 447.35 | 17) 511.90 | 30) 460.20 | 43) 516.35 | 5) 418.40 | 18) 560.60 | 31) 432.10 | 44) 403.30 | 6) 582.80 | 19) 606.35 | 32) 477.10 | 45) 321.65 | 7) 478.20 | 20) 324.70 | 33) 402.65 | 46) 442.70 | 8) 388.20 | 21) 492.65 | 34) 292.70 | 47) 410.30 | 9) 449.70 | 22) 572.75 | 35) 448.20 | 48) 537.40 | 10) 387.80 | 23) 676.40 | 36) 495.50 | 49) 441.60 | 11) 433.05 | 24) 427.45 | 37) 51.80 | 50) 627.70 | 12) 580.25 | 25) 628.10 | 38) 602.60 | TOTAL: 23638.55 | 13) 495.20 | 26) 746.70 | 39) 611.80 | |
From the table above, I can now calculate the central tendency:
Mean: 23638.55/50 = 472.771
This means that the average spend on barbeque equipment in the Brisbane area is $472.77. This is good to know as it means that we can price our own equipment near to this price to ensure that our costs are reasonable and people can afford them.
As well as the mean, I can also look at the range:
The highest spend is $676.40
The lowest spend is $51.80
Therefore the range in the amount that customers spend is $676.40 - $51.80 = $624.60.
This is a big range and therefore I feel that $51.80 is an anomaly in this data. If I take this data out, then the new range will look as follows:
$676.40 – $292.70 = $383.70.
This is more of a realistic range. From this we can make sure our prices for evenly between these ranges to ensure that our products can be targeted to customers with these