Interpretation and Analysis of Data

Interpretation and Analysis of Data In Trinidad chocolate is a very popular snack. Charles chocolate is Trinidad and Tobago’s local chocolate brand and it falls under the chocolate industry. At ASJA Girl’s College San Fernando a survey was conducted to analyze the factors that affect the demand for Charles chocolate. In the survey conducted 20 questionnaires were given out to students; five questionnaires were given to random students within the various age groups 11 to 13 years, 14 to 15 years, 16 to 17 years and over 17 years. The analysis of the data found that 100 % of the students consume chocolate and out of the 20 students, 70% preferred international chocolate while 30% of the students preferred local chocolate. Although most students preferred international chocolate there were many factors which affected the demand for Charles chocolate. Demand is “the desire and willingness to buy a product backed by the ability to pay for the goods or services “(Gopie, 2010).
The analysis of the data found that 60% of the students purchased Charles chocolate because of the price, while only 15% purchased the product because of its taste. The other 25% purchased it because of advertising. When asked, what do you prefer inside your chocolate, 25% of the students indicated they preferred nuts, another 25% preferred wafer and another 25 % preferred caramel. The remaining 25% preferred nothing in their chocolate bar.
At the current price of $4.00 the survey revealed that 11 students bought one chocolate each per week, 5 students bought two chocolates each per week ,2 students bought three chocolates each per week and the remaining 2 students bought four chocolates each a week. Therefore the total demand at $4.00 from the 20 students was 35. The first law of demand states that “as price decrease, quantity demanded increases, and conversely that a price increase will lead to a fall in demand” (Gopie, 2010).
Price of Chocolate ($)
2
3
4
5
6
Quantity Demanded
58
47
35
21
7