This study has presented a set of data regarding the consumer
behavior on Nutella, a famous breakfast spread.
It includes the responses of 20 individuals between the ages of 18 to 26 from the survey conducted at Taylor’s University Lakeside Campus. In a nut shell, we can conclude that Nutella is welcomed by many people especially since it has always been a childhood favorite. Nowadays, Nutella is not only enjoyed by kids, but also teenagers, adults and family all over the nation.
In the survey, we investigated the factors and elasticity responses of the demand of Nutella. As the people of today’s modern world are too busy with work, school and college, they have no time to sit down and enjoy a decent meal. That is when Nutella comes to mind. It is easy to prepare and eat on the go. Furthermore, it not only nourishes the body but also tastes heavenly with its smooth, rich, and distinct flavor. People nowadays have this insane need for speed due to their hectic lifestyles. Things such as quick and fast are our first pick, which is why we decided to study the demand and elasticity of Nutella. The lowest demand factor is the income of the consumers. This is due to the fact that students are not working and therefore have a limitation on their expenses. When it comes to decision making when choosing an affordable breakfast spread, they considered purchasing other cheaper substitutes to replace Nutella as they have limited purchasing power. From the survey, we have found that 50% of our respondents agree that Nutella is their first choice of breakfast spread. The percentage of respondents that agree Nutella tastes good is 86.7%. This has proved that Nutella is many people’s favorite spread. Nutella is produced by The Ferrerro Company, which was established by Mr. Pietro Ferrerro in Italy in the 1940’s. The Ferrerro Company produces an array of different products to suit consumer taste buds like the famous chocolate brand, Ferrerro Rocher.
This allows customers to have more choices to choose from and meet their satisfaction. The Ferrerro Company also advertises their products through mass media to let the general public know about them and the assortment of products that they offer. This has aided in the increase of consumer demand for their products. Thus, The Ferrerro Company decreases their price of Nutella to make it more affordable to lower income consumers. According to the survey, 87% of our respondents say that they will not purchase Nutella if they have a lower income. This shows that when the incomes of the consumers decrease, the demand for Nutella will also decrease. The income of consumers will directly influence the demand for Nutella. Through the survey, majority of the respondents are neutral to Nutella’s price when it is increased, but most of them will choose substitutes goods. However, in a monopolistic competition, few perfect substitutes exist. Thus, consumers are not sensitive towards the price change of Nutella. We have concluded that the price elasticity of demand for Nutella is inelastic.
There is a suggestion that we would like to propose for this assignment. We believe that the increase in the number of respondents of different age group will lead to the collection of more data for the purpose of accurate analysis. Therefore, an increase in the number of respondents is most desirable for more accurate analysis of data. These findings will benefit students who are doing research concerning the demand of food products and also enable firms to identify the factors of demand of their products so that they can come up with brilliant products or business plans to effectively market their product in the near future.
Nutella
It includes the responses of 20 individuals between the ages of 18 to 26 from the survey conducted at Taylor’s University Lakeside Campus. In a nut shell, we can conclude that Nutella is welcomed by many people especially since it has always been a childhood favorite. Nowadays, Nutella is not only enjoyed by kids, but also teenagers, adults and family all over the nation.
In the survey, we investigated the factors and elasticity responses of the demand of Nutella. As the people of today’s modern world are too busy with work, school and college, they have no time to sit down and enjoy a decent meal. That is when Nutella comes to mind. It is easy to prepare and eat on the go. Furthermore, it not only nourishes the body but also tastes heavenly with its smooth, rich, and distinct flavor. People nowadays have this insane need for speed due to their hectic lifestyles. Things such as quick and fast are our first pick, which is why we decided to study the demand and elasticity of Nutella. The lowest demand factor is the income of the consumers. This is due to the fact that students are not working and therefore have a limitation on their expenses. When it comes to decision making when choosing an affordable breakfast spread, they considered purchasing other cheaper substitutes to replace Nutella as they have limited purchasing power. From the survey, we have found that 50% of our respondents agree that Nutella is their first choice of breakfast spread. The percentage of respondents that agree Nutella tastes good is 86.7%. This has proved that Nutella is many people’s favorite spread. Nutella is produced by The Ferrerro Company, which was established by Mr. Pietro Ferrerro in Italy in the 1940’s. The Ferrerro Company produces an array of different products to suit consumer taste buds like the famous chocolate brand, Ferrerro Rocher.
Ferrero Rocher
This allows customers to have more choices to choose from and meet their satisfaction. The Ferrerro Company also advertises their products through mass media to let the general public know about them and the assortment of products that they offer. This has aided in the increase of consumer demand for their products. Thus, The Ferrerro Company decreases their price of Nutella to make it more affordable to lower income consumers. According to the survey, 87% of our respondents say that they will not purchase Nutella if they have a lower income. This shows that when the incomes of the consumers decrease, the demand for Nutella will also decrease. The income of consumers will directly influence the demand for Nutella. Through the survey, majority of the respondents are neutral to Nutella’s price when it is increased, but most of them will choose substitutes goods. However, in a monopolistic competition, few perfect substitutes exist. Thus, consumers are not sensitive towards the price change of Nutella. We have concluded that the price elasticity of demand for Nutella is inelastic.
There is a suggestion that we would like to propose for this assignment. We believe that the increase in the number of respondents of different age group will lead to the collection of more data for the purpose of accurate analysis. Therefore, an increase in the number of respondents is most desirable for more accurate analysis of data. These findings will benefit students who are doing research concerning the demand of food products and also enable firms to identify the factors of demand of their products so that they can come up with brilliant products or business plans to effectively market their product in the near future.
Good. However, please do some correction/ touch up on the features. I've spotted few syntax error and it would be great if you guys may overcome it.
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