Deal or No Deal?

Overview

Objectives/Goals The objective was to see if a person's perceived value will be affected by store marketing tactics. Decide on the type of products. Products were chosen for the project and information about price per unit was recorded at each store. A survey was sent out through email and Facebook asking where people shop and what is most important reason for their choice. Methods/Materials Materials Paper, pencil, calculator List of household products, List of food products Facebook and email surveys Set up a data table to compile information of household products and food products; product, unit amount (same for all stores), import/domestic, and store brand or other. Go to each store and record required data. Get the average price of all household/food products for each store. Create a two surveys: where do they buy their household/food items(percentage out of 100%),and what drives their shopping decision (price, service, convenience, cleanliness). Results The original hypothesis was correct. The survey results showed that most people felt that finding the best price was the most important. However, most people shop at some of the most expensive stores. This shows that people are led to believe that some stores have the best prices even when they do not. All of a store's marketing techniques really do help raise the perceived value of an item. Store brand does not necessarily mean lowest price. It was also interesting to discover that store brand items were often more expensive than name brand products that are sold in all stores. Conclusions/Discussion This was a very interesting time consuming project. As in any experiment there are a few ways that it could be improved. One way is by testing the same brand for all of the products in every store, because it costs the same amount to produce so it really is all about the markup. Doing this project again would gain different results because prices change in stores every day. Both survey questions, where do you shop most and why gave surprising results. Seeing how a person decides and how they really shop was the most interesting part of the project.

Competition history

• CSEF 2014 Behavioral & Social Sciences · Entry J0416

Resources

• CSEF project summary ↗

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