Final Business Report

Data Analysis: How did your survey results impact your overall business

For our survey we decided to ask a variety of questions that would help us make
smarter decision during our big day. These question talked about how much we
would price our product, or what game we would use, or what might we give away
as prizes. Each of these decisions helped to make us more appealing to the
customers by giving them what they want. One of our very first questions talked
about how to price our service. We asked kids how much they would pay for an
arcade game and the biggest answer was $1-2. We Realized that was a fine price
but it wouldn't give us too much profit, so after seeing that our ideal price ($3) was
also quite favoured we decided to go with that. Our demographic was mainly
targeted towards younger children. This was a fine demographic but our survey did
not help much with this because little kids think survey’s are boring and are still
learning how to read. Though if you would still like the stats most of the people who
answered out our survey were 13 and the least amount of people were 10, 5, 4, 3,
2, and one. As for our location our survey didn’t help too much because it would
have to be in the gym and there wasn’t much other kids could say about it. I’d say
the same thing for our advertising strategy because it couldn’t help much. We could
ask kids if they listened to the announcements but we already know the answer
from years of experience. On the other hand there were some question that helped
a lot with our business such as which video games would you like playing with your
friends and what toys/accessories do you like using. This helped us figure out that
Super Smash was a fine game as many kids at least knew what it was and that slime
along with lego and a gift card would be a fine prize
Expense Sheet: Money related details
Before I talk about who made what and how successful we were we must first talk
about how much we paid for this business. For this business we bought slime, two
lego sets, a cardboard arcade, and a gift card. We were able to get money back for
everything except the slime and second lego set which in total cost Zayan $2. So in
the end we payed $2 for this business. Those $2 helped us a lot as our revenues for
that day was $81.25 minus the change. In total our profit was $44.75. The $81
lowered to 40 because we first had to take away the $30 we brought in change,
then we had to take away two for the slime and lego and finally we had to give you
10% which left us at $40. I also miscalculated and was off by 90 cents when giving
you 10% so I’ll give that on Tuesday. The main way we recorded the sales was by
giving Kushal a ticker sheet and making him tick down every time a customer came
and how much they paid. When managing the money there was a little stress in
case we miscounted our profits but in terms of giving change to customers I knew it
would all be fine.
Business Analysis: Business related details
Our business was a service where people paid money to play an arcade game with
the hope of gaining a prize. Throughout there were many challenging aspects but
the most challenging was which topic we would choose. There are so many
different businesses and things to back on in the world, and we had to choose one
that would stand out. Fortunately, anything that wasn’t food would stand out, but
was more of a risk as everyone needs food sometime. We needed something that
people would need. Finally we realized that our audience is filled with kids, and kids
love toys! Based on that we made an arcade game featuring toys as prizes. In our
business we had a lot of financial goals and I think we reached them. We didn’t
think we were going to make a whole lot of money, we were all just happy with at
least $10 for each of us. Luckily we surpassed that and did pretty well with $44.25.
Unfortunately we all spent $4 on the day of which slightly lowered our profits to
$40.25. During the big day a big part of our profits depended on our target
demographic which overall was right where we wanted them. On the big day kids
came running towards our stand asking to play a game or staring at the prizes
intently. Another thing that helped a lot was our survey. It helped us think figure
how to price, what game to use, which prizes to give, and if kids even play arcade
games in general. If you want to see our survey results be sure to keep scrolling
after this section. In the end I think this business was great, but there are still a few
things I would change. These things would be the location, the advertising, and the
ticking. I’ll start off with the location, I’d like to change that because every time a kid
came to us, he either didn’t bring money or already spent it. So maybe if we were
closer to the doors we would've gained better customers and at a faster rate. As
for the advertising it would’ve been nice if the brochure went out and if our posters
were colour printed. Finally I wish that Kushal made another slot when ticking. He
put down how much each customer paid but when they paid $2.50 he put it under
$3 which made it confusing to manage the money. One thing that hopefully wasn’t
confusing for our customers was our brand name and slogan. We were called the
arcade bros and our slogan was super smash and relax. When creating our slogan
we wanted to seem friendly, fun, and chill. So in order to do that we took the slogan
‘sit back and relax’ and changed it to ‘super smash and relax.’ For our name The
Arcade Bros we thought of ourselves as just a bunch of guys who loved video
games and we wanted our name to represent that. Another thing that represented
our business a lot was the marketing. In the end our advertising didn’t have much
impact on our sales but two grade six classes saw our poster and came running to
us at third to fourth period. Those two classes gave us at least a quarter of our
customers. The advice that the professionals gave helped us quite a bit. From that
we learned how to price our business and how to set up the prizes in a way to keep
players coming. Finally talking about the group work ethic it was pretty great. We
worked equally on basically everything except I did a little more money wise and
they did more marketing wise. In the middle of the project we decided to split it up,
they would make the poster and I would fix up anything on our report
grammatically while working on our price poster. Overall I think they held great
traits as business partners, they did their part, didn’t blame anyone, and always
talked it out when in doubt. They acted respectful throughout and I’m proud as I
couldn't have done it without both of them at my side.

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