Monopoly in the market Essay
By studying the analysis of my results, I have concluded the following about my theoretical backgrounds in order from first, to last: The first hypothesis, regarding the success of the business, according to my results, has been proven. And, as stated in my hypothesis, this answer is probably due to the fact that the Jordanian market has a gap for such a new, fresh product. This kind of product is also highly in demand because this generation is very interested in all forms of interactive multimedia entertainment. Assuming my field research about the success of the business was proven true, the success would be extremely high during its development and growth stages, because it would be a monopoly in the market.
My hypothesis regarding the sex that shall use my product more was proven. This is probably due to the fact, that Laser tag is a game that is based on violence. However, it is a non-violent form of gaming, and is rather like the game of “Hide and Seek”. I believe that with the correct and effective advertising, the idea of laser tag being violent could be turned in the female public’s opinion. My third hypothesis regarding the location of my
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The main fact for this was that Abdoun is the area where almost all forms of modern entertainment are located; therefore, people would prefer to have all their entertainment located in one area for their comfort. Also, Abdoun would be a prime location for any form of entertainment targeted at the younger age group because that is the area where most of west-Amman’s youth go to “hang-out”, and will, by nature, see and gain interest in any new places that establish there.
The hypothesis regarding the suitable prices to range between JD5 and JD8 has been proven. In fact, the average of the people questioned have chosen JD8 as a suitable price to pay. This is an excellent price, and will generate a very high profit margin for Lasermax. It was proven that the people questioned would visit Lasremax mostly during holidays; this naturally, refers back to the target age group, whom are mostly teenagers, and who are also most free during the holidays. However, another high percentage was those people who stated that they would visit Lasermax more during weekdays. They may also be true because once again, the majority, pre-teenagers, have less responsibilities than any of the other age groups asked, therefore would not be very busy with schoolwork during the week.
My last hypothesis was disproved, I believed that the people asked would want to come to Lasermax in groups ranging from 4 to 6 people. However, the majority stated that they would prefer to visit in groups of 7 and above. This is also very good advertising on my behalf. Hence, in conclusion I would like to state that in order to reach the targeted market successfully, laser max must do the following: Introduce and educate the market on its product.
Carry out the proper advertising, that is suitable for the ages of 12 to 16 and that will also interest the female sex, and also carry out introductory promotions. Locate the main branch in Abdoun, and if successful, expand to other areas. Range the prices of an hour of game time between 6 to 8 JD. These are the briefed first steps to reaching the targeted market, which was pinpointed by carrying out, and analyzing my field research. And, if these steps are carried out correctly, there is an extremely high chance of a booming success in the Jordanian market. Also, while looking at my findings and analysis, I found out that there is a shortage of interactive multimedia entertainment in Jordan, and that the children of this generation have a “thirst” for new innovative forms of fun, and thus having a real need for such.
Errors and Improvements: My results may not have been accurate because a sample of 100 people does not represent all of western-Amman’s population. This could have been improved if a much larger sample of people was asked, and in a diversity of areas in west- Amman. In this coursework, I have assumed that all costs and land were present, this could have caused an extremely large problem in reality. I should research the costs more thoroughly for a more accurate study of a business.
The people questioned may not have been honest about their results thus tarnishing my result’s effectiveness. There is no improvement for this except for asking the people who are being questioned to be honest. The people who were asked may not have any idea what Laser Tag would be like, and may have built an image in their minds, that is too great for reality, and may be disappointed when they visit the real thing. I should describe the reality of the game more, and make them visualize what it truly is. The prices of land vary greatly with time, and may go up. So if a company decides to go on with the Lasermax project, they must study the land costs, especially in Abdoun where the prices increase greatly in short periods of time.