Calculate the minimum profit, maximum profit, standard deviation of this question using excel: There is an increasing demand for food delivery amongst Singaporeans due to its convenience. GetGo can capitalise on this market trend by launching a food delivery service using their existing customer base (GetGo Classic), as well as target the higher socio-economic population who would be more willing to pay a subscription price of $5 monthly for priority deliveries, better trained delivery staffs and delivery by cars instead of motocycles (GetGo Premium). Through primary research, GetGo found that the total number of deliveries for Classic will be 8 per month while the total number of deliveries for Premium will be 5 per month. To entice users to purchase premium, GetGo will lower platform fees to be $0.20/order as compared to classic at $0.40 per order. As Classic deliveries are done by motorcycles, there are more deliverymen available (5000-10000) as compared to Premium deliveries which are done by car drivers (3000-5000). Variables GetGo Classic GetGo Premium Demand (Number of Food Orders) λ = 8 per month λ = 5 per month Subscription cost per month (Fixed C) $0 $5 Number of Driver/Deliveryman R~U[5000,10000] R~U[3000,5000] Platform Fee (Variable C) $0.40/order $0.20/order
Calculate the minimum profit, maximum profit, standard deviation of this question using excel:
There is an increasing demand for food delivery amongst Singaporeans due to its convenience. GetGo can capitalise on this market trend by launching a food delivery service using their existing customer base (GetGo Classic), as well as target the higher socio-economic population who would be more willing to pay a subscription price of $5 monthly for priority deliveries, better trained delivery staffs and delivery by cars instead of motocycles (GetGo Premium). Through primary research, GetGo found that the total number of deliveries for Classic will be 8 per month while the total number of deliveries for Premium will be 5 per month. To entice users to purchase premium, GetGo will lower platform fees to be $0.20/order as compared to classic at $0.40 per order. As Classic deliveries are done by motorcycles, there are more deliverymen available (5000-10000) as compared to Premium deliveries which are done by car drivers (3000-5000).
| Variables | GetGo Classic | GetGo Premium |
|
Demand (Number of Food Orders) |
λ = 8 per month |
λ = 5 per month |
|
Subscription cost per month (Fixed C) |
$0 |
$5 |
|
Number of Driver/Deliveryman |
R~U[5000,10000] |
R~U[3000,5000] |
|
Platform Fee (Variable C) |
$0.40/order |
$0.20/order |
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