Coinstar

Coinstar

  • Submitted By: dohoanglong
  • Date Submitted: 10/28/2009 9:13 PM
  • Category: Business
  • Words: 374
  • Page: 2
  • Views: 323

With respect to our estimates of Target Market Population, Seattle University currently has 4,206 undergraduate students enrolled between the ages of 18-24 years of age. Using the growth rate of an expected increase of 1.6% of undergraduates in the United States we were able to calculate the estimated population for the coming years of 2010, 2013, and 2015 as listed above in Table 1. In regards to the United States population, in 2002 there were 9,367,000 undergraduate college students across the United States between the ages of 18-24. In order to obtain the current number of college students across the United States, 2009, we used the growth rate of 1.6% per year to find that there were an additional 1,049,105 students in 2009 than there were in 2002. We added these additional students to find the total of 10,416,104 undergraduates in 2009. We used the same method to find the estimated populations listed above in Table 1. Out of these populations we found that 75% of Americans accumulate loose coin, so we multiplied the populations by .75 to find Coinstar’s Target Market Population.

Since we were unable to find any statistics on coin accumulation within the ages of 18 to 24, we found the average amount of coin that Americans possess by finding the United States population, 304,059,724, and dividing that number by the total amount of coin in circulation across the United States ($10 billion). This calculation allowed us to find, on average, what each American holds in loose change, $32.88. In order to find the total size of coin for each year, we multiplied the average total of coin held by citizens, $32.88, by the estimated populations we found to obtain total size of coin.

According to Coinstar, they hold 3 billion of the 10 billion dollars of loose change sitting idle in households across the United States, which is 30%. In order to find Coinstar’s share of the size of coin in both Seattle University and the United States we multiplied the...