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Cost Influences of Protein Bars

Cost Influences of Protein Bars

This project evaluated whether specific nutritional content values influence the cost of protein bars. That is, this project sought to understand whether a protein bar’s identified quantity of protein, carbohydrates, and sugar influenced the sale price. Thus, the independent variable was the nutritional content of a protein bar (protein, carbohydrates, sugar), whereas the independent variable is the price of an individual protein bar.

This research is important for multiple reasons. Over the past year, the popularity of the protein bar industry has increased significantly. In the United States alone, the protein bar market is expected to reach $32 billion within the next five years (Vencat, 2020). This illustrates that the consumption rate of such bars is steadily increasing and, arguably, being consumed more now than ever. This high demand inevitably affects prices since the principles of supply and demand suggest that prices tend to rise with increased demand (Kramer, 2021). The nutritional value and the validity of the health content claims made by manufacturers are controversial (Vencat, 2020). Still, the increased consumption and demand are driven by the product’s convenience, such as through e-commerce, and the widespread belief by the broader population that it is a healthier option (Vencat, 2020).

These considerations underpinned our drive to address the research question, “Does the amount of protein, carbohydrates, or sugar affect the price of a protein bar?” It is hypothesized that the nutritional content values influence pricing strategies. Regression analyses of 50 brands of protein bars, as retrieved through online shopping sites were conducted. Gallo (2015) described regression analysis as a means of determining which independent variables, if any, have an impact on the dependent variable. This statistical analysis method was selected as it offers a means of ascertaining whether a relationship exists between the price and nutritional content of protein bars.

The collective effort put forth by the members of this group is well-aligned with the core value of excellence. First, we made a conscious effort to acquire the knowledge and skills in the class and transfer that knowledge into this project. An earnest commitment drove this conscious effort to further our knowledge so that authentic learning occurs. This group project presented us with an authentic learning experience. As Stanley (2019) suggests, these types of experiences allow students to make connections with in-class learning, thus making learning processes more meaningful. All members of this group contributed meaningfully to the finished project by working productively together and acting with the utmost respect, integrity, and accountability to one another.

Descriptive Statistics

The descriptive statistics for the variables price and nutritional value, namely protein, carbohydrates, and sugar, are shown below.

  Price Protein Carbohydrates Sugar
Mean 1.9086 15.72 23.20 8.52
Standard Error 0.061077 0.762937 0.928462 0.923277
Median 1.99 15 23 6.5
Standard Deviation 0.431878 5.394782 6.565214 6.528556
Skewness -0.34284 0.445594 0.59968 0.445166
Range 1.61 29 30 25
Minimum 0.95 3 10 0
Maximum 2.56 32 40 25
Population size 50 50 50 50
Quartile 1 1.605 12 19 2.25
Quartile 3 2.21 20 26 14

References

Gallo, A. (2015). A refresher on regression analysis. Harvard Business Review. https://hbr.org/2015/11/a-refresher-on-regression-analysis

Kramer, L. (2021). How does the law of supply and demand affect prices? Investopedia. https://www.investopedia.com/ask/answers/033115/how-does-law-supply-and-demand-affect-prices.asp

Stanley, T. (2019). Why we need authentic learning more than ever right now. EdCircuit. https://www.edcircuit.com/why-we-need-authentic-learning-more-than-ever-right-now/

Vencat, E. (2020). What’s driving the growth of the protein bar industry during the pandemic? YouBars. https://youbars.com/blogs/news/whats-driving-the-super-growth-of-the-protein-bar-industry

 

 

 

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By Hanna Robinson

Hanna has won numerous writing awards. She specializes in academic writing, copywriting, business plans and resumes. After graduating from the Comosun College's journalism program, she went on to work at community newspapers throughout Atlantic Canada, before embarking on her freelancing journey.

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