Cape cod collectables bu473


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  • Cape cod collectables bu473

    1. 1. Cape Cod Collectables BU 473Sarah Gray, Christine Petrone, & Katie Wilhelm
    2. 2. Business ChoiceSmall business offers handmade nautical gifts • Located: Cape Cod, Massachusetts Barnstable County Town of Falmouth
    3. 3. Demographics Cape Cod • Population215,888 92.7% Caucasian 52.4% Female 30.1% = 40-59 years of age Median income = $60,317United States of America Census Bureau. U.S. Department of Commerce. Barnstable County QuickFacts from the US Census Bureau. By U.S. Census Bureau.N.p., 18 Sept. 2012. Web. 15
    4. 4. IndustryClassified: Gift, Novelty, and Souvenir Industry • 30,000 stores Combined annual revenue- $17 billionSmall businesses’ competitive advantages • Unique items • Local artists work • Handmade items • Exceptional purchasing environment Hoovers Inc. "Gift, Novelty & Souvenir Stores." 2012. Web. 27 November 2012. <>. "Falmouth, Cape Cod" Falmouth Chamber of Commerce. Falmouth Chamber of Commerce. N.p., 2011. Web. 29 Nov. 2012. <>.
    5. 5. ResearchQuantitativeQualitative
    6. 6. Quantitative HypothesesHypothesis StatementMain Hypothesis There is a demand for handmade nautical gifts on Cape Cod and a lack of shops that sell these types of products. Therefore, a store like Cape Cod Collectibles would be successful.Sub Hypotheses StatementSub Hypothesis 1 The group of individuals believed to respond most positively to this survey would be of the following demographics; females between the ages of 30 to 59, who are married and are employed or have a spouse who is employed in some way. The expected education level of this demographic would be some college education. The projected income of this group would be between $69,001 and $99,000.Sub Hypothesis 2 If technology is implemented it will have a positive effect on the business and will increase the amount of sales.Sub Hypothesis 3 By offering customized and handmade nautical items on Cape Cod customers will respond positively.Sub Hypothesis 4 Quality service greatly impacts customer satisfaction and therefore by providing quality service customers will be loyal to our company.Sub Hypothesis 5 Price positively influences the perception of quality by offering handmade and customized items at a reasonable price, customers will be influenced positively which will influence their willingness to buy.
    7. 7. Qualitative HypothesesHypothesis StatementMain Hypothesis Cape Cod is an area of high tourism and seasonal businesses, by considering other views of small business owners from a similar area or from Cape Cod itself, conclusions will be drawn that better depict the functionality of a small business.Sub Hypothesis StatementSub Hypothesis 1 Small gift, novelty, and souvenir stores will be more likely to offer their customers a smaller variety of products with more details than a wide variety with several options.Sub Hypothesis 2 Small gift, novelty, and souvenir stores will be more likely to internally produce a marketing plan if one is produced at all, rather than to contract it out to an outside source.Sub Hypothesis 3 The most important part of customer satisfaction for any small business is that the customer is always right.Sub Hypothesis 4 The inventory ordering process for a small gift, novelty, and souvenir store is on an as needed basis and is done by the owner of the store.Sub Hypothesis 5 A small businesses four highest expenses are rent, payroll, utilities, and inventory.Sub Hypothesis 6 Small gift, novelty, and souvenir stores will be more likely to use a manual accounting system to keep track of cash flow in and out of the business.
    8. 8. Quantitative Methodology54 question sample survey • Approved by IRB • Survey software- surveygizmo Facebook or E-mail • Paper handouts Known relationship or local businesses • Criteria: visited, lived, or vacationed on Cape CodConsent ImpliedInput data into SPSS
    9. 9. Qualitative Methodology15 Individuals • Approved by IRB • Selected on criteria: owning a small business, on Cape Cod, or in a tourist town30-40 Minutes Commonalities •  Codes  Frequencies
    10. 10. Quantitative
    11. 11. Quantitative: Data AnalysisConstructs • Price Point • Product • Demographics • Marketing Strategies • Customer Service
    12. 12. Price PointWilling to pay for items • Feasible inventory and attract customers • Develop price rangeCrosstabs • Household Income X Likeliness to purchase nautical gifts Likeliness to purchase handmade gifts over factory made gifts
    13. 13. ProductPotential ProductsCrosstabs • Gender Willingness to purchase nautical items or gifts Willingness to purchase handmade nautical gifts Willingness to purchase handmade gifts over factory giftsFrequencies • Gender with each specific item
    14. 14. Demographics Insight about individuals Pie charts Crosstabs • Willingness to purchase nautical gifts X with the following: Yearly household income Education Employment status Marital status Age
    15. 15. Marketing StrategiesMarketing planFrequency • Promotional offers • Advertising methods • Social media
    16. 16. Customer ServiceSuperior customer service • Quality of serviceFrequency Tables • Identify hours of operation • Online purchasing • Shipment of products
    17. 17. Quantitative Results
    18. 18. DiscussionSub Hypotheses Disproved • Technology • Positive Response • Customization • Loyalty • Perception of Quality
    19. 19. ConclusionHypotheses – DisprovedOne CorrelationSignificance in data collected
    20. 20. Future ResearchRanking Questions • Misunderstanding • Incorrect data – could not be usedExpand sample group
    21. 21. Qualitative
    22. 22. Qualitative: Data Analysis & DiscussionConstructs • Marketing Strategies • Product Details • Customer Service • Business Experience
    23. 23. Marketing StrategiesDevelop marketing plan • Internally • ExternallyDiscussion • 80% responded - internally
    24. 24. Product DetailsNautical gift trends • On the Rise • Stagnant • DecliningWider variety vs. smaller varietyInventory Management • Internal vs. ExternalInventory Order • Routine vs. As needed basis
    25. 25. Customer ServiceCustomer Service • Customer satisfactionDiscussion • 66% - customer is always right • 34% - customer satisfaction
    26. 26. Business ExperienceSmall business experienceEffects of tourismSeasonalityMake a profit vs. break evenMarkupAdvertisingAccounting system managementFour highest expensesUnexpected challenges
    27. 27. Future ResearchConduct further research • Target InterviewsMore specific questions
    28. 28. Works Cited "Falmouth, Cape Cod" Falmouth Chamber of Commerce.Falmouth Chamber of Commerce. N.p., 2011. Web. 29 Nov. 2012. <>. Hoovers Inc. "Gift, Novelty & Souvenir Stores." 2012. Web. 27 November 2012. < d=1883>. United States of America Census Bureau. U.S. Department of Commerce. Barnstable County QuickFacts from the US Census Bureau. By U.S. Census Bureau. N.p., 18 Sept. 2012. Web. 15 Nov. 2012. <>.