Cape Cod Collectables BU 473Sarah Gray, Christine Petrone, & Katie Wilhelm
Business ChoiceSmall business offers handmade nautical gifts • Located: Cape Cod, Massachusetts Barnstable County Town of Falmouth
Demographics Cape Cod • Population215,888 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
Hoovers Inc. "Gift, Novelty & Souvenir Stores." 2012. Web. 27 November 2012. <http://subscriber.hoovers.com/H/industry360/overview.html?indu 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. <http://subscriber.hoovers.com/H/industry360/overview.html?industryId=1883>. "Falmouth, Cape Cod" Falmouth Chamber of Commerce. Falmouth Chamber of Commerce. N.p., 2011. Web. 29 Nov. 2012. <http://www.falmouthchamber.com/>.
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.
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.
Quantitative Methodology54 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 CodConsent ImpliedInput data into SPSS
Qualitative Methodology15 Individuals • Approved by IRB • Selected on criteria: owning a small business, on Cape Cod, or in a tourist town30-40 Minutes Commonalities • Codes Frequencies
Quantitative: Data AnalysisConstructs • Price Point • Product • Demographics • Marketing Strategies • Customer Service
Price PointWilling to pay for items • Feasible inventory and attract customers • Develop price rangeCrosstabs • Household Income X Likeliness to purchase nautical gifts Likeliness to purchase handmade gifts over factory made gifts
ProductPotential ProductsCrosstabs • Gender Willingness to purchase nautical items or gifts Willingness to purchase handmade nautical gifts Willingness to purchase handmade gifts over factory giftsFrequencies • Gender with each specific item
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
Marketing StrategiesMarketing planFrequency • Promotional offers • Advertising methods • Social media
Customer ServiceSuperior customer service • Quality of serviceFrequency Tables • Identify hours of operation • Online purchasing • Shipment of products
Product DetailsNautical gift trends • On the Rise • Stagnant • DecliningWider variety vs. smaller varietyInventory Management • Internal vs. ExternalInventory Order • Routine vs. As needed basis
Customer ServiceCustomer Service • Customer satisfactionDiscussion • 66% - customer is always right • 34% - customer satisfaction
Business ExperienceSmall business experienceEffects of tourismSeasonalityMake a profit vs. break evenMarkupAdvertisingAccounting system managementFour highest expensesUnexpected challenges
Future ResearchConduct further research • Target InterviewsMore specific questions
Works Cited "Falmouth, Cape Cod" Falmouth Chamber of Commerce.Falmouth Chamber of Commerce. N.p., 2011. Web. 29 Nov. 2012. <http://www.falmouthchamber.com/>. Hoovers Inc. "Gift, Novelty & Souvenir Stores." 2012. Web. 27 November 2012. <http://subscriber.hoovers.com/H/industry360/overview.html?industryI 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. <http://quickfacts.census.gov/qfd/states/25/25001.html>.