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Final power point Final power point Presentation Transcript

  • Cape Cod Collectables BU 473Sarah Gray, Christine Petrone, & Katie Wilhelm
  • Business ChoiceSmall business offers handmade nautical gifts • Located: Cape Cod, Massachusetts Barnstable County Town of Falmouth
  • 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
  • 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/>.
  • ResearchQuantitativeQualitative
  • 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 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
  • 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
  • Quantitative
  • Quantitative: Data AnalysisConstructs • Price Point • Product • Demographics • Marketing Strategies • Customer Service
  • 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
  • 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
  • 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 StrategiesMarketing planFrequency • Promotional offers • Advertising methods • Social media
  • Customer ServiceSuperior customer service • Quality of serviceFrequency Tables • Identify hours of operation • Online purchasing • Shipment of products
  • Quantitative Results
  • DiscussionSub Hypotheses Disproved • Technology • Positive Response • Customization • Loyalty • Perception of Quality
  • ConclusionHypotheses – DisprovedOne CorrelationSignificance in data collected
  • Future ResearchRanking Questions • Misunderstanding • Incorrect data – could not be usedExpand sample group
  • Qualitative
  • Qualitative: Data Analysis & DiscussionConstructs • Marketing Strategies • Product Details • Customer Service • Business Experience
  • Marketing StrategiesDevelop marketing plan • Internally • ExternallyDiscussion • 80% responded - internally
  • 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
  • Customer ServiceCustomer Service • Customer satisfactionDiscussion • 66% - customer is always right • 34% - customer satisfaction
  • 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
  • Future ResearchConduct further research • Target InterviewsMore 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>.