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Marketing Research Project

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PPT created by Kulin Marketing founder Elizabeth Kulin and her graduate school classmates.

PPT created by Kulin Marketing founder Elizabeth Kulin and her graduate school classmates.

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  • http://www.google.com/#hl=en&source=hp&q=St.+Joseph+statue&rlz=1R2ADFA_enUS340&aq=f&aqi=&aql=&oq=&gs_rfai=&fp=43dd59e47af515fb
  • ADD INDUSTRY FIG . During the recession, the market has outperformed the economy as a whole, growing by more than 6% in 2008 and holding steady in 2009. Mintel expects rapid growth of this segment to resume as the economy recovers. Longer-term prospects for this segment are very good, as younger consumers with a stronger allegiance to natural and organic products come to dominate market spending. The number of consumers purchasing all categories of green household consumer goods declined slightly in 2009, in the wake of the recession. The overall structure of the green marketplace was relatively stable from 2008-09, with household cleaners and paper products still the most frequently purchased green product categories. The number of consumers purchasing all categories of green household consumer goods declined slightly in 2009, in the wake of the recession. The overall structure of the green marketplace was relatively stable from 2008-09, with household cleaners and paper products still the most frequently purchased green product categories. Green consumer services are beginning to emerge from niche status to become a significant factor in the green marketplace. Under-45s are more likely to report shopping for green service providers. This may result from greater awareness of business’ environmental performance among younger consumers. Under-45s are 60% more likely to research and compare products to see if they are really green. This age group is likely more familiar with internet research in general and with companies’ environmental credentials in particular, compared with older consumers. Asian and Hispanic consumers are especially likely to think about green factors when shopping for services. This is in keeping with these groups’ generally elevated environmental sensibilities. Interest in green service providers shows no clear trend by household income, except that consumers from the highest income group are more likely to think about providers’ environmental credentials, while the lowest income group are less likely to worry about these issues. Marketers of green services would do well to focus on moderate- and high-income under-45s, with a special emphasis on Asians and Hispanics. strongly with education. Targeting college-educated consumers will connect marketers with the most engaged green consumers, but marketing messages need to avoid vague claims that might be mistaken for greenwashing. Consumers with household incomes less than $50K tend to be greener in attitudes and behavior. Since they tend to have less discretionary income to spend, however, they are less willing to pay premium prices for green products. The lesson for green marketers is to provide a range of price points and minimize premiums on green products. This will allow lower-income consumers to act on their green convictions. Products with higher price premiums may need to provide added values such as premium quality or distinctive styles to appeal to less dedicated higher-income green consumers. http://0-academic.mintel.com.library.ggu.edu/sinatra/oxygen_academic/search_results/show&/display/id=482473/display/id=508368?select_section=508370
  • ADD INDUSTRY FIG . During the recession, the market has outperformed the economy as a whole, growing by more than 6% in 2008 and holding steady in 2009. Mintel expects rapid growth of this segment to resume as the economy recovers. Longer-term prospects for this segment are very good, as younger consumers with a stronger allegiance to natural and organic products come to dominate market spending. The number of consumers purchasing all categories of green household consumer goods declined slightly in 2009, in the wake of the recession. The overall structure of the green marketplace was relatively stable from 2008-09, with household cleaners and paper products still the most frequently purchased green product categories. The number of consumers purchasing all categories of green household consumer goods declined slightly in 2009, in the wake of the recession. The overall structure of the green marketplace was relatively stable from 2008-09, with household cleaners and paper products still the most frequently purchased green product categories. Green consumer services are beginning to emerge from niche status to become a significant factor in the green marketplace. Under-45s are more likely to report shopping for green service providers. This may result from greater awareness of business’ environmental performance among younger consumers. Under-45s are 60% more likely to research and compare products to see if they are really green. This age group is likely more familiar with internet research in general and with companies’ environmental credentials in particular, compared with older consumers. Asian and Hispanic consumers are especially likely to think about green factors when shopping for services. This is in keeping with these groups’ generally elevated environmental sensibilities. Interest in green service providers shows no clear trend by household income, except that consumers from the highest income group are more likely to think about providers’ environmental credentials, while the lowest income group are less likely to worry about these issues. Marketers of green services would do well to focus on moderate- and high-income under-45s, with a special emphasis on Asians and Hispanics. strongly with education. Targeting college-educated consumers will connect marketers with the most engaged green consumers, but marketing messages need to avoid vague claims that might be mistaken for greenwashing. Consumers with household incomes less than $50K tend to be greener in attitudes and behavior. Since they tend to have less discretionary income to spend, however, they are less willing to pay premium prices for green products. The lesson for green marketers is to provide a range of price points and minimize premiums on green products. This will allow lower-income consumers to act on their green convictions. Products with higher price premiums may need to provide added values such as premium quality or distinctive styles to appeal to less dedicated higher-income green consumers. http://0-academic.mintel.com.library.ggu.edu/sinatra/oxygen_academic/search_results/show&/display/id=482473/display/id=508368?select_section=508370
  • Put a photo of tee-shirt
  • ADD A TESTING LINE IN THE TIMETABLE
  • Other (please specify): 1. Great marketing tool for stagers. 1. Because I believe in Joe. 1. My parents really need to sell their house. I've heard of St. Joseph statues working, and I loved that this was an eco-friendly option from a small business
  • GRAMMAR
  • PAINT WITH THE STATUE – OFFER VARIETY OF COLORS
  • Transcript

    • 1. EcoJoeMarketing Research Alem, Matthias, Tatiana, Elsa & Elizabeth Kulin www.kulinmarketing.com
    • 2. Our client Founded – February 19, 2009 – By Cindy Lin• In real estate business since 2005 withnumerous recognitions and awards with herStaging business Staged4moreHome Staging and Redesigns;including the MakeMine A $Million Business Award and theSam Walton Emerging Entrepreneur Award• Sell eco-friendly Saint Joseph products to the following segments: •real estate sellers •Eco-friendly lovers •Fun and unique present
    • 3. Our client•A centuries-old practice: By burying a St Joseph statue in theyard of a house for sale “is supposed to enlist the Saint’s aid infinding a buyer”•Today: thousands of home seller and real estate agents pursuethe tradition.•EcoJoe’s goal: provide a greenalternative to existing plastic St Josephstatues to avoid pollution when buried.
    • 4. Management Problem How Can EcoJoe increase sales and brand awareness of eco-friendly St. Joseph product?• Sales: Limited Channel distribution (Amazon, Facebook,website, and 9 physical locations)•Price point: EcoJoe $14.99 Vs. standard St. Joseph ( as lowas $3.49)•Brand awareness: Very little Brand awareness (product &website) as a recent company•Share of mind: Possible confusion with EcoJoes.com
    • 5. Marketing Research Issues1. Who is most likely to buy the EcoJoe statue ?•Real Estate Agents•Real Estate Stagers•Women ( 25-34)•Environmental conscious and pro-sustainable living buyers•Premium quality buyers•Trend-setters/trend followers2. EcoJoe’s Unique value Proposition100% Green Alternative to current St. Joseph productsWhat attributes do customers value the most?3. How to expand the EcoJoe brand?
    • 6. MethodologySecondary research• Alexis website- for quantitative outlook on EcoJoe’s online business• Competitive analysis• Mintel report on Green Living - 2009Primary research:• Quantitative Research •Facebook online survey & Amazon.com: obtain in- depth understanding of EcoJoe’s existing customers• Qualitative research N/A• New business with unique product in niche market
    • 7. Online presenceSite Share of Voice Engagementecojoekits.com 42.73% 1.74XEcojoes.com 25.96 0.26XFacebook.com 10.06% No DataFlickr.com 4.21% No Data Source: Alexa.com http://www.alexa.com/search?q=ecojoe&p=rkey&r=site_site#
    • 8. Industry Price Comparison•www.stjosephhomesalekit.com $3.49•www.GoodFortuneOnline.net $3.99•www.Burystjoseph.com $4.75•Source:http://www.consumersearch.com/search/reviews/st.+joseph+
    • 9. Secondary Research FindingsGreen Living Market:•The green market has shown remarkable growth in recentyears, up approximately by 41% in current dollars from 2004-2009.•During the recession, the market has outperformed theeconomy as a whole growing more than 6% in 2008 and heldsteady in 2009.• Green living market expects rapid growth as the economyrecovers and as younger consumers with a stronger allegianceto natural and organic products come to dominate marketspending.•Green consumer services are beginning to emerge from nichestatus to become a significant factor in the green marketplace.
    • 10. Secondary Research FindingsConsumer behavior:•Young consumers (18-34) have a stronger tendency to buynatural and organic products.•They are likely to research and compare products to see if theyare really green, either in person or through the internet.•Interest in green service providers shows no clear trend byhousehold income, except that consumers from the highestincome group are more likely to think about providers’environmental credentials, while the lowest income group areless likely to worry about these issues.• Household cleaners and paper products are the mostfrequently purchased green product categories.
    • 11. Secondary Research findingsReal estate market:•In 2006-2010 the real estateIndustry revenue dropped from$142,851.9 to 72,682.5.•The majority of industry income isassociated with residential sales.•Real estate agents are generally paid solely on acommission basis.•Many homeowners and real estate agents keep boxes ofsuch statues on hand to help them in their business.
    • 12. Quantitative research planWe used an online survey and posted it on EcoJoe’sFacebook fan page as well as sent it to the Amazon buyersto obtain in-depth information about of EcoJoe’s existingcustomers:•overall knowledge of green products•perception of EcoJoe•wiliness to buy EcoJoe’s products•price expectations•customers motivations•Incentive: In order to increase response rate, respondentswere offered an incentive to win an EcoJoe Tee-shirt.
    • 13. Primary research: Who?To get valuable results the survey is targeted atcustomers and fans of the product and can give valuablefeedback •Facebook fans •Amazon customers 36 respondents
    • 14. Primary research: What?•Respondents completed an online survey•Surveyed on: If working in real-estate business Buying behavior for decorative household items and green products Information about EcoJoe Attributes of the product Demographics (age, gender, zip code, income)
    • 15. Primary research: When and Where?•The survey was online between March 19, 2010 andApril 6, 2010•The survey was created on surveymonkey.com and alink was posted to the EcoJoe Facebook page and e-mailed to Amazon customers.•The survey took about 7 minutes to complete
    • 16. EcoJoe’s Fan Page
    • 17. Primary research: Why?•Client’s objective: understand EcoJoe’s customers•The product is a highly targeted niche product andvaluable results can only be achieved by contactingcurrent customers and fans of the product, who knowabout the product.•The online survey is inexpensive and easy to operate.
    • 18. TimetableTime• Critical Chose EcoJoe’s projectFeb 3rd dates Development – Pre-testFeb 13th Contacted Cindy Lin –Feb 20th Fielding of final survey draft Complete 1 EcoJoe survey stFeb 27th Complete 2nd EcoJoe survey draft with Jason’s commentsMar 3rd Complete EcoJoe survey final vision with pre-testMar 11th Ask Cindy about offering an incentive for the surveyMar 19th Start fielding the surveyMar 23rd Start developing EcoJoe presentation slidesApr 1st Group meeting and assign tasks to each memberApr 7th Group meeting and collect all of the survey dataApr 14th Final presentation in class to our client
    • 19. Question 1 What is your profession? The majority of respondents to this survey were neither a Real Estate agent or Stager.36 Total Respondents
    • 20. Question 2 In the past year, how many homes have you helped a client buy/sell? 61% The average number of homes sold in the past year was 0-2 homes. Therefore, the most respondents of this survey have either not bought or sold a home in the past year, or bought/sold 1-2 homes.36 Total Respondents
    • 21. Question 3 In the past year, how many homes have you staged? The most frequent response was 0-2 homes staged with 77.8% of responses. Therefore, most respondents to this survey have either not staged a home in the past year, or have staged 1-2 homes.36 Total Respondents
    • 22. Question 4 Which of the following places do you most typically shop at for decorative household items? Most of these respondents shop for their household items at retail chains, such as target and bed bath & beyond. The remaining 42% of respondents buy predominately from independently owned stores.36 Total Respondents
    • 23. Question 5 When you are shopping, what percentage of green products do you purchase vs. standard products? The total has to amount to 100%. Most respondents purchase 10% or However, on average they more green products. purchase more standard products.36 Total Respondents
    • 24. Question 6 Please rate the extent to which you agree with the following statements. 1 means Strongly disagree and 5 means Strongly agree.Most respondents are favorable for green products over standard, but believe thatgreen products are more expensive than standard.36 Total Respondents
    • 25. Question 7 Please rate the extent to which you agree with the following statements. 1 means Strongly disagree and 5 means strongly agree. Respondents are predominately interested in purchasing green products, believe that green products are in line with their environmental goals, and are willing to pay above standard prices for green products.36 Total Respondents
    • 26. Question 8 How did you first learn about EcoJoe? 85.7% Although word of mouth was a popular way for respondents to learn about EcoJoe, most respondents learned about EcoJoe through Amazon.36 Total Respondents
    • 27. Question 9 Have you ever bought an EcoJoe statue? The majority of respondents have bought an EcoJoe statue.36 Total Respondents
    • 28. Question 10 If you did buy a statue, please rate how important the following were in your decision to purchase; 1 means not important at all and 5 means extremely important. Most respondents claim that they purchased EcoJoe because they thought it was fun. Additionally, its eco-friendly positioning is a large reason for which respondents decided to purchase EcoJoe.36 Total Respondents
    • 29. Question 11 How did you acquire the EcoJoe statue? There was a fairly high number of no responses to this question, however out of the respondents that did answer, amazon.com was the source that most acquired EcoJoe through.36 Total Respondents
    • 30. Question 12 Based on what you know about the EcoJoe statue, please rate the extent to which you agree with the following statements. 1 means Strongly disagree and 5 means Strongly agree. Eco-Friendly Respondents are predominately happy with the statue attributes and pricing, and favors it over alternative statue options (non eco-friendly statues). At the same time, they are not likely to purchase another statue in the near future.36 Total Respondents
    • 31. Question 13 If you have purchased an EcoJoe statue, how many months after buying it did you use it/bury it? There was a fairly high number of no responses to this question, however out of the respondents that did answer, most used the statue within 1 month of purchase.36 Total Respondents
    • 32. Question 14 Please rate your interest in the following types of EcoJoe products, using a five-point scale; 1 meaning not interested at all and 5 meaning extremely interested. On average, respondents are most interested in EcoJoe gift packages, but do not express significant interest in any of these listed products.37 Total Respondents
    • 33. Question 15 Please comment on other eco-friendly products or services that you would like to see sold for homes? Open ended question 3 answers: 1.Bags for food composting 2.Candles/fragrances 3.Insect Control3 Total Respondents
    • 34. Question 16 What is your age bracket? 27.7% 30.6% Most respondents (58.3%) were between the ages of 25-4436 Total Respondents
    • 35. Question 17 What is your zip code? 4% 25% 7% 10% 7% 36% 3% 7% HI = 4% The majority of respondents are from California, followed by the Midwest region of the United States.28 Total Respondents
    • 36. Question 18 What is your gender? Most of the respondents were female.32 Total Respondents
    • 37. Question 19 For statistical purposes only, please estimate your total yearly household income before taxes The majority of respondents have an annual income of over $30,000. Most of them make between $75,000 and $99,000.19 Total Respondents
    • 38. Errors•36 respondents•With a margin or error of 5%, a 90%confidence interval, population of600, sample size needed of 187•Limited accuracy of the results due to alow response rate•Necessity to expand initial sample to AmazonBuyers and to include an incentive
    • 39. Executive Summary•Client base: since most respondents weren’t realtors, we can expectthe product to have a strong appeal among people outside the realestate industry. EcoJoe could attract an even wider market thanks toits unique attributes.•Respondents seem to be still wary of online shopping or favorshopping for household items in chain stores. EcoJoe could startdistributing its products in larger retail chains who offer greenproducts.•Our research found that respondents still purchase more “standard”products than green products. However, they are mostly favorable togreen products, but seem to consider them too expensive. This is ahuge opportunity as there is positive attitude towards green products.•Despite their belief that green products are too expensive, they aremostly willing to spend more on green products and consider it on oftheir goals to help protect the environment.
    • 40. Executive Summary cont.•Awareness: Respondents have mostly already bought a statue, andhave either heard about EcoJoe through word of mouth andAmazon.com. Because of the low awareness for the product, EcoJoeshould enhance word-of-mouth by launching a series of specialevents for realtors or the general public.•Respondents are satisfied with the current attributes of the statue,and value particularly its green aspect. They favor EcoJoe over othernon-green St Joseph statues. This could be an opportunity for EcoJoeto develop more green products under its brand.•The higher price point doesn’t seem to bother respondents, whichcould be linked to the fact that they mostly would spend more on eco-friendly products. Besides, the survey revealed that respondents hada higher than average income which might also explain the limitedprice-consciousness.
    • 41. Executive Summary cont.•Despite the overall satisfaction from the product,respondents are not likely to purchase another statue in thenear future. This is an opportunity for EcoJoe, who couldeither find news ways to use the statue, or find a wayencourage repeat and bulk purchases.•Respondents expressed low interest for other productsalready offered, such as tee-shirts, buttons or giftpackages. There is an opportunity for EcoJoe to offerproducts who respond to customer expressed needs suchas fragrances or insect control products, as suggested bysome of the answers.
    • 42. Recommendations•Awareness: Raise awareness by organizing events thatwould appeal to the general public, in order to make EcoJoeappealing to everyone who values green products. Thestatue could become a trendy object, that could be usedbeyond the sale of the house as a decorative item forinstance.•Distribution: EcoJoe should definitely keep focusing onAmazon.com sales. Since a lot of people have become“fans” of EcoJoe on Facebook, it seems like a great fit to sellthe product directly on there. However, this should becoupled with physical retailers, since most respondents stillprefer to shop in actual stores. The statue could be sold togardening stores or green household stores.
    • 43. Recommendations•Real estate market: Because of the slow real estate market,more houses are likely to be vacant, while people willbecome more and more superstitious and want all the thehelp they can get to sell their house, which means morepotential customers for EcoJoe.Price: the higher price point should be maintained: Cindyfaces important expenses and making green products costsmore than standard products. Besides, respondents find itnormal to pay a higher price for green products, especiallywhen it is 100% certified green from the packaging to thestatue. However, offering products at a lower price pointcould be a way to attract younger and more price-consciousconsumers, who feel strongly about the environment.
    • 44. Conclusion•Expansion: The products currently offered by EcoJoe don’t seemto resonate that much among respondents, maybe Cindy could doa focus group with some of her clients in order to determine moreprecisely what they would want EcoJoe to offer. This might beservices, such as tips on how to maintain a green household orproducts such as green fragrances, candles or insect and bugrepellant or even different colors of statues – or even if we followthe industry best-sellers, paper products or household cleaners.•EcoJoe is more than a one-product company, it has managed tobecome a brand. As such, EcoJoe could definitely use thatgoodwill to branch out to other green areas, such as services,especially since industry trends confirm that green services arebecoming more and more mainstream.
    • 45. Thank you!Questions or comments