This document presents research on opening a small business called Cape Cod Collectables that sells handmade nautical gifts in Falmouth, Massachusetts. It outlines quantitative and qualitative hypotheses about customer demand, demographics, and business operations. The quantitative research methodology describes a 54 question survey to collect data on price points, products, marketing strategies, and customer service. The qualitative research involves interviews with 15 small business owners about their experiences.
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Gooten is a print-on-demand + dropshipping e-commerce platform (headquartered in NYC) that empowers artists/entrepreneurs/SMBs/large enterprises alike to customize, sell, and drop ship a wide variety of quality products. Since 2012 our platform has successfully printed + shipped over 2.5 million custom printed products worldwide.
2. Business Choice
Small business offers handmade
nautical gifts
• Located: Cape Cod, Massachusetts
Barnstable County
Town of Falmouth
3. Demographics
Cape Cod
• Population215,888
92.7% Caucasian
52.4% Female
30.1% = 40-59 years of age
Median income = $60,317
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
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
Hoover's 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/>.
6. Quantitative Hypotheses
Hypothesis Statement
Main 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 Statement
Sub 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. Qualitative Hypotheses
Hypothesis Statement
Main 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 Statement
Sub 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. 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. 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
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. 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. 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
16. Customer Service
Superior customer service
• Quality of service
Frequency Tables
• Identify hours of operation
• Online purchasing
• Shipment of products
26. 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
28. 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
30. Works Cited
"Falmouth, Cape Cod" Falmouth Chamber of Commerce.Falmouth
Chamber of Commerce. N.p., 2011. Web. 29 Nov. 2012.
<http://www.falmouthchamber.com/>.
Hoover's 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>.
Editor's Notes
References…
Add slide after, we did research study…qualit and quant