Download - Cape cod collectables bu473
Cape Cod Collectables
BU 473
Sarah 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
• 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
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/>.
Research
Quantitative
Qualitative
Quantitative HypothesesHypothesis 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.
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.
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
ProductPotential 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.FalmouthChamber 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?industryId=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>.