feasibility study: moisturizing lotions under $10 sold at wal-...
TRANSCRIPT
Feasibility Study: Moisturizing Lotions under $10 Sold at Wal-Mart
Prepared for Students Attending UNT
Prepared by
Tyler Carter, Mathew Barker, Axel Banks, and Peter Akinlawon
May 5, 2014 Terry Smith
TECM 2700.024
Table of Contents
ii ii
Contents Executive Summary ................................................................................................. iii Introduction ............................................................................................................... 1 Methods of Evaluation .............................................................................................. 2
Who was the target Market? .................................................................................. 2 When and where was the survey given? ................................................................ 2 What was the criteria value of the survey? ............................................................ 3 How was the survey answers averaged? ............................................................... 3
Results of Evaluation ................................................................................................ 4 Criteria One, Two, and Three Graph ..................................................................... 4 Criteria Four and Five Graph ................................................................................ 4 Criteria One: Consistency ...................................................................................... 5 Criteria Two: Greasiness ....................................................................................... 5 Criteria Three: Scent .............................................................................................. 5 Criteria Four: Price ................................................................................................ 5 Criteria Five: Quantity ........................................................................................... 6
Conclusion ................................................................................................................ 7 Recommendation ...................................................................................................... 8
Executive Summary
iii
Executive Summary Our feasibility study was prepared for male/female students attending UNT between the ages of 18-26. The purpose of this study is to show a comparison of the top moisturizing lotion brands under ten dollars at Walmart. A survey of 30 students attending UNT was performed asking numerous questions about the four different brands of lotion. The results of evaluation states the results of the survey over the four lotion options: Nivea, Dial, Jergens, and Vaseline. The criteria of the survey contains 5 categories: consistency, greasiness, scent, price, and quantity. Our conclusion states that Dial lotion was the best option since it contains an average non-greasy consistency with a mild scent at the lowest price and greatest quantity. Based on the results from the feasibility study we recommend purchasing Dial lotion from Wal-Mart for under $10.
Introduction
1
Introduction
Over the years, the supply and demand for lotion has fluctuated, just as the leading brands for the top selling lotions have. However, the top moisturizing lotion brands under ten dollars of Walmart in 2014 are Nivea, Dial, Jergens, and Vaseline. The purpose of this study is to show a comparison of the top moisturizing lotion brands under ten dollars at Walmart. The comparison will be through these five criteria: consistency, greasiness, price, quantity and scent. In this study you will be presented the methods of evaluation in which the study tested each of these brands. Which is complete with a set of results to show which one lotion brand that is favored by the public. The study will then recommend the lotion brand that the public favored with details of the characteristics of that lotion. This study will benefit future buyers, so when one is looking for the lotion to buy they will have this study to help them shop and choose the best lotion that is suited to their needs.
Methods of Evaluation
2
Methods of Evaluation In order to determine which type of body lotion sold at Wal-Mart under $10 UNT student’s preferred, we studied four different lotions and we evaluated their popularity based upon five criteria. The four types of body lotions include the following:
Ø Dial Ø Vaseline Ø Nivea Ø Jergens
The five criteria we used to evaluate the body lotions include the following:
Ø Consistency of the lotion Ø Greasiness of the lotion Ø Scent of the lotion Ø Price of the brands of lotion Ø Quantity of the lotion
In order to determine which lotion brand was most preferred, we surveyed groups of UNT students to see which lotion they preferred based on the different criteria
Ø Dial cost $14.97 for 20 oz. Ø Vaseline cost $17.97 for 20 oz. Ø Nivea cost $5.96 for 20 oz. Ø Jergens cost $10.97 for 20 oz.
Who was the target Market? We conducted a survey that included a market of 30 UNT students. We gave each student a survey with eight questions regarding the use of lotion. We had to create a small niche in order to be able to evaluate the answers. The niche included students at UNT who currently owned one of the four lotions and had at a time used one or more of the others brands for lotion before by asking them if they have previously purchased one or more of the other brands, we were able to develop a conclusion about which brand is most popular amongst UNT college students.
When and where was the survey given? We took the survey to our dorms. This was our best wager due to the fact we would not receive biased answers due to the fact these were unsuspecting prospects. We politely asked members walking through the lobbies of each of our own respected dorms if they would do a quick survey. Many of which who agreed to perform our survey between our group of four, it took an average of twenty minutes to complete the task.
Methods of Evaluation
3
What was the criteria value of the survey? The first question we asked on the survey pertained to the preference of the four types of lotion. We then asked what the average cost of the lotion was. We then made the following generic statements for each type of lotion and asked the surveyed to rate them on a scale of 1 to 5:
Ø Dial consistency of lotion Ø Vaseline consistency of lotion Ø Nivea consistency of lotion Ø Jergens consistency of lotion Ø Dial’s greasiness of lotion Ø Vaseline’s greasiness of lotion Ø Nivea’s greasiness of lotion Ø Jergens’ greasiness of lotion Ø Dials scent of lotion Ø Vaseline’s scent of lotion Ø Nivea’s scent of lotion Ø Jergens’ scent of lotion
Majority of the questions used were opinion based, due to the fact that different individuals have different skin textures, some smoother and rougher than others. Also that some prefer a scent while others prefer their lotion odorless.
Ø Number 1 represented “Very Liquid, Not Greasy, No Scent” Ø Number 2 represented “Liquid, Kind of Greasy, little scent” Ø Number 3 represented “Average, Greasy, Mild Scent” Ø Number 4 represented “Thick, More Greasy, Medium Scent” Ø Number 5 represented “Very Thick, Very Greasy, Strong Scent”
How was the survey answers averaged? So we averaged the ratings based on the answers given during the survey and compiled them together to get the average consistency, greasiness and etc. Then we compiled them to a graph showing the results of the survey
Results of Evaluation
4
Results of Evaluation
Criteria One, Two, and Three Graph Criteria Four and Five Graph
4.97 4.97
5.64 5.34
0.29 0.24 0.27 0.26
0
1
2
3
4
5
6
Nivea (16.9 oz.) Dial (21 oz.) Jergens (21 oz.) Vaseline (20.3 oz)
Price ($)
Price per Ounce ($)
3.43 3.29
2.44 2.14
4
3
2.22
1.57
3.86
2.57
2.11 2
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
Nivea Dial Jergens Vaseline
Consistency
Greasiness
Scent
Results of Evaluation
5
Criteria One: Consistency The purpose of the survey was to test the consistency of each of the four brands of lotion found at Wal-Mart under $10. Dial lotion is the best option for consistency since its total was the closest to the average lotion consistency number of 3. The worse option for consistency is Vaseline since its total was the closest to the liquid lotion consistency.
Ø Nivea – 2.43 Ø Dial – 3.29 Ø Jergens – 2.44 Ø Vaseline – 2.14
Criteria Two: Greasiness The purpose of the survey was to test the greasiness of each of the four brands of lotion found at Wal-Mart under $10. Vaseline lotion is the best option for greasiness since its average was the closest to the not greasy option of the survey. The worse option for greasiness is Nivea lotion since its average was 4 which placed the brand in the greasy category on the scale.
Ø Nivea - 4 Ø Dial - 3 Ø Jergens – 2.22 Ø Vaseline – 1.57
Criteria Three: Scent The purpose of the survey was to test the scent of each of the four brands of lotion found at Wal-Mart under $10. Dial lotion is the best option for scent since its average is 3 which is placed in the mild scent category on the scale. The worst option for scent is Nivea lotion since its average is the greatest which places the brand in the strong scent category on the scale.
Ø Nivea – 3.86 Ø Dial – 2.57 Ø Jergens – 2.11 Ø Vaseline - 2
Criteria Four: Price The purpose of the survey was to test the price of each of the four brands of lotion found at Wal-Mart under $10. Dial is the best options for price since it has the lowest price and lowest price per ounce. The worse option for price is Jergens lotion since it has the highest price overall.
Ø Nivea - $4.97/ 0.29 (per oz.) Ø Dial – $4.97/ 0.24 (per oz.) Ø Jergens – $5.64/ 0.27 (per oz.) Ø Vaseline - $5.34/ 0.26 (per oz.)
Results of Evaluation
6
Criteria Five: Quantity The purpose of the survey was to test the quantity of each of the four brands of lotion found at Wal-Mart under $10. Either Dial or Jergens qualify as the best option for quantity since both products are 21 ounces. The worse option is Nivea lotion since it has the smallest amount of ounces.
Ø Nivea – 16.9 oz. Ø Dial – 21 oz. Ø Jergens – 21 oz. Ø Vaseline – 20.3 oz.
The results of the graphs states that Nivea lotion has a 2.43 average for consistency, an average of 4 for greasiness, average scent of 3.86, and a price of $4.97 and $0.29 per ounce. Dial lotion results state that is has an average consistency of 3.29, an average of 3 for greasiness, average scent of 2.57, and a price of $4.97 and $0.24 per ounce. Jergens lotion results state that it has an average consistency of 2.44, an average of 2.22 for greasiness, average scent of 2.11, and a price of $5.64 and $0.27 per ounce. Vaseline lotion results state that it has an average consistency of 2.14, an average of 1.57 for greasiness, average scent of 2, and a price of $5.34 and $0.26 per ounce.
Conclusion
7
Conclusion In conclusion, Dial is the most consistent and most preferred based on consistency, price per unit, scent, and greasiness. From the results of the student surveys, Nivea was voted the greasiest and was also voted the lotion with the strongest scent. Vaseline is the most expensive per unit and in total price amount, we found that Jergens had the most votes in the student surveys, but Jergens actually gives more product for a cheaper price. In the consistency of the lotion during use, Dial was the preferred choice. With the four options: Vaseline, Dial, Jergens, and Nivea, they all differ in various ways. Vaseline lotion seems to be the most preferred, but can also be very costly. While Jergens wasn’t the most preferred, most people did believe that Jergens was more cost efficient than Vaseline. Out of 30 students, only 6 preferred Nivea over Dial, Vaseline, and Jergens. This was not a surprise, considering that Nivea is less popular than the other 3 listed. Based on the evaluation, cost seems to be more of an issue than the rest of the criteria displayed. With evaluating of the Brands of lotion that UNT college students prefer.
Recommendation
8
Recommendation Based on the results from the feasibility study we recommend purchasing Dial lotion from Wal-Mart for under $10.