Final EOC

This study was especially designed and implemented for Dinosaurs and Rose to assist in determining the needs of their new Downtown Summerlin Location.  In reviewing the store it is my belief that the prices are too high compared to their competition in the area, which is causing a lack in their sales.  The survey question have been designed to answer the following questions:

Customer satisfaction?

Customer Awareness?

Customer Frequency?

Frequency of Purchases?

The following analysis of the statistical information was mined from their customer list and was sent out to 1750 customers via email. It is designed to assess the strengths and weaknesses of both retail locations.  It is only compiled from the respondents that answered the survey on Survey Monkey and it is a snapshot of their feeling and thoughts about the stores and different locations.

 

The comprehensive statistical analysis has revealed that customer satisfaction was very high with no customers being dissatisfied in any way.  Customer awareness was also very good with 75 % of the customers were aware of a second location and 44% said they would like a newsletter every two weeks. 56% of the customer found the store by word of mouth.  The stores themselves had very good customer overall satisfaction. 

In Summerlin 57% original Downtown location and 15% new Downtown location, so 72% of the surveys that had come back were customers that had visited the Downtown Summerlin locations.  This survey shows that the traffic for those locations was good but where the problem was, was in the purchases made, as only 33% made purchases and when asked why 44% said the prices were only moderately fair with another 11% coming in at not fair at all.   

Therefor it is my conclusion that based on the information that was received in the final analysis that my hypothesis is correct.  The customers are not making the purchases based on the pricing of the items in the store.

Week Nine EOC “The Darker Side of Market Research”

I know from personal experience that there are many sides to market research but when it comes right down to it, it is all about the numbers and sensationalism.  Let me expand on this, when I had my own business it was in a very small community in up-state New York.  Not much news up there you know you the annual snow storm and the weekly house fire that burnt down to the foundation. 

     Here’s the scenario: there had been a huge fire on the block in the middle of the city where my business was located.  It burned almost the entire block spreading from one ancient building (each building was over 100 years old) to another.  This fire left at least one fourth of the downtown charred.  My business was on the devastated block of the small city.  At the time I was having issues with a company I had been working closely with for over five years.  I had been doing some consulting for them in return for special favors for my customers.  Things with the company had gone south within a few short months due to a new CFO.  Even though I was friends with the vice president of the company I was in a sense being “Locked Out”. After a very lengthy conversation with the company I decided it was time to close my business, not because of the fire but because of new policies with the other company that was in effect affecting my business revenue. 

     This decision was not taken lightly by the company I was doing business with or the community in which my business was located. I had the entire 20 foot window display that faced the main street in town.  On that window I put a huge going out of business sign that said 40% off everything in the store. Within 24 hours I had every major network news anchor knocking at my door, “Why are you closing?”, and with every interview that was done we told them that it had to do with our distributer’s company policies.  That is boring news, not very good ratings in telling the truth.  No too hard to believe that with every one of those newscasts that were done we were cut off at the part when we told the real reason and the interviewer goes on to tell the viewer that we were going out of business because of the fire and bad business downtown now.  Oh the dreaded fire, catastrophe, doom and gloom, every business downtown is going to close their doors now in a widespread panic sale. Several businesses did close the following year and I would recommend reading, “The Tipping Point” to understand why.

 

     I went back years later and the massive hole on that street was still there. Some businesses had closed but over all people were still doing business. The local television stations were still in business and looking for the next great sensational story to exploit.   

     Bottom line, all that companies care about is making money and you are nothing more than a number not the individual but the demographic or populace you belong.  They don’t care if you like the seeds in your jam or not, they care that the people that don’t like seeds in their jam are the ones that spoke up.  Do you listen to what someone else is telling you or are you educating yourself and making your own decisions?  Life is about growth, change and taking responsibility. In order to have that each one of us should be thinking for ourselves and making our own educated decisions.