Project TeamJeanette Daza

Angelica HernandezLiora Mahgerefteh

Lior Moussaieff

Math 110Final Report – May 9, 2011

Survey and Analysis forRetail Shopping

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Topics

Identify a business or social issue to which surveying will get to the mind of the consumer

Addressable Minds… what is it, and how it works

Review the study process and the results and conclusions

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Business & Sales Issues

Retail Shopping is necessity to some, and a nascence to others.. By doing a research study we sought out the different responses the public has on this issue.

Our study composed different issues concerning the conflicting amount of people that preferred in-store shopping to online shopping.

By having a range of prices throughout the store for our merchandise is a way to broaden the customer, spectrum, and spiking their personal interest.

ABOUT ADDRESSABLE MINDS

Addressable Minds is a scientific, actionable form of “predictive consumer intelligence” for business and social issues accurately defining consumer attitudes and preferences both stated and unstated.

It has been described by Malcolm Gladwell and others as discovering the “DNA of the Consumers Mind”.

This patented science created by Dr. Howard Moskowitz, author of “Selling Blue Elephants” (Wharton Press) and the Wharton Business School has achieved critical acclaim and financial success across:◦ product design and development, ◦ consumer messaging,◦ more effective consumer engagement physically and digitally.

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Dr. Howard Moskowitz.Addressable Minds Inventor, honored by the scientific community,...

•Is the Chairman of iNovum, a graduate of Queens College and holds a Ph.D. in Experimental Psychology from Harvard

University.

•Won two of the most prestigious awards in marketresearch

•2005 Charles Coolidge Parlin Marketing Research AwardThe “Nobel Prize” of Market Research, received only

by the pioneers of market research. Recipients include Arthur Nielsen, George Gallup, Michael Porter, David Ogilvy and Philip Kotler.

•2010 Walston Chubb Award for Innovation across all sciences, Sigma Xi, The Scientific Research

Society, international Awarded for Mind Genomics: The science underlying the technology used in this Math 110 course.

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Addressable Minds

Psychographic Segmentation - Social Class - Lifestyle Type - Personality Type

Behavioral Segmentation - Product Usage - Brand Loyalty - Attitudinal

Demographic Segmentation - Age - Gender - Income

Addressable Minds

Cuts across traditional segmentation & detects hidden preferences

Create Addressable Minds messaging for Retail Shopping

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DEVELOP SURVEY QUESTIONS

Potential Retail Shopping Sales

ANALYZED SURVEY RESULTS → Addressable Minds

INTERNET

IdeaMap™SUY SURVEY

IDENTIFY TARGET MARKET

Total Sample

Seg 1 Self Driven Online

Banking Seekers

Seg 2 Technology/

High Security Seekers

Seg 3 Collaborative

Online Seekers

Seg 4 Personal Touch with Technology

Base Size: (267) (105) (50) (59) (53) Constant: 31 34 28 31 26

OC1 Connect online in 'real time' with a customer rep via instant messaging, voice over IP or video conferencing via your computer 0 2 2 5 -13

OC3 Faster loan application process…work in real time online with a loan officer 0 0 -8 12 -8

OC4 Our bank's customer service reps will help you browse and use our online banking services -1 0 -6 10 -10

OC2 Use our online tool to find and schedule at your convenience an online working session with an expert such as investment broker, insurance agent, and/or loan officer -3 1 -11 6 -12

ON3 We will answer all your requests in 'real time' by email, instant or text messaging 1 7 -11 3 -1

ON4 We offer 'On demand' status reports for services requests (e.g., loan application) delivered to you via e-mail, text or instant messaging

1 6 -4 -3 0ON2 No more paper mail... We will send you statements and images of

transactions securely by email -2 5 -17 -5 2ON1 We allow you to pay bills securely using your mobile devices (cell

phone, PDA, Blackberry, etc.) -4 2 -13 -9 -2

BR3 We offer a bank-issued smart card so we can recognize you entering the branch and process your needs faster 4 2 6 -3 13

BR4 Choose a secure eye or finger security scan to identify you immediately in-branch and at ATM 4 3 10 -1 3

BR2 We have the most secure biometric system that identifies you as you enter the branch so we can process your needs faster 2 -1 8 -5 6

BR1 We will recognize our customer's mobile phone signal when entering a branch so we can recommend appropriate bank products, promotions and special services -4 -3 -6 -11 2

Online Collaborative

Online Other

In-Branch Recognition

No more paper mail – we will send you copies of statements by secure e-mail

Securely manage your account by PDA, Internet of automated telephone

Our banks customer services reps will help browse & use our on-line services

Manage all your banking needs with a state of the art kiosk and be confident that live help is available if you need it

No more paper mail – we will send you copies of statements by secure e-mail

Securely manage your account by PDA, Internet of automated telephone

Our banks customer services reps will help browse & use our on-line services

Manage all your banking needs with a state of the art kiosk and be confident that live help is available if you need it

MARKET SEGMENTATION SEGMENTATION WIZARDMARKETING PHRASES

10 – 15 minutes

Addressable Minds’ underlying scienceuses standard Science and Mathematics

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DEVELOP SURVEY QUESTIONS

Retail Shopping Sales

ANALYZED SURVEY RESULTS → Addressable Minds

INTERNET

IdeaMap™SUY SURVEY

IDENTIFY TARGET MARKET

Conjoint analysisOrdinary Least Squares Regression

Discriminant Function Analysis

Experimental Design – Stimulus/Response

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A Survey Was Performed by the Team in the area of Retail Shopping

To serve as a learning vehicle for the application Addressable Minds to a practical business or social issue

Sufficient to show the power of the method

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SURVEY OVERVIEW(1 of 2)

An Addressable Minds Survey is a survey of key ideas for retail shoppers to prospects

Survey conducted on March 2011 :◦ Population Ages 18 and over of Males/Females across the

US The team created key marketing and advertising

messaging with the intent to entice the survey taker to shop at our retail store.

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SURVEY OVERVIEW(2 of 2)

50 Individuals responded

Assess two major aspects of messages◦ Does it convince a prospect to buy?◦ How does it make the prospect feel?

Data reveals the mind-sets of respondents across the United States, as well as ‘what works, what doesn’t’

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The Survey begins with an orientation screen

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Each respondent evaluates 48 unique combinations of elementsFirst on overall interest

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Then selects a single emotionPUT YOUR SAMPLE SCREEN HERE

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What convinces?

What drives feelings?

RESULTS

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Total Panel – Interested in convenient shopping and bargain shopping.

1) How likely are you to purchase from this store?<-- Not likely at all           Very Likely- ->

1        2         3        4        5        6        7        8        9

Sorted by Total Sample : Highlighted >+9 winners & <-9 losersTotal

Sample

"The Convenience

Shoppers""The Bargain

Hunters"Base Size 50 26 24

Constant 13 16 10

Save up to 40% on a fabulous selection for the whole family. 19 22 16

NO waiting, NO hassle, products delivered right to your front door step!17 15 18

Our products can be now conviently purchased online at our website, straight from home !

14 10 19

You can now pay your bill ONLINE! -6 -5 -7

Gentleman ! : Polish up your look by adding sharp-looking dress shirts and ties!

-9 -7 -11

There are two unique segments Different Shoppers – Different approaches

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Convenient Shoppers

42%

Bargain Hunters

62%

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Knowledge (Seg2) – Includes rewards shoppers are interested in.

1) How likely are you to purchase from this store?<-- Not likely at all           Very Likely- ->

1        2         3        4        5        6        7        8        9

Sorted by Total Sample : Highlighted >+9 winners & <-9 losersTotal

Sample

"The Convenience

Shoppers""The Bargain

Hunters"Base Size 50 26 24

Constant 13 16 10

Enter our beauty SWEEPSTAKES, for a chance to win a $500 SHOPPING SPREE!

13 3 25

Easy Return & Exchange policies! 12 6 19Our products can be now conviently purchased online at our website, straight from home ! 14 10 19

There are few better ways to give yourself some extra TLC, endulge in our wide selection of HOME products!

-2 6 -10

Gentleman ! : Polish up your look by adding sharp-looking dress shirts and ties!

-9 -7 -11

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1) How likely are you to purchase from this store?<-- Not likely at all           Very Likely- ->

1        2         3        4        5        6        7        8        9

Sorted by Total Sample : Highlighted >+9 winners & <-9 losers

Total Sample

“The Convenience

Shoppers”“The Bargain

Hunters”Base Size 50 26 24Constant 13 16 10

Easy Return & Exchange policies! 12 6 19

Check out our new Spring Collection, available online ! 9 4 14Enter our beauty SWEEPSTAKES, for a chance to win a $500 SHOPPING SPREE! 13 3 25

Gentleman ! : Polish up your look by adding sharp-looking dress shirts and ties!

-9 -7 -11

Shop online, pay online - two peas in a pod!-1 7 -8

Knowledge (Seg3) – Includes online services shoppers are interested in.

The “Segmentation Wizard” is a 30 second shortcut survey that is extracted from the 15 minute survey and identifies

the segment membership of that individual

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DEVELOP SURVEY QUESTIONS

Potential Retail Shopping

ANALYZED SURVEY RESULTS → Addressable Minds

INTERNET

IdeaMap™SUY SURVEY

IDENTIFY TARGET MARKET

No more paper mail – we will send you copies of statements by secure e-mail

Securely manage your account by PDA, Internet of automated telephone

Our banks customer services reps will help browse & use our on-line services

Manage all your banking needs with a state of the art kiosk and be confident that live help is available if you need it

No more paper mail – we will send you copies of statements by secure e-mail

Securely manage your account by PDA, Internet of automated telephone

Our banks customer services reps will help browse & use our on-line services

Manage all your banking needs with a state of the art kiosk and be confident that live help is available if you need it

SEGMENTATION WIZARD

10 – 15 minutes

Segmentation Wizard consists of 3 or 4 elements identified in the in-depth 10 – 15 minute survey

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The Retail Shopping Segmentation Wizard– Online example

The Segmentation Wizard is a short survey with the questions derived from the full survey to identify segment membership

http://www.mjiweb.com/mjitt/QC_Retail/index.htm

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The Retail Shopping Segmentation Wizard– Online example

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Conclusions Two Segments discovered by Addressable Minds

point to the need for 2 individual messaging groups

Positive Emotions can be uncovered and subsequently reinforced in the marketing elements

Through this study, we have seen that both convenient shoppers and bargain hunters are hard to please, so a store that can serve both groups needs to be varied in merchandise, incentives from shopping, and prices of the merchandise provided.