Presentation on theme: "Market | research “our full service advertising agency” Kristen Bartini Jen Bulcao Matthew Naffah Justen Nagle Sheila Nagle."— Presentation transcript:
market | research “our full service advertising agency” Kristen Bartini Jen Bulcao Matthew Naffah Justen Nagle Sheila Nagle
introduction Despite the fact that there are 24 cities and towns found in the Cheshire County, there are only two full-service ad agencies. How can these two full service agencies meet the needs of the hundreds of businesses that reside in this county? With a need to service a total population of 73,825 At least one more ad agency is necessary to meet the demand of these people and their hundreds of local businesses.
introduction The purpose of this marketing research project is to identify an opportunity by collecting data from local businesses to see if another agency would be needed. This opportunity relates to Franklin Pierce College students who are interested in entrepreneurship. It is possible that as these students approach graduation, this prospective business idea will be taken into serious consideration.
problem statement Research is necessary to determine if there is a demand for a new full-service ad agency in Cheshire County. The results may be used in aiding Franklin Pierce College graduate entrepreneurs with respect to opening such a business in the near future.
research objectives 1.To identify advertising services that perspective clients would find useful 2.To identify service deficiencies of existing ad agencies in Cheshire County 3.To determine the appropriate target market
definition of terms Advertising Agency. Advertising Agency. Falling under North American Industry Classification System (NAICS) code 541810, the U.S. Census Bureau defines advertising agencies as an industry comprised of, “establishments primarily engaged in creating advertising campaigns and placing such advertising in periodicals, newspapers, radio and television, or other media. These establishments are organized to provide a full range of services, for example through in-house capabilities or subcontracting, including advice, creative services, account management, production of advertising material, media planning, and buying (U.S. Census Bureau, 2000). Cheshire County. Cheshire County. According to the U.S. Census Bureau, Cheshire County is defined as Alstead, Chesterfield, Dublin, Fitzwilliam, Gilsum, Harrisville, Hinsdale, Jaffrey, Keene, Marlborough, Marlow, Nelson, Richmond, Rindge, Roxbury, Stoddard, Sullivan, Surry, Swanzey, Troy, Walpole, West Swanzey, Westmoreland and Winchester (2000). Census 2000 came to the conclusion that Cheshire County included 73,825 people, 28,299 households, and 18,790 families, with a median income of $51,043 for a family (U.S. Census Bureau, 2000).
methodology Problem Identification As a team, we identified our problem based on our knowledge of full service advertising agencies, located in Cheshire County. In discussion with Dr. Little, he informed us that he is only aware of several agencies existing in Cheshire County. Finally, we checked online and viewed yellow pages to confirm this observation. Development of the Survey After multiple drafts, we reviewed our survey both with Dr. Little and our marketing research class and made the necessary revisions. The purpose of the survey is to determine businesses opinions, attitudes and need for another full service advertising agency in Cheshire County.
sample size The population used in this research was based on businesses located in Cheshire County. These businesses are broken down into small (1-10 employees), medium (11-50), and large (51+). Cheshire county businesses were used because our main goal was to determine if there is a need for a new full service advertising agency in Cheshire County. We obtained a broken down list of businesses located within Cheshire County. This list gave us the name, address, and phone numbers for each company. As a team, we used this list as our sample frame to begin determining whom we would survey and in which town each team member would be in charge of collecting data for.
sample size After the total population was determined, it was decided to use an arbitrary method to determine our sample size. Due to our lack of funds and human power, we had chosen arbitrarily to survey 100 businesses. The survey was divided between each of the five group members and each person was responsible for attaining 20 completed surveys within their determined town. We used a non-probability convenience sampling method to attain the survey total. The businesses that agreed to take our survey where simply given the survey, and it took approximately 3 minutes to fill out. Our group surveyed at least one business in each town within Cheshire County.
sample size Our group surveyed at least one business in each town within Cheshire County. Though our method of sampling was a non-probability convenience sampling method, our team made an effort to sample at least 50% small businesses, 30% medium businesses, and 20% large businesses. The reason we decided to use these percentages was to assure we have a proper and accurate sample and that each business is represented throughout our research just as it is represented in Cheshire County. It is our team’s assumption that all respondents answered truthfully. We entered professional businesses and hoped to receive truthful answers.
sample size It is also our assumption that team surveyors have been honest in their attempt to collect random surveys. Finally, we also feel the validity of our survey has helped meet our research objectives because the questions we asked were based around the objectives.
limitations The audience should note our sample size would end up being our biggest limitation. Due to the one semester time constraint, we were unable obtain a large sample. Human power Money Transportation for one group member Unwillingness of businesses to attempt/complete surveys accurately
survey questions The questions were created based on the research objectives we set forth at the beginning of our research. We felt our questions would effectively ascertain the information we are looking to collect for our research.
results – question 1 How important do you consider advertising to the success of your company? Least VitalMost Vital
results – question 2 Would your consider using an agency to fulfill your advertising and marketing needs?
results – question 3 Which advertising agency services would you be most interested in utilizing?
results – question 4 What medias would you be most interested in utilizing?
results – question 5 How do you currently advertise?
results – question 6 If you do use an advertising agency, please scale your satisfaction with your agency? Least VitalMost Vital
results – question 7 Do you think there is a need for a new full-service advertising agency in Cheshire County?
results – question 8 Who is your target market?
results – question 9 What category would your business best fit?
results – question 10 Identify the number of employees in your company?
cross-tabulation 2 Would you consider using an agency to fulfill your advertising and marketing needs? * What media would you be most Interest utilizing?
discussion According to the overall results of our study, we have determined that before opening a full-service advertising agency, a perspective entrepreneur should develop a preemptive business plan. Results of our current research suggest that local businesses may be more timid to consider utilizing an outside resource for advertising and marketing needs. While completing surveys, some respondents offered interesting perspective about the traditional business tactics of local companies. For instance, many small town businesses only advertise in the yellow pages. They also rely heavily on word of mouth recommendations.
discussion We believe the success of a new full-service advertising agency would be dependant on preliminary efforts made on behalf of the potential advertising agency. Such efforts could include a workshop for local small business owners. This workshop would discuss the importance of advertising and how marketing can improve profits. Attendants would learn simple tactics while being introduced to the new agency.
discussion State of the art technology can expand the distance between our perspective agency and its clientele. Subsequently, the potential clients of a new agency do not have to be limited to Cheshire County. This new perspective opens the potential of success. Businesses within the surround area, for instance Manchester, may have interest in utilizing a new resource for fulfilling their advertising and marketing needs. Further clients could be pulled in over the internet.
discussion Overall, we emphasize the need to recognize the specific interest of the perspective client. Any new business would have to respect local culture and trends. While understanding that local tradition lies within word of mouth promotion, a new agency should be prepared to respect this practice while pushing beyond it.
conclusions Research Objective 1 : 1.To identify advertising services that perspective clients would find useful In direct correlation between our research objectives and survey results, we have come to the conclusion that most businesses in Cheshire County are interested in utilizing marketing research and website design. Although we began with the suggestion of a full-service advertising agency, we conclude that concentration should primarily be on these two services. Besides these services, this potential advertising agency should also specialize in different types of print media.
conclusions Research Objective 2 : 2. To identify service deficiencies of existing ad agencies in Cheshire County Unfortunately we were not able identify service deficiencies of existing ad agencies within Cheshire County. Since our research showed that the majority of businesses that use an advertising agency are satisfied, we should in turn focus on businesses that do not currently use an advertising agency. The results showed that 47.6 percent of respondents would consider using an advertising agency, but only 14.7 percent are actually; this leaves approximately one third (32.0 percent) of willing potential clientele. From this crucial conclusion, we need to determine how many clients the potential advertising agency would need in order to be successful.
conclusions Research Objective 3 : 3. To determine the appropriate target market Our final research objective was to determine the appropriate target market of the potential advertising agency, meaning the type of business that would need the agency’s services. The businesses that would need the services of the advertising agency were determined by the group of respondents that are presumably interested in an advertising agency but do not currently advertise. To go into depth further according to the results of this survey, the concentration needs to be on small businesses in Cheshire County
recommendations In the event of further research, we suggest alterations in the procedure. Research team found that businesses were less likely to comply over the phone than in person. When attempting to contact businesses over the phone Businesses made excuses before considering the value of the survey. People were quick to dismiss our phone calls as if we were pesky solicitors.
recommendations With approximately 1,200 businesses in Cheshire County, according to freeNH.com (2004), 75 surveys is not an adequate sample size. We would suggest increasing the sample size to reflect the population. Due to time and financial restrictions, we were only able to collect 75 surveys. Rewording the survey to indicate that respondents should “choose one” instead of using the phrase “most interested in” could help clarify the instructions. Some of the respondents selected multiple answers although we intended for one response per question.
thank you for your attention Any Questions ? Thank You