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1 S MALL B USINESS S OLUTIONS Jade Lee Elizabeth Ahn Estefi Medina Mike Andrews Esther Blinkoff Vidya Sathyamoorthy Nick Deckard Taylor Schulz Lauren Ficco Max Koehler Akhila Iruku Jeff Lue
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2 Importance of Small Business 2 “There are approximately 23 million small businesses in the United States, representing more than 99% of all firms...collectively, these firms generate almost 50% of the sales revenues of all U.S. companies and employ more than half of the private-sector workforce.” - U.S. Small Business Administration
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3 Research Problem 3 Small retailers are underperforming Various business functions have been cited as problem source Researchers have not yet identified most significant problem source
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4 Research Question 4 What is the major pain point affecting small retailers today? Can a technological solution addressing this problem improve small business performance as measured by overall sales, net profit, and customer retention?
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5 Hypothesis 5 If small businesses implement a technological solution to improve their customer relationship management, they will improve their sales, net profit and customer retention.
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6 Methodology 6 Mixed Method Design Multiple Case Study Product Development
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7 Progress Update 7 Conducted in-store interviews Attended International Toy Fair Established relationship with software developer: Rolotrak Distributing surveys Translating survey to Spanish Gathering past sales data from existing small business owners
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8 Fall 2009 8 Survey Retailers Conduct Focus Group Determine Solution
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9 Winter 2009 9 Determine Requirements for System and Develop Design Rolotrak Programs System Contact Stores and Finalize Case Study Participants
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10 Spring 2010 10 Pre-TestImplement Prototype for 3- 4 Months Monitor Store Data
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11 Summer 2010 11 Post-Test Analyze Data Begin Writing Thesis
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12 Fall 2010 12 Continue Writing Final Thesis
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13 Spring 2011 13 Finalize Thesis
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14 Data Collection Distributing surveys online and in-person Targeting communities with large numbers of mall businesses in one area Not limited geographically
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15 Survey Distribution = Survey Distributed
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16 Obstacles Encountered Managers often unavailable Language barrier Limited scope Only surveying retailers with nonperishable goods No services Retailer hesitancy to provide data Difficult to distribute surveys
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17 Preliminary Results If you do not currently have a retail management system, how much would you be willing to pay for one? I use my current checkout system for: What kind of checkout system do you use?
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18 Team Composition Topical Teams CRM, Finance/Accounting, Inventory Administrative Grants Team, IRB Team Functional (Future) One sub-team for each case study participant Software development subteam
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19 Research Goals 19 Pinpoint major problem area Determine method to address problem Enable small businesses to be more competitive in marketplace.
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20 Advice for Freshmen Propose a project Be passionate Be problem-oriented, not solution-oriented GEMS102 section leader is important Be open minded Don't get discouraged Team cohesiveness is important Celebrate the little achievements
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21 Image Credit 21 http://www.primelifeenrichment.org/volunteers/Volunteers.jpg http://www.majestictheatre.net/images/200805182208060.survey.jpg http://www.syspro.com.au/img/financial.jpg http://lincoln.senate.gov/contact/images/ContactUs-1_1.jpg http://www.luxuryhomesmaryland.com/images/Maryland%20Map%207-30-2008.gif http://www.cinestatic.com/infinitethought/uploaded_images/focus-group-719407.jpg http://www.wendi.com/assets/images/lightbulb.jpg http://beverlyheights.org/files/blueprint.jpg http://planet-iphones.com/wp-content/filez/upload/heart-monitor-500.jpg http://blog.sunvalleyonline.com/wp-content/uploads/2007/06/mom_pop_3a3.jpg http://www.themarketingbuzz.co.uk/userimages/RelationshipMarketing.jpg http://melissabushman.files.wordpress.com/2007/06/
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22 Any Questions? 22
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