BUSINESS PROJECT
BROWNIE BOX - by Luisa and Jordan
For starters
We're conducting an in depth market research into a small business called Brownie Box (BB) to decide whether it is worth it or not to invest in certain areas of their business.
Market research is crucial for a small business as it provides valuable insights into customer preferences and market trends, therefore enabling informed decision-making and the development of effective strategies to make the company's success more likely.
Market reserach is divided into primary and secondary research, and we'll focus on both in the next slides.
PRIMARY RESEARCH
We both decided to make a questionnaire on a google form as our primary research data, so that we can reach a larger sample size, therefore making the information collected more reliable and unbiased. It consists of 2 general questions (name and email), 6 closed, and 4 open.
We decided to focus more on closed questions, as it collects quantitative data, which is easier to analyse and generalise, therefore it is easier to identify trends within customers. However, open questions are also important as it provides a reason of why the customer chose that specific answer.
In the next slides, you'll be able to see our chosen questions for customers, and then the analysis of the data colledcted combined with our suggestions.
QUESTIONS ON FORM
- How often do you buy brownie boxes for personal consumption? (closed) - Which brownie flavors do you find most appealing? (closed) - What factors influence your decision to purchase brownie boxes? (closed) - Are you looking for brownies in individual portions or larger trays? (closed) - Would you be more likely to purchase brownie boxes that offer gluten-free and/ or vegan options? (closed) - Are there any specific dietary preferences or restrictions we should consider when creating our brownies? - Are there any unique flavors and/ or ingredients you’d like to try in brownies? If yes, please name some. - How do you typically discover new brownie businesses like ours? - Can you share any memorable experiences you've had with brownies in the past? How do you usually prefer to place your brownie box orders? (closed)
ANALYSING DATA - chart
Importance to the business:
By identifying and understanding if customers prefer individual portions or larger trays, their business is able to focus its majority in perfecting, and adding value to the one they like the most. As presented on the chart, 53,8% prefer ordering larger trays.
Our suggestion:
As advisors, our suggestion is to focus the most part of their attention in making larger trays look as appealing and satisfactory to customers, so that they can attract more people to their business and make their popularity grow.
ANALYSING DATA - chart
Importance to the business:
By knowning if customers would like gluten-free and/or vegan options, the business is able to attract a wider range of interested people by meeting their needs. However, in that situation in particular, the purchase of brownies wouldnt be more likely if given those options, as 76,9% voted "no".
Our suggestion:
Our suggestion would be to not invest money in the making of gluten-free and/or vegan brownies, as only a small portion of people would actually buy it.
ANALYSING DATA - chart
Importance to the business:
By knowning customers' preferred way of placing orders, the business is able to satisfy their needs by giving them what they want, therefore ensuring the customers' loyalty. As shown on the graph, 53,8% of people prefer to order in person at a physical store, while only 7,7% prefer over the phone.
Our suggestion:
Our suggestion would be to invest in customer service, as the majority of those who voted prefer to order in person. By gigivng them a good service, they'll most likely return, which increases BB's sales.
ANALYSING DATA - graph
Importance to the business:
By identifying and understanding the preferred flavors of customers, Brownie Box is able to provide a better experience according to their tastes and preferences. It will help them choose which one would be better to invest in, which seems to be classic chocolate, as 62,2% of people chose that one.
Our suggestion:
Our suggestion would be to pick a flavor (or flavors) to financially invest, therefore adding value to the product, and attracting more customers to their businesses.
ANALYSING DATA - graph
Importance to the business:
By identifying and understanding the principal factors that influence customers, the business is able to give them satisfaction by reaching those factors, and giving them options. As seen on the graph, brand reputation, packaging/presentation, and price are the main factors why customers prefer certain certain businesses in comparison to others.
Our suggestion:
Our suggestion is for the business to use this data by satisfacting customers, and giving them the right design and price, and investing in the populatiry of their brand (through social media, ads, etc).
ANALYSING DATA - graph
Importance to the business:
By knowning and understanding the dietary preferences of customers, they're able to receive a large amount of satisfaction, even though every vote said that there were none that should be considered. It shows the business' preoccupation with the growing needs of their customers, and creates a competitve advantage.
Our suggestion:
Our suggestion would be to not consider specific dietary preferences, even though we'd say that it's still important to keep that in mind in case any customer would like to order a brownie that doesnt cause them harm.
SECONDARY RESEARCH
Secondary research refers to the process of gathering and analyzing existing data, information, and materials that have already been collected by others for purposes other than the researcher's current project.
For that type of research, we used internet sources to collect relevant data to BB, such as market reports, comeptitors' information, websites, blogs, forums, social media data, articles, and statistics. All of those examples provided us with a better understanding of trends, customer opinion, perspectives, experiences, etc.
The advantages of secondary research include cost-effectiveness, time efficiency, and the ability to access a large volume of information quickly.
SOCIAL MEDIA POST
Social media is a very effective way of promoting your small business, as it can provide you with: a massive audience to your product, greater advertising to your target customers, easy engagement/interaction with customers, and have a wider and global reach. Therefore, we've chosen Instagram as our main suggested platform for BB to use.
- Advantages of using Instagram to promote small businesses: visual appeal, large user base, hashtags/discoverability, business tools, stories/reels, influencer collaborations, and e-commerce integration. - People will engage with my post because: it is mostly visual, easy to understand, and interactive. Also, customers will be more interested in it because those who shares the post will be able to compete to gain a free brownie box.
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Transcript
BUSINESS PROJECT
BROWNIE BOX - by Luisa and Jordan
For starters
We're conducting an in depth market research into a small business called Brownie Box (BB) to decide whether it is worth it or not to invest in certain areas of their business.
Market research is crucial for a small business as it provides valuable insights into customer preferences and market trends, therefore enabling informed decision-making and the development of effective strategies to make the company's success more likely.
Market reserach is divided into primary and secondary research, and we'll focus on both in the next slides.
PRIMARY RESEARCH
We both decided to make a questionnaire on a google form as our primary research data, so that we can reach a larger sample size, therefore making the information collected more reliable and unbiased. It consists of 2 general questions (name and email), 6 closed, and 4 open.
We decided to focus more on closed questions, as it collects quantitative data, which is easier to analyse and generalise, therefore it is easier to identify trends within customers. However, open questions are also important as it provides a reason of why the customer chose that specific answer.
In the next slides, you'll be able to see our chosen questions for customers, and then the analysis of the data colledcted combined with our suggestions.
QUESTIONS ON FORM
- How often do you buy brownie boxes for personal consumption? (closed) - Which brownie flavors do you find most appealing? (closed) - What factors influence your decision to purchase brownie boxes? (closed) - Are you looking for brownies in individual portions or larger trays? (closed) - Would you be more likely to purchase brownie boxes that offer gluten-free and/ or vegan options? (closed) - Are there any specific dietary preferences or restrictions we should consider when creating our brownies? - Are there any unique flavors and/ or ingredients you’d like to try in brownies? If yes, please name some. - How do you typically discover new brownie businesses like ours? - Can you share any memorable experiences you've had with brownies in the past? How do you usually prefer to place your brownie box orders? (closed)
ANALYSING DATA - chart
Importance to the business:
By identifying and understanding if customers prefer individual portions or larger trays, their business is able to focus its majority in perfecting, and adding value to the one they like the most. As presented on the chart, 53,8% prefer ordering larger trays.
Our suggestion:
As advisors, our suggestion is to focus the most part of their attention in making larger trays look as appealing and satisfactory to customers, so that they can attract more people to their business and make their popularity grow.
ANALYSING DATA - chart
Importance to the business:
By knowning if customers would like gluten-free and/or vegan options, the business is able to attract a wider range of interested people by meeting their needs. However, in that situation in particular, the purchase of brownies wouldnt be more likely if given those options, as 76,9% voted "no".
Our suggestion:
Our suggestion would be to not invest money in the making of gluten-free and/or vegan brownies, as only a small portion of people would actually buy it.
ANALYSING DATA - chart
Importance to the business:
By knowning customers' preferred way of placing orders, the business is able to satisfy their needs by giving them what they want, therefore ensuring the customers' loyalty. As shown on the graph, 53,8% of people prefer to order in person at a physical store, while only 7,7% prefer over the phone.
Our suggestion:
Our suggestion would be to invest in customer service, as the majority of those who voted prefer to order in person. By gigivng them a good service, they'll most likely return, which increases BB's sales.
ANALYSING DATA - graph
Importance to the business:
By identifying and understanding the preferred flavors of customers, Brownie Box is able to provide a better experience according to their tastes and preferences. It will help them choose which one would be better to invest in, which seems to be classic chocolate, as 62,2% of people chose that one.
Our suggestion:
Our suggestion would be to pick a flavor (or flavors) to financially invest, therefore adding value to the product, and attracting more customers to their businesses.
ANALYSING DATA - graph
Importance to the business:
By identifying and understanding the principal factors that influence customers, the business is able to give them satisfaction by reaching those factors, and giving them options. As seen on the graph, brand reputation, packaging/presentation, and price are the main factors why customers prefer certain certain businesses in comparison to others.
Our suggestion:
Our suggestion is for the business to use this data by satisfacting customers, and giving them the right design and price, and investing in the populatiry of their brand (through social media, ads, etc).
ANALYSING DATA - graph
Importance to the business:
By knowning and understanding the dietary preferences of customers, they're able to receive a large amount of satisfaction, even though every vote said that there were none that should be considered. It shows the business' preoccupation with the growing needs of their customers, and creates a competitve advantage.
Our suggestion:
Our suggestion would be to not consider specific dietary preferences, even though we'd say that it's still important to keep that in mind in case any customer would like to order a brownie that doesnt cause them harm.
SECONDARY RESEARCH
Secondary research refers to the process of gathering and analyzing existing data, information, and materials that have already been collected by others for purposes other than the researcher's current project.
For that type of research, we used internet sources to collect relevant data to BB, such as market reports, comeptitors' information, websites, blogs, forums, social media data, articles, and statistics. All of those examples provided us with a better understanding of trends, customer opinion, perspectives, experiences, etc.
The advantages of secondary research include cost-effectiveness, time efficiency, and the ability to access a large volume of information quickly.
SOCIAL MEDIA POST
Social media is a very effective way of promoting your small business, as it can provide you with: a massive audience to your product, greater advertising to your target customers, easy engagement/interaction with customers, and have a wider and global reach. Therefore, we've chosen Instagram as our main suggested platform for BB to use.
- Advantages of using Instagram to promote small businesses: visual appeal, large user base, hashtags/discoverability, business tools, stories/reels, influencer collaborations, and e-commerce integration. - People will engage with my post because: it is mostly visual, easy to understand, and interactive. Also, customers will be more interested in it because those who shares the post will be able to compete to gain a free brownie box.
Post (drawn):