Upward Bound Final Report – December 2011 Survey and Analysis for Increasing Chocolate sales Project Team Enter your names here in alphabetical order Team member 1 Team member 2 Team member 3
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
BusinessIssue There is a huge variety of chocolate in the market How can a chocolate company find out what appeals to consumers of chocolate in order to increase sales? The team of Upward Bound students wants to find out what to say & how to say it to consumers of chocolate to entice them in buying a bar of chocolate
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.
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 market • research • 2005 Charles Coolidge Parlin Marketing Research Award The “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.
Addressable Minds Psychographic Segmentation - Social Class - Lifestyle Type - Personality Type Behavioral Segmentation - Product Usage - Brand Loyalty - Attitudinal Demographic Segmentation - Age - Gender - Income Cuts across traditional segmentation & detects hidden preferences Addressable Minds
Addressable Minds Approach IDENTIFY TARGET MARKET DEVELOP SURVEY QUESTIONS 10 – 15 minutes INTERNET IdeaMap™ SURVEY SUY Potential chocolate buyers ANALYZED SURVEY RESULTS → Addressable Minds MARKET SEGMENTATION SEGMENTATION WIZARD MARKETING PHRASES 7
Addressable Minds’ underlying scienceuses standard Science and Mathematics IDENTIFY TARGET MARKET DEVELOP SURVEY QUESTIONS INTERNET IdeaMap™ SURVEY SUY Potential chocolate buyers Experimental Design – Stimulus/Response ANALYZED SURVEY RESULTS → Addressable Minds Ordinary Least Squares Regression Discriminant Function Analysis Conjoint analysis 8
A Survey Was Performed by the Team in the area of chocolate 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 9
SURVEY OVERVIEW • An Addressable Minds Survey is a survey of key ideas for chocolate • Survey conducted on November 23, 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 people to buy chocolate bar 10
SURVEY OVERVIEW • 51 Individuals responded • The main question asked in the survey: • How likely are you to buy this chocolate bar? • Data reveals the mind-sets of respondents across the United States, as well as ‘what works, what doesn’t’ 11
Each respondent evaluates 48 unique combinations of elements First on overall interest 13
The Total Panel’s Interest is Different From That in Each of Two Identified Segments
Team identified two unique segments Different People – Different Approach Chocoholic 34% Flavor Seeker 66% Messaging for one isn’t necessary going to appeal to the other…and could actually hurt 17
Chocoholic (Seg1) • Respond well to messages that suggest getting chocolate of any kind for all occasions • Chocolate cake for the chocoholic • Buy at your favorite chocolate store • Chocolate for every special occasion • Chocolate bars for your valentines sweet heart • React negatively to messages describing different chocolate flavors • Delicious cafe mocha flavor • Your favorite fruit flavor • Smooth vanilla flavor
Responsible Activist (Seg2) • Respond well to messages that describe different flavors of chocolate • Delicious cafe mocha flavor • Variety of different fillings • React negatively to messages describing chocolate shapes or occasions for purchase of chocolate • Chocolate in the shape of your favorite cartoon characters • Buy one before getting on the plane
Conclusions/Recommendations Chocolate manufacturers could increase their sales if they change their advertising campaigns. The new advertisement would include the top-rated messages identified in Chocolate survey. Two segments discovered by Addressable Minds point to the need for 2 individual messaging groups. If the right messages are given to the right people sales of chocolate would go up.