Matching Items (4)

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Creating a Drop-shipping Business: An Analysis of Multiple Marketing Strategies and Tactics on the Impact of Product Sales

Description

To begin our creative project/thesis we sought out a project that would allow us to combine our interests in Supply Chain and Marketing. We chose to develop a drop-shipping business

To begin our creative project/thesis we sought out a project that would allow us to combine our interests in Supply Chain and Marketing. We chose to develop a drop-shipping business and analyze the effects that marketing had on our product sales. After reading and researching multiple potential products, we chose to begin by selling Sea Turtle Charm Bracelets. After selecting our product we created a webpage where we would be able sell it. Once we established a platform, we began to test different marketing tactics to observe the impact that they had on sales. The primary objective of this thesis was to test and analyze different marketing strategies and see which one would have the largest positive impact on sales. We researched different social media platforms and discussed how to best market the website so that we could increase traffic to our webpage and generate higher sales. We implemented different marketing strategies and sent out two surveys, through Qualtrics and Google Forms to understand the relationship between social media marketing and a consumer's likelihood to purchase. This thesis presents the development of a fully functional drop-shipping business, our approaches to marketing, the methodology behind the survey creation, obstacles and challenges we faced along the way, and the overall sales results that concluded our product was not suitable for consistent, long term sales. Through this project we have gained invaluable insight on how a drop-shipping business functions and the impacts that marketing has on it; looking towards the future we have decided to shut down our current business and utilize our knowledge on drop-shipping and marketing to create a new business which will sell items catered towards a broader customer base.

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Created

Date Created
  • 2020-05

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Effect of Assorted Marketing Techniques on Online Sales

Description

E-commerce has rapidly become a mainstay in today's economy, and many websites have built themselves around providing a platform for independent sellers. Sites such as Etsy, Storenvy, Redbubble, and Society6

E-commerce has rapidly become a mainstay in today's economy, and many websites have built themselves around providing a platform for independent sellers. Sites such as Etsy, Storenvy, Redbubble, and Society6 are increasingly popular options for anyone looking to open their own online store. With this project, I attempted to examine the effects of four different marketing techniques on sales in an online store. I opened a shop on Etsy and tracked sales in connection with promotion through social media, selling products in-person at a convention, holding a holiday tie-in sale, and using price anchoring. Social media accounts were opened on Facebook, Tumblr, and Instagram to promote the shop over the course of the project period, and Etsy's web analytics were used to track which sites directed the most traffic to the shop. I attended a convention in mid-January 2016 where I sold my products and distributed business cards with a discount code to track sales resulting from being at the convention. A holiday sale was held in conjunction with Valentine's Day to look at whether holidays influenced purchases. Lastly, a significantly more expensive product was temporarily put in the shop to see whether it produced a price anchoring effect \u2014 that is, encouraged sales of the less expensive products by making them seem affordable in comparison. While the volume of sales data was too small to draw statistically significant conclusions, the project was a highly instructive experience in the process of opening a small online store. The decision-making steps outlined may be helpful to other students looking to open their own online shop.

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Created

Date Created
  • 2016-05

How To Increase The Value of Advertising Spend at a Professional Services Firm When Cost Reductions Are Impractical

Description

This thesis is structured as a case study that draws primarily from the field of marketing with supplements from supply chain management. It focuses on the Law Offices of Jennifer

This thesis is structured as a case study that draws primarily from the field of marketing with supplements from supply chain management. It focuses on the Law Offices of Jennifer Hayes over a time period of six months that spans from September 2012 to February 2013. This project examines how the firm's marketing efforts were expanded to include online pay-per-click marketing through Google Adwords. The project was a huge success as it helped fuel the growth of the business through the generation of qualified leads. Additionally, this thesis also tells the story of the complexities and decisions surrounding the project from its inception to its completion. In the process, this thesis found that the value of the advertising spend at a professional services firm can be increased even when cost reductions are impractical. This was be done by first confirming that there is in fact room to enhance value in this spend category. Secondly, the strategy to accomplish this goal took a holistic approach that enhanced the overall competitiveness of the company, not just its revenues.

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Created

Date Created
  • 2014-05

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Measuring Digital Advertising Effectiveness: Solving the Count/Quality Dilemma

Description

Total digital media advertising spending of $72.5 billion surpassed total television Ad spending of $71.3 billion for the first time ever in 2016. Approximately $39 billion, or 54% of the

Total digital media advertising spending of $72.5 billion surpassed total television Ad spending of $71.3 billion for the first time ever in 2016. Approximately $39 billion, or 54% of the digital media advertising spend, involved pre-programmed software that purchased Ads on behalf of a buyer in Real-Time Bidding (RTB) settings. A major concern for Ad buyers is sub-optimal spending in RTB settings owing to biases in the attribution of customer conversions to Ad impressions. The purpose of this research is twofold. First, identify and propose a novel experimental design and analysis plan for to handling a previously unidentified and unaddressed source of endogeneity: count/quality simultaneity bias (CQB). Second, conduct a field study using data for Ad response rates, cost, and observed consumer behavior to solve for the profit maximizing daily Ad frequency per customer. One large online retailer provided data for Ad impressions, bid costs, response rates, revenue per visit, and operating costs for 153,561 unique users over 23 days. Unique visitors were randomly assigned to one of seven treatment groups with one, two, three, four, five, and six impressions per day limits as well as a final condition with no daily impression cap. Ordinary least square models (OLS) were fit to the data and a non-linear relationship between Ad impressions and site visits demonstrating declining marginal effect of Ad impression on site visits after an optimal point. The results of the field study confirmed the existence of negative CQB and demonstrated how my novel experimental design and analysis can reduce the negative bias in the estimate of impression quantity on customer response. Second, managers interested in improving the efficiency of advertising spend should restrict display advertising to only the highest quality inventory through specific site targeting and by leveraging direct buys and private marketplace deals. This strategy ensures that subsequent impressions are not of lower quality by restricting the pool of possible impressions from a homogenous set of high quality inventory.

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Created

Date Created
  • 2017