Pacific Ethnol

Pacific Ethanol 1st edition Researched and published by: Group 4 Consulting Firm 1231 Ne Thomas St. Hillsboro, OR 97124 Tel: 503-648-3616 Fax: 503-869-1955 E-mail: [email protected] http://www. group4consulting.com Copyright Group 4 Consulting Firm 2009 This document is strictly copyrighted. Reproduction in any form whatsoever is prohibited and libraries should not permit photocopying without prior arrangement. ISBN: 123457 6087

Disclaimer This edition of the Pacific Ethanol has been prepared with painstaking care but the editors cannot accept responsibility for any errors, which may have occurred during its compilation. We would welcome comments and feedback about the contents to assist in the compilation of subsequent editions. Printed in United States

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Table of Contents  EXECUTIVE BRIEF ........................................................................................................................................... 5  INTRODUCTION ............................................................................................................................................. 6  SAMPLING ..................................................................................................................................................... 6  BACKGROUND ............................................................................................................................................... 6  Industry Analysis ........................................................................................................................................... 7  Company Analysis ......................................................................................................................................... 7  OVERALL SAMPLING PLAN ............................................................................................................................ 9  Definition of Population Surveyed ............................................................................................................ 9  Sampling Frame ........................................................................................................................................ 9  Sampling Size ............................................................................................................................................ 9  Sampling Error........................................................................................................................................... 9  QUESTIONS & DATA ANALYSIS.................................................................................................................... 10  Question 1: .............................................................................................................................................. 10  Question 2: .............................................................................................................................................. 11  Question 3a: ............................................................................................................................................ 12  Question 3b: ............................................................................................................................................ 13  Question 3c: ............................................................................................................................................ 14  Question 3d: ............................................................................................................................................ 15  Question 3e: ............................................................................................................................................ 16  Question 3f: ............................................................................................................................................ 17  Question 3g: ............................................................................................................................................ 18  Question 4: .............................................................................................................................................. 19  Question 5: .............................................................................................................................................. 20  Question 6: .............................................................................................................................................. 21  Question 7: .............................................................................................................................................. 22 

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Question 8: .............................................................................................................................................. 23  Question 9: .............................................................................................................................................. 24  Question 10: ............................................................................................................................................ 25  Question 11: ............................................................................................................................................ 26  Question 12: ............................................................................................................................................ 27  Question 13: ............................................................................................................................................ 28  Question 14: ............................................................................................................................................ 29  Question 15: ............................................................................................................................................ 30  Question 15: ............................................................................................................................................ 30  Question 16: ............................................................................................................................................ 31  Question 17: ............................................................................................................................................ 32  Question 18: ............................................................................................................................................ 33  Question 19: ............................................................................................................................................ 34  Question 20: ............................................................................................................................................ 35  CROSS TABULATION .................................................................................................................................... 36  SURVEY PERSONA ....................................................................................................................................... 38  CONCLUSION ............................................................................................................................................... 38  WORKS CITED .............................................................................................................................................. 39  E 85 Draft Survey ......................................................................................................................................... 41  Planning Questions ..................................................................................................................................... 48  Final Survey ................................................................................................................................................. 49  Raw Data ..................................................................................................................................................... 52 

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  EXECUTIVE BRIEF  Pacific Ethanol has been on the Stock market for over ten years. In that time the company has gone from trading at forty-four dollars a share to it's lowest of forty-three cents a share as of May 8th 2009. Over the last few years the government has began to enforce Renewable Fuels Standard which has help Pacific Ethanol stock price in the past. However now we see that the future for this company lays in the price of corn compared to the price of regular gas. The Goal for Group 4 was to find out if the lack of knowledge about E85 is affecting sales, know how much people were willing to pay for converting their cars, how affective the flex fuel advertising campaign has been and finally find out if peoples’ view of sustainability really affect ethanol sales. To do this Group 4 facilitated an online survey to people ages 18-55 in the greater metro area. The team’s goal was to have 60 participants complete the online survey. The survey went live on May 12th and concluded on May 31st. In total Group 4 hit its target number for the survey. What Group 4 found from the survey was that the typical person surveyed was female between the ages of 30-34. They graduated from a four year university. She drives a non flex fuel vehicle around town all week long. On average she drives 175 miles a week and spends $100 on gas. Overall she thinks she is over spending on gas. The average surveyor believes that the current environmental efforts and policies in the U.S. are important. They believe that they could be better informed about the environment and other green initiatives that are going on. They prefer to purchase products that are environmentally friendly, and they make it a priority to be environmental conscious in their everyday life. They are also willing to pay 5% more for green products. The main reason that they buy fuel from their favorite gas station is convenience, within five minutes of their home. On average they would buy E-85 at these gas stations if it was available, priced lower than gas, and if their car could be converted to run E-85. They would be willing to spend up to $100 to upgrade their vehicles to run Flex Fuel. They have not seen ads for E-85. Thus with no exposure to ads or vehicle ability, they have not purchased E-85. Group 4 suggests that Pacific Ethanol invests money into buy land to grow its own corn. Sign multi-year contracts to keep prices stable. Look into government funding to offset some of the corn prices. Co-market an advertising campaign with the government to raise the awareness of running E-85. And lastly find ways to get States to help with E-85 stations in forms of a rebate or tax incentive to open a new station or convert an already existing station. Lastly Group 4 believes that Pacific Ethanol need to partner with other manufactures of E-85 to start a grassroots campaign to get ethanol out there. With 82% of people surveyed not buying the product and 56% not seeing an advertisement for E-85 there is a lot of work need to bring this company back to life

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        INTRODUCTION    We did a study to see how well ethanol gas is being marketed to the general public. The  focus of the study was on the company Pacific Ethanol Inc. They are a leader in producing  and marketing low‐carbon ethanol. We used a web‐based survey administered to people  around the Portland area. The type of ethanol that is mostly used in the Northwest is corn‐ based, specifically E‐85. The company currently uses the marketing strategy of marketing  to distributers, not the general public. We think that in order for sustainable gas to become  part of the sustainable movement they will need to change their strategy and administer to  the general public.  SAMPLING   The population we looked to survey were people between the ages of 18‐55, from  either gender. They all lived in the northwest. They needed to provide information  regarding how they felt about how much they paid for products, why they purchase certain  products, and how they feel about sustainability.  We used an online survey that was administered through both the internet and in  paper form. It took the recipient approximately 5 minutes or less to complete. All Three  group members administered the survey. The survey was launched on  May 12th  and  concluded on May 31st, 2009. As a group we required each individual of the group to gather  at least 20 completed questionnaires. As a group we hit our target number and exceeded it  by five percent. In total we received 63 completed questionnaires. These surveys were then  analyzed with the SPSS, Excell, and the VOVICI EFN Continuum software. The data was then  used to help answer the three objectives of this study.  BACKGROUND     Originally formed to broker auto repair, Pacific Ethanol Inc. is now a leader in producing  and marketing low‐carbon ethanol.  Ethanol is an alternative source of fuel that is produced  by converting starch through fermentation of grain crops, mainly corn.  It is then added to  gasoline and sold to the everyday consumer.  It can be blended in two different ways:  with  up to 10% ethanol with the remainder 90% gasoline; or at 85% ethanol with the remainder  15% gasoline.  The latter is referred to as E‐85 or Flex fuel and will be the focus of our  study.  Pacific Ethanol Inc. owns four production facilities located in Oregon, Idaho, and two  in California.  They also own a 42% interest in Front Range Energy LLC, who runs a facility  in Colorado.  Combined, all five plants can produce a total of 248 million gallons of ethanol  a year.  Their growth strategy revolves around the destination business model, where each  respective ethanol plant achieves lower process and transportation costs by servicing local  markets for both fuel and feed (pacificethanol.net). Their biggest customers are Chevron 

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and Valero, who then mix and sell the product to consumers (Pacific Ethanol Inc).  The  company also markets and sells a product called wet distillers grain or WDG.  This is the  byproduct after the starch has been fermented out of the grain.  It contains proteins, fats,  fiber, minerals and vitamins which is concentrated and fed to dairy and beef cattle, poultry  and swine (pacificethanol.net).    Industry Analysis  The biofuels industry in the U.S. includes about 200 companies with combined  annual revenue of about 3 billion.  It is a young industry that has grown at a rate between  25 and 50% each year.  New companies enter the industry constantly and breakthroughs in  new technology are frequent.  Barriers to entry are fairly low due to federal and state  subsidies and loan guarantees (Biofuels Production).    Demand for biofuels is driven by federal legislation and regulations that establish a  government‐mandated market. The Energy Independence and Security Act of 2007  significantly increased the mandated use of renewable fuels to 9 billion gallons in 2008,  with an incremental rise to 36 billion gallons by 2022 (Gas Stations). Congress has also  been talking about a bill that will require 75% of new vehicles to be able of using an  alternative fuel, such as E‐85, by 2015 and 100% by 2020 (Stoffer, 4).    Ethanol makes up over 90% of the current U.S. biofuels production of about 4 billion  gallons per year.  The profitability of production facilities depends on the price of gas and  diesel, which fluctuate based on world petroleum demand and domestic refinery  utilization.  Economies of scale are limited due to the transportation costs associated with  gathering feedstock and transporting the ethanol to blending sights.  Most large companies  run multiple production facilities for this reason.  Ethanol cannot be transported through  pipe lines because it is highly corrosive and readily absorbs water.  This causes issues when  transporting it from production facility to the blending facility (Biofuels Production).  The major customers of biofuel companies are motor vehicle users who buy the  alternative fuels blended with their regular petroleum products.    Roughly 6 million GM,  Ford and Chrysler late model vehicles are equipped to run on E‐85.  There are also  companies that produce conversion kits for fuel injected cars to run on the alternative fuel.   Right now the price of ethanol is pegged to the wholesale price of gas, but the federal  government estimates that the long‐run wholesale price of ethanol will be around $1 a  gallon (Biofuels Production).  Between government legislation and the demand for more  eco‐friendly, sustainable products, the biofuels industry has a very promising future.    Company Analysis    The financial performance of Pacific Ethanol Inc. has been declining in recent years. On its start date of March 24th, 2005, the stock opened at a price of $9.30. From that point, it reached a high in May 2006 of $44.50 only to hit a low of $.20 in March 2009. The current price per share was $.38 on April 29, 2009. Looking at their financial statements and computing financial ratios has shown this decline in performance. Their current ratio, which is a measure of liquidity on how many times their current assets cover their current liabilities, has declined dramatically. In 2006 the ratio was 4.15, but as of 2008 it was .20. For profitability measures, return on assets (ROA) and return on equity (ROE) were looked at. The ROA ratio illustrates how well 

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management is employing the company's total assets to make a profit.   The ROE measures  how much the shareholders earned for their investment in the company.  Both ratios have  declined since 2006 and are now negative as of 2008.  When looking at their debt, we  computed a debt ratio, which compares a company’s total debt to its total assets, and a  debt‐equity ratio, which compares the company’s total debt to shareholder’s equity.  The  lower the ratios are the stronger equity position is for the company.  Unfortunately, both of  these ratios have been increasing since 2006 to unhealthy numbers (Pacific Ethanol Inc.).   Even though their sales have increased to over 700 million, their costs of goods sold,  increasing debt and increased selling and administrative expenses have had a dramatic  impact on the financial performance of Pacific Ethanol Inc.  Even though the financial performance of the company has not been very successful in recent years, the company does have the infrastructure in place to prosper in a very young, fast growing industry. Looking at the company’s strengths and weaknesses from an internal standpoint, and their opportunities and threats from an external standpoint, will give us a better understanding of where they are positioned and how to utilize it. One of the major strengths for Pacific Ethanol Inc. is their infrastructure, which was mentioned earlier. They have the capacity to produce over 240 million gallons of ethanol annually. Their ability to sell WDG, which is the waste product of producing the ethanol, is also strength for the company. Being able to market and sell almost every facet of production, including the waist, is an advantage for any company. Selling these products in their local markets is also a plus, cutting down on transportation costs. The company is not without its weaknesses though.  Their financial performance  has obviously been struggling.  They continue to increase their sales, but at the same time  their net income continues to fall.  The amount of debt that they have compiled from  building their infrastructure is also a weak point.    The opportunities for the company can shed some light on the subject.  They are in  an industry that is still very young.  With all the forms of government legislation that are  being imposed, there is going to be a higher demand for ethanol that ever before.  The  increased awareness of the effect products have on the environment will also help the  company.  According to a report by the Congressional Budget Office (CBO), in the short run,  the production, distribution, and consumption of ethanol will create about 20 percent  fewer greenhouse gas emissions than the equivalent processes for gasoline.  For 2008, such  a finding translates into a reduction of about 14 million metric tons of carbon dioxide and  equivalent gases, which is a standard measure of greenhouse‐gas emissions (10).  Even  though not all cars are able to currently run on an E‐85 blend, some companies now have a  device that will allow most fuel injected cars to run on the product.  This will also increase  the demand for ethanol.    There are two major external threats for Pacific Ethanol Inc.  The demand for corn  for ethanol production, along with other factors, exerted upward pressure on corn prices,  which rose by more than 50 percent between April 2007 and April 2008. Rising demand for  corn also increased the demand for cropland and the price of animal feed.  Those effects in  turn raised the price of many farm commodities and the retail price of food.  From April  2007 to April 2008, the rise in the price of corn resulting from expanded production of  ethanol contributed between 0.5 and 0.8 percentage points of the 5.1 percent increase in  food prices measured by the consumer price index (CBO, 9).  Another threat to ethanol is  that cars do not get as good of gas mileage when running on it compared to regular  gasoline; estimates range around a decrease of 15%.  Also, the alcohol used in making the 

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alternative fuel is said to have corrosive properties on rubber and plastic, so your vehicle  must be set up to run on it (Gritzinger, 18).  The increase in food prices and  underperforming in automobiles have been the two major critiques of the production of  ethanol as an alternative source of fuel.  OVERALL SAMPLING PLAN 

Definition of Population Surveyed    The people surveyed were individuals living in and around the Portland area that drive  and care about the environment. The people that were surveyed provided information  based on their perceptions of sustainable energy. 

Sampling Frame    Screening questions will be asked to identify qualified respondents.  Respondents were  asked (1) Do they drive and (2) Do they care about sustainability.   If they answer “Yes” to both questions, they qualify to take the survey.  If they do not, the  respondent was still allowed to complete the survey as they can purchase gas in other ways  such as mass transit. So it was still important to us to gather their information.  The survey was administered May 12th to May 31st of 2009.  We administered it to people in our reach, specifically to students and employees of: PSU,  Umpqua Bank, US Bank, Torani, Le Gourmet Chef, Intel, several law firms and Jack Morton.  We also used Myspace.com to distribute some of the surveys. We asked the people that we  contacted if they could pass along the survey to others to complete as well, so we could  gather the most surveys as possible. We ended up with a total of 103 responses to the  survey but only 63 surveys were completed. The difference in completed surveys and  responses is due to computer error or interruption.  

Sampling Size   This  survey  was  administered  by  3  students  who  had  to  collect  at  least  20  completed  surveys each.  The total number collected actually turned out to be 63.    A requirement of this survey was that we should be able to rely on the results to at least a  95% confidence level.  We are uncertain of factors such as standard deviation, so when  calculating sampling error, we will use a 50‐50 percentage method for the values of P and  Q.  Therefore, using the formula below, our estimated sampling error was 12.3%.   

Sampling Error   

e=

9

(1.96) 2 (50)(50) 6 = 12.3% 63

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QUESTIONS & DATA ANALYSIS     

Question 1:   Do you drive a motorized vehicle?    

  Our first question was to know if the respondent drives a motorized vehicle, and if their  answer was “No”, the survey will be disabled, and that’s because we are looking for the  people who use fuel often.

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Question 2:   Is your vehicle a Flex Fuel Vehicle?    

  This graph shows that a very small percentage of people actually have cars running on flex  fuel, and approximately 2 thirds have cars that run on gasoline. the interesting one was that  20 % of the people didn’t know if their cars was running on either flex fuel or gasoline.            

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Question 3a:   Current environmental efforts/policies in the U.S. are important to me.   

Almost 90% of people who took the survey agreed that the environmental efforts/policies  in the U.S. are important to them, which shows that advertising and informing people about  green products is a good way to increase sales.       

     

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Question 3b:   I am well informed about environmental problems. 

  A big portion of people are informed about the environmental issues (problems). That  being known, we could promote our products by showing how will it be friendly to the  environment, and how could our product help solving the problems.             

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Question 3c:   I feel I could be more informed about green initiatives.

As the previous 2 questions showed, informing people about the environment and the  solutions to the problems could be a big factor in our case.        

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Question 3d:   I prefer to purchase products that are environmentally friendly    

  The big majority of people prefer to buy environmentally friendly products, so if we could  make our products affordable, people are willing to buy it.      

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Question 3e:   Being environmentally conscious is part of my daily life.    

Having in mind that people care about the environment and that it is in their daily routines,  shows that we could easily market our products in this type of markets.        

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Question 3f:   I prefer to buy products from businesses that are environmentally friendly.     

  Relates to the previous question, if someone cares about the environment and its in their  daily life, they are going to prefer to work and buy products from environmental friendly  businesses.      

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Question 3g:   The environment is important to me.    

  A summary for all 6 previous in that one, more than 95% of people actually care about the  environment, and for more than half of those people,  the environment is very important.  That is a very promising for a “green” business.      

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Question 4:   Are you willing to pay a premium for green products?    

  This question is actually one of the most important questions if not the most. Knowing how  much people are willing to pay for “green” products is the first thing to take in mind when  entering a market or trying to establish yourself in an existing market.       

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Question 5:   How much would you be willing to spend to convert your car to E­85 (E85 is an  alcohol fuel mixture that typically contains a mixture of up to 85% denatured fuel  ethanol and gasoline or other hydrocarbon (HC) by volume.)     

  27 % of people aren’t willing to convert their cars if it’s going to cost them money. on the  other hand, everyone else is willing to pay at least 100 dollars to convert their cars. That  shows that there is a big portion of people who are willing to pay a reasonable amount of  dollars to convert their cars, which could be promising.   

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Question 6:   How often do you see advertisements for Flex Fuel vehicles?    

  This question shows that a big issue that affects the sales of flex fuel is advertising. Only  one person said that she/he sees advertising about flex fuel more than once daily. More  than half the people said that they haven’t seen advertisements for flex fuel.      

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Question 7:   In a one week period, how frequently do you drive?    

  More than 2 thirds of people drive almost every day. Taking in mind what we got in the  questions about the importance of the environment, we know who our target market is,  that way we know how and where to promote our product.      

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Question 8:   How many miles a week would you say you drive?    

  On average, people drive 175 miles per week. The average U.S. vehicle mpg is 19.8, and the  average tank size is 16 gallons. That being said we know that people who drive, visit gas  stations approximately every week and 4 days.      

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Group 4 Consulting Firm 2009

    

Question 9:   In general, do you feel that gasoline prices are:    

    More than 80 % of people think that gas prices are high. Promoting our product could be by  informing our customers that they could save money on fuel by using it.

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Group 4 Consulting Firm 2009

    

Question 10:   Thinking back on the last several months, how often do you buy E­85 grade gasoline?    

  This simply says that the majority of people never buy E85 because they aren’t well‐ informed about it. This survey showed that the majority of people have the ability to buy it  if they knew more about it.      

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Group 4 Consulting Firm 2009

    

Question 11:   What is the most important reason for NOT purchasing E­85 grade gasoline?     

Again, most people are not well‐informed about it, that’s why they aren’t buying it.        

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Group 4 Consulting Firm 2009

    

Question 12:   About how many minutes does it take to drive to the gas station you frequent most  often? 

90 % of the people drive less than 10 minutes to drive to gas stations. If we want to  promote E85, we are going to have it available around the city so people don’t have to go  for long drives to get fuel.          

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Group 4 Consulting Firm 2009

Question 13:   Again, think about the gas station you frequent most. What are some of the reasons  this gas station is your favorite? (Check all that apply)        Other Responses:    My car runs off of diesel, cant use E‐85      club member    don't like the other gas stations            

                     

         

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Group 4 Consulting Firm 2009

  Question 14:   Do you live or work close to any of these locations 

   

    

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Group 4 Consulting Firm 2009

   Question 15:   Have you ever bought E­85 from any of these locations     

        

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Group 4 Consulting Firm 2009

    

Question 16:   In an average month, how much do you spend on gas    

  As we got in our background research, E85 costs less than regular gasoline. Having cars  running on E85 is going to make people save money on fuel which is a good way to  promote it.      

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Question 17:   How important is price in your decision to purchase E­85?    

In this question you will see that people have really different thoughts about E85, which  brings up the lack of knowledge about it. Also, if people knew more about it, and that it is  going to cost them less to buy E85 than gasoline.        

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Question 18:  Gender     

        

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Group 4 Consulting Firm 2009

    

Question 19:   What is your age?     

        

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Group 4 Consulting Firm 2009

    

Question 20:   What is the highest level of education you have attained to date?    

              

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Group 4 Consulting Firm 2009

CROSS TABULATION  Cross-tab against: 18) Gender Base Question always frequently sometimes seldom never Total Counts

Male 0.0% (0) 0.0% (0) 7.7% (2) 3.8% (1) 88.5% (23) 26

Female 0.0% (0) 0.0% (0) 11.8% (4) 11.8% (4) 76.5% (26) 34

Cross-tab against: 4) Are you willing to pay a premium for green products? I am not pay a pay a pay a Base Question willing to premium up to premium premium pay a 5% up to up to premium 5% to 10% to 10% 20% Male

52.9% (9)

32.0% (8)

Female

47.1% (8)

68.0% (17)

Total Counts

17

46.2% (6) 53.8% (7) 13

25

25.0% (1) 75.0% (3)

pay a premium more than 20% 66.7% (2) 33.3% (1)

4

3

  Cross-tab against: 4) Are you willing to pay a premium for green products? I am not pay a pay a pay a Base Question willing to premium premium premium pay a up to 5% up to up to premium 5% to 10% to 10% 20% Male

52.9% (9)

32.0% (8)

Female

47.1% (8)

68.0% (17)

Total Counts

36

17

Group 4 Consulting Firm 2009

25

46.2% (6) 53.8% (7) 13

25.0% (1) 75.0% (3)

pay a premium more than 20% 66.7% (2) 33.3% (1)

4

3

Cross-tab against: 19) What is your age? Base Question Under 18

18 - 20

21 - 24

25 - 29

30 - 34

35 - 39

40 - 44

45 - 49

50 or older

much too high

0.0% (0)

100.0% (1) 0.0% (0)

22.2% (4) 66.7% (12)

0.0% (0)

0.0% (0)

25.0% (3) 58.3% (7)

0.0% (0)

somewhat high

33.3% (3) 55.6% (5)

75.0% (3)

83.3% (5)

33.3% (2) 33.3% (2)

71.4% (5) 0.0% (0)

about right

0.0% (0)

0.0% (0)

0.0% (0)

0.0% (0)

16.7% (2) 0.0% (0)

11.1% (2) 0.0% (0)

0.0% (0)

somewhat low

16.7% (1) 0.0% (0)

33.3% (2) 0.0% (0)

28.6% (2) 0.0% (0)

much too low

0.0% (0)

0.0% (0)

11.1% (1) 0.0% (0) 0.0% (0)

0.0% (0)

0.0% (0)

0.0% (0)

0.0% (0)

0.0% (0)

Total Counts

0

1

9

12

25.0% (1) 0.0% (0)

18

4

6

6

  Cross-tab against: 11) What is the most important reason for NOT purchas... feel there is my car is it make Base Question a loss of older and my power runs better engine on dirty premium

my engine requires premium grade

can not tow/pull with E85

it's just not good for my car

I use E85

I don't know

Under 18

0.0% (0)

0.0% (0)

0.0% (0)

18 - 20

0.0% (0)

0.0% (0)

21 - 24

33.3% (1)

25.0% (1)

25 - 29

0.0% (0)

0.0% (0)

30 - 34

0.0% (0)

25.0% (1)

35 - 39

0.0% (0)

25.0% (1)

40 - 44

0.0% (0)

25.0% (1)

45 - 49

33.3% (1)

0.0% (0)

50 or older

33.3% (1)

0.0% (0)

0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

0.0% (0) 0.0% (0) 16.7% (1) 16.7% (1) 50.0% (3) 0.0% (0) 16.7% (1) 0.0% (0) 0.0% (0)

0.0% (0) 0.0% (0) 0.0% (0) 50.0% (1) 50.0% (1) 0.0% (0) 0.0% (0) 0.0% (0) 0.0% (0)

0.0% (0) 2.6% (1) 13.2% (5) 23.7% (9) 31.6% (12) 5.3% (2) 7.9% (3) 7.9% (3) 7.9% (3) 38

3

Total Counts

37

0.0% (0) 0.0% (0) 0.0% (0) 50.0% (1) 0.0% (0) 0.0% (0) 0.0% (0) 50.0% (1) 0.0% (0) 4

Group 4 Consulting Firm 2009

0.0% (0) 16.7% (1) 0.0% (0) 16.7% (1) 16.7% (1) 16.7% (1) 0.0% (0) 33.3% (2) 2

6

0

6

2

7

      SURVEY PERSONA    We took all of our results and put them into one persona. The typical person surveyed  was female between the ages of 30‐34. They graduated from a four year university. She  drives a non flex fuel vehicle around town all week long. On average she drives 175 miles a  week and spends $100 on gas. Overall she thinks she is over spending on gas. The average  surveyor believes that the current environmental efforts and policies in the U.S. are  important.  They believe that they could be better informed about the environment and  other green initiatives that are going on. They prefer to purchase products that are  environmentally friendly, and they make it a priority to be environmental conscious in  their everyday life. They are also willing to pay 5% more for green products. The main  reason that they buy fuel from their favorite gas station is convenience, within 5 minutes of  their home. On average they  would buy E‐85 at these gas  stations if it was available,  priced lower than gas, and  if their car could be  converted to run E‐85.  They would be willing to  spend up to $100 to  upgrade their vehicles to  run Flex Fuel. They have  not seen ads for E‐85.  Thus with no exposure to  ads or vehicle ability, they  have not purchased E‐85.    CONCLUSION    Our results show that the consumers want to be environmentally friendly, and are  willing to pay more for those products, but not much more. They are not aware of the  sustainable gas for their cars, but would be willing to convert for a small price.   Our  recommendation for Pacific Ethanol Inc. to grow is to start a market campaign geared to  the everyday consumer, rather than just to the distributers. They need to come up with a  campaign to gain awareness, and try to team with the government and States to get funding  and to create more E‐85 stations. They company also needs to try and lower corn prices by  buying more land to grow corn and sign multi‐year contracts with the farmers to make the  prices more stable.     Ultimately with a strong market campaign, competitive prices, and convenient stations,  Americans would be willing to buy E‐85. 

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Group 4 Consulting Firm 2009

WORKS CITED  Biofuels Production. Hoovers. Portland State University. 27 April 2009. http://premium.hoovers.com.proxy.lib.pdx.edu/subscribe/ind/fr/profile/basic.xhtml?ID=2 57. “Gas Stations-US”. September 2008. Mintel. Portland State University. 26 April 2009. http://academic.mintel.com.proxy.lib.pdx.edu/sinatra/oxygen_academic/search_results/sh ow&&type=RCItem&sort=relevant&mode=accessible&list=search_results/display/id=29 7928. Gritzinger, B. (2006, April 24). Flex Fuel For The Future. Autoweek, 56(17), 18. “Pacific Ethanol Inc.” Hoovers. Portland State University. 27 April 2009. http://premium.hoovers.com.proxy.lib.pdx.edu/subscribe/co/factsheet.xhtml?ID=ffffhkyr hryfxxcjsh Pacificethanol.net. Accessed on April 20, 2009. http://www.pacificethanol.net/site/indes.php/site/ Stoffer, H. (2008, Sept. 8). Proposed Flex Fuel Mandate Roils Industry. Automotive News, 83(6324), 4.

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Appendix  

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Group 4 Consulting Firm 2009

E 85 Draft Survey  This survey is about gasoline purchasing and gasoline prices. In general, do you feel that gasoline prices are:

much too high somewhat high about right If you believe gasoline prices are too high in your area, what are some reasons for high prices?

greedy oil companies too many taxes on gasoline oil producing companies set high prices laws of supply and demand Americans use too much gasoline prices always go up in the summer Other Thinking about the last several years, how often do you buy premium grade gasoline? always frequently sometimes seldom never

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Group 4 Consulting Firm 2009

What is the most important reason for purchasing premium grade gasoline?

like the extra power use to clean my engine engine requires premium grade towing/pulling it's just better for my car my car is older and runs better on premium When you need to purchase gasoline, do you most often purchase it:

on your way to work on your way home from work on your way to go shopping on your way home from shopping while you are out doing errands when making a special trip to the gas station Think about the gasoline station you go to most often. Is it closer to

your home your place of work your favorite shopping area

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Group 4 Consulting Firm 2009

About how many minutes does it take to get to the gas station you go to most often? under 5 minutes 5-10 minutes 10-15 minutes 15-20 minutes more than 20 minutes Again think about the gas station you go to most often. What are some reasons this gas station is your favorite? (Check all that apply) convenient location convenient hours of operation close to work close to home close to favorite shopping area lowest prices fast payment fast in and out happy with brands never had trouble with their gas have credit card for that brand of gas like the food mart friendly service force of habit other

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Group 4 Consulting Firm 2009

In an average month, about how much does your total household spend on gasoline?

less than $25 $25 - $50 $50 - $75 $75 - $100 over $100 Do you have a gasoline card?

Yes No

About what part of the amount you pay for gasoline is spent using gasoline cards

VISA/Mastercard

Other credit card

Cash

Check

Other payment

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Group 4 Consulting Firm 2009

What are the three best features you would expect to get with a gasoline card?

generous grace period bonus gas to reward frequent purchases low interest rate use for several different gasoline companies easy to get one end of year rebate free car washes Which of the following age groups do you fall into? 18-24 25-34 35-44 45-49 50-54 55-64 65 or older What is your marital status? single married separated divorced widowed

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Group 4 Consulting Firm 2009

How many of your children do you have living at home?

one two three four five six or more How many of these children have a driver's license? one two three four five Just approximately, which income category best describes your total annual household income? under $25,000 $25,000 - $34,999 $35,000 - $49,999 $50,000 - $74,999 $75,000 - $99,999 $100,000 - $119,999 over $120,000

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Group 4 Consulting Firm 2009

Gender Male Female Thank you for participating in this survey.

             

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Group 4 Consulting Firm 2009

Planning Questions   What is the consumers need, and are they being met? What are the demographics of the customer? If the product has already been purchased please rate experience, satisfaction, and product.

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Group 4 Consulting Firm 2009

Below is a l Below is a l Below is a l Below is a l Are you wil How much How often&In a one weHow many  Disagree Agree Disagree Agree I am not wi None Several TimSix to Seven 100 Agree Neutral Agree Strongly Ag pay a prem $100 ‐ $200Several TimSix to Seven 20 Agree Agree Neutral Strongly Ag pay a prem $200 ‐ $300I have NOT Six to Seven 35 Strongly Ag Strongly Ag Strongly Ag Strongly Ag pay a prem Less than $ I have NOT Four to Five 100 Neutral Disagree Neutral Strongly Ag pay a prem $300 ‐ $400I have NOT Six to Seven 300 Neutral Neutral Neutral Neutral pay a prem more than  I have NOT Six to Seven 400 Strongly Ag Neutral Agree Strongly Ag pay a prem Less than $ I have NOT Six to Seven 55 Agree Agree Neutral Strongly Ag pay a prem $200 ‐ $300Several TimSix to Seven 100 Strongly Ag Strongly Ag Strongly Ag Strongly Ag pay a prem $100 ‐ $200I have NOT Six to Seven 80 Agree Agree Agree Agree pay a prem $200 ‐ $300Several TimSix to Seven 200 Neutral Agree Agree Strongly Ag pay a prem more than  I have NOT Four to Five 100 Agree Neutral Agree Strongly Ag pay a prem $300 ‐ $400Several TimSix to Seven 70 Neutral Neutral Agree pay a prem Less than $ I have NOT Six to Seven 210 Neutral Neutral Neutral Neutral I am not wi None I have NOT Six to Seven 300 Agree Agree Agree pay a prem $100 ‐ $200Several TimSix to Seven 300 Strongly Ag Agree Agree Agree pay a prem $100 ‐ $200I have NOT Two to Thre 25 Neutral Neutral Neutral Agree I am not wi None I have NOT Six to Seven 70 Agree Neutral Strongly Ag Neutral I am not wi $200 ‐ $300Several TimTwo to Thre 100 Neutral Strongly Di Agree Agree I am not wi None I have NOT Six to Seven 200 Strongly Ag Strongly Ag Agree Strongly Ag pay a prem $200 ‐ $300Several TimSix to Seven 375 Strongly Ag Agree Agree pay a prem $100 ‐ $200Several TimSix to Seven 300 Neutral Agree Neutral Agree I am not wi $200 ‐ $300Several TimSix to Seven 250 Strongly Ag Agree Strongly Ag Strongly Ag pay a prem $100 ‐ $200I have NOT Six to Seven 100 Agree Agree Agree Strongly Ag pay a prem $100 ‐ $200I have NOT Four to Five 125 Agree Agree Neutral Neutral Agree pay a prem prem $100 ‐ $200 $200II have  have NOT Six Six to Seve to Seven n 500 Strongly Ag Agree Strongly Ag Strongly Ag pay a prem $200 ‐ $300I have NOT seen adver 140 Strongly Ag Strongly Ag Strongly Ag Strongly Ag pay a prem $100 ‐ $200Several TimTwo to Thre 100 Agree Agree Agree Agree I am not wi Less than $ I have NOT Six to Seven 100 Agree Agree Agree Agree pay a prem more than  I have NOT Six to Seven 100 Strongly Ag Agree Agree Strongly Ag pay a prem $300 ‐ $400I have NOT Six to Seven 40 Neutral Neutral Neutral Agree I am not wi Less than $ Several TimTwo to Thre 80 Neutral Agree Agree Strongly Ag pay a prem None I have NOT Six to Seven 200 Agree Neutral Neutral Strongly Ag pay a prem Less than $ I have NOT Four to Five 267 Neutral Neutral Neutral Agree I am not wi Less than $ Several TimSix to Seven 250 Strongly Ag Strongly Ag Strongly Ag Strongly Ag pay a prem None Several TimFour to Five 150 Agree Agree Agree Strongly Ag pay a prem $300 ‐ $400Several TimSix to Seven 60 Agree Agree Neutral Strongly Ag I am not wi None I have NOT Four to Five 125 Agree Neutral Agree Strongly Ag pay a prem None I have NOT Six to Seven 20 Agree Agree Agree Strongly Ag pay a prem $200 ‐ $300I have NOT Two to Thre 35 Agree Agree Agree Strongly Ag pay a prem Less than $ I have NOT Six to Seven 200 Neutral Neutral Neutral Strongly Ag pay a prem $300 ‐ $400I have NOT Six to Seven 400 Agree Agree Agree Agree pay a prem $100 ‐ $200I have NOT Six to Seven 100 Agree Neutral Neutral Strongly Ag pay a prem Less than $ I have NOT Six to Seven 100 Neutral Agree Neutral Agree pay a prem Less than $ I have NOT Four to Five 200 Neutral Neutral Neutral Agree pay a prem None Several TimSix to Seven 200 Neutral Neutral Agree Agree I am not wi Less than $ Several TimFour to Five 60

Neutral Agree Agree Strongly Ag I am not wi None Several TimSix to Seven Agree Neutral Neutral Agree pay a prem None Several TimSix to Seven Strongly Ag Strongly Ag Strongly Ag Strongly Ag pay a prem None I have NOT Six to Seven Agree Agree Disagree Agree pay a prem Less than $ Several TimSix to Seven Neutral Disagree Neutral Strongly Ag pay a prem $300 ‐ $400Several TimSix to Seven Agree Neutral Agree Strongly Ag pay a prem $200 ‐ $300Several TimTwo to Thre Agree Agree Agree Agree pay a prem $100 ‐ $200I have NOT Six to Seven Agree Agree Strongly Ag pay a prem None Several TimSix to Seven Agree Neutral Agree Strongly Ag pay a prem $100 ‐ $200I have NOT Two to Thre Neutral Agree Neutral Agree I am not wi None Several TimFour to Five Strongly Ag Strongly Ag Strongly Ag Strongly Ag I am not wi None I have NOT Once a wee Agree Agree Agree Agree pay a prem Less than $ Several TimSix to Seven Agree Neutral Agree Strongly Ag pay a prem $100 ‐ $200Several TimSix to Seven Agree Neutral Agree Strongly Ag pay a prem more than  Several TimSix to Seven Neutral Disagree Disagree I am not wi Less than $ I have NOT Six to Seven Agree Agree Agree Agree I am not wi None Several TimSix to Seven Agree Strongly Ag Neutral Agree I am not wi None I have NOT Six to Seven

500 300 200 150 100 50 300 300 300 50 0 270 150 75 50 500 400

In general&Thinking baWhat is theAbout how Again&comAgain&comAgain&comAgain&comAgain&com somewhat  never it's just not 5‐10 minut Yes No Yes Yes Yes much too h never it make my 5‐10 minut Yes Yes Yes Yes Yes somewhat  never I don't know5‐10 minut Yes Yes No Yes No somewhat  never I don't knowunder 5 mi Yes No No Yes No somewhat  never I don't knowmore than  Yes No Yes Yes No somewhat  never I don't knowunder 5 mi Yes No No No Yes much too h never I don't know5‐10 minut Yes Yes Yes Yes No somewhat  never my engine  under 5 mi Yes No No Yes No somewhat  seldom my car is ol 5‐10 minut Yes No No Yes No somewhat  never I don't know5‐10 minut Yes No No Yes No somewhat  never I don't knowunder 5 mi No No No Yes No about right never I don't know5‐10 minut Yes No Yes Yes Yes much too h never I don't know5‐10 minut Yes No No Yes No much too h never feel there is10‐15 minu Yes No No Yes No somewhat  never I don't knowunder 5 mi Yes No Yes No No somewhat  never it's just not under 5 mi Yes No Yes No No much too h never my engine  5‐10 minut No Yes No No No somewhat  sometimes my car is ol 10‐15 minu No Yes No No No much too h never I don't knowunder 5 mi No No No No No somewhat  never I don't knowunder 5 mi Yes No No Yes No somewhat  seldom feel there isunder 5 mi Yes Yes No Yes No somewhat  never I don't knowunder 5 mi Yes No Yes Yes No much too h never it's just not 10‐15 minu Yes No No No Yes about right never I don't knowunder 5 mi Yes No No Yes No about ab out right right never I don't kno don't know wunder under 5 mi mi Yes Yes Yes Yes No somewhat  never I don't knowunder 5 mi No No No Yes No much too h never I don't knowunder 5 mi No No No No No about right sometimes it make my under 5 mi Yes No No No No somewhat high under 5 mi Yes No No No No much too h never I don't knowunder 5 mi Yes No No Yes No much too h seldom my engine  under 5 mi Yes Yes Yes No No somewhat  never I don't knowunder 5 mi Yes No No No No much too h sometimes I don't know5‐10 minut Yes Yes Yes Yes Yes much too h sometimes I don't know5‐10 minut Yes Yes Yes Yes No much too h sometimes I use E‐85 under 5 mi Yes No No Yes No somewhat  never I don't knowunder 5 mi Yes No Yes Yes No about right never I don't knowunder 5 mi Yes No No Yes No somewhat  seldom my engine  5‐10 minut Yes No No Yes No somewhat  never I don't knowunder 5 mi No No No No No about right never I don't knowunder 5 mi Yes No No Yes No somewhat high I don't know5‐10 minut Yes Yes No Yes No somewhat  never I don't knowunder 5 mi Yes No Yes Yes No somewhat  never it's just not under 5 mi Yes No No Yes Yes somewhat  never feel there is15‐20 minu No Yes Yes No No somewhat  seldom I use E‐85 under 5 mi Yes No No Yes No much too h never I don't knowunder 5 mi Yes No No Yes No

somewhat  never my car is ol more than  No somewhat  never I don't knowunder 5 mi Yes somewhat  never I don't knowunder 5 mi Yes somewhat  never I don't knowunder 5 mi Yes much too h never I don't knowunder 5 mi No somewhat  sometimes I don't knowunder 5 mi Yes somewhat  never it's just not 5‐10 minut Yes about right never it's just not under 5 mi Yes somewhat  never I don't knowunder 5 mi Yes much too h never I don't knowunder 5 mi Yes about right never I don't knowunder 5 mi No about right never 5‐10 minut Yes much too h never I don't knowunder 5 mi Yes somewhat  never my engine  under 5 mi No much too h never my engine  under 5 mi Yes about right never I don't knowunder 5 mi Yes somewhat  never my car is ol under 5 mi Yes

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Again&comAgain&comDo you live Do you live Do you live Do you live Do you live Do you live Do you live No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No Yes No No No No No No No No No No No No No No No No No No No No No No No Yes No No No No No No No No No No No No No No Yes No No Yes No No No No No No No No No No No No Yes No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No Yes My car runsNo No No No No No No No No No No No No No No No No No Yes No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No Yes No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No Yes No No No No No No No Yes No No No No No No No No No No No No No No No No No No No No No No No No Yes No No No No No No No No No Yes No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No

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Do you live Do you live Have you& Have you& Have you& Have you& Have you& Have you& Have you& No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No No No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No No No No No No No No No No Yes No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No No Yes No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No Yes No No No No No No No No No Yes No No No No No No No No Yes No No No No No No No Yes No No No No No No No No Yes No No No No No No No No No Yes No No No No No No No No No No No No No No No No No No No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No No Yes No Yes No No No No No No No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No No No No No No No No No No No No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No No Yes No No No No No No No Yes No No No No No No No No

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Have you& Have you& In an avera How impor Gender No Yes over $100 Somewhat  Male No Yes $50 ‐ $75 Very Impor Female No Yes $75 ‐ $100 Not Import Female No Yes $75 ‐ $100 Possibly Im Female No Yes over $100 Possibly Im Female No No over $100 Possibly Im Female No Yes $50 ‐ $75 Not Import Male No Yes $25 ‐ $50 Somewhat  Male No Yes $50 ‐ $75 Very Impor Female No Yes $50 ‐ $75 Somewhat  Female No Yes over $100 Very Impor Female No Yes $50 ‐ $75 Somewhat  Female No Yes $50 ‐ $75 Not Import Female No Yes over $100 Not Import Female No Yes over $100 Very Impor Male No Yes $50 ‐ $75 Somewhat  Male No Yes over $100 Not Import Male No No $75 ‐ $100 Possibly Im Male No Yes over $100 Possibly Im Male No Yes over $100 Very Impor Female No Yes $75 ‐ $100 Very Impor Male No Yes over $100 Not Import Male No Yes $75 ‐ $100 Possibly Im Female No Yes $50 ‐ $75 Very Impor Female No Yes over $100 Somewhat Somewhat  Female No Yes $75 ‐ $100 Male No Yes $50 ‐ $75 Somewhat  Female No Yes $75 ‐ $100 Very Impor Female No No $75 ‐ $100 Very Impor Female No Yes $25 ‐ $50 Very Impor Female No Yes $75 ‐ $100 Somewhat  Female No No $25 ‐ $50 Possibly Important No Yes $75 ‐ $100 Very Impor Female No Yes over $100 Very Impor Female No No $75 ‐ $100 Somewhat  Male No Yes $50 ‐ $75 Possibly Im Male No Yes $75 ‐ $100 Not Import Male No Yes over $100 Somewhat  Female No Yes $25 ‐ $50 Not Import Male No Yes $75 ‐ $100 Somewhat  Female No Yes Somewhat  Female No Yes $75 ‐ $100 Possibly Im Female No Yes over $100 Very Impor Female No Yes $75 ‐ $100 Very Impor Male No Yes $75 ‐ $100 Somewhat  Female No Yes $50 ‐ $75 Very Impor Female

What is youWhat is the highest level of educat 30 ‐ 34 Attending/attended college 1 ‐ 3 y 25 ‐ 29 Graduated from 4 year college 40 ‐ 44 Graduated from 4 year college 25 ‐ 29 Graduated from 4 year college 30 ‐ 34 Graduated from 4 year college 30 ‐ 34 Graduated from 4 year college 21 ‐ 24 High school graduate or less 30 ‐ 34 Graduated from 4 year college 35 ‐ 39 Graduated from 4 year college 30 ‐ 34 Graduated from 4 year college 30 ‐ 34 Postgraduate study or degree 30 ‐ 34 Attending/attended college 1 ‐ 3 y 30 ‐ 34 Graduated from 4 year college 50 or older High school graduate or less 21 ‐ 24 Attending/attended college 1 ‐ 3 y 30 ‐ 34 Postgraduate study or degree 21 ‐ 24 Attending/attended college 1 ‐ 3 y 21 ‐ 24 Attending/attended college 1 ‐ 3 y 18 ‐ 20 Attending/attended college 1 ‐ 3 y 25 ‐ 29 Graduated from 4 year college 21 ‐ 24 Graduated from 4 year college 25 ‐ 29 Graduated from 4 year college 21 ‐ 24 Attending/attended college 1 ‐ 3 y 25 ‐ 29 Graduated from 4 year college 45 ‐ 49 Attending/attended college 1 ‐ 3 y Attending/attended 21 ‐ 24 Attending/attended college 1 ‐ 3 y 50 or older Attending/attended college 1 ‐ 3 y 45 ‐ 49 Graduated from 4 year college 45 ‐ 49 Attending/attended college 1 ‐ 3 y 25 ‐ 29 Attending/attended college 1 ‐ 3 y 50 or older Graduated from 4 year college 30 ‐ 34 Graduated from 4 year college 45 ‐ 49 Attending/attended college 1 ‐ 3 y 45 ‐ 49 Postgraduate study or degree 30 ‐ 34 Graduated from 4 year college 40 ‐ 44 Graduated from 4 year college 50 or older Graduated from 4 year college 35 ‐ 39 Graduated from 4 year college 35 ‐ 39 Attending/attended college 1 ‐ 3 y 25 ‐ 29 Graduated from 4 year college 21 ‐ 24 Attending/attended college 1 ‐ 3 y 25 ‐ 29 Attending/attended college 1 ‐ 3 y 25 ‐ 29 Postgraduate study or degree 45 ‐ 49 Attending/attended college 1 ‐ 3 y 25 ‐ 29 Attending/attended college 1 ‐ 3 y 50 or older High school graduate or less

No No No No No No No No No No No No No No No No No

Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes

over $100 Possibly Im Male $50 ‐ $75 Not Import Male over $100 Not Import Female $50 ‐ $75 Very Impor Male $50 ‐ $75 Possibly Im Male $25 ‐ $50 Possibly Im Female over $100 Possibly Im Male over $100 Male $50 ‐ $75 Somewhat  Female $75 ‐ $100 Possibly Im Female less than $2Not Import Female over $100 Female $50 ‐ $75 Very Impor Male $75 ‐ $100 Very Impor Male $50 ‐ $75 Very Impor Female over $100 Not Import Male over $100 Very Impor Male

40 ‐ 44 Graduated from 4 year college 35 ‐ 39 Graduated from 4 year college 25 ‐ 29 Attending/attended college 1 ‐ 3 y 40 ‐ 44 Postgraduate study or degree 30 ‐ 34 Attending/attended college 1 ‐ 3 y 30 ‐ 34 Attending/attended college 1 ‐ 3 y 30 ‐ 34 High school graduate or less 40 ‐ 44 Postgraduate study or degree 30 ‐ 34 High school graduate or less 30 ‐ 34 High school graduate or less 21 ‐ 24 Attending/attended college 1 ‐ 3 y 50 or older Attending/attended college 1 ‐ 3 y 25 ‐ 29 Graduated from 4 year college 40 ‐ 44 Attending/attended college 1 ‐ 3 y 50 or older High school graduate or less 30 ‐ 34 Graduated from 4 year college 30 ‐ 34 Attending/attended college 1 ‐ 3 y