quiz

This is my business:

Traveling sounds amazing but what happens when you arrive at your destination and don’t know how to navigate? Have you ever conducted extensive google/yelp research on restaurants, nightlife, day trips, and been disappointed in the results? I know I have and sure, you can sign up with local tour guides and check out all the main touristy attractions but there’s another option in the making. Our business will provide expert tour guides who will give you the "local" experience and help you navigate around the city with any budget. Do you like nightlife? We’ll show you the best clubs. Perhaps you’re a foodie, we’ll book tables at amazing hole in the wall cuisines. The best part is that all of our services can easily and conveniently be accessed from any smart phone on our app.

1) MARKET

All semester long, you have been pushed to better define your target market. Please prepare a short essay that discusses the following:

FIVE key characteristics of your team’s target market.
How each of your target market’s five key characteristics connects with at least TWO of the four marketing Ps (product, price, promotion, place).
How might your target market be impacted by trend changes in your industry as well as opportunities presented by your competition (for example, if your product is a parking application, how might changes in the parking industry impact the likely purchasing decisions of your targeted Gen Z customer?. Would you need to re-target, drop the business idea, what?
2) MARKET

Start-up firms attempt to use marketing strategies that take advantage of the key characteristics of their target market. Keeping this in mind, please complete the following:

1. Create a story line about your target market that allows us to understand some key characteristics of your target "persona".

For example: Sensor (a concussion impact measurement device for motorcycle helmets): Dan is a 28 year old, single, white, male account executive, who rides his Honda NC700X with two buddies every weekend, rain or shine, both on and off-road in the area around San Bruno Mountain. He earns about $70,000 annually.

2. Applying the marketing 4Ps, identify appropriate strategies designed to encourage repeat or new market consumer behavior that will allow you to meet your firm’s breakeven financial goals on both the specific and overall level. Cite the break even example related to your target market story line.

For example: Sensor helmet device: Our breakeven goal for consumers like Dan requires that we sell 20 units per month (Product). In order to reach our 20 unit/month target, on the Price side, we have set our price at $XXX, which is affordable for individuals like Dan, who have an average annual income of $70,000; on the Promotion side, we plan to reach consumers like Dan via XXX channels; on the Place side, we plan to assure that our product is available via XXX; etc. Overall, we believe these four marketing strategies will allow us to achieve our monthly target B/E goal because XXX.

MARKET STRATEGY

View the Malcolm Gladwell Ted Talk on Happiness and Spagetti Sauce.

https://www.ted.com/talks/malcolm_gladwell_choice_happiness_and_spaghetti_sauce?language=en

Identify TWO key MARKET RESEARCH concepts discussed in the talk and indicate how those concepts would need to be examined within the context of YOUR TEAM’S business idea. Given his findings, what are TWO MARKETING STRATEGIES that Gladwell suggested be used to counteract the challenges he identified that arise in the course of conducting routine market research.

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