Lecture4

Lecture4 - NEW VENTURE MANAGEMENT AGENDA FOUR RESEARCH...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
NEW VENTURE MANAGEMENT AGENDA FOUR “RESEARCH” Group Meeting Group Meeting Market Data – for Each Project Revenue Estimation – (using the Hotel Rates / Restaurant turnover) Population (Traffic) during the season Proximity: Hotel Landscape (# Rooms. OR, ADRs) Next Week: Market Plan -Presentation Capital Raising - discussions/ Projections INTRO: I: “Information is Power” - Show the hand behind the back N: See the Need – David Thomas opened the first Wendy’s restaurant because he saw an unfilled need in the marketplace. Thus, he started with Market Orientation “I like a hamburger with mustard, pickle, and onion, and you didn’t have a choice at McDonalds or Burger King. I thought – I want that not what they give me” …let Customers select their own condiments – 256 possibilities. – fresh Hamburger Vs patties. Sold the 4 KFCs and started his won brand “Wendy” using his daughter’s nickname He started when McDonalds had 1,300 restaurants - he had two restaurants – sold his first Franchise for $5,000 – Today Wendy’s Restaurants number 5,000. The Need to market – the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. T: Agenda for Today R: Range of tools for putting the Marketing Plan O: Know how to develop a marketing Plan 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Lecture “Information is Power” 1. Market Opportunities and Marketing Strategy (Chapter 3 – p71 Researching your Market The purpose of market research is to provide relevant data that will help solve marketing problems a business will encounter. This is absolutely necessary in the start-up phase. Conducting thorough market surveys is the foundation of any successful business. In fact, market strategies would be impossible to develop without market research. Conducting market research Methods: Historical (trends) Experimental Observational (Know about the industry 0 Word of mouth) Survey method (Ask the need of the Customer) Two types of data: Primary Research ( exploratory and specific ) Exploratory research is open-ended in nature; helps you define a specific problem; and usually involves detailed, unstructured interviews in which lengthy answers are solicited from a small group of respondents Specific research is broader in scope and is used to solve a problem that exploratory research has identified. Interviews are structured and formal in approach. Of the two, specific research is more expensive. Surveys (Direct Mail, Phone, Personal Interviews) Info from the owner / Lawyers / Franchisor Secondary Research Public (Most Economical) Commercial (useful - subscription Educational (Colleges- universities) Marketing Strategy: Market Segmentation (identifying specific segments within the market (location, format, etc) Product Differentiation (creating an identity for your service that separates it from your competitors) 2
Background image of page 2
2. Marketing Management: Create a Marketing Plan MARKETING PLAN
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/04/2012 for the course ENT 302 taught by Professor Kozak during the Fall '11 term at Rutgers.

Page1 / 10

Lecture4 - NEW VENTURE MANAGEMENT AGENDA FOUR RESEARCH...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online