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Marketing Information and research
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Marketing Information and research.Marketing information and research is an important aspect of a business plan, as it identifies what the customers as well as the stakeholders want. Marketing information and research is also a detailed description of what the target customers want, need as well as how they are responding to the products and services being offered. Below is a detailed discussion on the marketing Information and research of Buffalo Wild Wings, a fast food restraunt.
Research Question
The most important question the organization is trying to answer is what the needs and wishes of the target customers are.
The kind of information needed to make useful marketing decisions include; what do the target customers think of Buffalo Wild Wings? The question tries to answer what the organization can do to encourage the customers to consume their products the more and to encourage others to do the same. A question to the already existing customers is also important in a bid to understand their product or service knowledge and how often they consume the product/service and what they think about the products/service. It is also necessary to ask those who prefer other brands that their reasons are, answer their questions in a satisfactory manner, and end up winning them to your side. Asking about the products that sell the most is paramount, as well as understanding the products that grow in decline and those that are receiving the best rates and referrals.
Research recommendation.The necessary information about the business can be acquired by conducting a research where the study population will be the target customers. Another source of information would be from personal experience and knowledge, when employees really understand the markets, then they are in a position give the relevant information to steer the business forward. Regular data from the existing customers can be another source of information and the person tasked with collecting information should be persuasive and very imaginative.
Identifying the Customer and Problem
Identifying the customer and the problem is arguably the most powerful marketing strategy and tool, it enables the decision makers to ensure that marketing is effective because the customers are identified and considered and decisions on how their satisfaction will be obtained is made. the best strategy to be utilized is segmentation. a segment is defined as a group of people with similar needs and are also a part of the general market. The division of the market into segments enables the business to reach its important customers effectively and to efficiently provide the products and services.
Factors Influencing Customer Decisions
Customer decisions to purchase a product or service are influenced by a number of factors. One of the factors is geographical; in this case, the location of the customer influences their buying powers. In the urban areas for example, customers tend to consume a lot of fast food because of their busy schedules and the lifestyle in the city. Personal and demographic factors also play a greater role in influencing the purchasing power of customers. Male teen often purchase fast food because they do not give much thought to their bodies like their female counterparts. The family unit also may be a contributing factor; young families may often have take-outs because fast food thrill children and their parents may give in as they try to make them happy.
Reaching the Customer
The enterprise will focus on reaching the customer by using the example of successful business enterprises also it will ensure they do not at all cost tamper on the quality of the products and the services they are offering. Consistence is another important strategy in getting to the customer and the availability of a variety where the customer can choose.
Competitive Advantages
Buffalo Wild wings has a competitive advantage over its main competitors it may focus on having a unique product and the best dipping sauces something their competitors might not be doing. it is important to also adopt an enthusiastic culture in the business as well having friendly staff that reflects the company’s culture.
Market Niche and Positioning Strategy
Positioning strategy also enables the decision makers to understand where the customers think about the business and that information will help the organization to improve on the delivery of services and the communication of the improvements to the customers. Market Niche is a strategy that the organization must hack. it is important for the organization to ensure it places its products and offers the service in the right place.
Positioning Statement
The position statement leads in making and planning the marketing activity. The positioning statement will be to increase customer awareness in the locality. every strategy and effort will be geared towards getting the customers to know who Buffalo wild wings are.
Brand Description
The aim is to establish a distinct brand that will certainly stand out from the competitors. The logo is to be eye catching and distinct.
Brand Promise
The fries will be made by 100%fresh potatoes and with the best prices in town.
Brand Voice and Personality
Brand is excellently Delicious.
Brand never compromises on quality.
Brand Positioning and Strategy
There shall be a grand opening in a central place and colorful banners bearing the distinct logo will be displayed. A particular place in the mall will be the tester market and the most delicious wings prepared and letting out the aroma of freshly fried fries inviting people to taste the products.
When marketing information and analysis is appropriately done and the most appropriate information obtained it sets the business way above its competitors and it is safe to say Knowledge is Power against competition.
liangwangbus402-Assignment-2
Small Business Management
Strayer University
Professor Sally A. McMillin
Abstract
In this paper I will answer the following questions about the case study on “Ted Leonsis and Filmanthropy”.
1. Describe Leonsis’ concept of “idea generation” and explain the approach you would take as an entrepreneur in this kind of business.
2. Describe your “big idea” and the methods you would use for finding statistics to validate the market size and growth opportunity for your potential business.
3. How would you leverage your resources and network of contacts to begin to accomplish your entrepreneurial goal?
4. What strategies would you use to set up your network to start your own business?
Small Business Management
1. Describe Leonsis’ concept of “idea generation” and explain the approach you would take as an entrepreneur in this kind of business. Leonsis’ concept of idea generation stated there needs to be a balance between the vision and execution of your idea and weather the idea is worth considering. Regardless of how excited and motivated you become on your idea you must also consider the factors that the consumer may not be interested in your idea and therefore will not purchase it. As an entrepreneur you cannot be only a visionary, you must be the person who connects your strategy with tactics to implement your idea, which will only come around every few years.
As an entrepreneur I would approach my idea with the process of creative thinking for my idea and how I make it better and more appealing to the consumer. It is very important that all ideas no matter how ludicrous or extreme they may sound should be processed and supported as an ongoing project, with a specific purpose and goal which I want to accomplish. This process would involve my company as a whole which would include every aspect from me as the owner, to my managers and employees as well as my clientele or customers. Using the idea generation process the gathering process one should not criticize the ideas of others, but should be freewheeling and supportive to help generate as many new ideas as possible.
2. Describe your “big idea” and the methods you would use for finding statistics to validate the market size and growth opportunity for your potential business. The idea that I propose is to start a business which purchases the property from foreclosed storage units, residents and businesses. My company would then resale these items on local websites such as eBay and Craigslist as well as at local auction centers. The methods I would use to find statistics to validate the market size and growth opportunity for my potential business would be, first by conducting research at the court house to analyze how many civil claims have been filed by storage unit companies to seize property for non-payment of rental units. I would also research the number of residential foreclosures in a specified location as well as conduct a search of local businesses who have filed a close of business affidavit with the court house as well as the chamber of commerce.
I would conduct an internet search to see how many similar and competing companies they are in my market as well as to see where these businesses are located. I would use this information to help me decide where to locate and establish my potential business.
The next step in analyzing my potential business would be to research and gather statistics on the type of property my company would be reselling with local competitors to help my company establish a competitive price for the merchandise I would be offering to consumers. The last step in my research would be to complete a possible list of contacts to help my business establish a group of potential vendors which will supply the merchandise to my business.
3. How would you leverage your resources and network of contacts to begin to accomplish your entrepreneurial goal? I would first complete an outline which would establish a strategy for my business which would explain my business goals and how my company would accomplish these goals and objectives. I would leverage my potential resources by offering them a long term contract where my company will pay them a standard fee for each unit or property which my company purchased. I would use the business tactic of long term investment to create a steady income with increased earning potential based on large quantity purchasing.
To successful network a list of contacts I would have to establish a business-personal working relationship with the people who would help support my business and help the day to day operations as well as increase my business’ growth and potential. I would leverage my network of contacts by making them feel as they are a part of my business and contribute towards the success of it. I would provide my network of contact with a finder’s fee for each new contact they help my business create as well as pay them a portion of the profits which they help my business create and earn.
4. What strategies would you use to set up your network to start your own business? Once I have determined the goals and objectives for my business I will then create a list of strategies that my company will use which will be listed in my business plan. I will then explain how my company will achieve these goals and objective using the selected strategies.
The first strategy would be for my company to gain a competitive advantage over my competitors by offering the same quality product as my competitors at a low price.
I would then prepare my business for geographical expansion to help my business grow and increase my businesses’ profit earning potential.
I would also increase the length and price of the contractions with my resources helping them to expand their business which intern will help my business grow.
Market segmentation would be the next business strategy, by increasing the market that my company sells to will help my business grow and intern will increase the earning potential of my business.
The last business strategy would be to create a customer intimate to address my potential customer’s needs and wants and expand my market as well as the products which my company offers. This tactic will help eliminate my competition and corner the market so the consumer will only select my company.
The last and most important strategy for my company to create and accomplish is a strong business reputation as a reliable, safe and convenient company which offer the best products for the consumer’s money.
References
Scarborough, N., Wilson, D., Zimmerer, T. (2009) Effective Small Business Management, Custom Publishing, Inc. (2009).
Barriers to Prosecutorial Reform
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Barriers to Prosecutorial Reform
Prosecution plays a vital role in the criminal justice system. Prosecutors are meant to safeguard the public interest in the system, and in this pursuit, they propose appropriate punishment for criminal offenders. The prosecution has historically been known for a tough-on-crime stance which reassured the public that these supporters of public interest would make sure that those breaking the law faced punishment they deserve. This kind of thinking encouraged incarceration of low-level offenders with little accountability in the system. Over the past few years, the high incarceration levels in the country have come under scrutiny, and this kind of punishment has been proven to be ineffective. Mass incarceration also comes at a high financial and moral cost to society in general. These concerns have led to a different-minded prosecutorial system. New prosecutors want to focus on new goals such as fairness in punishment, reduced incarceration, and accountability among players in the system as well as more focus on the community (Richardson & Kutateladze 2). In the pursuit of these goals, prosecutors face several challenges including existing prosecutorial role orientations, deference to judges and focus on single case outcomes rather than the bigger picture.
In the past, the prosecutorial focus has been handing out harsh sentences as a way to deter crimes. This includes jail time and hefty bail and fines even for minor offences. This way of thinking has led to a breakdown in the criminal justice system where crime has been on the rise, and punishment does not result in any kind of reform among offenders. To counter this negative narratives around the prosecution and criminal justice system, a new breed of prosecutors have come up with the goal of improving outcomes from the system by focusing on fairness, community and accountability. Despite their best intentions, there are some barriers to such reforms.
The first barrier to prosecutorial reform is deference to judges. Based on their individual thinking, judges mete out punishment on offenders, and prosecutors often defer to judges’ wishes. A prosecutor has to tailor their decision to the judge’s preference. For example, when a judge is known to prefer jail time to community service, a prosecutor recommends jail term rather than arguing with the judge over a different form of punishment. After all, the judge makes the final decision in the case. A second barrier to prosecutorial reform is existing role orientations in the justice system (Richardson & Kutateladze 7). As a tradition, prosecutors have often sought incarceration as a form of punishment. This historical trend makes it difficult for reform-minded prosecutors to offer alternatives to jail time and prosecution. Another problem with the historical roles of prosecutors is that they are often seen as all-powerful, and the new idea of fairness does not augur well with old prosecutors and the system in general. The third challenge to prosecutorial reform is focus on individual cases over the bigger picture. To address issues such as racial profiling in the system, prosecutors have to look at trends while considering individual cases. However, for most prosecutors, the bigger picture comes at the cost of doing the right thing at the case level.
Works Cited
Richardson, Rebecca, and Besiki Luka Kutateladze. “Tempering expectations: A qualitative study of prosecutorial reform.” Journal of Research in Crime and Delinquency (2020): 0022427820940739.