An Untapped Market Shana Rusonis Alina Kim Ali Kriegsman Emily Gerard Marc Bortz Aaron Caulfield.
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Transcript of An Untapped Market Shana Rusonis Alina Kim Ali Kriegsman Emily Gerard Marc Bortz Aaron Caulfield.
An Untapped Market
Shana RusonisAlina Kim
Ali KriegsmanEmily GerardMarc Bortz
Aaron Caulfield
Road-Map
Problem Identification
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Finding A Need
Appeal to Penn Students:• Introduction to Philadelphia food culture and history• Social outing, meeting new people• Learn more about Philadelphia• Activity for families during visits
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Segmenting Target Market
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Segmenting Target Market
Problem Identification Market Segmentation Research Methods Actionable Recommendations
“New-to-School”
Problem Identification Market Segmentation Research Methods Actionable Recommendations
• Unfamiliar with Penn, Philadelphia• Residential Advisors in freshman halls organize group
outings– subsidized– Bonding and educational experience
• Ideal Tour– Flavors of Philly tour
• Highlights classic Philadelphia food • Get to know city
Freshmen
“Philly Veterans”
• Feb Club – Events every night in February– sponsored by Senior Class Board
• Familiar with Penn’s restaurant scene• Ideal Tour– The Craft Beer and Artisanal Cheese tour
Problem Identification Market Segmentation Research Methods Actionable Recommendations
University Seniors
“Penn Parents”
• Find peak times that parents are on campus• Greater disposable income, look for ways to spend time with
student• Some parents are in town for extended stays, need ways to explore
Philadelphia on their own• Times of year:
– New Student Orientation and move-in (September)– Parents’ Weekend (October)– Graduation (May)– Miscellaneous
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Parents of Students & Alumni
“Social Circles”
• Students who do not fall in “New to School” or “Philly Veterans” who look for social outlets to spend time with peers
• Suggested groups:– Fraternities and sororities– Club sports– Student publications– Wharton Cohorts
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Interview Process
• Interviewed 50 people across 4 segments– Qualitative results– Awareness of CFT, motivating/dissuading factors
• Different sets of questions for parents and students (18 vs. 11 questions)
• Takeaways:– Current CFT price points are prohibitively expensive– Parents are more receptive to these prices and want to
spend time with their student• Informed our survey creation
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Survey
• Administered to 163 Penn students– Strove for gender and class year diversity– 45% female, 55% male
• Organization affiliations• Willingness to pay (vs. parents’ willingness)• Most effective methods of increasing their
(parents’) awareness of CFT• Dissuading factors
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Actionable Recommendations
• #1 – Ways to Subsidize– Flavors of Philly – hall events, NSO, partially subsidized– Craft Beer and Cheese – Feb Club event, appeals to
students of legal drinking age– Decadent Gourmet – big-little gifts or lineage events– Northern Liberties – date nights or parents
• Principles of liking• Perceived value in a discount!• Bundling
Problem Identification Market Segmentation Research Methods Actionable Recommendations
– Flavors of Philly – hall events, NSO, partially subsidized– Craft Beer and Cheese – Feb Club event, appeals to
students of legal drinking age– Decadent Gourmet – big-little gifts or lineage events– Northern Liberties – date nights or parents
Subsidies and Student Groups
Problem Identification Market Segmentation Research Methods Actionable Recommendations
90%
4% 7%
100% Subsidized by Student Group
Yes
No
N/A (no group affiliation)
75%
18%7%
Partially Subsidized by Student Group
Yes
No
N/A (no group affilia-tion)
• Subsidies and Student Groups– Students are more willing to go when tour is fully or partially subsidized
• % who said yes to fully subsidized and yes to partially subsidized• % of students who said Price was a major factor
– Students are in groups that have these abilities and affiliations• % of survey who had any affiliation
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Fraternity 34 21%
Sorority 52 32%
Wharton Cohort 26 16%
Performing Arts Student Group 22 13%
Cultural Student Group 27 17%
Senior Society 9 6%
Student Government 5 3%
Academic and Publication Student Group
35 21%
Club/Intramural Sports 59 36%
None 8 5%
Fraternity 34 21%Sorority 52 32%Wharton Cohort 26 16%Performing Arts Student Group 22 13%
Cultural Student Group 27 17%
Senior Society 9 6%
Student Government 5 3%
Academic and Publication Student Group
35 21%
Club/Intramural Sports 59 36%
None 8 5%
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Subsidies and Student Groups
Course Concepts Slide
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Subsidies and Student Groups
Principles of likingPerceived value in a discount!
Targeting Penn Parents
–Market to the parents when they are on and off campus• Publications Penn parents and Alumni read• Sheraton and Inn at Penn targeted marketing
–More willing to pay than students–Want to have activities for two different
reasons• Have activity to do with kids• Have way to fill free time during NSO when students are
busy
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Targeting Penn Parents
Students Parents (according to students)
How much would you (your parents) be willing to pay for a CFT?
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Targeting Penn Parents
The Inn at Penn 47 29%The Sheraton on Campus 38 23%Downtown 70 43%Do Not Visit Campus 3 2%Other 47 29%
Where do your parents usually stay when they visit campus?
*People may select more than one checkbox, so percentages may add up to more than 100%.*
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Targeting Penn Parents
Daily Pennsylvanian / DP Online 47 29%Penn Gazette 37 23%Weekly Pennsylvanian 30 18%Alumni Magazine 40 25%Other 58 36%
*People may select more than one checkbox, so percentages may add up to more than 100%.*
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Targeting Penn Parents
Course Concepts Slide
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Targeting Penn Parents
– Having a student on campus to promote and run all aspects of your brand on campus is a great way to get in touch with the student body
• Cialdini’s persuasion tactics:• · Liking – they will like another student
rather than outside advertiser• · Social Proof – if students believe that
many other students are taking tours, they will want to as well
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Brand Ambassador
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Brand Ambassador
Flyer on the Walk 55 34%DP advertisement` 26 16%Under The Button 74 45%WOM / Brand Ambassador 104 64%Email 97 60%Other 7 4%
*People may select more than one checkbox, so percentages may add up to more than 100%.*
Course Concepts Slide
Problem Identification Market Segmentation Research Methods Actionable Recommendations
Brand Ambassador
Conclusion
• Need to have ability to persuade students to go on tours
• Product Differentiation• Use the direct contact to differentiate your
tour from other activities AND routine meals