I need this question answered for my MBA 565 class, (Marketing). The professor asks that we support our thoughts and be thorough, your help is greatly appreciated. Here is the task:
A friend recently approached you with a new business idea he/she wants to open. Knowing that you are working on your MBA, this friend has asked for your assistance with trying to figure out who might be willing to shop at the new business.
The Bark and Brew is a coffee/tea shop similar to a Starbucks. However, there is a twist to this shop: pets (specifically dogs) are welcome. The plan is to carry products that will cater to dogs as well as humans, including drinks and snacks. The intent is not to compete with pet stores but to compete with coffee shops.
Reflecting on the above from a Marketing Strategy Perspective, address the following issues:
a.) Develop a target market for this project. Make sure to address at least three market segmentation variables that would be important to consider and how you arrived at the target market you are suggesting for this project.
b.) Develop a customer retention program for your friend to implement. Discuss the concept of customer orientation and the importance of a customer retention program and what factors should be considered for this business. Identify the type of information the company needs to design this program and from where the company will obtain this information.
c.) Marketing strategy focuses on solving problems. Many of the problems originate from specific needs. Identifying the appropriate needs assists in the product differentiation process, as well. Identify the Primary Needs and Secondary Needs this product will satisfy. How will this be used in the product differentiation, positioning of the product, and the impact within the consumer buying process?