Well to start off my assignment, the industry of focus for this assignment will be based on my previous assignment on “Seeing Entrepreneurially”. In that assignment I focused on the fast food industry. The idea I have in my thoughts in relation to the fast food industry would be to make sure customers can receive their orders in a quickly, timely manner. Therefore, the benefits that my idea would deliver to buyers/users would be that my fast food business would be able to provide food in a short timely manner to anyone who chooses to eat at my establishment. The main thing with owning a fast food establishment would be that food will be cost friendly for all people of various backgrounds and making their orders in a quick fashion, therefore assuring the concept that my business is a “fast-food” establishment.
What is the Value Proposition that your company or organization offers to solve customer problems and satisfy their needs? Your response should address value proposition items to include a distinct mix of elements catering to a customer segment’s needs. Values may be quantitative, such as price or speed of service, or qualitative, such as design or customer experience. Please respond with one paragraph of approximately 100 words.
A value proposition can be defined as “a promise of value to be delivered. It’s the primary reason a prospect should buy from you.” There are three main things involved with creating a value proposition, which include: relevancy, quantified values, and unique differentiation. To address relevancy within my business idea I would explain how my fast food establishment will make sure that the prices on the menu are friendly for people coming from all different backgrounds including ones from low income backgrounds. I would also make sure that the whatever a customer is purchasing that their orders would be provided in a timely fashion, which would ideally be in my establishment less than 5 minutes if I am modeling my establishment similar to a McDonalds. The specific benefits as I previously mentioned would be cheap food and then whatever a buyer may purchase that their orders would be ready within 5-10 minutes at most. Addressing how my business would be unique compared to other fast food business is that my establishment can figure out a real “bang for your buck” meal similar to the Wendys 4 for $4 deal or the McDonalds ‘pick 2 for $5”.
What are the Customer Segments that your company or organization serves? Your response should address customer segment items to include the needs and wants of customers, distribution channels, types of relationships, different profitabilities, and the customers' willingness to pay. Please respond with one paragraph of approximately 100 words.
Customer segmentation can be defined as “the practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests and spending habits.”...