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BAU 615 Marketing Analytics – Mini-Midterm Preparatory Exam (Four Sections) “TERMINOLOGY APPLICATION AND UNDERSTANDING”: after each term, given an example from our client “BlackfinnDC.” Product – Price – Promotion – Place / Distribution – Positioning – People – Platform – Packaging – “RECOLLECTION AND/OR REFERENCE”: list the three types of data that were discussed in the March 3, 2023, Class (you may refer to the daily class material loaded into ITSLearning if helpful) __________________________________________ __________________________________________ __________________________________________ “ANALYSIS” Using the data from the attached spreadsheet (“03052023-BAU-615-Mini-Midterm-Preparatory-Exam-Copy of BakeryData” embedded here and available from the web site for the assigned “free” textbook ) and you may refer to the assigned textbook if helpful: provide an answer for each of the following. “Describe” the data in the spreadsheet (insert the description after IV at page bottom) The Bakery client needs your advice. Staff will only work 6 days a week going forward. The client asks for your recommendation on which day of the week the store should close. The marketing goal is to maximize the number of items sold during a 6 day workweek. “Prescribe” which day the client should close (write the name of the day to close and show how many items are sold on that day, as described in III.A. (insert at page bottom) Starbucks knocks on the client’s door and offers to pay $1,000,000,000.00 if the client can show it has sold more than 428,831 units of Coffee. “Predict” whether the client will receive the $1 Billion dollar offer from Starbucks. The prediction options are: Yes – No – Maybe – Bonus Point: explain the answer for III.C. above, here ______________________________________________________________________________________________________________________________________________________ MARKETING “COMMUNICATIONS”: using what you have learned from the recent survey done for the BlackfinnDC Client Project, in one (1) sentence Prescribe what should be done to increase sales within five blocks and include at least one data number # finding that you think is convincing.
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2 Restaurant Description The restaurant is located near a busy area, it is surrounded by governmental and private offices, universities and The White House within five blocks distance. It positions itself as “American Gastropub” which is most likely a sports bar serving American food with current likes of the people such as Hummus. The menu features a range of dishes including appetizers, entrees, desserts, and vegetarian and gluten-free options. The restaurant also offers a full bar menu with especially cocktails. The price range for food is $5-$20 average and for drinks it is between $8-$20. Additionally, it has a casual atmosphere with dark, wooden interior along with comfortable seating. The decor is typically modern, with warm lighting and attractive artwork. The restaurant also has outdoor seating. Moreover, it offers special promotions, such as happy hour specials and free flatbread. It also has private dining areas for hosting events. Finally, it provides online reservations or takeout/delivery options for convenience. Considering the story, please assign a ranking from 1 to 8 to these conditions based on their relative importance for yourself. Factor Rank (from 1 to 8) Product (The restaurant above) Place (restaurant’s location and delivery apps like Uber, Doordash) Promotion (the restaurant has a happy hour and have special offers for events) People (the demographic of people who go to this restaurant) Platform (Digital presence of this restaurant and the restaurant itself) Price ($20-25 per person in lunch time, $30, 35 per person in dinner time) Package (The atmosphere and the customer experience at the restaurant) Positioning (the restaurant’s brand perception)
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Our customer Blackfinn is in D.C., and they want to attract more customers. To do that, our solution was to use social media, because it is the most cost-effective and efficient way to reach large numbers of potential customers. Social media platforms allow restaurants to target their advertising at specific demographics, such as age, location, interests, and more. This means that restaurants like Blackfinn can tailor their advertising to the people most likely to visit their establishment, making their marketing efforts more effective. It also allows restaurants to engage with their customers in a way that wasn’t possible before. Restaurants can respond to comments, answer questions, and share updates in real-time, creating a more personal and engaging experience for their customers. As we observe the new restaurants in and around Washington, D.C., it becomes apparent that a significant number of them are capitalizing on modern technologies to connect with their intended audiences. By including vivid images of their menus and ambiance and being prompt in responding to customer inquiries, these restaurants are effectively utilizing technology to reach and engage their target market. Not utilizing social media channels can result in Blackfinn losing customers, which is not a sustainable approach. Social media can be used to provide exceptional customer service by promptly responding to inquiries, complaints, and feedback. By doing so, Blackfinn can improve customer satisfaction, build brand loyalty, and gain positive word-of-mouth marketing. In today’s digital age, customers expect to be able to communicate with businesses through social media channels. By neglecting this aspect of customer service, Blackfinn may be missing out on valuable opportunities to connect with their target audience and grow their business. Therefore, it’s important for Blackfinn to incorporate social media channels into their customer service strategy to remain competitive and sustainable in the long run. To solve customer service problems, we want to reward our regular customers, in order to do that we’re creating a loyalty program. This loyalty program will reward customers with discounts and exclusive deals to create a sense of appreciation and recognition. According to a survey conducted by Food & Wine Magazine, 59% of respondents said that social media influenced their decision to dine at a particular restaurant. This data shows us how vital it is for Blackfinn to utilize social media channels in order to connect with potential customers. Also, this study shows that 56% of the diners say a mobile-friendly website is important when deciding where to dine, making it essential for Blackfinn to have an accessible website that works on mobile platforms. A study by the Harvard Business Review found that restaurants that respond to customer reviews on Yelp see an increase in their overall rating. The study found that for every one-star increase in a restaurant’s Yelp rating, the restaurant can see a 5-9% increase in revenue. This evidence highlights the importance of taking customer feedback seriously and responding to reviews. Here are some statistics from A study by Cornell University. This data shows us that restaurants that actively engage with customers on social media see an increase in customer spending. According to the study, customer spending at restaurants that actively engage with customers on social media can increase by up to 14%, while customer spending at restaurants with no engagement only increased by 0.3%.