Question description
Part 1: Primary Task
Within the Discussion Forum area, write at least 250 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:
- Give examples on how your concept has evolved from Week 1 to Week 6.
- example week 1:Site selection involves the following:
- Determine where potential customers (target market segment) are concentrated geographically. One source of this information is U.S. Census data.
- Identify locations with sufficient traffic. County or city departments often collect data on traffic counts.
- Identify locations near demand generators, such as shopping malls. Detailed maps often provide this information, though a visit to potential sites may be necessary.
- Assess the level of competition in the nearby area. A visit to potential sites, with a drive around the nearby area, provides this information, as does a thorough Internet search.
- example week 2:Within the Discussion Forum area, write at least 250 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:The market analysis is crucial to the examination of the target market. By looking at the geographic location and demographics, consider the market’s needs and how these needs are currently being met. During the research for the market analysis, a competitive analysis is also made. This will allow the investigation of direct and indirect competitors, the assessment of any competitive advantage, and the analysis of how to overcome any barriers to entry into the market.
- Conduct a discussion on the discussion board on the topic of market analysis concepts and techniques that can be of use to all students.
- Example week 3:Within the Discussion Forum area, write at least 250 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:
- Target marketing involves 3 activities: market segmentation, market targeting, and market positioning. These market activities can be targeted at 4 levels: segments, niches, local areas, and individuals.
- Describe your operation briefly, and then describe your targeted market and how you will approach the marketing activities to reach this target market
- Example Week 4:Within the Discussion Forum area, write at least 250 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:Consider the importance of the financial viability of your concept. All factors such as menu price, ingredient cost, labor cost, fixed and variable expenses need to be taken into account.
- Explain the importance of an operation using/having a monthly profit and loss statement.
- Explain the concept of creating a P and L Pro Forma; include what it is and how it can be used in a business plan.
Example Week 5:Within the Discussion Forum area, write at least 250 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:Your final capstone submission is due next week. This is your opportunity to share and request resources.In the Discussion Forum, you are required to submit at least 2 forms, tools, or Websites you found useful in the course of the creation of this project. Resources such as non-credible search engines, wikis, dictionaries, definitions and other non-credible sources as defined by APA formatting cannot be used.
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