ProgramsMBA Business Consulting (Spring 2024)ProjectsMarket Expansion Strategy for DIG

Project Title: Market Expansion Strategy for DIG

DIG

Details
Project Title Market Expansion Strategy for DIG
Project Topics Customer Service & Account Management Growth Strategy Marketing Product Design & Development Sales & Business Development
Skills & Expertise
Project Synopsis: Challenge/Opportunity
Before the pandemic, our business heavily relied on office lunch traffic in the Manhattan market, a core aspect of our revenue stream.

The rise of remote work due to COVID-19 significantly altered our business environment. Traffic patterns have shifted, necessitating our adaptation to this new reality. To counter the effects of our evolving business model, we're expanding into new markets: Connecticut (CT), New Jersey (NJ), and the DMV (DC/MD/VA). This expansion provides a distinct opportunity to broaden our customer base beyond office workers.

DIG is exploring ways to diversify its customer base beyond office workers in the post-COVID market environment. Specifically, the company seeks avenues to (1) enhance online ordering, delivery, and takeout services, and (2) capture the dinner business.

MBA students will deliver a comprehensive marketing strategy to boost DIG’s online presence, expand their takeout business, and establish themselves as the preferred provider for high-quality dinners. This strategy encompasses identifying target consumer segments, highlighting key product features, refining positioning and messaging, considering pricing structures, and exploring cross-promotion opportunities with local businesses and influencers.
Project Synopsis: Activities/Actions Required
The project aims to develop a comprehensive marketing strategy for DIG's expansion into new markets, focusing on Connecticut (CT), New Jersey (NJ), and the DMV (DC/MD/VA). The strategy includes market research, menu evaluation, enhancement of delivery and takeout services, partnership initiatives, and continuous feedback mechanisms.

Activities/Actions Required:

  • Market Research:
    1. Conduct thorough market research to understand local demographics and preferences in the new markets.
    2. Establish a strong online presence through digital platforms.
    3. Execute targeted advertising campaigns to reach potential customers effectively.
  • Menu Evaluation and Expansion:
    1. Assess and adapt menu offerings to appeal to a broader audience.
    2. Introduce new items catering to diverse tastes, dietary preferences, including healthier options and family meal deals.
  • Delivery and Takeout Services:
    1. Invest in improving delivery and takeout services to cater to customers preferring online orders.
    2. Enhance the convenience and efficiency of the online ordering process.
  • Partnership Initiatives:
    1. Form partnerships with local businesses, organizations, influencers, and brands.
    2. Implement cross-promotional activities to build community involvement and increase brand visibility.
  • Customer Feedback System:
    1. Establish a system for collecting feedback from customers in new markets.
    2. Use feedback to continuously refine offerings and services based on customer preferences.
  • Situational Assessment:
    • Review DIG's business and offerings through the company website, advertisements, and provided background materials.
    • Conduct an audit of DIG’s website, app, and search engine to identify strengths, weaknesses, and consumer experience gaps.
    • Evaluate DIG’s social media presence on major platforms.
  • Customer Needs Analysis:
    • Analyze key consumer segments seeking high-quality takeout meals, especially dinner options.
    • Conduct a consumer survey to gather insights, fill information gaps, and validate hypotheses on customer needs.
    • Evaluate differences in preferences driving purchase decisions, such as menu offerings, pricing, ordering, and delivery.
  • Competitive Benchmarking:
    • Assess the top 3 competitors and potential threats to DIG’s growth strategy.
    • Analyze competitors' offerings, pricing, advertising, and digital presence.
    • Identify strengths, weaknesses, and gaps for DIG to exploit.
    • Explore best practices from analogous industries.
  • Ideation:
    • Generate ideas for three customer segments for takeout and dinners.
    • Develop product features, pricing strategies, positioning, messaging, and promotions to stimulate trial and repeat business.
    • Identify value-added services enhancing the customer experience.
  • Go-to-Market Strategy:
    • Develop a strategic recommendation for a chosen customer segment, outlining situational and competitive assessments.
    • Address unmet or underserved customer needs, propose product features and benefits, establish pricing strategies, and differentiate from competitors.
    • Present a comprehensive go-to-market strategy for DIG’s successful entry into the new markets.
Project Synopsis: Expected Results
  • Achieving sales targets: hitting in sales revenue, order frequency, and customer retention goals in the new markets, as well as positive trends in customer satisfaction and loyalty metrics.
  • Increased Market Share: increase in our market share in the new markets, as well as sustained growth in these regions over time. Some measures would include social and email audience insights.
  • Diversified Customer Base:  diversified our customer base as reflected in menu and check insights, attracting not only office workers but also residents, families, and other demographic groups in the new markets.
  • ROI on Marketing Spend: We should see a return on investment from our marketing efforts in the form of increased sales that can be attributed to our marketing initiatives.

Project Timeline

DIG - Market Expansion Strategy for DIG
Due Date
Activities
Deliverables
Status
Action
Tue, 01/16/24
12:00 AM UTC
Program Kickoff
No Deliverables
No deliverables are required for this action item.
Location:
Mon, 01/22/24
8:00 PM EST (UTC-05:00)
Client Project Briefing
No Deliverables
No deliverables are required for this action item.
Location: Virtual
Mon, 02/12/24
8:00 PM EST (UTC-05:00)
Student Q & A
No Deliverables
No deliverables are required for this action item.
Location: Virtual
Wed, 03/13/24
8:00 PM EST (UTC-05:00)
Teams present Top 3 Customer Segments/Ideas
No Deliverables
No deliverables are required for this action item.
Mon, 04/29/24
12:00 AM UTC
Teams present Strategic Recommendations
Required Deliverable
Required Deliverable
Deliverable submission is required.

Program Managers

Name Organization
Geoff Chellis Montclair State University

Teams

Team Name  Project Name  Team Members 
No Teams Available