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

Touchpoints & Assignments Date Type

Program Kickoff

 Jan 16 2024 Event

Client Project Briefing

 Jan 22 2024, 20:00 PM EST (UTC-05:00) Event

Student Q & A

 Feb 12 2024, 20:00 PM EST (UTC-05:00) Event

Teams present Top 3 Customer Segments/Ideas

 Mar 13 2024, 20:00 PM EST (UTC-05:00) Project Milestone

Teams present Strategic Recommendations

 Apr 29 2024 Project Milestone

Program Managers

Name Organization
Geoff Chellis Montclair State University

Teams

Team Name  Project Name  Team Members 
No Teams Available