Project Title: Revitalizing Summer Sales: Navigating Arizona's Seasonal Cannabis Market with BakedBros
Baked Bros
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| Project Title | Revitalizing Summer Sales: Navigating Arizona's Seasonal Cannabis Market with BakedBros |
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| Project Synopsis: Challenge/Opportunity | BakedBros, a renowned name in the cannabis-infused product industry, has established itself as a prominent player in the edibles market. Founded with a passion for creating high-quality cannabis products, the company has significantly impacted the industry by producing innovative, consistent, and safe edibles. However, like any business, it faces its unique set of challenges and opportunities: BakedBros aims to overcome the hurdles associated with slowing sales during the summer months in Arizona. This season brings an "exodus" from the Southwest as snowbirds head back home and schools are out for the season. This trend significantly impacts the local market dynamics, and BakedBros is keen to explore new and unique marketing tactics to better equip them for the challenges this seasonal shift presents. To tackle this challenge effectively, acquire a deeper understanding of the seasonal Arizona market, specifically focusing on the cannabis industry. Uncover marketing strategies and business approaches that can not only weather the summer slump but also potentially thrive during this period. Help the company find a way to capitalize on this seasonal market shift and potentially set new industry standards for navigating such challenges.
Explore the intricacies of BakedBros' business challenge and engage in an insightful and educational journey to craft innovative solutions that will not only help the company navigate the Arizona cannabis market but also provide valuable insights for the broader cannabis industry. It's a unique opportunity to apply strategic thinking, marketing expertise, and industry knowledge to solve a real-world business challenge in a dynamic and rapidly evolving sector. |
| Project Synopsis: Activities/Actions Required | To achieve the desired results in addressing the summer sales challenge, BakedBros will need a marketing approach that capitalizes on the unique characteristics of the Arizona market. The company intends to develop a comprehensive guerrilla marketing plan that strategically leverages local businesses and events in Phoenix, Tucson, and the Northern parts of the state. This approach involves establishing a solid local presence and engaging with the community during the critical summer season. Creativity is a key driver in this strategy, with the company keen on exploring innovative, high-quality, and cost-efficient swag ideas to leave a lasting impression. The new marketing approach aims to create brand visibility, foster community engagement, and drive sales during the summer period. Through this proactive and inventive strategy, the company seeks to enhance brand loyalty and establish a solid foothold in the seasonal Arizona market.
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| Project Synopsis: Expected Results | The primary indicator of success is top-line revenue, which means maintaining revenue at a consistent level during the summer season (from June to September). A successful campaign would demonstrate the ability to navigate and effectively mitigate the seasonality challenges that typically impact sales during this period. In addition to revenue, BakedBros will closely monitor traffic flow to local dispensaries as another key performance metric. Achieving this entails distributing bounceback coupons at events to attract customers to the stores, further emphasizing the importance of community engagement. Furthermore, identifying and establishing partnerships with supply chain vendors for custom swag at varying price points, such as $.50 per item or $1 and above, represents another critical measure of success. This step underscores their commitment to cost-efficient yet high-quality promotional materials. Success in these areas collectively signifies a robust and adaptive marketing campaign that not only maintains financial stability during the summer season but also contributes to brand recognition, community involvement, and customer loyalty.
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Project Timeline
| Touchpoints & Assignments | Date | Type |
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Program Kickoff |
Jan 15 2024 | Event |
Program Managers
| Name | Organization |
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| Jonida Dervishi | Montclair State University |
| Nicole Koppel | Montclair State University |
| April Sime | Montclair State University |
Teams
| Team Name | Project Name | Team Members |
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| No Teams Available |
