1. You are an entrepreneur who has developed a packaging technology that instantly chills single-serving containers of cold beverages such as beer, carbonated drinks, and fruit juices. The customers of such packaging, therefore, would be beverage-makers. You are not certain whether your technology is patentable. Using the seven domains framework, assess this opportunity and describe any strategic decisions you could make to maximize the opportunity’s attractiveness.
In terms of market attractiveness, the customers being beverage makers like Coca-Cola or Pepsi Cola would be interested in a machine that instantly chills single serve beverages. These companies specialize in producing carbonated and …show more content…
Another issue that could be addressed is how much money should be budgeted for operating expenses. If again sales projections are low, you don’t want to sink too much money into a project that has the potential to fail. Advertising and marketing expenses are subject to change if the market potential is not where the marketer would like for it to be. Decisions that should be made would pertain to sinking money into a project to advertise it to a market that is not interested in what the business is offering. Lastly investments in infrastructure may be halted due to market potential reports. Why invest in a project that has a low potential to return high profits to investors? IT wouldn’t make sense, and it elaborates on why market potential research is vital.
2. To more effectively allocate promotion expenditures and sales efforts, the marketing manager for a company marketing frozen food entrées would like to know the relative market potential for such products in every county in the United States. What variables would you include in a multi-factor index for measuring relative potential? Explain your rationale for including each variable. Where might you find up-to-date information about each of the variables in your index?
Factors that would be included in determining the market potential for frozen foods include how many