1. An Untapped Market Shana Rusonis Alina Kim Ali Kriegsman Emily Gerard Marc Bortz Aaron Caulfield

2. Road-Map Problem identification and finding a needMarket segmentationResearch methods and data collectionActionable Recommendations Parents Subsidies Brand Ambassador

3. Problem Identification Market Segmentation Research Methods Actionable Recommendations How can we bring new customers to CFT in a strategic way? Target Penn Students We chose a market that we know well, and whose members may never have considered food tours before

4. Finding A Need Appeal to Penn Students: Introduction to Philadelphia food culture and history Social outing, meeting new people Learn more about Philadelphia Activity for families during visits Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations

5. Segmenting Target Market Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations Undergraduate student population: Approximately 10,000 Ineffective to treat entire student body as Homogenous Solution: Segmentation to effectively promote CFT to heterogeneous groups with unique characteristics

6. Segmenting Target Market Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations New-to-SchoolPhilly Veterans Social CirclesPenn Parents Heterogeneous Segments

7. “New-to-School” Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations Unfamiliar with Penn, Philadelphia Residential Advisors in freshman halls organize group outings – subsidized – Bonding and educational experience Ideal Tour – Flavors of Philly tour Highlights classic Philadelphia food Get to know city Freshmen

8. “Philly Veterans” Feb Club – Events every night in February – sponsored by Senior Class Board Familiar with Penn’s restaurant scene Ideal Tour – The Craft Beer and Artisanal Cheese tour Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations University Seniors

9. “Penn Parents” Find peak times that parents are on campus Greater disposable income, look for ways to spend time with student Some parents are in town for extended stays, need ways to explore Philadelphia on their own Times of year: – New Student Orientation and move-in (September) – Parents’ Weekend (October) – Graduation (May) – Miscellaneous Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations Parents of Students & Alumni

10. “Social Circles” Students who do not fall in “New to School” or “Philly Veterans” who look for social outlets to spend time with peers Suggested groups: – Fraternities and sororities – Club sports – Student publications – Wharton Cohorts Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations

11. Interview Process Interviewed 50 people across 4 segments – Qualitative results – Awareness of CFT, motivating/dissuading factors Different sets of questions for parents and students (18 vs. 11 questions) Takeaways: – Current CFT price points are prohibitively expensive – Parents are more receptive to these prices and want to spend time with their student Informed our survey creation Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations

12. Survey Administered to 163 Penn students – Strove for gender and class year diversity – 45% female, 55% male Organization affiliations Willingness to pay (vs. parents’ willingness) Most effective methods of increasing their (parents’) awareness of CFT Dissuading factors Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations

13. #1 – Ways to Subsidize – Flavors of Philly – hall events, NSO, partially subsidized – Craft Beer and Cheese – Feb Club event, appeals to students of legal drinking age – Decadent Gourmet – big-little gifts or lineage events – Northern Liberties – date nights or parents Principles of liking Perceived value in a discount! Bundling Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations

14. – Flavors of Philly – hall events, NSO, partially subsidized – Craft Beer and Cheese – Feb Club event, appeals to students of legal drinking age – Decadent Gourmet – big-little gifts or lineage events – Northern Liberties – date nights or parents Subsidies and Student Groups Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations

15. Subsidies and Student Groups – Students are more willing to go when tour is fully or partially subsidized % who said yes to fully subsidized and yes to partially subsidized % of students who said Price was a major factor – Students are in groups that have these abilities and affiliations % of survey who had any affiliation Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations

16. Fraternity3421% Sorority5232% Wharton Cohort2616% Performing Arts Student Group 2213% Cultural Student Group 2717% Senior Society96% Student Government 53% Academic and Publication Student Group 3521% Club/Intramural Sports 5936% None85% Fraternity3421% Sorority5232% Wharton Cohort2616% Performing Arts Student Group 2213% Cultural Student Group2717% Senior Society96% Student Government53% Academic and Publication Student Group 3521% Club/Intramural Sports5936% None85% Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations Subsidies and Student Groups

17. Course Concepts Slide Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations Subsidies and Student Groups Principles of liking Perceived value in a discount!

18. Targeting Penn Parents – Market to the parents when they are on and off campus Publications Penn parents and Alumni read Sheraton and Inn at Penn targeted marketing – More willing to pay than students – Want to have activities for two different reasons Have activity to do with kids Have way to fill free time during NSO when students are busy Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations

19. Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations Targeting Penn Parents Students Parents (according to students) Students predicted their parents would be willing to pay 17.5% more! How much would you (your parents) be willing to pay for a CFT?

20. Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations Targeting Penn Parents The Inn at Penn4729% The Sheraton on Campus3823% Downtown7043% Do Not Visit Campus32% Other4729% Where do your parents usually stay when they visit campus? *People may select more than one checkbox, so percentages may add up to more than 100%.* Parents stay “On Campus” roughly 52% of the time!

21. Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations Targeting Penn Parents Daily Pennsylvanian / DP Online4729% Penn Gazette3723% Weekly Pennsylvanian3018% Alumni Magazine4025% Other5836% *People may select more than one checkbox, so percentages may add up to more than 100%.* Roughly 64% read at least one

22. Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations Targeting Penn Parents Course Concepts Slide

23. Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations Targeting Penn Parents Ways to target parents Flyer on Locust Walk Advertise in publications “On campus” hotels

24. – Having a student on campus to promote and run all aspects of your brand on campus is a great way to get in touch with the student body Cialdini’s persuasion tactics: · Liking – they will like another student rather than outside advertiser · Social Proof – if students believe that many other students are taking tours, they will want to as well Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations Brand Ambassador

25. Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations Brand Ambassador Flyer on the Walk5534% DP advertisement`2616% Under The Button7445% WOM / Brand Ambassador 10464% Email9760% Other74% *People may select more than one checkbox, so percentages may add up to more than 100%.* 64% of students think a brand ambassador is an effective way to reach them!

26. Course Concepts Slide Problem IdentificationMarket Segmentation Research Methods Actionable Recommendations Brand Ambassador

27. Conclusion Need to have ability to persuade students to go on tours Product Differentiation Use the direct contact to differentiate your tour from other activities AND routine meals