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Week Two Discussion. - Choose a businessObjectives:To discuss how “sales” drive the business in different segments of the Entertainment Business.To solve problems related to low sales (a problem)
Week Two Discussion. - Choose a business
Objectives:
To discuss how “sales” drive the business in different segments of the Entertainment Business.
To solve problems related to low sales (a problem) in different segments of the Entertainment Business.
To identify objections from customers that impact sales and offer sales strategies to overcome them.
To demonstrate techniques to engage customers so they will advocate for the business through Social Media and Mobile Marketing.
To demonstrate effective written communication skills as applied to the Entertainment business.
Deliverables
Initial Post - 1st post due Wednesday by midnight Eastern Standard Time
Reply Post - 2nd Post due Sunday by midnight Eastern Standard Time
Instructions - Initial Post:
You have been assigned a business to evaluate. You need to determine the size, scope, details, etc. about the business if not specified and specify the actual business you are discussing with a link to the business. Cited Research is required to determine general industry information and specific business information. References are required for all research information stated.
This is a specific business, not a general business. Example: AMC is a chain of movie theaters - What specific movie theater are you covering? You need the specific business to find the reviews.
1. You are the Sales Manager for a Movie Theater - Whitney
2. You are the Sales Manager of a Bowling Alley - Raquel
3. You are the Sales Manager for a Nightclub - Tamija
4. You are the Sales Manager for an 18 hole Golf Course - Johnathan
5. You are the Sales Manager for a local attraction near your city/region/state/etc. - Barbara
Revenue Streams – A revenue stream is a method or channel to bring money into the business. As businesses expand, they often add additional revenues streams. Having multiple revenue streams increases the opportunities to bring in revenue and spreads the risk if one or more revenue streams are not hitting sales projections.
For your business discuss the following:
1. Select an actual business in your category. Identify the business with a link and list the main 3 current revenue streams that being utilized to bring money into the business.
2. Identify, list and explain two specific (to your business) objections that customers might have to purchasing your offerings/products/services, etc. You should research to see the reviews for your business.
Reviews most often show up in Yelp. Look for the lowest stars reviews and see what the customer are complaining about. (If there are no reviews, select another business)
Research is required for reviews of your actual business and you should provide references for your research.
Do not use "price" for this assignment. Reducing a researched and established price is a last resort. This is NOT an option for this assignment. If price is an objection, it is up to you (the sales person) to justify the price by selling the benefits and thus creating greater value in the mind of the customer. I am also less than excited with Buy One get One FREE and Discounted Coupons. There is no such thing as "free" in business. You have to reduce profit margin or raise other prices to offset a reduction in price. This assumes that the price was established correctly in the first place. (so assumed for this assignment)
3. Develop 2 sales strategies to effectively counter the two objections listed in Step 2 and explain why you believe these action steps will be effective in overcoming your stated objections. Again, offering a reduced price or "free" time, services, merch, etc. is not an option. You may, however, suggest a realistic, logically researched sponsor to provide "free" merchandise if appropriate for your line of business.
4. Ultimately, businesses want customers to have a great relationship with their business so that they will become advocates. List two ways you would engage your customers/fans through Social Media and Mobile Marketing. You need to specifically list what social networking service you are using and what you will be posting/communicating.
Second Post – due between Thursday and Sunday by 11:59pm EST
All posts are carefully graded on not just the completion of the required elements but the accuracy of the information presented.
Instructions - Reply Post:
Additional cited research is required to evaluate your classmate's business.
1. Evaluate the proposed revenue streams and suggest 1 new revenue stream that might be opened to help bring in money to the business.
2. Find through online review research and discuss one specific, additional objection that customers have stated to purchasing another student’s business offerings/products/services, etc. This is in addition to the objections mentioned in the initial post. (Not price) You should provide the link to the online review you are referencing.
3. Discuss an additional sales strategy/technique/marketing plan/action step, etc. to overcome the additional objection you mentioned in Step 2. (No "freebies, bogos, etc.)
4. Discuss an additional way to connect with your classmate’s customers/fans through Social Media or Mobile Marketing.
