SUBJECT: High Technology Bar Top
Recommendation
The problem here is to figure out a method of generating revenue from this high technology bar top. Another issue is if Jonathan was to borrow money from his parents, he would have to repay the loan within 7 months. This means he has to find a way of generating cash flow relatively quickly in order to repay his parents which would influence the recommendation. My recommendation is to sell the idea to local clubs and eventually expand into more markets in the future. This idea would allow Jonathan to generate consistent revenue with a relatively low amount of risk
Decision Criteria and Alternatives
The most ideal solution would meet all these criteria:
• Generate profit and revenue
• Prevent competitors …show more content…
It would be difficult for someone who does not have experience in the industry to find a good location and space in Waterloo, find popular DJs, beverage suppliers, and create a popular club at the same time. Jonathan has a very good idea for a product, but he does not have the experience necessary to start his own club. The main focus should be on the product instead of trying to compete in a market where his competitors already have a loyal following. The only resources needed to sell the bar tops would be a workshop for production, and finding suppliers. Costs would be much lower, and since there are many suppliers, Jonathan would have bargaining power when negotiating prices. This would mean a relatively safer decision with much less to lose if the idea …show more content…
Within the 6 months, Jonathan should have a completed final design or his product which would be ready to sell. He would first have to see if clubs would be interested in his product and involve his target market in the design process to properly access their needs and wants. Once interest is generated, he can begin designing the manufacturing process of his bar tops in bulk. This should be done within the first or second year. When a handful of clubs buy and use his product, the industry would be aware of his product and he would be able to find interests in markets around the world. In the long term, he would be able to easily convince medium to smaller sized clubs to purchase his product as it would be a long term investment into the future of their business. He would need to solidify his brand in order to deter competitors from stealing market share in the long
Recommendation
The problem here is to figure out a method of generating revenue from this high technology bar top. Another issue is if Jonathan was to borrow money from his parents, he would have to repay the loan within 7 months. This means he has to find a way of generating cash flow relatively quickly in order to repay his parents which would influence the recommendation. My recommendation is to sell the idea to local clubs and eventually expand into more markets in the future. This idea would allow Jonathan to generate consistent revenue with a relatively low amount of risk
Decision Criteria and Alternatives
The most ideal solution would meet all these criteria:
• Generate profit and revenue
• Prevent competitors …show more content…
It would be difficult for someone who does not have experience in the industry to find a good location and space in Waterloo, find popular DJs, beverage suppliers, and create a popular club at the same time. Jonathan has a very good idea for a product, but he does not have the experience necessary to start his own club. The main focus should be on the product instead of trying to compete in a market where his competitors already have a loyal following. The only resources needed to sell the bar tops would be a workshop for production, and finding suppliers. Costs would be much lower, and since there are many suppliers, Jonathan would have bargaining power when negotiating prices. This would mean a relatively safer decision with much less to lose if the idea …show more content…
Within the 6 months, Jonathan should have a completed final design or his product which would be ready to sell. He would first have to see if clubs would be interested in his product and involve his target market in the design process to properly access their needs and wants. Once interest is generated, he can begin designing the manufacturing process of his bar tops in bulk. This should be done within the first or second year. When a handful of clubs buy and use his product, the industry would be aware of his product and he would be able to find interests in markets around the world. In the long term, he would be able to easily convince medium to smaller sized clubs to purchase his product as it would be a long term investment into the future of their business. He would need to solidify his brand in order to deter competitors from stealing market share in the long