ALTI's Apprentice Boardroom Report For 1/21/05

Team Street Smarts Earns Three Times More Than Team Book Smarts?

Donald Trump began his third 15 week interview process tonight with an impressive group of fine young candidates. He's even added a twist, and divided teams into "street smarts" versus "book smarts". 

While I can't say that I was surprised that the street smarts candidates earned more, I was shocked that it was by a multiple of three times. This begs the question; are our institutions of higher education turning out quality individuals who can make a significant economic impact in our country? 

Please tell me what you think:  Call (800) 598-1338 ext. 9915 or send your feedback to email . 

When to do a Market Analysis for a Product Launch

As I watched the events of the first task unfold; market a new sandwich for Burger King, I observed that team Street Smarts, now "Net Worth Corp.", was very well organized, and executed without flaw.  I noticed that team Book Smarts, now "Magna Corp." suffered with every element of the task, from product selection to sales, the team seemed to under estimate or over analyze every step.

I found it absurd when, given a 3 day deadline, Danny and Stephanie of Magna Corp. met with the Burger King Marketing Rep they blamed the lack of a market analysis for not knowing their target market. How hard is this? Burger King has done all the hard work, the task is simply to create an in-store promotion to appeal Burger King customers to try a new burger.

Remember, in-store promotions include window displays, signage, uniforms and other eye-catching techniques that can aid to pull consumers in from off the street. Under the time constraints, this does not require a marketing study. Rapid entrepreneurial execution that adhered to solid fundamentals was the big winner.

So, when is the best time to do a market analysis for a product launch? I suggest to my clients that it is better to test as early as possible and practical, and then to test often.  Conducting smaller, frequent tests early on in the development cycle is far better and more cost effective that conducting large scale tests later in the development cycle.

Oh, and lets not forget, once we get the customers, we have to be able to take the orders!

Shameless Plug: 
Are you thinking about developing a new product or service?  Do you have tight timelines and small budgets to work with?  

ALTI Consulting and our team of specialists can help you to execute an affordable and yet meaningful analysis so that your not flying blind.  Give us a call, or shoot us an e-mail at (206) 984-9560 or .

Its nothing personal, its just business...

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