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- All Subjects: Entrepreneurship
- Member of: Barrett, The Honors College Thesis/Creative Project Collection
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- Resource Type: Text
Description
The insurance industry consists of financial advisors planning for individual’s financial future through defensive investments that will payout in case of something happening to a person’s greatest asset—themselves. Each financial advisor is mandated to pass a professional exam to receive their license in order to take in clients in each state. There is a process in which clients are serviced and sold on different products of insurance. Advisors need to consider client needs and service them with products are in their best interest and within financial reason. <br/> To sell a product you must have clients, and the way that financial advisor receive clients are generally through two ways: company provided or their own connections. At the end of the day, the goal is to get in front of more people and expand you circle. In that sense, there are two common way people address this expansion of circles and that is build relationships versus networking. The goal of this paper is to dive deep in the insurance industry and analyze the sales process when comparing the difference in selling through building relationships versus selling through networking.<br/> The research plan I have in mind start from researching background and history, to current practices environment, to method process solutions. In the initial stages of my research, I will focus on background and history of the financial services industry in terms of sales and insurance. This will address insurance sales processes in the financial services industry and its features as well as benefits. After explaining the step by step process and potential results of the sales process in the insurance industry, I will start researching current environments of the industry. This will explain the history, key theoretical elements, and significant events of the industry. <br/> The history of the background will set stage for me to address situational challenges in the business based on my own experience to which I will do research to find plausible sales process solutions when comparing relationship sales to networking sales. This research will then be synthesized with my own experimental solutions as I work in the industry, which will help me complete chapter 4 and 5 of my theses – Methods and Execution of Results.
ContributorsSkelnik, Eason John (Author) / Byrne, Jared (Thesis director) / Desiderio, Jake (Committee member) / Department of Finance (Contributor) / Department of Supply Chain Management (Contributor) / Barrett, The Honors College (Contributor)
Created2021-05
Description
This paper explores the intersection between principles of Information Measurement Theory (IMT) and sales techniques to identify a best value approach for sales professionals. Developed at Arizona State University and supported by numerous academic publications, IMT is a thinking paradigm that utilizes deductive logic and reasoning to understand how the world works and identify best value practices that minimize risk, decision making, and stress. One core concept of IMT is that individuals have no influence on the people around them, an idea that directly contradicts with traditional beliefs of the sales industry. The goal of this paper is to understand the qualities that make a sales professional successful from an IMT perspective, while outlining best value practices to apply in the real world. Comparison research for the sales industry was conducted by analyzing classic and modern sales literature, author participation in an industry-leading, professional sales training program, and input from sales professionals. The analysis identifies how top sales experts utilize techniques that allow them to efficiently uncover dominant information about their prospects' needs and then use that information to sell a valuable product to their customers. The analysis also outlines the common personality traits amongst well-aligned sales professionals. By adopting the practices and thinking paradigms outlined in this paper, individuals can maximize their potential in a sales career.
ContributorsFrelka, Benjamin (Author) / Kashiwagi, Dean (Thesis director) / Kashiwagi, Jacob (Committee member) / Barrett, The Honors College (Contributor)
Created2015-05
Description
After traveling to both Germany and Austria and attending traditional festivals such as Oktoberfest in Munich and the famous Christkindl Markets in Salzburg and Innsbruck, we were both inspired by our cultural and culinary experience. This also fostered confusion as to why German and Bavarian cuisine was an underrepresented food category in the U.S.
We completed in depth secondary research, focusing on environmental trends (social, economic, technological, political/legal, and natural) that affect the business environment in America, as well as produced a current market analysis of the American restaurant industry. This market analysis includes the discovery and evaluation of the history of the American restaurant industry, its evolution, its forecasted trends, and more specifically, taking a closer look at the nearly visible presence German cuisine establishments currently represent in America’s marketplace. By uncovering forecasted trends and determining the important presence the restaurant industry holds in America’s economy, we confirmed that designing and opening a German inspired restaurant is a great investment in an industry that continues to grow and prosper.
Before settling on a concept, we tested three unique German inspired models. Option 1, Prost, uniquely resembles a bar. Prost is described as a very casual and spacious beer garden placing an emphasis on quality German beer and small shared plates or appetizers. In contrast, option 2, Geister Haus is described as an upscale sit down restaurant that not only provides a wide selection of beer, wine, and spirits, but also an extensive menu with traditional German plates. Geister Haus is meant to provide its consumers with the authentic German experience. Lastly, option 3, Das Good is a modern concept that creates a fusion of German and American culture by providing traditional German specialties with a twist.
After conducting a survey testing all three concepts, the feedback we received from our test subjects (41 individuals representing diverse demographics) confirmed that Das Good was the most interesting German inspired concept that they would most likely visit. However, Prost was a close second, and many respondents suggested a combination of the two concepts; that is how the finalized Das Good restaurant was formed. Das Good’s business plan includes:
Company mission and values centered around diversity, community, and celebration
Target consumer profile otherwise known as Jackson Nelson that represents the specific demographic and psychographic qualities of a potential consumer we intend to attract
Competitive analysis of three carefully selected primary competitors (The Yard at Culinary Dropout, Brat Haus, and Pedal Haus Brewery) located within the Valley
Beyond the details of our business plan, we placed an emphasis on the marketing campaigns and design aspects of Das Good. For example, we researched three specific locations in which we will consider to invest, and developed a full menu including item descriptions and prices. We focused on physical evidence of store blueprints including indoor seating and outdoor patio layout and explained the value of our community centered open floor plan. Finally, we crafted a two-fold marketing plan that integrates digital exposure via local influencers and customer engagement via prize-worthy games featured at music, arts, and food festivals.
We completed in depth secondary research, focusing on environmental trends (social, economic, technological, political/legal, and natural) that affect the business environment in America, as well as produced a current market analysis of the American restaurant industry. This market analysis includes the discovery and evaluation of the history of the American restaurant industry, its evolution, its forecasted trends, and more specifically, taking a closer look at the nearly visible presence German cuisine establishments currently represent in America’s marketplace. By uncovering forecasted trends and determining the important presence the restaurant industry holds in America’s economy, we confirmed that designing and opening a German inspired restaurant is a great investment in an industry that continues to grow and prosper.
Before settling on a concept, we tested three unique German inspired models. Option 1, Prost, uniquely resembles a bar. Prost is described as a very casual and spacious beer garden placing an emphasis on quality German beer and small shared plates or appetizers. In contrast, option 2, Geister Haus is described as an upscale sit down restaurant that not only provides a wide selection of beer, wine, and spirits, but also an extensive menu with traditional German plates. Geister Haus is meant to provide its consumers with the authentic German experience. Lastly, option 3, Das Good is a modern concept that creates a fusion of German and American culture by providing traditional German specialties with a twist.
After conducting a survey testing all three concepts, the feedback we received from our test subjects (41 individuals representing diverse demographics) confirmed that Das Good was the most interesting German inspired concept that they would most likely visit. However, Prost was a close second, and many respondents suggested a combination of the two concepts; that is how the finalized Das Good restaurant was formed. Das Good’s business plan includes:
Company mission and values centered around diversity, community, and celebration
Target consumer profile otherwise known as Jackson Nelson that represents the specific demographic and psychographic qualities of a potential consumer we intend to attract
Competitive analysis of three carefully selected primary competitors (The Yard at Culinary Dropout, Brat Haus, and Pedal Haus Brewery) located within the Valley
Beyond the details of our business plan, we placed an emphasis on the marketing campaigns and design aspects of Das Good. For example, we researched three specific locations in which we will consider to invest, and developed a full menu including item descriptions and prices. We focused on physical evidence of store blueprints including indoor seating and outdoor patio layout and explained the value of our community centered open floor plan. Finally, we crafted a two-fold marketing plan that integrates digital exposure via local influencers and customer engagement via prize-worthy games featured at music, arts, and food festivals.
ContributorsWillett, Sydney (Co-author) / Doloresco, Sophia (Co-author) / Trujillo, Rhett (Thesis director) / Schlacter, John (Committee member) / Department of Marketing (Contributor) / Department of Management and Entrepreneurship (Contributor) / Barrett, The Honors College (Contributor)
Created2019-05
Description
The millennial generation is quickly solidifying its place as the dominate generation within the workforce. As millennials transition through workplace hierarchy it is essential organizations understand how to properly develop incoming talent. This is especially important within sales as the opportunity cost for hiring and developing new sales professionals is much higher compared to other professions. Downward trends in millennial retention rates is also a strong contributing factor to the importance of understanding the millennial generation. This paper aims to identify key concepts and elements employers should incorporate into their sales training programs in order to better develop millennials entering sales roles. Through an analysis of each generation and sales training a clear framework will be identified to achieve this goal. Analyzing millennials unique strengths and weaknesses will provide the basis for the key areas employers need to focus on when designing their sales development programs. The framework identified is easily adaptable within any organizations as the concepts discussed can be universally applied.
ContributorsStensland, Zachary William (Author) / Montoya, Detra (Thesis director) / Schlacter, John (Committee member) / Department of Marketing (Contributor) / Department of Information Systems (Contributor) / Barrett, The Honors College (Contributor)
Created2017-05
Description
Asana Arizona is a concept created by Arizona State University students Halie Blauser and Stephen Argentati to sell handmade jewelry. They were inspired to start making jewelry in their free time, and were interested to see if they could create a profitable small business. Their first priority was to create a strategic marketing plan, to examine the current external/internal environment and find marketplace opportunities. As a part of this they performed research to determine which fashion styles would be the best target demographic to market their products to, and found that consumers who identified as "Bohemian", "Hipster", and "Punk" were the best target demographics. They also found that a majority of college students do not care whether or not a product is handmade or locally made, and primarily just care about price. Online social media pages were created for Asana Arizona on Instagram, Etsy, and Facebook, and a Facebook ads were created and boosted towards the target fashion styles.
ContributorsArgentati, Stephen (Co-author) / Blauser, Halie (Co-author) / Eaton, Kathryn (Thesis director) / Schlacter, John (Committee member) / Department of Management and Entrepreneurship (Contributor) / Department of Marketing (Contributor) / Barrett, The Honors College (Contributor)
Created2016-12
Description
Aventure is the newest contemporary luxury men and women’s apparel and accessories boutique in Arizona. The boutique will be located in Downtown Scottsdale, specifically in McKellips Plaza conveniently located near Scottsdale Fashion Square. Aventure is the first of its kind in the Phoenix Metropolitan Area, providing Millennial fashion fanatics with a destination that fills the empty void in the city’s growing fashion scene. At Aventure, we bridge the gap between pop culture, streetwear, and high-fashion. Through our mantra ‘Redefining the Luxury Retail Experience,’ we aim is to promote expression of one’s self to the fullest extent through style.
‘Aventure,’ which means “experience” or “adventure” in French, defines this upscale boutique and its essence of inclusion. This store does not aim to be your traditional retailer; instead, Aventure aims to build a community within and around the store for individuals with similar styles and passion for fashion. At the moment, the city of Scottsdale (and the Metro Phoenix area as a whole) does not have its own identity in the fashion world. There is no reason why Metro Phoenix cannot, with time, become more recognized in the global fashion community. With an array of exclusive luxury merchandise and an urban atmosphere, Aventure aims to pioneer the Valley’s establishment on the national high-end fashion scene.
The boutique is a result of the vision of its founder Ahmed Imam. Ahmed is a graduating Honors student at Arizona State Univeristy’s W.P. Carey School of Business, pursuing concurrent degrees in Finance and Business Entrepreneurship. Having been passionate about fashion for as long as he can remember, Ahmed will leverage his connections to the industry and excellent understanding of the Metro Phoenix market to turn Aventure into a hallmark of the community. Through his professional experience and educational background, Ahmed also brings the necessary knowledge and skills to the table to effectively run a startup.
The retail industry is experiencing steady growth, with the luxury goods sector expected to perform very well in the coming years. Using market-based sales forecasting, Aventure is estimated to break even by the third year of operations. Sales are expected to grow 20 percent after Year 1, and grow 5 percent thereafter. Net operating income of $83,643 is estimated in Year 1, growing to $141,351 by the end of Year 3. Overall, total startup expenses are estimated to be $206,574, made up of investments from owners and a term loan from Bank of America. The owner investment will be used to cover capital equipment, location, and administrative expenses. These include furniture, equipment, machinery, rent, utility, legal and accounting fees, prepaid insurance, and other expenses. The majority of the term loan will be used to finance opening inventory and advertising expenses, with the rest going towards cash on the balance sheet to ensure liquidity.
‘Aventure,’ which means “experience” or “adventure” in French, defines this upscale boutique and its essence of inclusion. This store does not aim to be your traditional retailer; instead, Aventure aims to build a community within and around the store for individuals with similar styles and passion for fashion. At the moment, the city of Scottsdale (and the Metro Phoenix area as a whole) does not have its own identity in the fashion world. There is no reason why Metro Phoenix cannot, with time, become more recognized in the global fashion community. With an array of exclusive luxury merchandise and an urban atmosphere, Aventure aims to pioneer the Valley’s establishment on the national high-end fashion scene.
The boutique is a result of the vision of its founder Ahmed Imam. Ahmed is a graduating Honors student at Arizona State Univeristy’s W.P. Carey School of Business, pursuing concurrent degrees in Finance and Business Entrepreneurship. Having been passionate about fashion for as long as he can remember, Ahmed will leverage his connections to the industry and excellent understanding of the Metro Phoenix market to turn Aventure into a hallmark of the community. Through his professional experience and educational background, Ahmed also brings the necessary knowledge and skills to the table to effectively run a startup.
The retail industry is experiencing steady growth, with the luxury goods sector expected to perform very well in the coming years. Using market-based sales forecasting, Aventure is estimated to break even by the third year of operations. Sales are expected to grow 20 percent after Year 1, and grow 5 percent thereafter. Net operating income of $83,643 is estimated in Year 1, growing to $141,351 by the end of Year 3. Overall, total startup expenses are estimated to be $206,574, made up of investments from owners and a term loan from Bank of America. The owner investment will be used to cover capital equipment, location, and administrative expenses. These include furniture, equipment, machinery, rent, utility, legal and accounting fees, prepaid insurance, and other expenses. The majority of the term loan will be used to finance opening inventory and advertising expenses, with the rest going towards cash on the balance sheet to ensure liquidity.
ContributorsImam, Ahmed Mohamed (Author) / Ostrom, Amy (Thesis director) / Schlacter, John (Committee member) / Department of Management and Entrepreneurship (Contributor) / Barrett, The Honors College (Contributor)
Created2017-05