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NDLS Flashcards

1
Q

Noodles & Company

A

Fast casual restaurant, founded in Boulder in 1995, about 450 restaurant locations in 30 states, went public in 2013

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2
Q

NDLS Target Market

A

Career-minded millennial parents (25-40 years old)

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3
Q

Milennial Attitudes

A

Work-life: would continue working even if won the lottery, juggling family and work demands is very stressful
Influences: children impact brands chosen, strive to achieve high social status
Meals: often eats meals on the run and regularly eats organic foods
Spending: would pay extra for a product that is consistent with image they want to convey, spender rather than a saver

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4
Q

Claritas PRIZM

A

a set of geo-demographic segments for the United States. PRIZM segments combine demographics, consumer behavior and geographic data for marketers. 68 segments

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5
Q

Regression analysis

A

regression analysis is used to understand the relationship between two or more variables
We use regression to:
- estimate/predict the values of a dependent variable (y)
- based on values of at least one independent variable (x)

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6
Q

Dependent variables (y)

A

also called outcome variables. this is what we are using our model to predict.
ex: home price

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7
Q

Independent variables (x)

A

also called explanatory variables or predictor variables. we use them to predict values of the dependent variables.
ex: number of bathrooms

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8
Q

Regression model

A

the mathematical relation between the explanatory (x) variables and outcome variable (y) in this form: y = b0+b1x1+b2x2+…+bpxp

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9
Q

Coefficients

A

each coefficient estimates the change in the estimate of y per unit increase in x when all predictors stay the same

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10
Q

Things to consider when keeping/dropping variables

A
  • the significance of each individual coefficient
  • redundancy: do you have two variables that represent the same underlying thing?
  • logical relevance: do you have a strong logical reason to include a variable
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11
Q

Occam’s Razor

A

when two explanations are otherwise equivalent, you should prefer the simpler one

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12
Q

P-value

A

a p-value less than 0.05 is statistically significant, making it significant to the model

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13
Q

What is a Slidedoc?

A

slidedocs are visual documents developed in presentation software that are intended to be read and references NOT projected. for when you cannot be there to explain orally and for preservation of content

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14
Q

Slidedocs Fill the gap

A

they combine the strengths of writtens documents and visual presentations

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15
Q

Slidedocs Contain:

A

a visual report: fully comprehensive but not verbally presented, needs to be read. text-heavy with imagery; graphics on every slide and appropriate formatting.

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16
Q

STP

A

Segmentation: group customers based on similar needs, profile each segment
Targeting: assess attractiveness of each segment, select segments to target
Positioning: define value proposition for target segments, develop an action plan

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17
Q

Classic Segmentation Variables

A

demographic, geographic, psychographic, behavioristic

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18
Q

Benefits of franchising

A

allows NDLS to branch out and grow, limits NDLS risk (doesn’t have to use NDLS capital to grow or sign lease agreements), NDLS uses the assets of the franchisee to grow their brand equity and market share

19
Q

Downside to franchising

A

NDLS loses some control and autonomy over operations and standards, NDLS needs to make sure the franchisee is complying with NDLS standards. If franchisee does not adhere to NDLS methods, NDLS faces real threats: loses consistency, threatens brand credibility, loss of customer trust, could cost NDLS legal fees if franchisee breaches contract

20
Q

What does regression model explain?

A

R square: closer to 1
Adjusted R square: cannot be larger than R square but should be close
coefficients: pos/neg correlation, alternative scenarios

21
Q

Gross Profit

A

Sales revenue - cannibalization = incremental sales revenue - COGS = gross profit

22
Q

Restaurant Operating Expenses and Contribution

A

Gross profit - expenses - labor cost = restaurant contribution margin (RCM)

23
Q

Calculating Income Tax & Operating Cash Flow

A

RCM - dep expenses - store contribution to profit subject to tax - income tax + dep expense = total operating cash flow

24
Q

Restaurant Contribution Margin

A

new restaurant sales revenue - all associated expenses. represents incremental revenue generated at the new location after deducting costs, provides a hurdle for new site selection

25
Q

CM%

A

(revenue - variable costs)/revenue

26
Q

Depreciation

A

used for tangible assets. depreciation can be implemented using the straight line or accelerated method. it is a non cash expense

27
Q

Amortization

A

used for intangible assets. amortization typically uses the straight-line method

28
Q

MACRS (modified accelerated cost)

A

tax depreciation used in the US. assigned a specific asset class which has a designated depreciation schedule. does not consider salvage value

29
Q

basis points

A

1/100th of a percent (0.01%)

30
Q

cannibalization

A

are new products or new channels (stores) adding customers, or transferring customers and sales from existing products or channels?

31
Q

What is a Product?

A

a product is a good, service, or an idea received in an exchange
good: tangible/physical entity
service: intangible result of the application of human and mechanical efforts to people or objects
idea: concept, philosophy, image, or issue
a product can be either tangible or intangible and includes functional, social, and psychological utilities or benefits

32
Q

Why do new products fail?

A

not satisfying a true need, no significant point of difference, doesn’t satisfy customer needs, poor product quality, not attractive enough

33
Q

Entree Contribution Margin

A

recommended price per serving - COGS = Single serving CM
Single serving CM * estimated number of servings per year = total new entree CM per year

34
Q

Price Strategies

A

demand-oriented: externally focused, based on consumers tastes and preferences
cost-oriented: internally focused, based on product costs
profit-oriented: internally focused based on desired profit targets
competition-oriented: externally focus based on competitors actions

35
Q

Demand-oriented price strategies

A

skimming pricing: price to maximize revenue from each segment in the product lifecycle. high initial prices.
penetration pricing: launch at lowest sustainable price to gain market share

36
Q

why skim price?

A
  1. high quality and enough potential customers who see that
  2. does not attract competitors
  3. pay off fixed costs associated with product development
37
Q

why use penetration pricing?

A
  1. grab market share
  2. become top of mind and inhibit competition
  3. stave off competitors
  4. economies of scale are great (costs go down as volume goes up)
38
Q

Competition-oriented pricing

A

based on competitor’s price, typical when several competitors in the market

39
Q

calculating the cost of a serving

A
  1. identify the ingredients
  2. estimate the quantities of ingredients in each serving
  3. calculate the cost of ingredients
40
Q

Economic Order Quantity (EOQ)

A

holding and ordering costs are equal. determines an economic order quantity that minimizes the annual costs associated with:
1. placing or ordering a product: the more orders you place the higher this is
2. carrying or holding the product in inventory: the more inventory you hold the higher this is, holding costs include the cost of financing inventory, warehouse costs, etc.
assumes what is ordered can be held indefinitely

41
Q

Costs associated with inventory

A
  1. cost of the thing you are buying
  2. cost of placing orders
  3. cost of carrying (or holding) the inventory
42
Q

engineer to order (ETO)

A

unique, customized products

43
Q

make to order (MTO)

A

similar design, customized during production

44
Q

make to stock (MTS)

A

goods made and held in inventory in advance of customer orders

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