is1 workshop 8 make, take & sell challenge student
DESCRIPTION
ws8TRANSCRIPT
Industry Studies
Make, Take and Sell Challenge: Bringing it all together
Topic Number: 8
We are now getting very close to the final presentations where you will have the opportunity to present your work in front of a judging panel.
In this workshop, you will have the opportunity to bring your strategy together and work out the final parts to your presentation.
We will re-cap a number of the key concepts to ensure you have covered everything you need.
Overview
Learning outcomes for these workshops
• Be able to amalgamate a host of concepts into a concise presentation
• Develop a structured approach to illustrating a strategy
• Present the key elements of your strategy to your peers
• Get constructive feedback to be able to make amendments where required
Want to know what its like to be a…CEO
COOCMO
…at the same time? Here’s your chance!
Making a product
that resonates
with consumer
Above this understand your consumers…
How do you want to influence this?
Manufacture a product that meets a need…
…better than anybody else
Where to source
your raw materials
from?
A three point plan to identifying raw material suppliers
Analyse the
situation
Supplier Evaluation
1
2
3
Identify Opportunities
Identify Opportunities: What do you need?
Opportunities are usually triggered by a business requirement for a product or service.
Material Requirements Service Requirements
Equipment
Components
Raw materials
Computer programmers
Transportation services
Maintenance service
What manufacturing model do you
deploy?
So you know what you want to produce… lets understand how to produce it… consider three routes…
Outsource
Insource
Outsource &
Insource
1
2
3
Adopts to consider: A DLG Example
Source: McIvor (2008)
Where to manufacture? Home vs host
country
Considering risk and reward
Home Country Host Country
• Less upfront cost
• Less risky
• Less restrictions
However…
• May not make to local spec
• Tariffs & duties to be paid
• Issues in logistics
• Less logistical issues
• More tailored to needs
• Speed to market
However…
• Set up costs/investment
• Adhere to local regimes/requirements
• Not easy to pull out
What distribution strategies can you
use?
2 models to consider…
Hub and Spoke Point to Point
Tracking & packaging
your product
Issues with inventory
Late shipments
Breakage Theft
Two key areas to solve these issues…
RFID Technology
Packaging
Pricing your
product
Different Pricing Approaches
Today we will consider 3 strategies…
Cost-based Pricing
Value-based Pricing
Psychological Pricing
Communication
Plan
Brand Response
Direct Response
Salience Differentiation Bond/Loyalty
Keeps the brand from of mind for
when a need occurs e.g. When I run out of soap I will choose Dove
Ensuring the brand is differentiated
from its competitors e.g. I can identify the
brand the second I see the ad
Creates relevant and loyalty to the
brand e.g. If I want bake beans its got
to be Heinz
Motivation Identifies Need Call to Action
It motivates me to take action
immediately e.g. I have been putting it off but ill do it
now
Jogs your memory that its something you need or need
to do e.g. my insurance is up for
renewal
Clear concise message of what
the consumer needs to do e.g. call us now on…
* What is a compelling communication?
Background
What is the big picture?What are the key trends
in the marketplace?Any challenges or
opportunities in the market?
For example: In March 2014 c5 million will be coming to renew
their ISA we believe people are looking for an account that values their
loyalty so they do not need to keep changing each year our product
does just that.
Objectives
Concise statement of the effect the ad should have one consumers. Consider
think, feel and do.
Refer back to the brand & direct response
objectives.
For example:We would like consumers to feel like they can trust us with their savings for the long-term, making them feel more secure with us and increasing sales of our account by
20%
* What is in the brief?
Target Audience
Some up both the demographic and
attitudinal audiences you would like to talk to with
this communication
For example:
Young professionals that are highly mobile, have a high need for security and are financially savvy that
they are continually looking for the best rate
Consumer Insight
Sum up what is driving you to believe that there
is a gap in the consumer/market for your
offering
For example:
Consumers feel let down that banks constantly
offer new customer higher rates rather than
rewarding existing customers for their loyalty
* What is in the brief?
Single most important message
If only one message was communicated what
would it be?
This is the most important thing consumers should
know
For example:
Trust us to look after your savings over the long
term and we will never be beaten on rate
Reasons they will believe
Proof points or features that validate the message
For example:
We constantly check the market and up our rates if
someone is offering a higher rate
We send you a daily statement with market
rates so you can compare
* What is in the brief?
Budget & Timing
How much can we spend on media and creative?
When does the campaign go live?
For example:
National Campaign Budget
Media - £950,000Production- £1,000,000
1st January 2015
Channel Considerations
Indicate what media lines would be preferred for
this campaign using the ATL/BTL
For example:
ATL: TV, Billboards and Web banners
BTL: Direct mail and social
* What is in the brief?
Any questions?
End of Workshop
Note: This recording is for your personal use only and not for further distribution or wider review.
© Pearson College 2013