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Is1 workshop 8 make, take & sell challenge student
- 1. Industry Studies Make, Take and Sell Challenge: Bringing it all together Topic Number: 8
- 2. Overview 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.
- 3. 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
- 4. Want to know what its like to be a… CEO CMO COO …at the same time? Here’s your chance!
- 5. Making a product that resonates with consumer
- 6. Above this understand your consumers…
- 7. How do you want to influence this?
- 8. Manufacture a product that meets a need… …better than anybody else
- 9. Where to source your raw materials from?
- 10. A three point plan to identifying raw material suppliers Analyse the situation Supplier Evaluation 1 2 3 Identify Opportunities
- 11. 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
- 12. What manufacturing model do you deploy?
- 13. So you know what you want to produce… lets understand how to produce it… consider three routes… Outsource Insource Outsource & Insource 1 2 3
- 14. Adopts to consider: A DLG Example Source: McIvor (2008)
- 15. Where to manufacture? Home vs host country
- 16. 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
- 17. What distribution strategies can you use?
- 18. 2 models to consider… Hub and Spoke Point to Point
- 19. Tracking & packaging your product
- 20. Issues with inventory Late shipments Breakage Theft
- 21. Two key areas to solve these issues… RFID Technology Packaging
- 23. Different Pricing Approaches Today we will consider 3 strategies… Cost-based Pricing Value-based Pricing Psychological Pricing
- 25. * What is a compelling communication? Brand 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 Direct Response 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…
- 26. 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?
- 27. 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?
- 28. 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?
- 29. Budget & Timing How much can we spend on media and creative? When does the campaign go live? For example: National Campaign Budget Media - £950,000 Production- £1,000,000 1st January 2015 * What is in the brief? 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
- 30. Any questions?
- 31. End of Workshop Note: This recording is for your personal use only and not for further distribution or wider review. © Pearson College 2013