After missing last weeks class due to a Trip to Glasgow to watch Ulster play rugby, I was expecting big progress when I returned from the two groups and I wasn't disappointed....
Not only had one of the groups "INTUS" decided on their product, they had actually a sample made up and brought with them to the session. Que an impromptu product design and development session, looking at product costing, sources of supply for raw materials, manufacturing methods and Quality assurance which was then split out amongst the group members for work to do over the half term break.
Marketing and sales took up the rest of the session, explaining the sales funnel and the importance of segmenting the market to really understand who will be targeted for sales of the product.
Group 2 continued at pace with their idea (Still all under a confidentiality clause until launch, so apologies for being deliberately evasive over the acutal products!) This groups' business is all about the marketing and branding of a great message that will enable the product to almost sell itself... hence the image has to be just right, so again the segmentation of the market and targeting the customers is paramount, que lots of work to be done over half term, with the students being tasked with presentations to be done for my return in two weeks.
All in all, great progress and with share capital being raised the funding for the businesses should allow early entry to market in time for the lucrative christmas market, lessons for all businesses to be learnt from the enthusiasim on show!
Write a comment