2. Introduction
Logan Lambert- Chagrin Falls, OH | President
Brandon Snyder - Robbinsville, NJ | Accountant
Logan Wacker - West Chester, OH | Operations
Matt Koval - Cleveland, OH | Marketing
Nick Strolia - Orland Park, IL | Inside Sales
Jason VanDevere - Akron, OH | Outside Sales
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3. Market Research
- We weighed three different options:
1. UD Bucket Hats
2. UD Floor Mats
3. UD Bobble Heads
- Feedback
1. We each surveyed friends, floormates, faculty,
and peers of different ages/genders
2. Their thoughts and comments led us to a
decision
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5. Target Market
- Target Market
- Freshmen
- Males vs Females
- Purpose vs Trend
- Price
- Keep it $20 or under!
- Incentives
- Old Logo vs New Logo
- Response to each
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7. Product- Cost/Discounts
- Our first order was expected to cost us $808.07 ($7.77
per hat plus $23.30 for shipping)
- 101 hats, unexpected extra included
- We received our order after the promised arrival date,
and we were fully reimbursed for our order
- Second order cost $808.07 with the same cost
breakdown
- Prices varied with order quantity
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8. Final Price Determination
- At least 50% margin to begin
- Excluding shipping cost
- Bookstore sells hats for $20-30
- Final price = One for $20, two for $35
- Spring sale = One for $15
- Still 48.5% margin
- Late competition
- Customers found new lower price extremely attractive
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17. What Worked and Did Not Work
Worked:
Email account, Table Hours, Online sales & inventory,
Pricing, and Square transactions
Did Not Work:
Supplier problems, Incorrect forecasting individual sales
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The search- Finding a reputable supplier that supplied the product we liked at the right price was much more difficult than we anticipated. We had located dealers in the United States and China that had affordable hats, but were not the quality we were looking for. Our search took 2-3 weeks just to find the company that fit our wants/needs. This was just the start. Communicating back and forth about the artwork and the quantity took a considerable amount of time.
Time Frame- From the time we narrowed down our supplier and the time we had the product in hand was 2 months. We learned to prepare early and plan ahead. Don’t waste time focusing on small details. Focus on the big picture because its easy to get caught up trying to fulfill individual wants. Its important to think about what's best for the business.
Criteria- The product was very difficult to narrow down. It took some time to look at the advantages and disadvantages of each item. Using our market research and intuition we decided on a product we all believed in as well as saw a need for in the market. The price was simple. We wanted a product that was one size to simply inventory, and
