Hello, we are a group of investors who have been given the task of sourcing a new product or service idea to add to the portfolio of ‘TXE’, a medium sized manufacturing company that makes their own brand of cakes that they sell to retailers in the region.
They would like to grow the business, and one way they can see growth is to supply retailers on a larger scale. To do this they understand that they will need to invest in new equipment and machinery and maybe think about moving to larger premises.
They are open to any realistic new ideas including; reaching the end customer directly as well as launching a new range of cakes that might appeal to a wider customer base. They are not opposed to ideas that would enable them to diversify into new markets either, but have no idea how they could do this and the risks involved.
The idea needs to be realistic, but they are open to any great ideas that will help them to grow the business and maximise profits in the long term.
The aim is for you to put a proposal together in the form of a plan for your idea of new product or service for the business to help them achieve their goals.
As investors in the business, our interest is to maximise profits so we receive a healthy dividend from the business. It is in our interest to choose a new product or service that will help to achieve both. We need to see potential success in the ideas presented to us.
You will be given a list of things which need to be addressed in your proposal which we will explain to you
You will be given time to plan your idea for the new product or service
You will then have a five minute presentation slot to pitch your idea to your teacher, who will be acting in our best interests to select the idea that is most likely to achieve TXE’s goals.
Remember, you are pitching your idea against each other – there can only be one winner.
Take a few minutes now to look through your business pack and familiarise yourself with the documents.
If you have any questions, now is the time to ask your teacher. Your teacher will facilitate you throughout.
Let’s begin - the clock is ticking - you have 45 minutes to work on your pitch content. At the end of this time, you will be given 30 minutes to write your speaker notes and practise your pitch.
This is great, keep those ideas coming.
Don’t forget they are open to any realistic new ideas including; reaching the end customer directly as well as launching a new range of cakes that might appeal to a wider customer base
Think unique
Have you decided who your target market will be for your new product or service idea? Think how you might segment the market to help you decide where that gap in the market might be.
We’re just checking in to see how you are progressing.
Ah lots of you working on your Marketing Mix for your new idea which is great.
Remember, you need the right blend of the 4Ps to meet customer needs and wants. Is your customer the retailer, or the end user, that is the consumer?
There’s no point having a wonderful product or service that people want, if it isn’t at the right price, they don’t know about it and it isn’t convenient for them to purchase it.
20 minutes have gone, keep up the great work
We want to know why you think customers will buy your product or service? Why do you think your idea will be successful? Remember to make it clear who your customer is for your new idea
Are you clear on who you are targeting - the mass market or a niche one?
Don’t forget we are looking for something unique, different that will catch the attention of the customers
We are very pleased with what we are seeing and hearing - well done.
Other supporting evidence and research is encouraged to support your idea.
Only 10 minutes remain, until you will be asked to start putting your pitches together.
Remember, estimated direct costs and projected sales revenue will help us look for the growth and profit potential.
Last five minutes everyone. You should have notes for all the sections on your planning sheet now, ready to use in your pitch.
You will then have around 25-30 minutes to prepare your pitch - remember to make use of the speaker note cards if you need them and any other presentation resources available to you such PowerPoint, flip charts, and white boards.
Good luck everyone and thank you for your hard work. We look forward to your pitch.
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Video transcriptHello, we are a group of investors who have been given the task of sourcing a new product or service idea to add to the portfolio of ‘TXE’, a medium sized manufacturing company that makes their own brand of cakes that they sell to retailers in the region.
