Progress Update for Challenge 3

Great work so far team - please post comments individually to tell us about the work you have been doing this week.

Thanks

Mrs V & Mr R :)

Last 2 Meetings

The group met on Wednesday 22nd - where various tasks were given out for completion before the next meeting on Friday 24th February (see comments section for full details)

2 Great Meetings

Friday 3rd Feb - Brief meeting with Barbara from Coffee Latino (Business Partner)
Allowed group to refocus on setting up direct selling of product before developing retail version at a later stage.
We were able to present packaging and branding concepts to in order that these can be developed further at next meeting.
Group arrange a date to visit Coffee Latino after 1/2 term in order to meet th e full creative / development team who Barbara has working with her.

Wednesday 8th Feb - Local entrepeneur and finance franchisee David Enright visited the school to hear an elevator pitch from the team in order to give some marketing, financial and potential f investment advice.

A large list of items was discussed in detail that allowed some real development work to take place.
Overall it agreed that when pitching the product the group did need to invest more zest and pizzaz into their pitch in order that it would convince potential investors the true greatness of the product and the real opportunities it could present for generating a return on their investment.

What customer feedback, taste tests have you done?

1. How has this feedback been fed into product?
2. Who is the target market?
   1. How big is the market?
3. Is it safe?
4. Route to market?

Is product unique, USP?

5. Who is direct competition?
   1. What markets are they operating in?
6. Who is indirect competition?
7. Why would consumers buy this product?
8. What flavours is it available in?
   1. Why these flavours?
9. Can you protect it?

How do they intend to market the product?

1. What is the budget?
2. Where?
3. Production capability?
   • Is it easy to make? Scale up?
4. How much does it cost to make
   • How much will it sell for?
   • What are “packaging” costs
   • What are transport costs?

Finance options?

• Grants.

i. One North East, being re-invented.

ii. ERDF – European Regional Development Fund.

• School.
• Private investor

i. Entrepreneurial sponsors?

1. Vardy Foundation?

• Parents
• Bank

Alternatives

• License product?
• Local business.

i. Do the research, local

1. Phileas Fogg

2. Northern Foods etc.

• Sponsor

i. Barbara

ii. www.tastenortheast.co.uk – like minded groups, lots of ice cream makers and have good distribution platforms.

1. Finance and grants helps.

2. Distribution.

iii. Powerbrands Beverage Specialist.

Learning, use the competition - internet.

• Eg. www.yojoyfrozenyogurt.com
  • Frozen yogurt
  • Lots of flavours.
  • May help – they are in Carmel Indiana, so no competition

Challenge 3 - Fantastic success

Challenge 3 - Developing the product
Well done to all for an excellent day, it was fabulous to see the whole team pulling together and bouncing great ideas around. Looking around the table there was fanstastic team spirit and real effort from everyone to ensure that the product really starts to take shape.
Personally I can't wait to see Barbara on Friday and show how far we have started to develop the product. Also great news to get Mr Enright into school next week to discuss financial issues.

I thought we also made some great contacts with Mark from coporateelement.com and Jennifer from creativeworkshops.co.uk.
The ideas from Trend Bible should certinaly help get the correct branding for the product.

Well done again to all