This week I started my new field module called Mind Your Own Business which is a 5 week assignment. This first week has been all about gathering up ideas and starting to set up our very own business in our groups. Over the next 5 weeks we’ll be creating a company that will be selling a product at university, how we approach this is completely up to us and it’ll surely be a very intense 5 weeks. Considering the sale date of our product is on the 9th of February we’ve decided as a group that it would be a great idea to take advantage of valentine’s day on the 14th.
As we started to come up with a company name Dan told us one that he had already thought of which we all instantly loved. The name was The Little Things and played on the fact that it’s the little things that can make a big difference. We wrote the name down and started to pick away at it making sure that the name was strong, memorable and related to our company. I personally thought the name was very catchy and memorable and it was broad enough that it didn’t just have to relate itself to valentine’s day.
We decided to sell Valentine cards as well as something else such as chocolates as we thought the markup on cards wouldn’t be enough to make profit unless we sold them at a high price or a very large quantity of them. Considering cards can be bought for less than 99p and not everyone has someone to give a card too by adding another product to sell alongside the card we can maximize on overall profit. We also decided we didn’t want to sell the usual cheesy overdone valentines gifts and wanted to take a more laid back comical approach that we feel would interest our target market a lot more. I’d already seen funny valentine’s cards that I feel are now a lot more popular especially with the younger generation and so started to look online for existed products.
As a group we’ve already started to work out everyone’s strengths and weakness’ and have started to split off in our own expertise. As an illustrator I’ve took on the job of coming up with potential card designs that we could use and also started thinking another product to sell alongside them.
On Thursday we had a talk from Lauren Davies about marketing which covered why marketing is so important and a range of ways businesses use marketing to sell products. It was a great help to all of us as marketing our product is the most important we can do to help the product sell, even the worst products if marketed well will sell.
Something that I found really interesting was Twitters advanced search that businesses use for market research and also directly marketing their products to individuals who are posting about the businesses niche. Twitter not only allows people to find tweets but you can also narrow the search down to certain areas which would be extremely useful if you’re a local business or sell a certain product related to a certain area.
I also learnt about how important brands are to a business and what elements must be considered when designing one. The graphic designer in our group is in charge of creating the logo and will hopefully consider all the elements that was discussed on the day. We’ll be meeting up Monday to see what everyone has come up with so far and put all our ideas together.
Next week we’re going to start looking at potentially materials, start creating our brand and also decide on what we want to make alongside the valentine’s cards. It’ll be a very intense week but I’m looking forward to it. I’m excited to see what we come up with in the next 5 weeks.