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Getting Started with OSBI Consulting Team expectations Mission of OSBI “To establish OSBI as a premier consulting organization managed by students, to deliver high quality solutions to client problems and to nurture future consultants for the business world.” OSBI Value Leadership Consulting Experience Team Building Problem Solving 2 The context of your project These are “live” projects with “real” clients The organization is getting paid for almost all of the projects There are no “right” answers, but some answers are better than others You represent not only OSBI Consulting but the College of Business and the University of Illinois 3 Typical project timeline Action Steps Approximate Timing • Confirm scope and team roles • Develop project workplan • Identify potential information sources/ collection methods • Conduct initial information gathering • Summarize findings and key implications • Determine additional information needs • Collect, analyze and synthesize additional information • Develop recommendations and draft deliverables • Create final deliverable(s) Weeks 1 2 3 4 5 Client kickoff meeting 7 Summary of key findings and implications Status reports Team reviews with Stig 6 • Engagement proposal • Workplan 8 9 10 11 12 Deliverable reviews Final presentation • Client feedback • Engagement reviews 4 Where you should be now Setting up and having first team meetings – all team members must attend all team meetings All paperwork should be in – Non-disclosure and non-compete forms must be in to your Engagement Managers at your next team meeting. Engagement Proposal and Work Plan should be in the works 5 Logistics of the project Weekly video conferences with the client Weekly team meetings All deliverables “approved” by Stig Realistic goals set on a weekly basis COMMUNICATION!!! First Class folders Team and client meetings 6 When the Project is Over Team and Manager Evaluations will be done Promotion possibilities will be decided Feedback to EM on the project to help improve the program Team members assigned to a new project in their new roles 7 What should you expect- the challenges Things will NOT go as originally planned You will NOT be able to find the information that you are looking for in the form you need it in Your client, at times, may NOT be as responsive as you would like Team members will NOT contribute at times You need to be comfortable with being uncomfortable!! 8 What should you expect- the rewards You WILL get out of the experience what you put into You WILL better appreciate the concepts learned in class You WILL understand that cases presented in class are contrived and only partially prepare you for what you will do in the work place You WILL have a good story to tell to future employers You WILL have actual consulting experience to reference You STILL need to be comfortable with being uncomfortable!! 9 Issue decomposition (question pyramids) Purpose: To define the key questions to answer to solve the company’s business issue Question Presenting problem Question ? ? Question ? ? ? ? ? ? ? Mutually Exclusive Collectively Exhaustive ? 10 How to create a question pyramid Start by defining the presenting problem in the form of a question Brainstorm the categories of questions that stem from the presenting problem Within each issue category ask the following questions to create additional layers: – – – – – Why? How? What? When? Where? Regroup questions, as required, into the appropriate categories 11 Presenting problem Should our company launch a new retail concept aimed at enabling elderly and the disabled to stay in their home? 12 Identify issue categories Is retail concept viable? Target customers? Market penetration required? Characteristics of target markets? Appropriate delivery channels? Product/ service mix? Competition? Sources of supply? Organizational infrastructure? Market positioning? 13 Add additional layers Who is the target customer(s)? – What are the demographics/ key characteristics of the target customers? – What segments of the target customers exist? (e.g., buy for themselves, buy for others, etc.) – What are the buying behaviors of the target customers (e.g., where do they buy, how much do they buy, how often, etc.) – How do the buying behaviors differ by customer segment? 14 Example issue decomposition Primary Issues Sub Issues Alignment with P&L Who is the target customer(s)? * What are the demographics/ key characteristics of the target customers? What segments of the target customers exist? (e.g., buy for themselves, buy for others, etc.)? What are the buying behaviors of the target customers (e.g., where do they buy, how much do they buy, how often, etc.)? How do the buying behaviors differ by customer segment? Net Sales How does the number of target customers differ by market? How does the market vary by region/ area of the country? What market-specific factors make some markets more attractive than others? How do these market differences affect potential sales? Net Sales What options for market penetration will support profitability goals? (e.g., deep penetration in a few markets, shallow penetration in multiple markets) What are the key factors that will drive/ hinder market penetration? What are the anticipated sources of market share (e.g., steal from competitors, create new demand, etc.)? Net Sales * * * What are the characteristics of the target market(s)? * * * * What level of market penetration and/ or market share is required to support profitability goals? * * * 15 Example issue decomposition Primary Issues Sub Issues Alignment with P&L What mix of products/ services will best meet/exceed the needs of the target customer(s) and market(s)? * What are the product/ service that will best meet/ exceed the target customers’ needs? How should the mix of products/ services vary by customer segment? How should the mix of products/ services vary by market? What level of quality of products/ services will best align with target customers/ markets? Net Sales Cost of Sales What are the pros/ cons of alternate delivery formats/ channels (e.g., retail store, service program, direct sales, catalog, Home Shopping Network, etc.) What are the pros/ cons of various combination(s) of the above alternate delivery channels? Net Sales Cost of Sales Operating Expenses What is the required investment for each combination of the selected delivery channels? What is the projected ROI for selected delivery channels and/or combinations? Operating Expenses What are the key factors to evaluate suppliers? How many suppliers exist for each product/ service? How does this vary by market/ region? How can supplier relationships that already exist with other Centex businesses be leveraged? Cost of Sales * * * What is the most appropriate delivery channel(s) for products/ services to best meet/exceed the needs of the target customers? * What level of investment is required to support selected delivery channel(s)? * Who are the most appropriate sources of supply for these products/ services? * * * * * * 16 Example issue decomposition Primary Issues Sub Issues Alignment with P&L Who is the competition? * How does the competition vary by market (e.g., number of competitors, market share, number of delivery channels, etc.)? How does the competition vary by delivery channel? What is the current market position of each competitor? What trends relating to competition exist (e.g., change in number of competitors, number/ types of delivery channels, market positioning, etc.)? Net Sales What are the appropriate dimensions (e.g., price, service, quality, etc.) of positioning to consider? What are the potential benefits/ costs of alternate market positions? What is the desired image to attract target customers? How should this concept be positioned to the different customer segments? What are the unintended pros/cons of alternate market positions? How should the Centex Corporation’s image/ reputation be leveraged, if at all? Net Sales Operating Expenses Other Expenses * * * How should the concept(s) be positioned in the market? * * * * * * 17 Example issue decomposition Primary Issues Sub Issues Alignment with P&L What organization infrastructure is required to support the concept(s) and their associated operations? * * Operating Expenses Other Expenses * * * What type of organization structure is required? What are the marketing requirements for this program/ concept? What Human Resource issues need to be addressed (e.g., training, etc.) What management measures and reporting implications need to be defined and/ or addressed? What existing organizational structures/ infrastructure from other Centex businesses can be leveraged? 18 Workplan example 19 Exercise Presenting problem: How can OSBI increase repeat participation of students? 20 How to create a question pyramid Start by defining the presenting problem in the form of a question Brainstorm the categories of questions that stem from the presenting problem Within each issue category ask the following questions to create additional layers: – – – – – Why? How? What? When? Where? Regroup questions, as required, into the appropriate categories 21 Resources available to you First Class project folder I- Find (www.osbi.uiuc.edu) Methodologies Tools and templates Past deliverables 22 The Creation of a Marketing Plan Phase 1 Phase 2 Phase 3 Phase 4 Situation Report Objectives Statement Execution & Implementation Performance Evaluation Where is the client now? Where does the client want to be? How should the client get there? Has the client reached her/his goals? Communication Creative/ Analytical Process 1. Assess Market Environment Product Price 2. Formulate Strategies & Set Objectives 3. 4. Develop Marketing Tactics Marketing Mix Place Structure Evaluative Process Promotion Distribution Written Outputs to Marketing Plan Executive Summary Corporate Strategy Situation Report Key Assumptions Consistent Client Interaction & Input Marketing Strategies & Objectives Marketing Tactics Short & Long Term Measures & Goals 23 1.0 Assess the Market Environment Sub-Process Objective • Develop the foundation from which marketing strategies, objectives, and tactics are to be developed • Recognize for implementation the consumer orientation for targeted marketing communications • Define necessary assumptions, both internal & external, upon which further planning can be meaningfully based Tips & Key ?s • Is the industry growing? Is it stable? Does technology play a dominant role? • Are the client’s existing/ potential resources & capabilities coincidental with key industry success factors? • How has the client performed? Is the client well-positioned relative to competitors? Conduc t Externa l Analysi s •Determine chief economic traits •Identify drivers of change •Identify key success factors •Determine the impact of external entities upon the industry (government regulation, social goodwill, etc.) •Identify the relative strengths & weaknesses of existing industry players •Identify existing/ potential voids within the market for possible exploitation Conduc t Internal Analysi s •Understand overarching business strategy •Determine the client’s strengths & weaknesses •Earmark areas to be improved for later action •Gather all historical data and secondary/ primary research when appropriate and possible •Evaluate past performance in light of internal goals/ objectives & competitor’s performance where possible •Evaluate past and current positioning for coherence with overarching business strategy Tools EXTERNAL • Porter’s Five Forces • PESTLE Framework • Structure-ConductPerformance Articulation • Segmentation Scheme • Competitive Positioning Articulation • Value Mapping • Perceptual Mapping •Define internal & external assumptions (ie growth rates, advent of regulation, speed of innovation, etc.) using historical data and secondary/ primary research Outputs to Written Marketing Plan INTERNAL • SWOT Analysis • Activity Coherence Mapping ASSUMPTIONS • Historical Trend Analysis • Pareto Affect • A summary of all the external factors which will likely affect the client’s marketing performance in the present & future • A statement of the client’s strengths & weaknesses with relevance to its competition • An exhaustive list of necessary assumptions essential to current & future marketing decisions 24 1.01 Porter’s Five Forces Model Tool Process •Assess strength of each of the five competitive forces (Strong? Moderate? Weak? ) •Explain how each force acts to create competitive pressure. What are the factors that cause each force to be strong or weak? •Decide whether overall competition (the combined effect of all five competitive forces) is fierce, strong, normal/moderate, or weak Personal Computer Industry Supplier Power: Very High Intel and Microsoft extract all industry profits. Substitutes: Low to Moderate Increasing competition from hand held/ portable computing devices Rivalry: Very High Intense price competition Excess capacity and saturation. Some brand recognition, but PCs thought of as commodities Buyer Power: High and Rising Low switching costs, Less brand loyalty. Resellers and retailers have grip on end users Threat of Entry: Moderate to High Low capital costs of manufacturing Relatively easy to assemble PCs Some brand recognition and loyalty Notes/ Implications • Key questions to better understand the ferocity of competition within the industry: Is price competition vigorous? Active efforts to improve quality? Are rivals competing on customer service? Lots of advertising/sales promotions? Active product innovation? Active use of other weapons (strategic, operational, marketingrelated)? 25 1.02 PESTLE Analysis Tool Scan of the External Macro-Environment Process •Gather information relevant to client’s external environment and analyze for relevance to the client’s strategies •Implications for the client, customers, intermediaries, the market/ industry, competitors, and stakeholders must be considered •Arrange this information into the categories at left for use during both the internal analysis phase and the strategy & objective development phases Political Economic Social Technological Legal Environmental Tax policy Economic growth Population demographics Automation Pollution control Exchange rates Income distribution Government spending on technology Health & safety laws Trade restrictions & tariffs Waste disposal Interest rates Attitudes towards work & leisure Information technology development Employ ment regulati ons Political stability Inflation rates Social mobility Deregulation Business cycles Unemploy ment Speed of technology transfer Environmental regulations Privatization Health consciousness Population growth rate Emphasis on safety Monop olies legislati on Noise levels Additional requirements on manufacturing processes Research & Development Technology incentives Rate of change Technological maturity Notes/ Implications • What influences have been particularly important to the client in the past? • Are any of these more or less significant in the future for the client and her/his competitors? • Which of these are the most important at the present time? In the next few years? 26 1.03 Structure-Conduct-Performance Articulation Tool Process • To identify the structure of the industry, the dominant conduct of existing players, and the resulting performance of newer firms • To define the relationships illustrated at right, the following industry conditions must first be considered: Consumer Elasticity of demand Substitutes Seasonality Rate of growth Location Lumpiness of orders Method of purchase Production Technology Raw materials Unionization Product durability Location Scale economies Scope economies Structure •Numbers of buyers •Numbers of sellers •Barriers to entry facing new firms •Product differentiation •Vertical integration Conduct •Diversification •Advertising and marketing •Research and development •Pricing behavior •Plant investment •Legal tactics •Product choice •Collusion Performance •Profits •Product quality •Production efficiency •Technical progress/ progressiveness •Allocative efficiency •Equity Notes/ Implications • Threat of entry is stronger when…entry barriers are low, a sizable pool of entry candidates exists, incumbents are unwilling or unable to contest a newcomer’s entry efforts, and/or newcomers can expect to earn attractive profits 27 1.04 Segmentation Scheme Tool Determine Which Segmentation Variables to Use Process •Define distinct customer groups that have problems/ needs which can be solved/ serviced in one or more ways • Establish segment variables that yield mutually exclusive and exhaustive segments • Develop Segment Profiles • Evaluate Segments for their viability and “attractiveness” Develop Market Segment Profiles Evaluate Relevant Market Segments Segmentation Variables User-Related •Demographics: Age, Gender, Race, Ethnicity, Income, Education, Occupation, Family Size, Family Life Cycle, Religion •Social Class •Geographic: Region, Urban, Rural, City Size, County Size, State Size, Market Density, Climate, Terrain •Lifestyles & Psychographics Behavioral •Benefits •Usage •Price •Brand •Situational Are acquired segments viable? Measurable • Size, purchasing power, profiles of segments can be measured Actionable •Must be able to attract and serve the segments Substantial •Segments must be large or profitable enough to serve Differential •Segments must respond differently to different marketing mix elements & actions Accessible •Segments must be effectively reached and served Notes/ Implications • Segmentation scheming defines potential markets and serves as an essential component of the client’s ultimate marketing mix decisions 28 1.05 Positioning Articulation Tool Student-Staffed Consulting Process Quality Management Consortium MBA Consulting Program OSBI •Determine current competitive positioning within the marketplace •Identify holes, potentially representative of untapped markets, for further exploration •Formulate strategies to seize advantage, whether by challenging competitors’ positioning or by seeking “vacant” space Primarily Fortune 500 Austin Power Low Student Participation Carlson Business Consulting Network Center for Experiential Learning High Student Participation Community Consulting The MBA Consulting Project Darden Business Projects Freeman Consulting Group Primarily Start-up Companies Notes/ Implications • With positioning articulated, unfulfilled customer groups or needs can be more readily identified and targeted • Should current positioning prove incoherent with the client’s business strategy, this articulation becomes essential to developing new marketing strategies 29 1.06 Value Mapping Tool Price Value Map of the Toothpaste Industry, 1992 Process $3.00 •Determine the current value-price orientation prevalent in the industry $2.80 •Define the customer groups to which major competitors cater (pricesensitive or qualityfocused) $2.20 Oral-B Regular $2.60 $2.40 •Formulate strategies to combat competitors or to seize “vacant” space Price Aquafresh Flex $2.00 Pepsodent Professional $1.80 Colgate Plus Reach Advanced Reach Regular $1.60 Price •Identify areas of the existing value orientation scheme within which client could capture value Oral-B Indicator $1.40 $1.20 Pepsodent Regular Colgate Classic $1.00 Perceived Perceived Performance Benefits Notes/ Implications • Use the acquired value map to identify holes in the market’s current pricing scheme; where large gaps exist between products on the value line, there is opportunity for new product introduction 30 1.07 Perceptual Mapping Tool Liquid Detergent Market Process •Evaluate the current players and their respective abilities in light of all-important consumer perceptions •Formulate strategies to exploit the weaknesses and nullify the strengths of competitors in terms of consumer perception Long-lasting suds Most pleasant fragrance Mildness 50% Best Value for money Overall Cleaning 100% Leaves dishes shiny Competitor #1 #2 #3 Cutting Grease Removing baked-on foods Notes/ Implications • By mapping perceptions, the relative strengths & weaknesses of competitors become more clear and actionable • What are the respective foci of competitors, and how do consumers perceive them in the marketplace? 31 1.08 SWOT Analysis Tool Process • Gather relevant information and list all issues, external & internal, that have or will likely have impact upon the client’s activities • Use this information in conjunction with the findings of the external analysis (specifically the PESTLE) to develop a thorough understanding of the client’s reality Strengths Weaknesses Opportunities Threats List internal strengths List internal weaknesses List external opportunities List external threats •Brand awareness •Converse of suggested strengths (ie lack of brand awareness, lack of access to resources) •An unfulfilled customer need •Emergence of substitutes •Arrival of new technologies •Tightening of applicable regulations •Patents/ trademarks •Cost advantages •Proprietary knowledge •Exclusivity of resources •Preferential distributive access •May sometimes be the “flip-side” of a strength (ie large manufacturing capacity, while generating low perunit costs, might also inhibit flexibility/ adaptability) •Relaxation of regulations •Dissolution of preexisting trade barriers •Institution of new trade barriers •Shifts in consumer preferences away from client’s offerings Notes/ Implications • Compiled strengths should be considered potential points of competitive advantage for the client and her/his activities • This information is useful in the immediate to better understand the current environment, and will again prove essential during the strategy formulation & recommendation stages of the plan 32 1.09 Activities Map Tool Process Southwest Airlines • Evaluate the existing strategic coherence of the client’s current activities No meals No assigned seats Flexible Union contracts High employee compensation No connections Point-to-Point flights Frequent Departures 15 min. turnaround • Identify the higherlevel activities and then list those actions undertaken and policies adopted to support main actions/ initiatives Limited Passenger Amenities No transfers Lean and productive crew Employee Stock ownership Limited use of travel agents Automatic Ticketing machines Standard fleets Low prices High aircraft utilization Notes/ Implications • The more relationships/ linkages that exist among current activities, the more coherent and integrated is the client’s strategy • Planned activities for the future can herewith be evaluated prior to adoption/ implementation for coherence with existing activities 33 1.10 Historical Trend Analysis Tool Trends in US GDP Growth Process Increasing Annually at $256B Billions of '96 $s • Acquire historical data and establish relevant time periods for examination (ie similar in duration, behavior, conditions, etc) Most Recent 10-Years: 10,000 9,000 8,000 7,000 6,000 5,000 • Examine data for statistical relevance and significance, being careful to adjust for seasonality where appropriate 4,000 3,000 Long-term: Trending 2,000 increases of $118B 1,000 0 1929 • Extrapolate forward into the future for periods of appropriate relevance to the client positively with annual 1939 1949 1959 1969 1979 1989 1999 Notes/ Implications • While long-term trends are often beneficial in establishing the broad perspective, it is often more insightful to limit trend analysis to a more current term given that influential factors/ conditions can change dramatically over time. Examining the past for periods of similar observable behavior to that of the current period can prove useful in predicting upcoming movements. 34 1.11 The Pareto Effect (80/20 Rule) Tool Process • To quickly estimate with demonstrated accuracy the importance of existing customer segments • This “effect” is generally applicable across industries and basically states that approximately 80% of a firm’s sales are attributable to only 20% of same firm’s customers • With this tool, marketing efforts can be better focused/ targeted to generate maximum impact with respect to stated goals Observed Pareto Effect in the Capital Industrial Goods Market % of client’s current sales Customer Customer Group A accounts for 75% of sales and represents only 25% of total customer base Group C accounts for 5% of sales and represents 20% of the total customer base Customer Group B accounts for 20% of sales while comprising 55% of customer base % of client’s existing customer base Notes/ Implications • While this tool is useful in a general sense, it is static and therefore must be used carefully. Customers with the greatest potential may well be within the 80 percent, or within a heretofore untapped segment of the market. 35 2.0 Formulate Strategies & Set Objectives Sub-Process Objective • Develop marketing strategies and associated objectives based upon the environmental assessment • Translate into concrete form the needs, hopes, & desires of the client with respect to her/his business performance Tips & Key ?s • This process must be one of continuous review, as the strategies and associated objectives need to be evaluated forwards and backwards for coherence. •Develop cohesive marketing strategies to best approach the client’s environment now and into the future •Establish broad objectives applicable to these marketing strategies and to the client’s overarching wants/ needs (ie target ROI, improved image, social responsibility) Tools • Ansoff Matrix • TWOS Matrix •Translate the broad objectives into key result areas (ie market penetration, sales growth rate) commensurate with key industry success factors •Create subobjectives necessary for the accomplishment of the broad objectives (ie sales volume goals, geographical expansion, product line extension) Outputs to Written Marketing Plan • A set of overarching marketing strategies relevant to the client’s environment • A definitive statement of the client’s objectives replete with associated complementary subobjectives 36 2.1 Ansoff’s Matrix of Growth Strategies Existing Products New Products Market Penetration Product Development Least risky of the four as it leverages the client’s existing resources and capabilities Process • Conceptualize the client’s competitive situation within two dimensions only: products and markets (ie what is offered and to whom it is offered) • Develop marketing strategies for which specific objectives can be defined and later measured Notes/ Implications • This tool is useful as it allows for the simplification of even the most complicated industry. By reducing complexities along two dimensions, the client has only to consider four broad growth strategies. Existing Markets In a growing market, maintaining the status quo will result in growth; there may also exist opportunities to increase market share if competitors reach capacity limits As Mitigates risk by basing operations within an established customer base May be appropriate if the client’s strengths are related to specific customers rather than products the market approaches saturation/ maturity another strategy must be pursued if further growth is desired Market Development Diversification Most Mitigates risk by basing market expansion on existing products risky of the four growth strategies since it requires both product and market development ─also know as the “suicide cell” of this matrix Horizontal: New Markets Can include entering new geographical areas, promoting new uses for an existing product and entering new market segments May be appropriate when the client’s distinct competence rests with the product rather than the market development of activities which are complementary to or competitive with the client's existing activities Vertical: development of activities which involve the preceding or succeeding stages in the client’s production process (upstream/backward or downstream/forward) Conglomerate: refers to the situation where at face value the new activity of the client seems to bear little or no relation to it's existing products or markets 37 2.2 TWOS Matrix Tool Process • Analyze most relevant information from SWOT in an attempt to maximize strengths and minimize weaknesses • Complete the matrix as shown, with careful focus upon the actionable recommendations arising from the analysis Opportunities (O) List external opportunities Threats (T) List external threats Strengths (S) Weaknesses (W) List internal strengths List internal weaknesses SO Strategies Generate strategies here that use strengths to take advantage of opportunities WO Strategies Generate strategies here that take advantage of opportunities to overcome weaknesses ST Strategies Generate strategies here that use strengths to avoid threats WT Strategies Generate strategies here that minimize weaknesses and avoid threats Notes/ Implications • This model, while seemingly academic in nature, is one of the essential elements of strategy formulation and the written Marketing Plan. 38 3.0 Develop Marketing Tactics Sub-Process: Use of Marketing Tactics to Attain Objectives Objective • Develop the overall route to be followed for the achievement of stated objectives • Determine the appropriate Marketing Mix, with special emphasis upon relevant & coherent Communications •Determine where within the Product Life Cycle the client’s offering is currently, as the maturity of the offering will determine much of the MM Product •Policies & decisions related to client’s offerings: line extensions/ retractions, feature modifications, branding, etc. Promotion (Communication) •Impersonal: advertising, POS displays, public relations •Personal: faceto-face selling on& off-site Adjust the Marketing Mix as appropriate to pursue objectives Place (Distribution) •Agent, retailer, wholesaler, direct, etc. •Issues associated with the physical movement of goods Price •Skimming & penetration policies •Cost & value approaches •Revisit marketing strategies to ensure coherence with defined objectives and associated tactics •Refine objectives as necessary and adjust strategies accordingly; this process is one for continuous review & modification Tips & Key ?s • Any and all Marketing Mix decisions (especially those to do with product & pricing) must be made with due consideration for competitive positioning • Product Life Cycle Articulation • Communication means & messages are largely dependent upon the complexity of client’s offering • Elements of Environmental Assessment • Each aspect of the MM should correspond to definite, measurable, and attainable objectives Tools Outputs to Written Marketing Plan • Definite marketing tactics formulated specifically to attain established objectives • Associated expenditure requirements and estimated results of each strategy relevant to stated objectives (to be coordinated with Evaluation Phase) 39 3.1 Product Life Cycle Articulation Tool Process • Determine where within the life cycle the client’s offering is currently Growth Product: establishment of branding & quality level; acquisition of trademarks/ patents Product: maintenance of quality; addition of functionality/ support Price: low penetration pricing to build share or high skim pricing to recover development costs • Formulate marketing mix strategies using the accepted PLC as a guide Notes/ Implications Place: selective distribution until demonstrated acceptance Product Sales • The appropriate Marketing Mix is heavily dependent upon where within the life cycle the product/ service currently is. As the product/ service matures and demonstrates profit potential, competitors are likely to enter and influence the client’s tactics, objectives, & strategies. Introduction Promotion: targeting innovators/ early adopters; message is education & awareness Time Price: static pricing Maturity Product: enhancement of features to pursue differentiation Maintain: continue operations with a desire to retain competitive position Price: decreased price due to competition Improve: rejuvenate product with additional features, new issues, or alternative customers Place: “incentivize” Place: addition existing channels to of channels to gain preference over serve growing competitors customer base Promotion: broad message to widening audience Decline Promotion: strong emphasis on differentiation Harvest: reduce costs and target loyal/ niche customers Exit: discontinue offering and liquidate inventory to end-users or competitors Enter: develop new products/ services (usually for a new customer group or market) 40 4.0 Structure Evaluative Process Sub-Process Objective • Predict the outcomes associated with each defined tactic and the marketing plan as a whole to better align stated objectives with reality • Evaluate in progress and in retrospect the successes/ failures of the marketing plan Complete projections associated with each tactic and evaluate against budgeted expenditures Employ test markets when appropriate and where possible to evaluate the paper plan in the “real world” prior to full-scale implementation Evaluate observed successes/ failures against stated objectives (ie did advertising expenditures create desired awareness levels?) Examine the external environment for events that may have contributed positively/ negatively to observed outcomes Tips & Key ?s • Where will the client be if she/he adopts the recommended actions? • In retrospect, has the client reached her/his stated objectives within the parameters established? If not, why not? • Did the marketing efforts have the desired effect or even cause the observed effect? • Evaluate all phases of the planning process for validity and improvement Tools • Sales Trend Analysis (with & without control markets) • Growth Rate of Improvement Analysis Outputs to Written Marketing Plan • Structured process for predicting success in the “pre-period,” analyzing progress in the “test period,” and measuring success in the “post period” • List of measures (ie sales growth, brand awareness, penetration rate, market share, etc.) and associated goals for each 41 The Written Marketing Plan Marketing Plan Inclusive of Defined Analyses Objective • Develop for articulation a coordinated plan that translates stated marketing strategies into actionable objectives and associated tactics, replete with a process for evaluation Tips & Key ?s • Answer with the Marketing Plan these four questions: Where is the client now?; Where does the client want to be?; How should the client get there?; Did the client reach stated goals? • Be concise and keep in mind the endaudience for this marketing plan • Obtain “buy-in” from all levels of management, while maintaining overarching strategies & objectives and rejecting biased, individualistic goals 2. 1. Corporate Strategy Executive Summary 3. Situation Report 4. Key Assumptions 7. 5. Marketing Tactics Marketing Strategies & Objectives 8. Short & Long Term Measures & Goals 9. Conclusion 42 Market Feasibility Study 1. 2. Phase 1 Phase 2 Phase 3 Target Market Identification Prospective Positioning Implementation Planning Define Customer Needs Conduct Competitive Analysis Evaluate Industry Environment 4. 3. Define Potential Markets 6. 5. Data Gathering Conduct Internal Analysis Determine Target Market 7. Evaluate Financial Viability 8. Plan Value Optimization Analysis & Evaluation Consistent Client Interaction & Input 43 1. Define Customer Needs Sub-Process Objective • Evaluate alignment of provided benefit with the needs of customers Define the benefit to be provided or the void to be filled with the new alternative Translate perceived benefit into necessary features & attributes Briefly examine the level of customer satisfaction provided by existing alternatives Tips & Key ?s • Approach this objectively—avoid a “client bias” • Is this a B2B or B2C situation? • What do customers want? Does this new product give it to them? • Does this new alternative better serve their needs? Tools Rank the measurable attributes by their respective importance to customer Consider the relative customer risks and costs of switching from existing benefitprovisionary source, if any, to new alternative Evaluate client’s product performance in terms of weighted attributes Make preliminary judgments as to the product’s overall attractiveness in light of existing alternatives Outputs • Interest/ Needs Survey • Perceived benefit desired/ required by customer • Laddering Interviews • Product attributes associated with said benefit & relative importance to customer • Prototyping • Early determination of client product’s marketability (attractiveness to customer) 44 1.1 Interest/ Needs Survey Tool Process • Develop for distribution and reclamation a survey targeted for the informational needs of the team • Assign appropriate and meaningful metrics for ready compilation • Accumulate and interpret acquired data without bias Representative questions from a recent survey pertaining to Target vending machines The Objective: to determine a target market need for vending machines of this nature, as well as consumer receptiveness to vending machines of this nature 1. Please rate the importance of the following attributes in your selection of a retail store by circling the appropriate number. Not At All Important Price 1 Product selection 1 Operating hours 1 Payment methods 1 Merchandise quality 1 Product Refundability 1 Customer service 1 Location 1 Extremely Important 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 5 6 6 6 6 6 6 6 6 7 7 7 7 7 7 7 7 16. The following is a list of items that can be purchased from a Target vending machine. Please rate the likelihood that you would purchase these products from the vending machine by circling the appropriate number. Not at All Likely to Purchase Sun block 1 Aspirin 1 Lip balm 1 Hand Lotion 1 Mouthwash 1 Toothpaste 1 Toothbrush 1 Soap bar 1 Music CD 1 CD carrier 1 Notebook 1 Disposable Camera 1 Camera Film 1 Extremely Likely to Purchase 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 5 5 5 5 5 5 6 6 6 6 6 6 6 6 6 6 6 6 6 7 7 7 7 7 7 7 7 7 7 7 7 7 Notes/ Implications • Be careful during survey creation not to inadvertently formulate or include questions that may contain a bias • Collecting data is important, but the analytical interpretation is essential to the engagement 45 1.2 Laddering Interviews Tool Process • • • • 1-on-1 interviewing technique capable of establishing key consumer associations between product attributes and meaningful values By repeatedly asking probing questions of consumers, a value map specific to the relevant provided benefit can be developed that associates attributes to consequences, and consequences to values This probing allows greater understanding of consumer behaviors, wants, and needs The resulting ladder of perceptual orientations is useful for distinguishing between products in a given product class Representative interview questions (posed to Diet Coke champion) •Interviewer elicits as many product attributes from the respondent as possible and then probes further… •Interviewer: You indicated that you enjoy Diet Coke because it doesn’t have calories. Why is this important to you? Hierarchical Value Map: Diet Coke (1 champion/ 2 attributes) SELF ESTEEM SOCIAL ACCEPTANCE Self-evaluation determined by appearance ACCOMPLISHMENT Weight is key determinate of social acceptance for women Reward / Compensation Immediate fulfillment of need •Respondent: I like to stay fit. •Staying fit is important to you? •Sure, I like to look good. •Why is looking good important to you? Gain respect of others through physical appearance Society values youthful appearances •I want to look good; people are judged by their appearance. I care what others think o f me. •Do you feel that you are being judged? •Of course! People are constantly judging me; and as a woman it is all about appearance. •What specifically about appearance do you think is important? Desire to be athletic and attractive Available almost anywhere Bright, energetic, youthful appearance No Caloric Content Ready-totransport containers Bottle •For women? Weight is the biggest issue. Notes/ Implications • Key Questions: “Why do people not buy my product?” & “Why do people buy my product?” • It is most beneficial to conduct multiple interviews, with both non-users and product champions to acquire the most valuable insights into consumer motivations and behaviors 46 1.3 Customer Prototypes Tool Not-For-Profit Adult English-Language Education--segment-specific customer Process • Imagine and define people within specific target segments in an attempt 1) to gain a multi-dimensional view of the customer for whom the client will provide benefit and 2) to gain insight into the unarticulated needs of said customer • Base profile on certain key ?s: Why does she/he use require this benefit? How does this person see her/himself? What is important to her/him? What are her/his ambitions? Who does she/he want to impress? What is her/his idea of the perfect vacation? • Repeat this process until customer profiles begin to overlap, and then compile common characteristics/ goals/ values for client’s marketing mix Horacio Castro has just entered the United States illegally at the age of seventeen. Crossing the border with the aid of an established smuggling organization, Mr. Castro is eager to recover his US$3,500 cost of entry into America. Mr. Castro has settled in Chicago to reap the benefits of the city’s large labor market, and to utilize his existing familial ties within the city. Mr. Castro is here primarily to earn money, the vast majority of which will be sent to his rural home in the Durango Province of Mexico. In Mexico, his mother and five younger siblings will use the money to improve the drainage of their small field and purchase those necessities which they cannot provide for themselves. Horacio’s motivations are clear: earn as much money as possible to facilitate a quick return to his Mexican homeland. He has chosen this path as opportunities in Mexico are limited for a man lacking formal education and familial influence. Learning the meat-packing trade from his uncle, Horacio has secured a position in the same plant in which his uncle has labored for twelve years. While his expenses are low (he lives with his uncle’s family free of charge), Horacio recognizes the economic advantages associated with English abilities. His supervisor is a bilingual immigrant from Mexico City, valued for his ability to understand and communicate the motivations of both laborers and management. Horacio wants to emulate this successful supervisor and not his uncle, who having never learned English is still a laborer. In his mind, Horacio struggles with the barriers: he has little educational training, no English-speaking acquaintances, little disposable income with which to procure an education, no knowledge of the available educational opportunities, and little available time with which to take any classes. Horacio is discouraged by the barriers, but he feels there must be a way to learn English. Notes/ Implications • The results of this profile-layering have significant importance to the client’s ultimate marketing strategy 47 2. Evaluate Industry Environment Sub-Process Objective • Determine the client’s ability to enter and compete within the industry • Identify potential opportunities for further exploration Tips & Key ?s • Do existing industry players actively discourage new entrants? • Is the industry growing? Has the industry been stable? Is growth likely to continue? • Is technology an issue? If so, where along the curve are current alternatives? Determine chief economic traits of the industry (growth rates, trends) Identify the drivers of change within the industry Identify the relative strengths & weaknesses of existing industry players Tools Determine the impact of external entities upon the industry (government regulation, social goodwill, etc.) Identify key success factors within industry Identify barriers to entry, if any, & evaluate them with respect to client’s strengths/ weaknesses Make a judgment as to overall industry attractiveness Outputs • Structure-ConductPerformance Articulation • List of industry players ranked according to strength/ position • Porter’s Five Forces Model • Clear understanding of resources & capabilities required for industry success • Externalities Mapping 48 2.1 Structure-Conduct-Performance Articulation Tool Process • To identify the structure of the industry, the dominant conduct of incumbents, and the resulting performance of firms • To define the relationships illustrated at right, the following industry conditions must first be considered: Consumer Elasticity of demand Substitutes Seasonality Rate of growth Location Lumpiness of orders Method of purchase Production Technology Raw materials Unionization Product durability Location Scale economies Scope economies Structure •Numbers of buyers •Numbers of sellers •Barriers to entry facing new firms •Product differentiation •Vertical integration Conduct •Diversification •Advertising and marketing •Research and development •Pricing behavior •Plant investment •Legal tactics •Product choice •Collusion Performance •Profits •Product quality •Production efficiency •Technical progress/ progressiveness •Allocative efficiency •Equity Notes/ Implications • Threat of entry is stronger when…entry barriers are low, a sizable pool of entry candidates exists, incumbents are unwilling or unable to contest a newcomer’s entry efforts, and/or newcomers can expect to earn attractive profits 49 2.2 Porter’s Five Forces Model Tool Process •Assess strength of each of the five competitive forces (Strong? Moderate? Weak? ) •Explain how each force acts to create competitive pressure. What are the factors that cause each force to be strong or weak? •Decide whether overall competition (the combined effect of all five competitive forces) is brutal, fierce, strong, normal/moderate, or weak Personal Computer Industry Supplier Power: Very High Intel and Microsoft extract all industry profits. Substitutes: Low to Moderate Increasing competition from hand held/ portable computing devices Rivalry: Very High Intense price competition Excess capacity and saturation. Some brand recognition, but PCs thought of as commodities Buyer Power: High and Rising Low switching costs, Less brand loyalty. Resellers and retailers have grip on end users Threat of Entry: Moderate to High Low capital costs of manufacturing Relatively easy to assemble PCs Some brand recognition and loyalty Notes/ Implications • Key questions to better understand the ferocity of competition within the industry: Is price competition vigorous? Active efforts to improve quality? Are rivals racing to offer better customer service? Lots of advertising/sales promotions? Active product innovation? Active use of other weapons of rivalry? 50 2.3 Externalities Mapping Tool The Economy at Large Process • Define and evaluate the impact of existing and potential forces outside of the industry that may impact the industry and/ or the industry • With externalities more clearly defined, threats and opportunities can be more easily identified and anticipated Suppliers Rival Firms Substitutes CLIENT Buyers Potential Entrants IMMEDIATE INDUSTRY AND COMPETITIVE ENVIRONMENT Notes/ Implications • It is important to evaluate external forces in both the near and far terms, as the client’s survivability and sustainability are key foci for analysis 51 3. Define Potential Markets Sub-Process Objective • Define markets within which the client’s product is appropriate and potentially well-received • Divide the large market into smaller ‘pieces’, or customer groups with similar needs and/or desires Tips & Key ?s • Where can we play, and who is playing already? Against whom will we compete most successfully? • Is this a B2B or B2C situation? • Quick calculations with realistic assumptions often prove useful: To estimate market size for new garage storage devices we have the following… •65M garages, 68% of which are ≥2 car; given 1.5% of available population invests $1K; potential for $1B sales Define the markets available to client in terms of size, age, maturity, technology, etc. Specify the characteristics of each market and their overall alignment with the client’s product and goals Tools Identify the key players in each potential market and their respective positions within said market Rank the available markets by attractiveness/ receptiveness to client’s product Outputs • Segmentation Scheme • List of markets by potential receptiveness • Product Sector Articulation • Ranked list of existing competitors within identified markets 52 3.1 Segmentation Scheme Tool Determine Which Segmentation Variables to Use Process •Define distinct customer groups with that have one or more problems/ needs which could be solved/ serviced in one or more ways 1.Establish segment variables that yield mutually exclusive and exhaustive segments 2.Develop Segment Profiles 3.Evaluate Segments for their viability and preliminary “attractiveness” Develop Market Segment Profiles Evaluate Relevant Market Segments Segmentation Variables User-Related •Demographics: Age, Gender, Race, Ethnicity, Income, Education, Occupation, Family Size, Family Life Cycle, Religion •Social Class •Geographic: Region, Urban, Rural, City Size, County Size, State Size, Market Density, Climate, Terrain •Lifestyles & Psychographics Behavioral •Benefits •Usage •Price •Brand •Situational Are acquired segments viable? Measurable • Size, purchasing power, profiles of segments can be measured Actionable •Must be able to attract and serve the segments Substantial •Segments must be large or profitable enough to serve Differential •Segments must respond differently to different marketing mix elements & actions Accessible •Segments must be effectively reached and served Notes/ Implications • Segmentation scheming not only defines potential markets, but also serves as an essential component of the client’s ultimate marketing mix decision 53 3.2 Market Sectoring Analysis Tool Process •Establish current market make-up in hopes of identifying sectors within which client could best position for success 5% Toy Market Sectors Dolls/Figures 13% Activity/ Construction Games 19% Indoor Games 9% Infant/Pre-School Toys Model-Wheeled Vehicles Soft/Plush Toys 7% Outdoor Games Other Toys and Games 9% 6% Intelligent Toys Consoles 9% 2% 9% 4% 8% Console Games Computer Games Notes/ Implications • Sectoring provides a nice snapshot of customer groups as defined by the existing market; it can also be used to identify “holes” in structure representative of unfulfilled customer groups 54 4. Conduct Competitive Analysis Sub-Process Objective • Determine the conditions upon client’s industry entrance • With conditions established, threats and opportunities can be better evaluated and anticipated Determine the strengths/ weaknesses of each competitor within each available market Understand the characteristics of each competitor that grants survivability in short and long terms Identify voids within the market for possible exploitation by client Determine the ability of competition to counter client's introduction • Identify opportunities for client introduction Tips & Key ?s • Will competitors have the ability to react? How quickly? • Will customers make the switch? What are their costs of switching? Tools • Positioning Articulation • Perceptual Mapping • Value Mapping Outputs • List of those factors which dictate and indicate success within the industry • Clear understanding of which existing players will move/ be able to counter client’s actions • Do not underestimate the speed and ferocity of competitive reaction 55 4.1 Positioning Articulation Tool Student-Staffed Consulting Process •Determine the competitive positioning within the marketplace •Identify holes, potentially representative of untapped markets, for further exploration Primarily Fortune 500 Quality Management Consortium MBA Consulting Program OSBI Austin Power Low Student Participation Carlson Business Consulting Network Center for Experiential Learning High Student Participation Community Consulting The MBA Consulting Project Darden Business Projects Freeman Consulting Group Primarily Start-up Companies Notes/ Implications • With positioning articulated, unfulfilled customer groups or needs can more readily be identified 56 4.2 Perceptual Mapping Tool Liquid Detergent Market Process •Evaluate the current players and their respective abilities in light of all-important consumer perceptions Long-lasting suds Most pleasant fragrance Mildness Overall Cleaning 50% Best Value for money 100% Leaves dishes shiny Competitor #1 #2 #3 Cutting Grease Removing baked-on foods Notes/ Implications • By mapping perceptions, the relative strengths & weaknesses of competitors becomes clear • What are the respective foci of competitors, and how do consumers perceive them in the marketplace? 57 4.3 Value Mapping Tool Price Value Map of the Toothpaste Industry, 1992 Process $2.80 Oral-B Regular $2.60 Oral-B Indicator $2.40 Aquafresh Flex Price $2.20 $2.00 Pepsodent Professional $1.80 Colgate Plus Reach Advanced Reach Regular $1.60 Price •Determine the current value-price orientation prevalent in the industry •Define the customer groups to which major competitors cater (pricesensitive or qualityfocused) •Identify areas of the existing value orientation scheme within which client could capture value $3.00 $1.40 $1.20 Pepsodent Regular Colgate Classic $1.00 Perceived Perceived Performance Benefits Notes/ Implications • Use the acquired value map to identify holes in the market’s current pricing scheme; where large gaps exist between products on the value line, there exists opportunity for new product introduction 58 5. Conduct Internal Analysis Sub-Process Objective • Determine the client’s ability to successfully launch her/his provided benefit Tips & Key ?s • Take care to avoid the “client-bias;” all analysis should be realistic and not overly-optimistic • Is now the time? Does the client have in place what is necessary to be successful? Determine internal strengths & weaknesses of client Tools • Activity Map • SWOT Matrix Identify areas to be improved in both the short and long terms and prescribe methods to effect stated improvements Evaluate the client’s existing and likely resources and capabilities with respect to key success factors of industry and available markets Make judgments as to the viability of client’s success (begin formulating likely scenarios representative of varying degrees of success) Outputs • Understanding of client’s ability to effect a successful product launch • Realistic view of existing resources & capabilities, and the relative strength or weakness of each 59 5.1 Activity Map Tool Process Southwest Airlines • Evaluate the existing strategic coherence of the client’s current and planned activities • Identify the higherlevel activities and then list those actions undertaken and policies adopted to support main actions/ initiatives No meals No assigned seats 15 min. turnaround High employee compensation No connections Point-to-Point flights Frequent Departures Flexible Union contracts Limited Passenger Amenities No transfers Lean and productive crew Employee Stock ownership Limited use of travel agents Automatic Ticketing machines Standard fleets Low prices High aircraft utilization Notes/ Implications • The more relationships/ linkages that exist among current activities, the more coherent and integrated is the firm’s strategy • Planned activities can and should be evaluated for cohesion with existing activities 60 5.2 SWOT Analysis Tool Process • Complete the matrix as shown, with careful focus upon recommendations arising from the analysis Opportunities (O) List external opportunities Threats (T) List external threats Strengths (S) List internal strengths Weaknesses (W) List internal weaknesses SO Strategies Generate strategies here that use strengths to take advantage of opportunities WO Strategies Generate strategies here that take advantage of opportunities to overcome weaknesses ST Strategies Generate strategies here that use strengths to avoid threats WT Strategies Generate strategies here that minimize weaknesses and avoid threats Notes/ Implications • This model can at times seem academic in nature, but the recommendations that can be created as a result of completing are often of use; however, avoid specific references to SWOT analysis in client communications and deliverables 61 6. Determine Target Market Sub-Process Objective • Select the appropriate target customer group by evaluating alignment of the client’s provided benefit and resources/ capabilities with the needs of customers Tips & Key ?s • What benefit is the client providing, and to whom can she/he best provide it? • Who is the client selling to? Who is the end-consumer? Match the clients resources & capabilities with those of the available markets Best align the benefit to be provided with the needs of customer comprising each available market Tools • Use sound judgment and offer recommendation based in previous analytical outcomes Identify key aspects of target market above, on, and below the surface (size, income levels, complementary preferences, etc.) Select given analysis the necessary and appropriate target to maximize impact for client Outputs • Final determination of target market replete with major/ minor characteristics • Refine judgments as to the market’s receptiveness 62 7. Evaluate Financial Viability Sub-Process Objective • Define likely scenarios and determine immediate and longterm survivability given each • This is the “go” or “no go” stage, in which the team must make final judgments as to overall feasibility Define all investments necessary to launch and beyond Establish likely scenarios for analysis by defining key variables (customer reception, pricing issues, distributor acceptance market penetration) Assess the financial viability of launch with respect to each scenario and with due consideration to client’s stated objectives Assign probabilities where possible and calculate a range for client’s return on investment Make final judgment: Should the client go ahead with this project? Tips & Key ?s Tools • Be careful to include for analysis all costs, immediate and future, actual and opportunity • What do customers want? Does this new product give it to them? • Does this new alternative better serve their needs? • Make informed assumptions as necessary • Pro Forma Financials w/ Scenario Analysis • Sensitivity Analysis • Monte Carlo Simulation Outputs • Perceived benefit desired/ required by customer • Product attributes associated with said benefit & relative importance to customer • Early determination of client product’s marketability (attractiveness to customer) 63 7.1 Pro Forma Financials Tool New Restaurant…Yes or No? Process • Establish the available facts and allow for the necessary variables • Devise a form which accounts for these considerations at different variable values • Employ facts/ fixed numbers wherever possible, constraints whenever applicable, and various revenue states dependent upon penetration scenarios • Assign probabilities where possible to allow for final determinations • Make assumptions when necessary to further the analysis (oftentimes the number of assumptions far outweigh hard facts) Pro Forma Statement (Monthly) Constraint: Average Dinner Price* Revenue $138,660.12 Variable Costs $42,012.38 Fixed Salaries $38,000.00 Materials and Supplies $4,500.00 Depreciation (Equipment) $4,000.00 Advertising $15,000.00 General Overhead $30,000.00 Fixed Costs $46.07 $60,046.88 Total Direct Costs $102,059.25 Contribution/ Profit $36,600.87 Notes/ Implications • Fixed costs and per-unit variable costs can usually be treated as facts, while revenues are entirely dependent upon the degree of market penetration • Projects that do not meet established objectives (profit %, break-even, positive NPV, risk mitigation, etc.) should not be pursued further 64 7.2 Sensitivity Analysis Tool Process • Identify the variables to be used and establish ranges for their likely values NPV Analysis using 2 variables to evaluate the introduction of a new brand P&G Liquid Detergent Market • Use these ranges to calculate the multiple outcomes dependent upon variable levels • Eliminate those variable combinations, if any, that are unlikely are immaterial • Use the remaining outcomes to calculate a representative final figure Notes/ Implications • Dependent upon the values assigned to each variable, NPV results are positive or negative; in the above example the outcomes are most often positive • Eliminating unlikely scenarios often helps to clarify the resultant outcomes (ie those values close to zero for each variable are unlikely given P&G’s dominance, and can therefore be eliminated from actual consideration) 65 8. Plan Value Optimization Sub-Process Objective • Develop key recommendations to capture value • Dependent upon project scope, this may be only preliminary in nature while still reflecting the wealth of accumulated analysis Tips & Key ?s • What benefit is the client providing and to whom, and how will he/she extract value (ie make money)? • Is now the time for an “all-in” commitment? Or is the client betterpositioned by waiting for market forces and/or additional capabilities? Business Strategy: How will the client extract value by providing benefit? (Differentiation or Cost Strategy?) Marketing Strategy: How can the client best position the benefit to be provided? Exit Strategy: Provide for the client options for abandonment if/ when exit becomes appropriate Tools • Strategic planning cumulative of all acquired information and completed analysis Operating Strategy: How should the client deliver the benefit to be provided? Determine the efficacy of staged involvement to minimize overall risk exposure during pre-launch Risk Strategy: Identify the elements of risk and account/ prescribe for their mitigation as possible Develop for application a means of monitoring success on relevant measures to facilitate continuous improvement Outputs • Perceived benefit desired/ required by customer • Product attributes associated with said benefit & relative importance to customer • Early determination of client product’s marketability (attractiveness to customer) 66 Final thoughts Have fun and learn!! Take this seriously- your client and all OSBI Consulting Leadership and the College of Business Administration This is a relationship business There are many resources available to you You can contribute to the success of OSBI Consulting Continually look for ways to leverage your experience with OSBI Consulting Remember that we are a “real” consulting firm 67