Planning and Strategies
SWOT analysis:
Strength
1. The four marketing majors were so interested in marketing planning and strategy and was working hard towards it in making the project successful and started a small business that could fund their graduate school students about $2500 per year per student. 2. Product selected had no competition at FAU because the sports calendar market was an untapped market. 3. Advertising the product and also for generating additional sales they rented a booth at FAU events.
Weaknesses 1. Since the product was being to launch for the first time in market at FAU, they were not sure if the market would accept it or reject. 2. There were only two months in the fall to sell the calendar which could retard their selling numbers. 3. If they even decide to make a personal contact selling, each could carry about 10 to 12 calendars and also takes away a lot of their time. 4. There was still a confusion about what kind of calendar to be made, whether to add athletes pictures or others. 5. The startup capital was only $8000 and to break even they needed at least profit of $8000 and $18000 to pay for the capital and tuition.
Opportunities
1. The selecting sports calendar was good because there was no such product on FAU market and it could be a successful product. 2. There is a huge market at FAU to be captured for the selling of the sports calendar. 3. The FAU store was ready to buy the product in bulk. That means they could reach their break even and was also possible to pay back their investments right away.
Threats 1. Can expect others to come up with similar product and a room for competition would arise. 2. If they distribute calendars to the bookstore, then they should surrender a lot of pricing power to them. 3. There could be an additional cost, if FAU claims a royalty on athletes ' pictures. 4. Since, they have entered a new market and there could be chances of product failure.
Strength
1. The four marketing majors were so interested in marketing planning and strategy and was working hard towards it in making the project successful and started a small business that could fund their graduate school students about $2500 per year per student. 2. Product selected had no competition at FAU because the sports calendar market was an untapped market. 3. Advertising the product and also for generating additional sales they rented a booth at FAU events.
Weaknesses 1. Since the product was being to launch for the first time in market at FAU, they were not sure if the market would accept it or reject. 2. There were only two months in the fall to sell the calendar which could retard their selling numbers. 3. If they even decide to make a personal contact selling, each could carry about 10 to 12 calendars and also takes away a lot of their time. 4. There was still a confusion about what kind of calendar to be made, whether to add athletes pictures or others. 5. The startup capital was only $8000 and to break even they needed at least profit of $8000 and $18000 to pay for the capital and tuition.
Opportunities
1. The selecting sports calendar was good because there was no such product on FAU market and it could be a successful product. 2. There is a huge market at FAU to be captured for the selling of the sports calendar. 3. The FAU store was ready to buy the product in bulk. That means they could reach their break even and was also possible to pay back their investments right away.
Threats 1. Can expect others to come up with similar product and a room for competition would arise. 2. If they distribute calendars to the bookstore, then they should surrender a lot of pricing power to them. 3. There could be an additional cost, if FAU claims a royalty on athletes ' pictures. 4. Since, they have entered a new market and there could be chances of product failure.