First Product Failure

Before launching Pink Snow Candy and Chocolate our company wanted to focus on IPhone covers with Bronte College theme on it (view the image below). Everything was going fine but out feasibility study section representative did not do a good research. Consequently, at the last minute we found out that production cost was not $3 as we expected, but $26. And considering our survey in which average potential buyer agreed on $10 price, there was no point to continue our research. But because we spent half of our time on product that did not succeed there still would be all information about it included in my portfolio.

Product sketch:

Advertisement:

Group Reflection

Things that went well:

Things that went well:

1. Our Product idea

2. Packaging design

3. Sales

4. Promotion

5. Consumer feedback

6. Logo promotion

7. Sold out

Things that didn’t go so well:

1. Original idea wasn’t feasible (phone cases)

2. Group compatibility

3. Pricing point

4. Falling behind time wise

5. Presentation location

What would we do differently?

1. We could have had more product

2. We could have done a better feasibility study on the first product

3. We could have set up our table differently

4. We should have promoted our brand more

5. We could have promoted to more teachers

Self-reflection

My overall experience from product was positive and I am happy our group passed through all difficulties and in the end we all are friends as it was before the project started.

During the process I learned few things:

1. You need to have goals to achieve. If you aim nowhere, then it’s exactly where you would go.

2. It is important to research on target market, so majority is 100% satisfied with our product;

3. The company should track competitors’ strategies and actions, and always be a step ahead of them;

4. Promotion can cost the same or more then production cost;

5. If package looks expensive then consumers suppose that the product is better, so if you want to put some price up, one way do to it is to make the package look expensive;

6. You should keep everything organized in documents as well as in action. Aliter’s logo, packaging and advertisement were in colors that work with each other ( brown, caramel, white, black, green and gold) It makes it look more professional.

7. Never have business with friends;

8. Never trust words, trust action;

9. You should always be alert and not let competitors take your place/idea;

10. Sometimes it turns out good if you take risk (in our case pricing);

11. If you do not do work, no one will do it for you;

12. Always have a backup plan;

13. It is easier to do your work by little pieces every day then to do a lot in the end.

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