Cross Functional Business Plan (SM323) is one of the key elements that differentiates the Questrom School of Business undergraduate curriculum. This unique integrated required sequence combines four separate courses: Marketing (SM323), Operations (OM323), Finance (FE323), Business Analytics (QM323). SM323 leverages the learning investment in all four courses through a semester long team project to deliver a New Product to the market. The program integrates all aspects of delivering a new product to market: assessing customers and markets, addressing customer needs, developing operational processes, evaluating the risks of implementation, delivering the product to market, financing the business, forecasting results.
Working on this project ignited my passion for both Marketing and Finance.
Our team of ten outstanding undergraduate candidates developed a new product that we named Zzz Mobile. This product took the traditional baby mobile into the 21st century and further connected parents and newborns. By using a contemporary design, recycled materials and Bluetooth connectivity, we were able to create a baby mobile that works in any nursery setting. The addition of Bluetooth connectivity creates an environment where parents have the ability to customize recorded messages that play over the integrated speaker further strengthening the bond between parent and newborn.
As a team we focused on all aspects of new product development - marketing, operations, finance and business analytics. My specific focus was to lead the marketing and finance portions of the product development. Working with the Finance sub-team, we were able to forecast our expected 5-year profitability as we brought the product to market. Based on market research we were able to estimate demand, and understand and integrate production costs into our forecast. Working closely with our Operations team we were able to not only forecast labor costs, but drive our analysis down to the cost of the plastic pellets that were used to cast the support arm. Integrating with our Marketing team, we were able to forecast advertising costs down to the expenses associated with specific media in specific markets (i.e. a billboard outside of Savannah, Georgia). Our Financial Forecast delved into every driver of each line item, and presented a comprehensive and detail picture of the future health of the enterprise.
With the Marketing sub-team we explored creative and unexpected ways to market our product to new families. Our brainstorming sessions led the team to decide to engage our potential customer base as soon as possible. While there were several ideas to attack the market prior to the birth of the child, we decided that the most cost effective way to ensure that the market knew about our product line was to donate Zzz Mobile units to hospitals around the country. This approach would put the Zzz Mobile on the first bed the baby will ever use. Parents would be able to access the integrated Bluetooth technology and record their voices into the specific mobile attached to the baby’s bassinet even though the baby might be in another room. We felt that this experience would enhance demand as the parents would already have experienced the benefits of the product as they sought to customize their child’s nursery when they got home. This marketing approach was then combined with more traditional POP displays, decorative packaging and traditional advertising channels.
To see the full presentation and business development plan, feel free to download the files at the link below -