We're excited to introduce OneLove, a student-run company focused on keeping Philly warm through the sale and donation of fleece blankets.
This is the eighth in a series on Comcast Business and its work with Junior Achievement. For a look at the previous article, click here.
Our JA Company Program is off to a great start in 2016. After much debate, discussion and investigation, the students have arrived at a company name, the product has been finalized, and they’ve come up with a tagline— they even commissioned an artist to design a company logo.
Allow me to introduce OneLove, a student-run company focused on keeping Philly warm through the sale and donation of fleece blankets.
The OneLove product management team initially wanted to have the “Keep Philly Warm” logo imprinted on a small area of the blanket, and found a vendor that could do just that for an acceptable unit price that would allow sufficient margin. But after seeing the logo in its final form, the team thought it would be better to have the logo printed across the entire blanket. This meant they had to create a new RFP as the vendor they initially selected could not do the new design.
The entire OneLove team learned a lot in this process—they had to work cross-functionally to determine the true cost of the blanket and set a price point that would allow them to sell a lot of blankets and make a profit for shareholders. They needed to build in the cost of the blankets themselves, printing, packaging, and distribution, as well as associated marketing costs. At the same time, they wanted to ensure they had sufficient margin so they could donate blankets to a charitable organization that would, in fact, help “Keep Philly Warm.”
With a company name in place and a product concept finalized, the marketing team was busy building a company brand, logo, and messaging; investigating promotional options and securing social media handles. They learned quickly that their company name was a popular one when they tried to secure a company page on Facebook (thanks Bob Marley). In fact, they initially thought they couldn’t use the name because others on Facebook had claimed “OneLove”, but we helped them understand that type of thing happened all the time in the business world and it did not actually preclude them from using the name.
Also in this session, the OneLove sales team worked on a sales sheet and associated strategy that would allow them to start preselling orders, and went to work on forecasting expected demand so they could determine how much inventory was required, working in tandem with the supply chain and finance teams.
All in all, this was an extremely productive meeting for the group. As a mentor, I can say I feel pretty good about the company and the product, and expect that we’re going to sell a lot of these blankets.
Read Week 9