Project Title: Go-To-Market Strategy to grow Facility Management product line
Labelmaster
| Details | |
|---|---|
| Project Title | Go-To-Market Strategy to grow Facility Management product line |
| Project Topics | Growth Strategy Marketing Product Design & Development Sales & Business Development |
| Skills & Expertise | Management Consulting Market Research Product Reviews |
| Project Synopsis: Challenge/Opportunity | This project is with Labelmaster and for more than five decades, they have been the go-to source for companies – big and small – to navigate and comply with the complex, ever-changing regulations that govern dangerous goods and hazardous materials.
From hazmat labels and UN certified packaging, hazmat placards and regulatory publications, to advanced technology and regulatory training, Labelmaster’s comprehensive offering of industry-leading software, products, and services help customers remain compliant with all dangerous goods regulations, mitigate risk and maintain smooth, safe operations. Labelmaster's dedication to supporting its customers' operational and compliance needs is enhanced through its unmatched industry expertise and consulting services, which serve as a valuable resource for customers to answer difficult and commonplace regulatory questions. To learn more about this company, please visit the following links: https://www.labelmaster.com/ https://www.youtube.com/watch?v=NqSOMt6e2Pc https://www.youtube.com/watch?v=5EFsjw-JDWo Project Overview: Grow a neglected product line called Facility Management that includes a variety of non-core product categories ranging from Shipping Supplies, Signs, Spill, Accident Prevention Tags, Material Handling, GHS Training Products, Personal Protection Equipment, Lock Out Tag Out. Historically, best selling items include *T* ColdMark Freeze Indicators, Vermiculite Bags, 3Printed Tamper-Evident Seal tapes, Tip-N-Tells, Fire Extinguishers (mostly sold through amazon which was a strategic decision to discontinue), Easy Cut™ Utility Knives and Replacement Blades, Danger Do Not Operate (or any personalized message) signs. The challenge with this product line has been that it had many heterogeneous diverse non-core items that may be needed when shipping dangerous goods. Also there hasn't been a dedicated resource to this product line for a while and the product manager assigned to the product line left the company. |
| Project Synopsis: Activities/Actions Required | Research sales history, customers who have stopped buying and potential customers who could buy products or product categories within the product line. Do market research what competitors are offering in that product line and develop a go-to-market (GTM) strategy target market profiles, a marketing plan, and a sales and distribution strategy.
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| Project Synopsis: Expected Results | Provide an actionable go-to-market (GTM) strategy with tactics to grow the product line considering market dynamics. Get back to historic sales levels, achieve at least a 30% growth rate in sales.
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Project Timeline
| Touchpoints & Assignments | Date | Type |
|---|---|---|
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Initial Onboarding Information |
Jan 02 2024 EST (UTC-05:00) | Other |
|
First Day of Classes & Academic Calendar |
Jan 17 2024 EST (UTC-05:00) | Event |
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Stevens Brand Guidelines |
Jan 17 2024 EST (UTC-05:00) | Other |
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Industry Capstone Program Webpage & Resources |
Jan 17 2024 EST (UTC-05:00) | Other |
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Student Pre-Kick-off Self-Assessment Form |
Feb 10 2024, 23:59 PM EST (UTC-05:00) | Evaluation |
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Student Temperature Check |
Feb 23 2024, 23:59 PM EST (UTC-05:00) | Evaluation |
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Midterm Presentation Information |
Mar 18 2024 EST (UTC-05:00) | Other |
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Midterm Presentation Submission |
Apr 01 2024 EST (UTC-05:00) | Action Item |
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Final Presentation Information |
Apr 01 2024 EST (UTC-05:00) | Other |
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Student Temperature Check |
Apr 05 2024, 23:59 PM EST (UTC-05:00) | Evaluation |
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Final Presentation Submission |
May 14 2024 EST (UTC-05:00) | Action Item |
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Student Post-Engagement Self-Assessment Form |
May 14 2024, 23:59 PM EST (UTC-05:00) | Evaluation |
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Industry Mentor Post-Engagement Team Assessment Form |
May 17 2024, 23:59 PM EST (UTC-05:00) | Evaluation |
Program Managers
| Name | Organization |
|---|---|
| Kate Marsden | Stevens Institute of Technology, School of Business Industry Capstone Program |