Today the group worked out how much float would be needed
for the Big Sell Off. We looked into the price points of the range to determine
what float and how much we would need. As much of the range falls at .99, the
group needs to ensure there will be enough 1ps to account for this. The group
also need to account for the products which fall at £12.99 and £14.99 which
will require £1 coins and £5 notes. The group came up with the following float
requirements, which was then split between the five members of the team to
ensure everyone is putting in the same amount. The group plan to also keep some
money aside in case the float runs out part way through the sell-off.
·
£30 in £10
notes (3 notes)
·
£1 in 1p coins
(1 bag)
·
£10 in £1
coins (1 bag)
·
£20 in £5
notes (4 notes)
o
TOTAL: £61
To split this evenly I split
this into 5 equal amounts of £12 and gave each person a list of what they were
to bring on the day of the sell-off. Money left at the end will be split between
the 5 members of the team, and should reimburse each member by £12.
·
Alex: 1ps,
£1 & £10
·
Sam: £10,
£1, & £1
·
Chloe: £5,
£5, £1, £1
·
Grace: £10,
£1, £1
·
Bethan £5,
£5, £1, £1
In dividing it in this way,
the group will find it easier to collect the total float of £61, as well as
minimise the risk of relying on 1 person.
Today I was also able to go to
a guest lecture with Cormac Folan (TM Lewin Head of Online Marketing) and gain
an insight into what makes successful online marketing and how best to optimise
your follower base.
From this I was able to take
that social media can be used for all levels of the marketing funnel:
Awareness, consideration, intent, purchase, loyalty and advocacy, which as
Cormac stated is very rare. This is
something the group will take into consideration, and aim to cover all of these
levels over social media (excluding purchase as the group will not be trading
online).
It was also discussed how
online marketing is much easier to measure in terms of ROI and customer
engagement. This can be measured through websites and programmes such as Google
Analytics and Hootsuite which the group will be using to monitor which social
media posts will create most customer interaction.
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