Part7: The next steps
The following post is part of the #TeenVibe project for the #CocaColaChallenge by the team Market Games of the Startup Lab of Panteion University in Greece.
In order to actualize the next steps of our startup process and reach the next milestone, there are certain key resources regarding the most important assets needed to make this business model work. They can represent from materials and tools that will be needed to construct a product, to the staff and employees that have to be hired to carry out the work and production. People are also needed for the creativity sections such as the advertising process, the designing and the financial issues, basically all the human resources that a company is required to have for the apt creation of an idea.
1. Physical Resources
Physical assets, such as manufacturing facilities, buildings, vehicles, machines, systems and distribution networks come in to this category.
As a team that has taken over to create a non concrete product the invention of it becomes much easier and rather different than the usual products. Computers and certain free or paid applications, computer programs and websites are needed so as to create the Teen Vibe application both regarding its programming process and its graphic and media design
With the aid of editing and designing programs like Photoshop, as a team, we have succeeded in creating an iconic application with a style and art form that we believe would be relatable, interesting and eye-catching to the teenagers in the case that this invention becomes reality in the future. The programming part though, of the application’s creation will be provided by programming agencies that possess special equipments, professional programs and the appropriate resources to contribute to the construction of an idea such as this one. The authorized and specialized personnel of these companies consist of various staff members from computer system administrators and graphic designers to technicians, who know how to make this vision reality.
2. Intellectual Resources
Under intellectual resources come brands, proprietary knowledge, patents and copyrights, partnerships and customer databases. Intellectual resources take time to engender and develop.
As Coca Cola aims to create an application without using the brand’s name or logo, the app will, first and foremost, do not depict it in its app icon, contrasting any other app that the company has ever released. Although the company will introduce and promote this application as offshoot to the public, the Coca Cola will only be mentioned as a sponsor of the application while it will only be hinted throughout the app in a very discreet manner but strong enough so that its presence will still be identifiable.
Moreover, concerning partnerships, Coca Cola collaborates with various other businesses, such as stores and franchises, in order to create other products for the brand that expand to other sectors like clothing etc. Cooperating with the social media influencers and the acquired personnel that will work for the application is therefore, of primary importance. Partnerships will be arranged through endorsements too, while various other companies associated with different products such as food and clothes will also come in contact during the making and function of the T.Vibe application. Through these agreements we hope to create and manage a double way beneficiary product that will not only be advantageous for the Coca Cola Company itself, but also for any other company that collaborates with it.
3. Human Resources
Human resources or else human capital are the people needed to make up the workforce of an organization, in the business or construction sector, all the way to marketing or economy. A human-resources department of an organization performs human resource management, overseeing various aspects of employment, such as compliance with labor law and employment standards, administration of employee benefits, and some aspects of recruitment and dismissal. Human resources are particularly prominent in knowledge-intensive and creative industries, like the creating and marketing promotion of an application, such as the Teen Vibe.
More specifically, human resources must consist of social media managers, programmers, marketers, councilors and many other people that specialize in all the sectors of these intricate procedures that all industries need for their smooth operation.
After the production part, the advertisement is the next necessary step in order to release a product to the public. Special social media managers to promote the app, to manage of all the sites and WebPages of the application, as well as to communicate with the users will be needed. Moreover, in order to achieve great public exposure and especially amongst teenagers marketing specialists will be needed. Marketers should be able to contact other enterprises, markets and sponsors to promote the idea of the application both inside and outside the app. as Coca Cola, targets a wide range of all around the globe.
Last but not least, the most important human resources staff is the director of finance and economic analysts, which will ensure the right management of the enterprise’s costs, incomes and expenses.
4. Financial resources
All business models depend heavily on financial resources and guarantees as cash, credit or stocks for carrying out their production, marketing and hiring of new employees.
Regarding this negotiations and management of the employee’s insurance and benefits plans, processing and submitting statutory and benefits remittances on time, establishing guidelines for budget and forecasting preparation by preparing the annual budget will all be needed to successfully begin functioning this application. Maintaining financial records for each project in a manner that facilitates management reports, ensuring that accurate and timely financial statements are prepared in accordance with contract agreements with funders are also important aspects of the financial resources and obligatory actions.
In conclusion, by weathering the liabilities and expectations of the production of the app correctly, the company can take advantage of the income that the app will bring so as to fund further actions and updates
Finishing with the designing and pictorial part we had to think about the promotion of our idea as advertising is the most important action order to dignify and establish a new product. This procedure, no matter the cost of it, is always necessary in order to influence the public audience and raise profits to the company.
As teenagers of the ages of 13 to 19 occupy most of their time navigating, interacting and viewing content on their social media accounts such as Facebook, Twitter, Instagram and YouTube which are the main media platforms of the era of mobilization.
Once released, the application will be marketed in all the social media accounts of both Coca Cola (Facebook, Twitter, Youtube, etc) and of the app’s accounts itself, while various forms of advertisements will be posted and uploaded not only online but on the products and the websites of the brand too, so as to gather an audience and build up a user basis of the app. The management is in the responsibility of the digital marketers that we aim to hire. Though, Coca Cola’s primary goal is not to have any direct relation with the application we believe that an advertisement in Coca Cola’s sites and accounts will bring more value and audience to the product.
Users will have to be able to find and download freely the application through the AppStore for IOS devices, PlayStore for Android devices and Microsoft Store for Windows Live devices. Any further purchases will be available inside the application while all updates will be conducted without additional costs.
Last but not least. We know that in order to upload an app or game to the aforementioned stores a certain cost required, though Coca Cola’s infrastructure will easily allow providing such a budget. Endorsements with other enterprises and other sponsorships would also help by investing and funding the first steps of the release of the application until its success kicks off.
Team: The Market Games
Team Leader: Daphne Diapouli
Team: Amanda Voulgari, Daphne Diapouli, Frosso Karpozilou, Katerina Constanta (Konstantinopoulou) , Anastasia (Silia) Simeonidi
University: Panteion University of Social and Political Sciences
Department: Communication, Media, Culture
Professors: Betty Tsakarestou, Spiros Kapetanakis, Katerina Vlassopoulou
Daphne Diapouli Katerina Constanta Σηλια Συμεωνιδη Amanda Voulgari
