ProgramsFall 2023 Industry Capstone ProgramProjectsDesign a strategic expansion plan for launching Piko Provisions in ...

Project Title: Design a strategic expansion plan for launching Piko Provisions in the Northeast with recommendations on farming partners, manufacturers, distributors, product flavors, marketing strategy and COGS/Unit economic analysis

Piko Provisions

Details
Project Title Design a strategic expansion plan for launching Piko Provisions in the Northeast with recommendations on farming partners, manufacturers, distributors, product flavors, marketing strategy and COGS/Unit economic analysis
Project Topics Marketing Product Design & Development Purchasing, Logistics, Supply Chain Reporting, Financial Planning & Analysis Research & Development
Skills & Expertise
Project Synopsis: Challenge/Opportunity
The challenge or opportunity that the strategic expansion plan for launching Piko Provisions in the Northeast (Maine to Maryland) aims to address within the organization is to establish a successful and profitable presence in a new geographical region. By entering the Northeast market, Piko Provisions seeks to tap into a potentially lucrative customer base, increase brand recognition, and generate higher revenue streams. However, expanding into a new region requires careful planning and execution to overcome various challenges such as:

  1. Market Penetration: The Northeast region may already have well-established competitors in the food and provisions industry. Piko Provisions needs to find a way to penetrate the market effectively and carve out a niche for itself.
  2. Supply Chain and Logistics: Establishing a reliable supply chain and efficient logistics is crucial to ensure smooth production, distribution, and timely delivery of products to retailers and customers.
  3. Cultural and Regional Differences: Understanding the unique preferences, tastes, and cultural aspects of the Northeast market is essential in designing products and marketing strategies that resonate with the local consumers.
  4. Farming and Manufacturing Partners: Identifying and securing reliable and sustainable farming partners for sourcing ingredients, as well as selecting reputable and efficient manufacturers for production, will be critical to maintaining the quality and consistency of Piko Provisions' products.
  5. Distribution Network: Selecting the right distributors or setting up a distribution network to reach retail outlets and potential customers efficiently is essential for widespread availability and visibility of the products.
  6. Product Flavors and Assortment: Identifying the right mix of product flavors and assortments that align with the preferences of Northeast consumers is crucial for gaining traction and loyalty.
  7. Marketing Strategy: Develop a comprehensive and effective marketing strategy to build brand awareness, attract customers, and create a loyal customer base in the new region.
  8. COGS/Unit Economic Analysis: Conduct a thorough analysis of the Cost of Goods Sold (COGS) and unit economics for the products in the Northeast market to ensure pricing competitiveness and profitability.
By addressing these challenges and capitalizing on the opportunities in the Northeast market, Piko Provisions aims to establish a successful presence in the region and contribute to the company's growth and overall business objectives.
Project Synopsis: Activities/Actions Required
To achieve the successful launch of Piko Provisions in the Northeast, the following five major activities need to be undertaken:

  1. Market Research and Analysis:
    • Conduct comprehensive market research to understand the demographics, consumer preferences, and competitors in the Northeast region.
    • Analyze the demand for different product categories and flavors to identify potential gaps or opportunities for Piko Provisions.
  2. Product Development and Testing:
    • Develop a product lineup that caters to the tastes and preferences of the Northeast consumers.
    • Conduct thorough product testing and focus groups to gather feedback and make necessary improvements to ensure the products resonate with the target market.
  3. Farming and Manufacturing Partnerships:
    • Identify and establish partnerships with local, sustainable, and reliable farming partners to source high-quality ingredients for Piko Provisions' products.
    • Select reputable and efficient manufacturers in the region to ensure the production meets the desired standards.
  4. Marketing and Branding:
    • Develop a comprehensive marketing strategy to create brand awareness and promote Piko Provisions' products in the Northeast.
    • Utilize digital marketing, social media, and influencer partnerships to reach the target audience effectively.
    • Implement localized marketing campaigns to connect with the Northeast consumers on a personal level.
  5. Distribution Strategy:
    • Strategically choose distribution partners to cover key retail locations in the Northeast region.
    • Explore direct-to-consumer (D2C) channels, such as online sales and subscriptions, to expand the reach and accessibility of Piko Provisions' products.
By focusing on these major activities, Piko Provisions can lay a strong foundation for its expansion into the Northeast market, ensuring that the products meet the preferences of the local consumers, the supply chain is efficient, the brand is well-recognized, and the distribution is widespread. This, in turn, will lead to increased revenue, customer acquisition, and overall business success in the new region.
Project Synopsis: Expected Results
Five key success markers for Piko Provisions' expansion into the Northeast market:

  1. Revenue Growth and Market Share: Achieving significant revenue growth and capturing a substantial market share in the Northeast region compared to competitors would be a clear indication of a successful market entry.
  2. Customer Acquisition and Repeat Business: Successfully attracting a large number of new customers and ensuring a high rate of repeat business from loyal customers in the Northeast would demonstrate product appeal and customer satisfaction.
  3. Profitability and Positive Unit Economics: Attaining and maintaining profitability with positive unit economics, where the revenue from each unit sold exceeds the cost of production and distribution, is crucial for sustainable success.
  4. Brand Recognition and Customer Feedback: Establishing strong brand recognition and positive customer feedback in the Northeast market would signify effective marketing strategies and well-received products.
  5. Distribution Reach and Retail Presence: Building a robust distribution network and securing placements in key retail outlets throughout the Northeast region would ensure widespread availability and accessibility of Piko Provisions' products.
These success markers collectively reflect Piko Provisions' ability to penetrate the market, attract and retain customers, generate profits, and establish a strong brand presence in the Northeast, leading to the project's overall success.

Project Timeline

Piko Provisions - Design a strategic expansion plan for launching Piko Provisions in the Northeast with recommendations on farming partners, manufacturers, distributors, product flavors, marketing strategy and COGS/Unit economic analysis
Due Date
Activities
Deliverables
Status
Action
Fri, 08/11/23
12:00 AM EST (UTC-05:00)
Industry Capstone Program Application Details
The application for the Fall 2023 Semester will open on Thursday, July 27th and close on Friday, August 11th. All matched students will receive their project team and be registered for the correct course section of MGT 809 via Workday before September 1st. For any additional questions, please email christina.alwell@stevens.edu for support.
No Deliverables
No deliverables are required for this action item.
Guiding Questions:
The application for the Fall 2023 Semester will open on Thursday, July 27th and close on Friday, August 11th. All matched students will receive their project team and be registered for the correct course section of MGT 809 via Workday before September 1st. For any additional questions, please email christina.alwell@stevens.edu for support.
Fri, 09/01/23
12:00 AM EST (UTC-05:00)
Industry Capstone Program Webpage
No Deliverables
No deliverables are required for this action item.
Description:
https://www.stevens.edu/industry-capstone
Fri, 09/01/23
12:00 AM EST (UTC-05:00)
First Day of Classes & Academic Calendar
The first day of classes for the Fall 2023 Semester is Friday, September 1st. Please note that no classes will be held/offices are closed on Monday, September 4th. All students will begin working with their project teams starting Tuesday, September 5th. Please see attached (PDF) for the academic calendar for 2023-24.
No Deliverables
No deliverables are required for this action item.
Guiding Questions:
The first day of classes for the Fall 2023 Semester is Friday, September 1st. Please note that no classes will be held/offices are closed on Monday, September 4th. All students will begin working with their project teams starting Tuesday, September 5th. Please see attached (PDF) for the academic calendar for 2023-24.
Attachments:
Fri, 09/01/23
12:00 AM EST (UTC-05:00)
Stevens Brand Guidelines
No Deliverables
No deliverables are required for this action item.
Description:
The Stevens Brand Guidelines webpage is a helpful resource to utilize throughout the semester!

https://www.stevens.edu/brandguide

Feel free to download a virtual background (from this webpage) to utilize for Zoom meetings with your faculty advisor, student team, and corporate partner(s).

Please download the PowerPoint Presentation Templates for your midterm and final presentations. Christina Alwell will also contact each MBA Lead, prior to these presentations, with instructions & specifics.
Tue, 10/03/23
11:59 PM EST (UTC-05:00)
September 2023: Initial Student Evaluation #1: FOR ALL STUDENTS
Required Evaluation
Evaluation submission is required.
View
Description:
Throughout the semester, students are asked to complete surveys to evaluate their experience in the Industry Capstone Program. This initial survey is an opportunity for you to evaluate the project team & your experience, thus far, and provide our Graduate Management Team with valuable feedback.

CLICK HERE to complete this survey. 

Christina Alwell will email all students on September 26th with the survey. Questions or concerns? Email businessprojects@stevens.edu
Fri, 11/10/23
11:59 PM EST (UTC-05:00)
Midterm Presentation Submission
Required Deliverable
Please have one person per team (MBA Lead) upload a copy of your midterm presentation here.
Required Deliverable
Deliverable submission is required.
Guiding Questions:
Please have one person per team (MBA Lead) upload a copy of your midterm presentation here.
Fri, 11/10/23
11:59 PM EST (UTC-05:00)
Student Temperature Check
Required Evaluation
Evaluation submission is required.
View
Description:
Post-Midterm Temperature Check Survey

All Industry Capstone Program students are encouraged to complete surveys, via CapSource, throughout the semester. These surveys help provide our Graduate Management Team with important feedback about the course and overall experience.

If you have any questions, please do not hesitate to contact our team at businessprojects@stevens.edu for support. 
Fri, 12/22/23
11:59 PM EST (UTC-05:00)
Final Presentation Submission
Required Deliverable
Required Deliverable
Deliverable submission is required.
Deliverable Instructions:
Please have one person per team (MBA Lead) upload a copy of your final presentation here.
Fri, 12/22/23
11:59 PM EST (UTC-05:00)
Industry Mentor Post-Engagement Team Assessment Form
Required Evaluation
Evaluation submission is required.
View
Description:
Thank you for participating in our Industry Capstone Program, this Fall 2023 Semester. If interested, please complete the following survey to describe your experience. If you have any questions or additional feedback, please contact our team at businessprojects@stevens.edu for support. Wishing you a great holiday season!
Fri, 12/22/23
11:59 PM EST (UTC-05:00)
Student Post-Engagement Self-Assessment Form
Required Evaluation
Evaluation submission is required.
View
Description:
All Industry Capstone Program students are encouraged to complete surveys, via CapSource, throughout the semester. These surveys help provide our Graduate Management Team with important feedback about the course and overall experience.

If you have any questions, please do not hesitate to contact our team at businessprojects@stevens.edu for support.