Project Title: LaCoBros: Research & Development
LaCoBros
| Details | |
|---|---|
| Project Title | LaCoBros: Research & Development |
| Project Topics | Growth Strategy Marketing Product Design & Development Research & Development Sales & Business Development |
| Skills & Expertise | |
| Project Synopsis: Challenge/Opportunity | LaCoBros is a small family business of brothers. We have currently developed 3 products within the Wraptor brand; a lifting tool, a unique construction glove, and a specialty drywall tools bag.
Currently, we are selling our products on Amazon, our own website, and through a distributor. The company's 3 year plan is to grow to 5 million in gross revenue with a 35% profit margin across the portfolio of products. We aim to build a portfolio of 15 products with an average selling price of $40 per unit. The primary consumers are carpenters, construction workers, and contractors. To view all of the products and webpage, please visit: www.wraptorclaw.com |
| Project Synopsis: Activities/Actions Required |
Project Objective:
1. Find a category of products that the company can manufacture and sell to our core customers to reach our revenue goals. 2.Do market research to verify that there is demand for these products. 3. The products need to fit into the marketplace in a way that allows our products to be differentiated from competitors products in a way that customers will want to buy from us. 4. The two product categories are safety products and products for younger carpenters, contractors, and tradesman. A. Safety is a major concern in the industry and contractors are willing to pay for products that increase jobsite safety, reduce injury, and allow workers to leave at the end of the day the same way they showed up to work. B. The construction industry has an aging workforce and the new and younger workers don’t have products to buy and pick from that are much different than what has been on the market for decades. For this option we need to create a line of products for the younger, more tech savvy, and less knowledgeable worker. |
| Project Synopsis: Expected Results | We are looking for students to work on this project who are eager to learn more about the construction industry, and can conduct market research and find a category of products that the company can sell, in order to reach revenue goals.
|
Project Timeline
| Touchpoints & Assignments | Date | Type |
|---|---|---|
|
Midterm Presentation Submission |
Jul 25 2023, 12:00 PM | Submission Required |
|
Final Presentation Submission |
Aug 03 2024, 12:00 PM EST (UTC-05:00) | Submission Required |
Program Managers
| Name | Organization |
|---|---|
| Christina Alwell | Herbal Vineyards |
Teams
| Team Name | Project Name | Team Members |
|---|---|---|
| LaCoBros: Summer 2023 Semester | LaCoBros: Research & Development |