My study this week focused on ‘Financial’ and ‘Branding’. I learned something new and this will help me a lot to improve my project.
In the first workshop about ‘Financial’: Firstly, I learned about the different factors that brands should consider when they price a product. Then, we had a very interesting activity about calculating how much it will cost to produce 1, 10, and 100 dresses. This activity really gave me a deeper understanding of the supply chain and the total cost of the product. We also explored the assortment plan. The most important thing for me is that I figured out how to combine the visual range plan to develop a more detailed and comprehensive assortment plan. In addition, according to the cash flow chart, I found that a person can even create a brand or company without any budget. Through this chart, I have a clearer understanding of the profitability and cash flow of a brand.
In the second workshop about ‘Branding’: Firstly, we reviewed the tangible and intangible of brand value. Then, according to the examples of Apple and Nike, I learned more factors could be considered of a brand value, such as reliability, accessibility, and so on. Through some examples, I also reviewed my project. What kind of way should I use to have more effective communication with consumers to promote my brand. What kind of logo, packaging, and storyboard should I create to attract more consumers.
In conclusion, I still have a lot need to improve on my project. The most exciting thing for me this week is that I got the early offer, but I will work harder to finish my project for appreciating my tutor.