Capstone – Project Charter

Growing Mysteria Cosmetics

A Collaboration Between

Engagement Synopsis

Project 1 Sales and Marketing Channel Assessment, Performance Recommendations and New Strategy Development

Project 2 Develop Official Product Catalog

Project 3 Formalize Accounting System and Generate Key Statements and Reports

Company Information

CompanyMysteria Cosmetics
HQIllinois
RevenueUnlisted
Employees1-5
StageEstablished Startup
Hiring PotentialFollow-on Projects, Formal Internship, Entry Level Full-Time, Upper Level Full-Time
Websitehttps://mysteriacosmetics.com/

Company Overview

Mysteria Cosmetics has taken off over the past year, selling ​thousands of units​ to customers ​across the globe​. Today, the company is scaling quickly, but the whole process, including sourcing raw materials, product development, product formulation,marketing, and sales are done by the two co-founders exclusively. They’re very excited to open up their company for the first time to students so that they can gain a better understanding of their business.

Company Supervising Team

There are currently no supervisors assigned.

Course Info & Engagement Details

SchoolNorthern Illinois University
Engagement FormatLive Case - Class Collaboration or Case Competition - This learning format allows educators to deliver experiential learning to students at scale. Students are often split into groups to work on a live case (or a series of cases) from a real host company that directly relates to key learning objectives.
ProgramFreshman Business Seminar
CourseNorthern Illinois University In-Class Advanced Cross-Functional Live Business Case
LevelUndergraduate
Students Enrolled68
Meeting Day & TimeSection 1: Mondays 12:30 - 1:45 (33) | Section 2: Mondays 3:30 - 4:45 (35) | EVERYONE MEETS: Wednesdays 3:30 - 4:45 (68)
Student Time Commitment4-7 Hours Per Week
Company Time Commitment2 Hours
Duration13 weeks (09/05/2018 - 12/03/2018)
Departments InvolvedGrowth Strategy
Marketing
Product Design & Development
Purchasing, Logistics, Supply Chain
Reporting, Financial Planning & Analysis
Sales & Business Development
File Attachments

School Supervisors

There are currently no supervisors assigned.

Students

There are currently no students assigned.

Collaboration Timeline

  • July 15, 2018

    Collaboration request published. Companies may express interest in participating.

  • August 1, 2018

    School faculty will begin interviewing interested companies and discuss project ideas.

  • August 24, 2018

    Final date for companies to express interest in participating.

  • September 4, 2018

    School faculty and project champion finalize project charter, legal documents, and background materials.

  • September 5, 2018

    OFFICIAL PROJECT LAUNCH: We’ll find a time on this day to web conference you into our class to kickoff the project.

  • September 12, 2018

    Students will be taken for a Site Visit to see a Product Demo.

    3:30pm-4:45pm

  • December 3, 2018

    OFFICIAL PROJECT END: We’ll find a time on this day to web conference you into our class to close the project.

Key Milestones & Project Process

  • December 3, 2018 - Marketing, Sales & Business Development, Purchasing, Logistics and Supply Chain

    PROJECT 1: Sales and Marketing Channel Assessment, Performance Recommendations and New Strategy Development

    SYNOPSIS

    Mysteria Cosmetics needs help analyzing their sales and marketing strategy. Through a careful analysis of their current strategy, they’re hoping you can make recommendations on how they might be able to reach more customers more effectively. They’re looking for a comprehensive plan of how they can launch a new strategy and the outcomes they can expect if successful.

    PROJECT PROCESS

    PART 1: Analysis of Existing Sales and Marketing Channels

    • What sales channels is Mysteria using? (e.g., E-Commerce, Retailers,Wholesalers, Marketplaces, etc.)
    • What marketing channels does Mysteria use to generate interest? (e.g., Social Media, Traditional Media, Webinars, Specialty Shows/Conferences, etc.)
    • How do the sales and marketing channels tie to one another? (Conversion)
    • How would you rate performance on each sales and marketing category?
    • What suggestions do you have to improve performance in sales and marketing? The first step is to learn more about their current sales mix.

    Milestone Deliverable – Due on September 30th:
    A comprehensive analysis of the sales and marketing strategy used by Mysteria Cosmetics including measured performance and recommendations for improvements

    PART 2: Alternate Channels Recommendation

    • What sales and marketing channels are available that Mysteria is not yet using?
    • What are the costs associated with using these channels?
    • What is the potential impact if they choose your suggested channels?
    • How does that compare with their performance so far through their original channels of choice?

    Milestone Deliverable – Due on October 30th:
    A similar comprehensive overview of the potential sales and marketing channels not currently being used. This should help Mysteria Cosmetics compare their current performance with potential performance if they choose to invest in new channels.

    PART 3: Select Top Channel & Recommend Launch Strategy

    • Of all the channels recommend in Part 2 above, what channel is most likely to produce the highest ROI (Return on Investment) for Mysteria?
    • Once you hone in on the highest potential channel, develop a launch strategy.
    • Why do you feel this channel would be higher performing than others?
    • What is the cost of using that channel for marketing and/or sales purposes?
    • What are the expected outcomes? Over what timeline?

    Milestone Deliverable – Due on November 30th:
    Develop a comprehensive proposal on a new sales and marketing strategy that can help take the business to the next level. The more detail,the better! This should highlight not only the channel you selected as an ideal way for the business to increase sales, but also the cost, expected outcomes, and plan to get started.


    Suggested Deliverable:

    Final Deliverable – December 3rd: Mysteria Cosmetics is looking for a comprehensive overview of the work that was done. Prepare a presentation and paper that provides an overview of the process that was used and the results that were ultimately generated.

  • December 3, 2018 - Product Design & Development, Marketing, Sales & Business Development, Account Management

    PROJECT 2: Develop Official Product Catalog

    SYNOPSIS

    As Mysteria Cosmetics thinks through new sales and marketing strategies, they’re looking for your help in developing an official product catalog that they can use to develop new partnerships and spread their products to new customer segments through new channels. They’re looking for a finished document along with an overview the process you used and why you feel this is an effective asset for the company to use moving forward.

    PROJECT PROCESS

    PART 1: Analysis of Current Portfolio of Products

    • Get up-to-speed on all the products produced by Mysteria Cosmetics
    • How has the business organized their product categories so far?

    Milestone Deliverable – Due on September 30th:
    Develop a comprehensive analysis of all the products available through Mysteria Cosmetics. This foundation will be especially helpful as work through the next part of the process and design an official product catalog.

    PART 2: Alternate Channels Recommendation

    • Help Mysteria develop a comprehensive product catalogue that can be used to develop new partnerships and/or sell through new channels, including:
      • Mission Statement
      • Manufacturing Process
      • Overview of Team
      • Definition of Product Categories
      • Showcase of Products w/ Benefits and Features

    Note: It might be helpful to find a similar catalog that everyone likes to set as the benchmark for the work being done

    Milestone Deliverable – Due on October 30th:
    Start with finalizing the content and ensuring it’s up-to-par with Mysteria’s expectations. Once approved, develop out a high-fidelity product catalog for feedback.

    PART 3: Customer and Adviser Feedback Interviews (+ Any Revisions)

    • Once approved by Mysteria, they want you to test it and gain feedback from their real existing customers and advisers
    • What do customers like about the product catalogue that you put together?
    • What can use more clarity? Do you need more pictures or special graphics?

    Milestone Deliverable – Due on November 30th:
    Deliver a finalized product catalog for Mysteria Cosmetics that incorporates all the feedback gathered from the advisers and customers.


    Suggested Deliverable:

    Final Deliverable – December 3rd: Mysteria Cosmetics is looking for a comprehensive overview of the work that was done. Prepare a presentation and paper that provides an overview of the process that was used and the results that were ultimately generated.
  • December 3, 2018 - Financial Planning & Analysis, Data Management

    PROJECT 3: Formalize Accounting System and Generate Key Statements and Reports

    SYNOPSIS

    All growing companies need to take control of their finances at some point. An accurate bookkeeping system can help companies secure outside capital, manage day-to-day operations, and make better financial decisions. Mysteria’s looking for your help in generating a repeatable, salable accounting system,including a high-level overview the key performance indicators they should be looking for in their business as they continue to scale.

    PROJECT PROCESS

    PART 1: Analysis of Key Financial Reports

     

    • Identify what information Mysteria has available
      • Sales Reports (sales volume by product/category)
      • Cost Reports (raw materials, shipping, transactions costs, legal/regulatory, equipment, etc.)
    • Request access to any additional materials needed to develop reports

    Milestone Deliverable – Due on September 15th:
    Review all the available documents related to the company’s financial position. Map out what’s included on each of these documents and what materials are needed in order to produce more thorough financial statements.

    PART 2: Develop Official Financial Statements

     

    • Income Statement / Statement of Cash Flows (Cash-Basis Accounting)
    • Balance Sheet
    • Produce an overview of insights that can be derived from these statements

    Milestone Deliverable – Due on October 30th:
    Produce the financial documents required that showcase Mysteria’s performance to-date and a snapshot of their current business. Produce an overview of the insights that can be derived from these financial statements.

    PART 3: Develop Key Performance Indicators

    • Job Costing Analysis (For one order, how much does it cost Mysteria to fulfill?)
    • Customer Acquisition Cost Analysis (Enlist Help from Project 1 Team)
    • Trend analysis (historically, since founding, how have certain metrics evolved)

    Milestone Deliverable – Due on November 15th:
    After quantifying job costing and customer acquisition costs,take a qualitative approach to analyze these figures (past, present, and future)

    PART 4: Develop Repeatable Process

    • How can the company continually generate reports with low effort
    • Map out process step-by-step for company to follow moving forward

    Milestone Deliverable – Due on November 30th:
    Provide Mysteria Cosmetics with an overview of their new accounting system, process, and outputs.


    Suggested Deliverable:

    Final Deliverable – December 3rd: Mysteria Cosmetics is looking for a comprehensive overview of the work that was done. Prepare a presentation and paper that provides an overview of the process that was used and the results that were ultimately generated.

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