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Candy Masters: Tootsie Roll Project
Transcript of Candy Masters: Tootsie Roll Project
Strategic/ Tactical Direction
Risk management is a process for identifying, assessing, and prioritizing risks of different kinds. Once the risks are identified, the risk manager will create a plan to minimize or eliminate the impact of negative events. A variety of strategies is available, depending on the type of risk and the type of business.
Founded In 1896 in New York City
Invention of the Tootsie Pop 1931
Tootsie Roll Industries Moves to Chicago
Mr Owl is Born
The Tootsie Roll Family continues to grow
Charms joins the Tootsie Roll family 1988
Tootsie Roll Joins Social Media
Chief Executive Officer-Marie Ansu
has her hands full, she is the highest ranking in the entire organization and her responsibilities are to oversee the entire Candy Masters corporation and make sure everything is running up to date. Reports to the board of directors.
Chief Operating Officer-Alexandra Bernal
responsibilities are to run the day to day operations of the organization. You might as well call her the company’s President, she is the second pair of eyes when CEO is not present. Reports to CEO.
Chief Information Officer-Ira Siegel
our technology guru, the head of information technology. Reports to CEO, CFO, and COO.
Chief Financial Officer-Florin Serban
has his hands full with data analysis, financial planning and record keeping. He is in charge of the corporation's financial risk. Reports to the CEO, and sometimes sits on the board of directors.
Vice President Marketing-Mike Brown
supporter of the organization’s mission, vision and values. Reports to COO.
Vice President Distribution-
Nejra Imamovic- managing the daily DC operations. Reports to CEO
Vice President Human Resource
-Detra McClarity- who better than our very own Detra to take on the responsibilities of directing all of the people functions of the corporation in accordance with the policies and practice of the Corporation, the ethical and social consciences of business and society and the laws. Reports to CEO
-Jessica Franklin- plays a vital role of the arts and entertainment of the organization, Jessica is our graphic design guru, she along with her team was responsible for our web development web site that launched last year. Reports to CEO.
Meet the Masters:
Marie --Chief Executive Officer
Alex-- Chief Operating Officer
Michael --VP of Marketing
Jessica -- Creative Director
IT Budget for Tootsie Roll
After reviewing the IT Portfolio, the Board of Directors all weighed in their opinions and decided that we must choose at least one from each strategy for our top 4 IT related projects. We want to remain focus on increasing revenue, decreasing cost and increasing customer satisfaction combined.
Candy Masters: Tootsie Roll Project
$8.4M annually (2% of $420M annual revenue)
“Run” – $6.3M (75% of budget)
“Grow” – $1.26M (15% of budget)
“Transform” – $840k (10% of budget)
Project 1 – $500k
Project 2 – $600k
Project 3 – $480k
Project 4 – $600k
Nejra -- VP of Distribution
Detra -- VP of Human Resource
Florin -- Chief Financial Officer
Ira -- Chief Information Technology Officer
Company Overview Key Elements
Net earnings is $1.02 (2013)
Net product sales $539,627
Net earnings 60,849
Number of Employees
Flavor Contest Tactic
Social Media Tactic
Reduce Package Tactic
Sugar Purchase Tactic
Community Involvement Tactic
Seasonal Marketing Tactic
A New Inventory System Tactic
Form strategic alliances with other business to purchase large / cheaper volumes of sugar
Reduce product/packaging size by 5%
Hire consulting firm to implement lean manufacturing and six sigma
Strategy: Decrease Cost
1. Develop a New inventory system that will increase productivity
2. Hire Seasonal Marketing Team-Instead of consistently employing a large marketing team, hire short-term contractors
3. Community involvement (host activities, benefits, etc) Creating a presence within a community helps to create brand loyalty,
Strategy: Increase Revenue
Customer Satisfaction Surveys-Receive feedback directly from customers to understand what we are doing right and how we can improve
Online contest : choose next flavor
Strategy: Increase Customer Satisfaction
3.Increase customer satisfaction
1. Design a program that will operate the necessary commands for a pick system. Record any errors and calculate difference.
2. Research, develop and implement software for new inventory pick system.
3. IT Team will implement a new program that will set up inventory counts based off of three years or trends. System will automatically pull and count out numbers. The system will automatically reduce and recalculate inventory totals, ie: packaging numbers, candy and wrap needed
1. Research, develop and implement software to track and improve seasonal marketing strategy.
2. IT Team partnering with human resources will implement a seasonal hiring strategy based off of previous 3 years sales and production numbers assessing hiring.
3. Designate an IT Specialist to implement an online website to attract seasonal specialist who can upload their work and resume seperate from our normal online application.
1. Run reports to determine when sales are down and incorporate community days/involvement to boost sales and customers
2. Research, develop and implement software to track and improve community presence and build brand loyalty.
3. create a calendar section on our current website where people can advertise their upcoming community events and request forms for Tootsie roll sponsorship
1.Research, develop and implement software to track sugar prices worldwide and to establish pricing strategies by forming alliances/co-ops with other organizations.
2. Creating a customer’s donating program point system , each time a purchase is made 30% goes to charity and the rest goes maintaining and development the company needs.
3. Use statistical software to calculate and evaluate how much sugar is necessary for production, compare data with other business and calculate how much both would save by buying in more bulk.
1. Research, develop and implement software to determine how best to reduce product/packaging size.
2. Configure the system used by Tootsie’s operations to decrease the size of product/packaging.
3. Investing in a affordable packing machine that will deflate the size of packing that is sent out to retail store and local business.
1. Implement system that will improve project planning and deployment. This will make sure that the right people are in the right areas at the right times when partnering with other business based off of sales and product history.
2. Research, develop and implement software to implement lean manufacturing.
3. Utilize the company’s database to review and evaluate all positions within the company to provide an idea of the functions that are required and what can
1. Research, develop and implement software to track results customer satisfaction surveys and strategies to improve low areas.
2. IT Team will implement a program that will intake all customer satisfaction surveys. The system will separate all surveys based on level of importance.
Surveys that are basic will get an automated response. The surveys that are red flagged will be sent directly to a department manager for 48hr turnaround response.
The system will maintain all data and send out monthly rollup for the dash board
3. When shipping products to distributors, encourage them to promote online surveys and provide initiatives for them to complete it, such as a voucher to print
out for free product. Upload data and evaluate.
1. Create an app where people can play tootsie roll game
2. Incorporate social media overseer in the IT department to track social media hits, manage pages such as Facebook, Twitter, and Instagram to help build brand
3. Research, develop and implement software to increase social media presence and to monitor its effectiveness.
1. create an app where people can create their own flavors and the flavors with the most votes head off against each other. The app will allow customers to see the
progress of contest and give updates from finish to end of contest
2. All of the entries will need to be received, reviewed, calculated and evaluated. I would be sure to have IT create a system to keep track of all entries.
3. Research, develop and implement software to allow consumers to vote for new flavors and track results.
Involves implementing and testing
Testing the tracking sugar system effectiveness
Risk- System dysfunction
Risk- no change in price, unhappy customers
Requires structures,roles and individual or group responsibilities
Risk- understaffed,missing,damage package,few to no application
Involves arrangement and fixed time
Risk- few followers, little publicity, negative feedback, brand recognition fails
For Project 1 (reducing product and packaging size)
Trigger -appearance of new packaging,
Mitigation-advertise eco-friendly on packaging
Project 2 (tracking sugar prices)
Mitigation-introduce reduced sugar products
Project 3 (on line website to attract seasonal specialists)
Trigger -low volume of interest,
Mitigation proper advertising and not just on Tootsie Roll's website
Project 4 (social media)
Trigger-appropriateness of content uploaded onto social media by fans,
Mitigation-constant monitoring and approval of content.
By increasing revenue we chose to go with seasonal marketing by creating a separate website to attract seasonal specialists who can upload their resumes and previous work. This will increase revenue by creating a temporary position when it is necessary.
By decreasing cost we want to remain focus on the integrity of the product itself. We have chosen to try and implement a decrease in product and packaging. The net amount of ounces will remain the same but more product less bag therefore efforts made to becoming a green company.
By increasing customer satisfaction we chose the use of social media to make our vast products known. We want to reach out to the younger and technical customer base. We will no longer be the number one choice of candy from our grandparents generation.
Project 1-(Decrease Cost) Develop software to configure the system used by operations to decrease the size of product and packaging.
Project 2-(Decrease Cost) Research, develop and implement software to track sugar prices worldwide and to establish pricing strategies by forming alliances/co-ops with other organizations.
Project 3-(Increase Revenue) Designate an IT specialist to implement an online website to attract seasonal specialist who can upload their work and resume separate from our normal website.
Project 4-(Customer Satisfaction) Incorporate a social media overseer in the IT department to track social media hits, manage pages such as Facebook, Twitter, and Instagram to help build brand recognition.
Top 4 IT Related Projects
Founded in 1896 in NYC and later moved to Chicago in 1968
Revenue of 420Mil per year with about 2000 employees
Increase customer satisfaction!
Tootsie has what “IT” takes!
Incorporated IT into individual projects for Tootsie
With success, comes risk!
Few to no one will apply for temporary job
Negative feedback and recognition fails
$8.4M annually (2% of $420M annual revenue
The “Butterfly” is indeed old, so...let us see you Tootsie Roll!