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  • [Music] on behalf of vision corporation I'd like  to call this meeting to order this is a meeting of  

  • some of the key players in our company our top  managers our purpose this morning is to hear a  

  • presentation about a new initiative for outreach  and marketing and to discuss this plan with all  

  • of you this is a presentation that all of us  have looked forward to this initiative marks  

  • a new milestone in the evolution of our company  first it serves as an assessment of where our  

  • company is now in terms of communicating  its message to its customers domestically  

  • and abroad furthermore this plan has the  potential to drive our company forward by  

  • transforming our corporate outreach and marketing  strategies we are delighted that all of the major  

  • contributors to this initiative are here today  they will use their unique perspectives to talk  

  • about the current state of affairs in terms  of outreach and marketing give details about  

  • the new proposed initiative and outline the  path for implementation native rate of speech

  • okay everybody please take a seat let's get  started I've called this meeting of our top  

  • salespeople so that all of you get a chance to  hear about the new plan to get our company out  

  • there in order to reach more of our potential  market first we'll hear a presentation from  

  • the team that has been working on this then we'll  discuss it to get your feedback and put our heads  

  • together to see if there are any other ideas  while the team is getting set up let me say a  

  • few words what does this new plan mean for our  company first it's a reality check on where we  

  • are right now in terms of getting our message to  our customers second this plan has the potential  

  • to move the company forward one of our main  challenges as you all know is staying relevant in  

  • this changing market today's presentation has some  really innovative ideas about how we can do this

  • in this lesson we learned about starting  or calling at a normal rate of speech

  • before we begin I would like to take a moment to  introduce the participants who have graciously  

  • agreed to share their time with us today  I believe that all of you already know me  

  • Alex Arora the CEO of vision corporation on  my immediate right is Miss Hannah Graf the  

  • account representative from a marketing  consulting firm she has been a visionary  

  • leader in coordinating the focus groups and  helping us identify our target market on my  

  • far right the gentleman in the gray suit  is mr. Chris Banda who is the senior vice  

  • president of product development over the past  few months he has shown great flexibility and  

  • willingness to adapt his product features to  better meet our customers needs and last but  

  • not least I'd like to introduce our senior vice  president of marketing mr. Sean Edwards he has  

  • been coordinating our marketing efforts for the  past seven years and his hard work is culminating  

  • in today's presentation with that I'll turn it  over to our senior vice president of marketing  

  • Sean Edwards who will lead the proceedings today  thank you to all of you for being here and welcome

  • now that we have a better understand or Mille  speed before we dive into the presentation I  

  • should probably start by saying that I'm Alex  Arora the CEO of vision corporation just in  

  • case there is anyone here who hasn't met me in  person before today could I please get our key  

  • team members to introduce themselves Hannah why  don't we start with you sure I'm Hannah Graff an  

  • Account Representative from the marketing  firm that has been doing the focus groups  

  • today I'll be talking about your target market  it's my pleasure to join all of you today I'm  

  • Christopher Hanson the senior vice president  of product development I've been tweaking our  

  • products so that it's a better fit for what  our customers are looking for hi everybody  

  • I'm Sean Edwards senior VP of Marketing I've  spent the past few months trying to keep up  

  • with all the great work that Hanna and Chris  have been doing great thanks now I'm going to  

  • turn it over to Sean who will be running  the show today I hope this normal speed

  • thank you Alex and thank you to everyone who's  here today as you know today's presentation is  

  • designed to present our recommendations about  how vision corporation can increase its market  

  • share by reaching more of its potential market  you should each have a copy of our handouts in  

  • front of you that corresponds to the slides  up here on the screen the first slide shows  

  • our agenda for the day first I will begin with  an overview of how our market share has been  

  • declining during the past 12 months and the  reasons for that decline then ms graph will  

  • present the data that she gathered from the  focus groups and her ideas for clarifying  

  • our target market she will be followed by mrHansen who will discuss adapting our product  

  • to meet market needs and he'll conclude with our  main recommendations since we have limited time  

  • today please hold your questions until the end of  the presentation hopefully not a stir native rate

  • alright let me start by a saying thanks to all of  you for your interest in this presentation does  

  • everyone have the printed handouts great let's  start by taking a look at what we're going to  

  • cover today as you can see in this outline here  we'll start off by talking about how our market  

  • share has been falling over the past year and the  reasons why after that Hannah's going to tell you  

  • about the focus group she conducted and what we  can learn from them she'll also share her ideas  

  • about who our target market really should be we'll  finish off with Chris talking about how his team  

  • has been able to change our product so that it  has more appeal to our customers then he'll wrap  

  • things up with our team's recommendations any  questions so far if you have questions later  

  • on during the presentation please feel free to  interrupt me at any time this time at a native  

  • rate of speech as I mentioned our market share  has been sliding for the past year naturally  

  • vision corporation is alarmed by these changes  and wants to understand the underlying reasons  

  • the truth is we're not entirely sure why we're  losing market share but we have identified three  

  • factors that may contribute to the causegrowing number of competitors our products  

  • features and poor advertising first the number  of competitors in our industry has doubled in  

  • the past year to counter this we must learn  to differentiate vision corporation from the  

  • other companies second our product lacks some of  the features that customers are looking for we  

  • need to improve our product and make it the best  market offering third our advertising has been  

  • ineffective in reaching our potential customers  we need to rethink our marketing campaigns and  

  • make sure that we're targeting the right market  now I'm going to turn things over to MS Graf who  

  • will discuss the findings of her focus groups now  that you better understand the this time when he's  

  • speaking more quickly as I said a moment ago  our market share has taken a nosedive in the  

  • last year why we think it's a combination of three  things one there's a lot more competition now than  

  • there was a year ago to our product isn't meeting  the needs of the market and three our advertising  

  • is speaking to the wrong customers these are some  pretty serious but not insurmountable problems so  

  • let's take a look at the solutions we've come up  with first we're facing twice as many competitors  

  • as we were a year ago so we need to make sure  that the customers know that vision Corp is the  

  • best in the business second we need to make sure  that our product has all the bells and whistles  

  • that our customers have come to expect and third  we have to revamp our marketing efforts and make  

  • sure that our ads appeal to the right group  of customers Hannah can you take over now and  

  • tell us what you learned from the focus groups now  you know some of the beddin native rate of speech

  • Thank You mr. Edwards we conducted eight focus  groups each with 10 to 12 people who currently  

  • use the product in this pie chart the yellow  shaded areas represent those participants who  

  • buy the product from vision corporation and they  comprised only 13% of the people we spoke with  

  • that's consistent with vision corporations  market share segment we ask the participants  

  • what features they wanted when purchasing the  product and this table shows their answers in  

  • descending order of importance as you can see  across this row and down this column vision  

  • corporations current product offering includes  only one of the top three most desired features  

  • finally we ask the participants to rank the  product offered by vision corporation against  

  • those of the top four competitors and the results  are shown in this bar chart vision corporation  

  • received the best rankings for affordability  but suffered in all other categories this line  

  • graph shows that these figures have held steady  over the four months we've conducted these focus  

  • groups we believe this means that your company  would be justified in raising the price of its  

  • product and using the additional revenue  to improve the products features or quickly

  • thanks Shawn each of the eight focus groups we  spoke with had 10 to 12 participants who are  

  • users of the product although not necessarily  the one offered by Vision Corp in this table  

  • you can see that the proportion of people  who use your company's product compared to  

  • the total market is fairly small at only 13%  this of course means your competitors have a  

  • big leg up on the market with over 85% we asked  participants what kinds of things they look for  

  • when deciding which product to buy let me  walk you through this chart with my laser  

  • pointer you can see that the most important  features are listed alphabetically under the  

  • header important features unfortunately  your current product is only one of three  

  • most sought-after features that may be one  important reason why customers are buying  

  • your product finally take a look at this bar  chart which shows how your products features  

  • stack up against those of your competitors your  product has good affordability but the truth is  

  • that your customers aren't that concerned about  price you could easily raise your prices and  

  • use the extra money from sales to better match  your product with what customers are looking for

  • now that we've list this time when he's  speaking a little bit more quickly using  

  • all of the information that ms Graf has just  presented as a starting point my product  

  • development team has been trying to enhance our  product to include more of the customers desired  

  • features our specific proposals were described  in detail in the memo that was circulated last  

  • week so I see no reason to cover them in depth  at this point in time however we do need to open  

  • a dialogue about which changes were going to  implement and a timeline for doing so so as  

  • our presentation concludes I want to repeat the  key points first our market share is showing  

  • a downward trend second our marketing campaign  isn't appropriate for our target audience third  

  • many key features are missing from our product  our recommendations are to revamp our marketing  

  • campaign and redesign our product we're facing  some serious problems and we need your input in  

  • order to deal with them as quickly as possible  without further ado I'd like to open the floor  

  • for discussion Shaun will be our moderator  at an informal meeting this time at regular  

  • speed our product development team has been  busy trying to synthesize all the data that  

  • Hannah's just presented in order to createbetter product for our customers we sent out  

  • a memo last week that described our specific  ideas and based on all the signatures on the  

  • routing slip it looks like most of you have  already seen it so I won't repeat everything  

  • in a minute we're going to ask you to help us  brainstorm even more ideas before you get your  

  • creative juices flowing let's just briefly recap  the main points of this presentation our market  

  • share has taken a beating and we're missing the  mark with our marketing and our product to tackle  

  • these problems we recommend creating a better  marketing campaign and creating a new version  

  • of our product we're asking for your best ideas  during the discussion Shawn will you take the helm

  • now that we've gone speech when you havequestion please raise your hand this will  

  • allow me to call on people one at a time and  avoid having people talk over each other also  

  • please make sure that your questions are on  topic who would like to begin I need to voice  

  • my concern about how the focus groups were  not asked about color or design I think this  

  • would have these pardon my interruption  but with all due respect mr. Hansen I  

  • completely disagree with you I understand  your concern but in our experience those  

  • part of characteristics pale in comparison  next to affordability and ease of use I don't  

  • have time to address your concern fully but  most customers aren't interested in design  

  • as much if I may offer my opinion I believe  mr. Hansen has a legitimate concern and I'm  

  • glad he asked that question but MS Graf may  be right about the importance of listening to  

  • our customers however this topic is outside  the scope of my expertise is a little faster

  • let's get this show on the road this is an open  discussion so who wants to start off Hana even  

  • though I've been knee-deep in your data for  months there's something I have to get off  

  • my chest why didn't you ask the focus groups  about our products color and design I can see  

  • your point Chris but based on past experience we  know that customers mostly consider affordability  

  • and ease of use when deciding which product  to buy I can't go into this in detail now but  

  • most customers just want reliability and the  design is secondary Chris you've brought up an  

  • interesting point but I think Hanna is right  don't take this the wrong way Chris but the  

  • interests of Engineers and our customers aren't  the same but of course I'm not a marketing expert  

  • by any means again this time at a faster rate of  speech mr. Hanson was MS Graf able to allay your  

  • concern good now we have time for only two more  questions MS Graf my question is for mr. Hansen  

  • I was wondering whether you could expand on the  section regarding product design am I correct  

  • in assuming that you want to offer the product in  more colors let me see if I can shed better light  

  • on that although colors may not be as important  to consumers we're of the opinion that having  

  • more variety will increase sales is that the  only reason please let me finish my thought  

  • another reason which may be beyond the scope of  your question is that the increase in our cost  

  • will be small have I answered your question yes  certainly Chris you've made it clear for all of  

  • us and now for our final question mr. Aurora given  the growing competition is it possible for us to  

  • drop this product and move into a different market  can you speak to the implications this would have  

  • on our strategy we did consider that option but  we quickly dismissed it we believe that we should  

  • stick to our core competencies and improve the  product we currently have in at a normal speed  

  • I'm afraid we're running out of time let's take  two more questions let me jump in with a question  

  • for Chris Chris I think your memo hit the nail on  the head but let me play devil's advocate for a  

  • minute our focus groups weren't very interested  in design why are you suggesting that we offer  

  • the product in more colors I can see your point  but we think that having more colors will raise  

  • sales at least a little bit and we can do it  very inexpensively oh I see that clears things  

  • up for me thanks Alex did you have your hand updid thanks Sean what I'd like to know is whether  

  • your team has thought about developing an entirely  new product and entering a different market speech

  • unfortunately our time together is drawing to  a close and we won't be able to take any more  

  • questions today I've been very favourably  impressed by today's discussion but a great  

  • deal of work remains to be done I propose that  we form two committees to focus on the major  

  • outstanding issues ms graf i would like you to  head the first committee which is charged with  

  • developing a new marketing campaign that will help  us reach our target market mr. Hansen you will be  

  • the chairperson of the second committee which  will begin making the proposed product changes  

  • ASAP I would also like to establish a regular  meeting schedule so that we can convene and  

  • have the committee's report back to the larger  group about their progress if this time slot  

  • is convenient for everyone I propose that we  meet at this time every Tuesday for the next  

  • two months at that point we can re-evaluate our  situation and determine whether we would like to  

  • continue with the meetings now let's listen when  he's speaking at a native rate we're almost out  

  • of time so we need to end our question-and-answer  session I think we're heading down the right path  

  • with today's discussion but we still have a lot  of work ahead of us for us to move ahead with  

  • these changes we'll need to create two committees  one for our new marketing campaign and one for  

  • improving our product Hanna and Chris I'd like  you to be in charge of each of these committees  

  • it will be important for everyone to get together  regularly so that we can monitor the committee's  

  • progress let's plan on meeting once a week does  this time on Tuesday work for everyone let's try  

  • it for two months and then we can make a decision  as to whether we'd like to continue meeting so  

  • frequently speak more quickly Sean on behalf  of all the attendees I want to thank you for  

  • leading such an interesting and productive meeting  I think we have all learned something here today  

  • and we have a clear action plan for the next steps  our secretary will type up the minutes for today's  

  • meeting and we'll distribute them via email for  comments she will also reserve a conference room  

  • for next Tuesday's meeting and you'll be apprised  of the location as soon as we know it please sign  

  • your names on this sheet of paper before leaving  today so that we'll have a record of who was at  

  • today's meeting our secretary will type up a list  with your contact information and will disseminate  

  • the participant list to all of you for now I'm a  journey this meeting we will see each other again  

  • next Tuesday thank you to all of you for your  participation and so our formal meeting has ended  

  • and with Alex speaking at a native rate of speech  Sean thank you for organizing this meeting we all  

  • appreciate you telling us about the work that your  team has done the new committees have a lot on  

  • their plate over the coming weeks and months our  Secretary will send an email with the minutes for  

  • today's meeting please read them and let us know  if you have any Corrections or additions she'll  

  • also try to find us a meeting space for next  Tuesday and she'll send a reminder with that info  

  • a few days before the meeting before you leave  I'm passing around this with contact information  

  • for all of you please check off your name once  you've double-checked that it's correct you'll  

  • get a copy of this list within a few days so that  we can all keep in touch between meetings okay  

  • everybody that's a wrap thanks for your attention  see you on Tuesday and that's a wrap for our 10:00

[Music] on behalf of vision corporation I'd like  to call this meeting to order this is a meeting of  

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