190|CHATGPT – AI Consulting

BYU Student Author: @Jacob_Dutton
Reviewers: @Jimmy_Han, @Dallin_Gardner
Estimated Time to Solve: 20 Minutes

We provide the solution to this challenge using:

  • ChatGPT

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Overview
Helios Footwear, a mid-sized company specializing in eco-friendly sports shoes, is looking to increase its market share in the competitive athletic footwear industry. You have been provided with a memo from Helios’ management outlining the company’s current market position, strategic goals, and areas of concern. Your task is to use prompt engineering on ChatGPT to generate strategic insights from the company’s memo, and to generate an actionable plan. This challenge is focused on multi-shot prompting.

Multi-Shot Prompting Defined
Multi-Shot prompting involves providing a sequence of related prompts to guide an AI model toward understanding a complex task or generating a specific type of response. By providing multiple examples or refining a question in successive steps, you help the model grasp the context and nuances of the request, leading to more precise and actionable responses.

Instructions

  1. Input Background Information: Begin by pasting the Helios Footwear management memo into ChatGPT. This step ensures that the AI has all the necessary context to generate informed responses.
  2. Initial Prompt: Start with a general prompt: “How can Helios Footwear increase its market share?”
  3. Multi-Shot Prompting:
  • First Shot: Refine the initial prompt using specific information about Helios’ unique selling propositions and target demographics as outlined in the memo.
  • Second Shot: Further refine the prompt by focusing on one of the strategic goals or challenges mentioned in the memo.
  • Third Shot: Ask for a detailed step-by-step action plan tailored to the refined strategy.
  1. Task: Submit the series of refined prompts and ChatGPT’s responses. Reflect on how each iteration of the prompt refinement, informed by the memo, led to more specific and actionable advice.
  2. Criteria for Success:
  • Relevance: How well do the AI’s responses address Helios Footwear’s specific needs as outlined in the memo?
  • Actionability: Are the suggestions practical and strategically sound?
  • Depth: Does each response build upon the last to provide a comprehensive strategy?

Data Files

This document contains critical insights into the company’s strategic focus areas and market challenges. Use this to inform your prompt refinement.

Suggestions and Hints
  • The more detailed and specific your inputs to ChatGPT, the more tailored and applicable the responses will be.
  • Think about the broader market context mentioned in the memo when forming your strategy questions.

Solution

Example Solution

Initial Prompt:
“How can Helios Footwear increase its market share?”

ChatGPT’s Response:
“To increase market share, Helios Footwear could explore expanding its product line, increasing marketing efforts, and entering new geographical markets. Focusing on sustainability and leveraging digital marketing could also attract more eco-conscious consumers.”

First Shot:
“Given that Helios Footwear targets eco-conscious consumers primarily in urban areas, what specific marketing strategies could be most effective for reaching this demographic?”

ChatGPT’s Response:
“Helios Footwear could benefit from targeted social media campaigns focusing on sustainability. Collaborations with eco-conscious influencers and participation in green events in urban areas would also be effective. Additionally, setting up pop-up shops at these events could directly engage potential customers.”

Second Shot:
“Considering Helios’ strategic goal to enhance brand visibility and address the challenge of competition from larger brands, could you suggest a detailed marketing plan that includes partnerships and digital strategies?”

ChatGPT’s Response:
“A detailed marketing plan could include partnering with large eco-friendly events, such as Earth Day festivals, to increase brand visibility. Online, Helios could launch a series of webinars and live events featuring sustainability experts. Partnering with popular eco-conscious influencers to create co-branded content could also spread brand awareness. Implementing an SEO strategy focused on ‘sustainable athletic footwear’ and related terms will help increase organic search traffic.”

Third Shot:
“Based on our strategic goals and the intensifying competition, please provide a step-by-step action plan for launching our new line of performance-oriented eco-friendly shoes designed for extreme sports.”

ChatGPT’s Response:
“Step 1: Conduct market research to identify key features desired by extreme sports enthusiasts in eco-friendly footwear.
Step 2: Develop the product incorporating these features and sustainable materials.
Step 3: Create a buzz before launch through teaser campaigns on social media and collaborations with extreme sports athletes.
Step 4: Launch the product at a major eco-sports event, complemented by an online launch event.
Step 5: Post-launch, gather customer feedback and use it to refine product features and marketing strategies.
Step 6: Expand distribution channels to include specialty sports retailers and online e-commerce platforms.”

Solution Video: Challenge 190|CHATGPT – AI Consulting