Very simple and straight forward but thought i'd do a bit of a tutorial incase you needed some inspiration :D
Select your material im making a patchwork one so cut out several pieces
Lay them down and position then in whatever order you like pin them
Now sew them i sew 3 rows of 3 then sew the rows together
(i usually overlock the edges too to stop fraying you could use a plain zig zag stitch!)
If your using just one piece ignore the above steps
This is what it looks like the right way around
Now pin you tags (ribbon folded in half with the loop bit facing in towards the middle of the material)
sew tags on make sure you go back and fourth a few times so they are secure (remove pins)
now place your bottom peice (lining) face to face with the top
and pin in place
sew around leaving a small gap at one side!
Turn right way round and sew the hole up
There you go a tag blanket
You can use basically any material!
for the lining i either use satin or soft fleece