Unit 1 Day 2
- 1. Opening Activity Today, we are going to continue to explore what is business through the perspective of one of your consumer products
- 2. Opening Activity Show & Tell Stand up & introduce yourself Describe the consumer product you use & why you chose this one Select one product If I am the firm producing this product, what is involved with bringing it to the market (e.g., the retail shelf of Wal-Mart)
- 3. What is Business? Can we assume just because X made it on the retail shelf, the product will sell? No!!! Businesses don’t operate in a vacuum or have a monopoly Competition almost always exist & have to consider their actions Who are some of X’s competitors?
- 4. What is business? Assignment: Product & Competitor Presentations Going to put you into 5 teams Each team will pick one of the products discussed today (no duplicates) The class’ chosen product One of its competitors Need to develop a Power Point presentation to be given next class with the following slides:
- 5. “ What is Business” Presentations Introduction/Team Members’ names Company Who makes it, what do they also make (e.g., other products), company headquarters, etc. The product Prices & variations of product (e.g. different flavors/scents), mention any category extensions if applicable (e.g., Tide w/ Downy, Crest w/ Scope), where sold Product’s advertising and promotion techniques Do they advertise, in what mediums (e.g., tv, magazines, on-line), what is their slogan/theme, etc. 5. Product’s target market (opinion based) A specific group of customers at which a company aims its products and services. Typically, this group possesses common characteristics and has a high likelihood of purchasing a particular product or service. The target market is often defined in terms of geographic, demographic, and psychographic characteristics
- 6. “ What is Business” Presentations Product’s positioning and/or product differentiator (opinion based) Positioning = Getting consumer to think of a product in a certain way E.g. BMW – the Ultimate Driving Machine E.g. Suave – the same performance as the more expensive brands for less Product Differentiator = reason to believe; how does the product separate itself from the crowd; could be an ingredient or an image E.g. Dove - ¼ cup of moisturizer in each bar of soap E.g. Axe – Going to get you the girl, “sex appeal” Note – some products may only be differentiated on price and not have any unique features compared to the competition 7. Manufacturing How do you think it is made, what are the ingredients, different types of packaging the product comes in, etc. 8. Last slide - Summary What were your group’s key learnings & take aways, etc. from doing this project Bring your book to class next time!
- 7. “ What is Business” Presentations Go to lab
- 8. Homework Power Point presentation Read pages 24 – 34 in your book Lessons 2.1 & 2.2 Bring your book to class next time! Next class: Give presentations Continue discussion on what business is Start chapter 2
- 9. What is business? Presentations Tips Speak to the audience vs. just reading information off the screen Maintain eye contact Show enthusiasm Volunteers?