Unit 1 Day 1

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  • Unit 1 Day 1

    1. 1. Opening Activity <ul><li>Pick up the Unit #1 note sheet at the table </li></ul><ul><li>Turn in your Movie Permission Slip </li></ul><ul><li>Answer on the back page of your notes the following: </li></ul><ul><ul><li>What does the term business mean to you? </li></ul></ul><ul><ul><li>Name a product that you have seen or even bought and thought to yourself, “Why didn’t I think of that?” </li></ul></ul><ul><li>Volunteer responses for the definition of business? </li></ul><ul><li>Today and next class period we are going to explore what is business through the perspective of a good </li></ul><ul><ul><li>Will do some note taking </li></ul></ul><ul><ul><li>But more so: </li></ul></ul><ul><ul><ul><li>I want to give you an opportunity to meet & work with individuals in this class </li></ul></ul></ul><ul><ul><ul><li>I want you to remove yourself from your traditional role of a consumer to one of businessman or businesswoman </li></ul></ul></ul>
    2. 2. What is business? <ul><li>Definition </li></ul><ul><ul><li>The occupation, work or trade in which a person is engaged </li></ul></ul><ul><ul><li>Any commercial establishment, such as a store or factory </li></ul></ul><ul><ul><li>Business, that's easily defined - it's other people's money. Peter F. Drucker (mgmt. Theorist) </li></ul></ul><ul><li>Types </li></ul><ul><ul><li>Profit </li></ul></ul><ul><ul><li>Non-profit </li></ul></ul><ul><li>Produce </li></ul><ul><ul><li>Goods </li></ul></ul><ul><ul><li>Service </li></ul></ul><ul><li>Why exist/what motivates businesses? </li></ul><ul><ul><li>To fulfill unmet needs & wants </li></ul></ul><ul><ul><li>To engage in competition </li></ul></ul><ul><ul><li>To make a profit </li></ul></ul>
    3. 3. What is a business? <ul><li>Types: </li></ul><ul><ul><li>Profit </li></ul></ul><ul><ul><ul><li>Revenue > expenses </li></ul></ul></ul><ul><ul><ul><li>The excess of the selling price of goods over their cost </li></ul></ul></ul><ul><ul><ul><li>Net income </li></ul></ul></ul><ul><ul><li>Non-profit </li></ul></ul><ul><ul><ul><li>Not in business to make money </li></ul></ul></ul><ul><ul><ul><li>Exists for charitable or educational purposes; church </li></ul></ul></ul><ul><ul><ul><li>Exempt from taxes </li></ul></ul></ul>
    4. 4. What is a business? <ul><li>Produce: </li></ul><ul><ul><li>Goods </li></ul></ul><ul><ul><ul><li>Products, tangible </li></ul></ul></ul><ul><ul><ul><li>Can be used or consumed </li></ul></ul></ul><ul><ul><li>Service </li></ul></ul><ul><ul><ul><li>Conduct an action on another’s behalf </li></ul></ul></ul><ul><ul><ul><li>Provide value </li></ul></ul></ul><ul><ul><ul><li>Not tangible </li></ul></ul></ul><ul><ul><ul><li>E.g, cleaning service, tax prep, alarm/security </li></ul></ul></ul>
    5. 5. Why exist/What motivates a business? <ul><li>To fulfill unmet needs & wants </li></ul><ul><ul><li>Needs : things that are necessary for our survival </li></ul></ul><ul><ul><li>Wants : Not necessary for survival but add comfort and pleasure to our lives </li></ul></ul><ul><li>To engage in competition </li></ul><ul><ul><li>Rivalry among businesses to sell their products & services </li></ul></ul><ul><li>To make a profit </li></ul><ul><ul><li>Profit = revenue – expenses </li></ul></ul>
    6. 6. “ What is Business?” Simulation <ul><li>Your group produces one of the ingredients from the Cheeseburger Cookies recipe below. Every group has the same goal: to “purchase” necessary ingredients from other groups and to make Cheeseburger Cookies for their members. Each group will use rotinis as currency. The prices are listed next to each ingredient in the recipe. </li></ul><ul><li>  </li></ul><ul><li>Work with your group to decide: </li></ul><ul><li>How will you sell your product? </li></ul><ul><li>How will you acquire the other ingredients and supplies? </li></ul><ul><li>How will you divide up the different cooking jobs? </li></ul><ul><li>Cheeseburger Cookies Price </li></ul><ul><li>Vanilla wafer cookies 2 rotinis per cookie </li></ul><ul><li>Fudge stripe cookies 4 rotinis per cookie </li></ul><ul><li>Half cup of frosting 10 rotinis </li></ul><ul><li>Frosting Spray 2 rotinis per burger </li></ul><ul><li>Cup of apple juice 3 rotinis </li></ul>
    7. 7. <ul><li>Elements of business: </li></ul><ul><ul><li>Types </li></ul></ul><ul><ul><ul><li>Profit </li></ul></ul></ul><ul><ul><ul><li>Non-profit </li></ul></ul></ul><ul><ul><li>2. Produce </li></ul></ul><ul><ul><ul><li>Goods </li></ul></ul></ul><ul><ul><ul><li>Service </li></ul></ul></ul><ul><ul><li>3. Why exist/what motivates businesses? </li></ul></ul><ul><ul><ul><li>To fulfill unmet needs & wants </li></ul></ul></ul><ul><ul><ul><li>To engage in competition </li></ul></ul></ul><ul><ul><ul><li>To make a profit </li></ul></ul></ul>“ What is Business?” Simulation <ul><li>Did we have all these elements in our simulation? </li></ul><ul><ul><li>No </li></ul></ul>
    8. 8. <ul><li>We did not have competition </li></ul><ul><ul><li>No other firms selling the same product </li></ul></ul><ul><ul><li>Only one supplier </li></ul></ul><ul><ul><li>Thus resorted to a barter system because some products were more valuable than others </li></ul></ul><ul><li>Is no competition desirable? </li></ul><ul><ul><li>It depends: </li></ul></ul><ul><ul><ul><li>Business owner: ? </li></ul></ul></ul><ul><ul><ul><li>Consumer: ? </li></ul></ul></ul><ul><ul><li>Competition brings about: </li></ul></ul><ul><ul><ul><li>Choices/Innovation </li></ul></ul></ul><ul><ul><ul><li>Better quality </li></ul></ul></ul><ul><ul><ul><li>Lower prices </li></ul></ul></ul>“ What is Business?” Simulation
    9. 9. “ What is Business?” Simulation <ul><li>Your group produces one of the ingredients from the Cheeseburger Cookies recipe below. Every group has the same goal: to “purchase” necessary ingredients from other groups and to make Cheeseburger Cookies for their members. Each group will use rotinis as currency. The prices are listed next to each ingredient in the recipe. </li></ul><ul><li>  </li></ul><ul><li>Work with your group to decide: </li></ul><ul><li>How will you sell your product? </li></ul><ul><li>How will you acquire the other ingredients and supplies? </li></ul><ul><li>How will you divide up the different cooking jobs? </li></ul><ul><li>Cheeseburger Cookies Price </li></ul><ul><li>Vanilla wafer cookies (2 groups) 2 rotinis per cookie </li></ul><ul><li>Fudge stripe cookies (2 groups) 4 rotinis per cookie </li></ul><ul><li>Half cup of frosting 10 rotinis </li></ul>
    10. 10. <ul><li>What happened this time? </li></ul><ul><ul><li>We had competition!!! </li></ul></ul><ul><ul><li>Only the Frosting Inc. was a monopoly </li></ul></ul><ul><ul><ul><li>A sole supplier/manufacturer able to exhort pricing power </li></ul></ul></ul><ul><ul><li>What did your group do to accomplish the goal? </li></ul></ul>“ What is Business?” Simulation
    11. 11. Today’s Questions Wrap-Up <ul><li>What is business? </li></ul><ul><ul><li>An organization operated with the objective of making a profit from the sale of goods or services </li></ul></ul><ul><li>What is a profit? </li></ul><ul><ul><li>Revenue > expenses; net income </li></ul></ul><ul><li>What’s the difference between a good & service? </li></ul><ul><ul><li>Good: tangible </li></ul></ul><ul><ul><li>Service: value added activity </li></ul></ul><ul><li>Why do businesses exit/what motivates them? </li></ul><ul><ul><li>To fulfill an unmet need or want </li></ul></ul><ul><ul><li>To engage in competition </li></ul></ul><ul><ul><li>To make a profit </li></ul></ul>
    12. 12. Homework <ul><li>Bring to class a consumer product (one you could buy at Target, Walgreens, etc.) that you like and use often. Examples include: </li></ul><ul><ul><li>Toothpaste </li></ul></ul><ul><ul><li>Toothbrush </li></ul></ul><ul><ul><li>Shampoo </li></ul></ul><ul><ul><li>Deodorant </li></ul></ul><ul><ul><li>Lotion </li></ul></ul><ul><ul><li>Gum </li></ul></ul><ul><ul><li>Soda/Water/Energy Drink </li></ul></ul><ul><ul><li>Just cannot bring in any school supply items (e.g., ones found in your backpack – pens, pencils, etc.) </li></ul></ul>
    13. 13. Why Didn’t I Think of That <ul><li>Businesses start with a simple idea </li></ul><ul><ul><li>Some complex and some quite obvious </li></ul></ul><ul><ul><li>It takes a lot of hard work & luck to make a business successful but first you need the idea </li></ul></ul>
    14. 14. Deliverables – 6 slides <ul><li>Introduction/Team Members’ names </li></ul><ul><li>Company </li></ul><ul><ul><li>Who makes it, what do they also make (e.g., other products), company headquarters, etc. </li></ul></ul><ul><li>Marketing </li></ul><ul><ul><li>Target market (group of consumers they are primarily trying to sell to), prices, flavors/scents, reason to believe (why should I buy this product – e.g., it will make you smell better), strategy </li></ul></ul><ul><li>Manufacturing </li></ul><ul><ul><li>How do you think it is made, what are the ingredients, different types of packaging the product comes in, etc. </li></ul></ul><ul><li>Environment </li></ul><ul><ul><li>The industry/category the product competes in, who are competitors, who are the market leaders, category pricing, where sold, etc. </li></ul></ul><ul><li>Last slide - Summary </li></ul><ul><ul><li>What were your group’s key learnings & take aways, etc. </li></ul></ul>
    15. 15. Homework <ul><li>PP presentation </li></ul><ul><ul><li>Separate class into groups via playing cards </li></ul></ul><ul><ul><li>Give them time to meet & discuss problem </li></ul></ul><ul><ul><li>Create 6 slide presentation </li></ul></ul><ul><ul><ul><li>Slide 1 – Team members/assigned topic </li></ul></ul></ul><ul><ul><ul><li>Last slide – Conclusions/take aways </li></ul></ul></ul><ul><ul><li>Mobile </li></ul></ul><ul><ul><ul><li>2 pieces that represent your assigned subject matter pertaining to the product (picture, word, part, etc…) </li></ul></ul></ul><ul><li>Next class: </li></ul><ul><ul><li>Give presentations </li></ul></ul><ul><ul><li>Put mobile together </li></ul></ul><ul><ul><li>Continue discussion on what business is </li></ul></ul>
    16. 16. Product Display – Day 2 <ul><li>Show & Tell </li></ul><ul><ul><li>Stand up & introduce yourself </li></ul></ul><ul><ul><li>Describe the consumer product you use & why you chose this one </li></ul></ul><ul><ul><li>Select two products </li></ul></ul><ul><li>If I am the firm producing these products, what is involved with bringing them to the market (e.g., the retail shelf of Wal-Mart) </li></ul>
    17. 17. Opening Activity <ul><li>Today, we are going to continue to explore what is business through the perspective of one of your consumer products </li></ul>
    18. 18. What is business? <ul><li>Presentations </li></ul><ul><ul><li>Tips </li></ul></ul><ul><ul><ul><li>Speak to the audience vs. just reading information off the screen </li></ul></ul></ul><ul><ul><ul><li>Maintain eye contact </li></ul></ul></ul><ul><ul><ul><li>Show enthusiasm </li></ul></ul></ul><ul><ul><li>Volunteers? </li></ul></ul>
    19. 19. What is business? <ul><ul><li>This mobile represents the essence of Gatorade products </li></ul></ul><ul><ul><li>Can we assume just because Gatorade made it on the retail shelf, the product will sell? </li></ul></ul><ul><ul><ul><li>No!!! </li></ul></ul></ul><ul><ul><ul><li>Businesses don’t operate in a vacuum or have a monopoly </li></ul></ul></ul><ul><ul><ul><ul><li>The sole provider </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Exclusive control over a product or the means of producing it </li></ul></ul></ul></ul><ul><ul><ul><li>Competition almost always exist & have to consider their actions </li></ul></ul></ul>
    20. 20. What is business? <ul><li>Competitors of class’ chosen product? </li></ul><ul><ul><li>List on the board </li></ul></ul><ul><li>Next assignment: Competitor Presentations </li></ul><ul><ul><li>Each team picks a competitor </li></ul></ul><ul><ul><li>Need to develop another Power Point presentation to be given next class with the following slides: </li></ul></ul>
    21. 21. Competitor Power Point Presentations <ul><li>Introduction/Team Members’ names </li></ul><ul><li>Company </li></ul><ul><ul><li>Who makes it, what do they also make (e.g., other products), company headquarters, etc. </li></ul></ul><ul><li>The product </li></ul><ul><ul><li>Prices & variations of product, mention any category extensions if applicable (e.g, Tide w/ Downy) </li></ul></ul><ul><li>Product’s advertising and promotion techniques </li></ul><ul><ul><li>Do they advertise, in what mediums (e.g., tv, magazines, on-line), etc. </li></ul></ul><ul><li>5. Product’s target market (opinion based) </li></ul><ul><ul><li>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 </li></ul></ul><ul><li>6. Product’s positioning and/or product differentiator (opinion based) </li></ul>
    22. 22. Competitor Power Point Presentations <ul><li>Product’s positioning and/or product differentiator (opinion based) </li></ul><ul><ul><li>Positioning = Getting consumer to think of a product in a certain way </li></ul></ul><ul><ul><ul><ul><li>E.g. BMW – the Ultimate Driving Machine </li></ul></ul></ul></ul><ul><ul><ul><ul><li>E.g. Suave – the same performance as the more expensive brands for less </li></ul></ul></ul></ul><ul><ul><li>Product Differentiator = reason to believe; how does the product separate itself from the crowd; could be an ingredient or an image </li></ul></ul><ul><ul><ul><ul><ul><li>E.g. Dove - ¼ cup of moisturizer in each bar of soap </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>E.g. Axe – Going to get you the girl, “sex appeal” </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Note – some products may only be differentiated on price and not have any unique features compared to the competition </li></ul></ul></ul></ul></ul>Bring your book to class next time!
    23. 23. Competitor Power Point Presentations <ul><li>Go to lab </li></ul>
    24. 24. Homework <ul><li>Power Point presentation </li></ul><ul><li>Read pages 24 – 34 in your book </li></ul><ul><ul><li>Lessons 2.1 & 2.2 </li></ul></ul><ul><ul><li>Bring your book to class next time! </li></ul></ul><ul><li>Next class: </li></ul><ul><ul><li>Give presentations </li></ul></ul><ul><ul><li>Continue discussion on what business is </li></ul></ul><ul><ul><ul><li>Start chapter 2 </li></ul></ul></ul>

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