Today, we are going to continue to explore what is business through the perspective of one of your consumer products
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)
What is Business?
Can we assume just because X made it on the retail shelf, the product will sell?
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?
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:
“ What is Business” Presentations
Introduction/Team Members’ names
Who makes it, what do they also make (e.g., other products), company headquarters, etc.
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