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Unit 1   Day 2
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Unit 1 Day 2

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Unit 1   Day 2 Unit 1 Day 2 Presentation Transcript

  • Opening Activity
    • Today, we are going to continue to explore what is business through the perspective of one of your consumer products
  • 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)
  • 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?
  • 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
    • 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
  • “ 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!
  • “ What is Business” Presentations
    • Go to lab
  • 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
  • What is business?
    • Presentations
      • Tips
        • Speak to the audience vs. just reading information off the screen
        • Maintain eye contact
        • Show enthusiasm
      • Volunteers?