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Unit 1 Day 2


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Unit 1 Day 2

  1. 1. 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>
  2. 2. Opening Activity <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><li>Select one product </li></ul><ul><li>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) </li></ul>
  3. 3. What is Business? <ul><li>Can we assume just because X made it on the retail shelf, the product will sell? </li></ul><ul><ul><li>No!!! </li></ul></ul><ul><ul><li>Businesses don’t operate in a vacuum or have a monopoly </li></ul></ul><ul><ul><li>Competition almost always exist & have to consider their actions </li></ul></ul><ul><li>Who are some of X’s competitors? </li></ul>
  4. 4. What is business? <ul><li>Assignment: Product & Competitor Presentations </li></ul><ul><ul><li>Going to put you into 5 teams </li></ul></ul><ul><ul><li>Each team will pick one of the products discussed today (no duplicates) </li></ul></ul><ul><ul><ul><li>The class’ chosen product </li></ul></ul></ul><ul><ul><ul><li>One of its competitors </li></ul></ul></ul><ul><ul><li>Need to develop a Power Point presentation to be given next class with the following slides: </li></ul></ul>
  5. 5. “ What is Business” 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 (e.g. different flavors/scents), mention any category extensions if applicable (e.g., Tide w/ Downy, Crest w/ Scope), where sold </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), what is their slogan/theme, 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>
  6. 6. “ What is Business” 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><ul><li>7. 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>8. Last slide - Summary </li></ul><ul><ul><li>What were your group’s key learnings & take aways, etc. from doing this project </li></ul></ul>Bring your book to class next time!
  7. 7. “ What is Business” Presentations <ul><li>Go to lab </li></ul>
  8. 8. 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>
  9. 9. 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>