Don't let your age limit you, you are all amazing young people. I fully expect to see your name on one of these lists!
Here is link to BusinessWeek's special report on young entrepreneurs. There are a lot of articles, but during the week if you can find some time to explore it I think you will find some inspiration.
http://www.businessweek.com/smallbiz/special_reports/20091009americas_young_entrepreneurs.htm
Full class write and blog post to follow later this week!
Tuesday, October 13, 2009
Monday, October 5, 2009
Marketing, Marketing, and Promotion - Week 4
Sorry for the delay, Entrepreneurs.
We started off class with a discussion of marketing in print media. We explored and discussed common issues with print media, and Lydia brought in a great example of sponsorship as a form of inexpensive marketing. Katherine led a discussion using the new Classico pasta sauce print ad which lead to a discussion on the current trends in the marketplace.
Questions were raised about truth in media, do advertisements always tell the truth? What is our role as a consumer? What is the impact on business if they lie? From there we decided we need to look into Classico more. Their advertisement made it seem like they only had 5-6 all natural ingredients in their jarred sauce, is this true?
Last week we focused on advertising and marketing. We split into groups and made commericals for fictitious products. The challenge of the assignment was making sure you covered these questions:
- Why do you care about this product?
- Why does the market need your product? Why should we, your potential customers, buy your product?
- How did you become an expert on your product?
You were also asked to think about the "Marketing Mix - The 4 P's"
1. Product: The product or service you are selling. This includes not only the actual object but also the package, brand, and company image.
2. Price: Price is determined by demand for the goods and the cost of the goods.
3. Place: Where can we find this product
4. Promotion: Different elements that help increase the sale of the product, such as advertising and sales.
Too bad you guys wouldn't let me film you. However you all agreed to be filmed next week so bring yourself to class camera ready!
Other class discussion, what type of business do we want to run as a class? Product or service based?
Some ideas discussed:
Baby sitting/Child Watch
Toy Production
Food based
Key Terms of the Week:
Advertising - The promotion of a product or service.
Marketing - The means by which a product or service is made know and sold to customers.
Marketing Mix - The 4 P's, listed above
Target Market - The customers who are most likely to buy the product, also called target audience.
We started off class with a discussion of marketing in print media. We explored and discussed common issues with print media, and Lydia brought in a great example of sponsorship as a form of inexpensive marketing. Katherine led a discussion using the new Classico pasta sauce print ad which lead to a discussion on the current trends in the marketplace.
Questions were raised about truth in media, do advertisements always tell the truth? What is our role as a consumer? What is the impact on business if they lie? From there we decided we need to look into Classico more. Their advertisement made it seem like they only had 5-6 all natural ingredients in their jarred sauce, is this true?
Last week we focused on advertising and marketing. We split into groups and made commericals for fictitious products. The challenge of the assignment was making sure you covered these questions:
- Why do you care about this product?
- Why does the market need your product? Why should we, your potential customers, buy your product?
- How did you become an expert on your product?
You were also asked to think about the "Marketing Mix - The 4 P's"
1. Product: The product or service you are selling. This includes not only the actual object but also the package, brand, and company image.
2. Price: Price is determined by demand for the goods and the cost of the goods.
3. Place: Where can we find this product
4. Promotion: Different elements that help increase the sale of the product, such as advertising and sales.
Too bad you guys wouldn't let me film you. However you all agreed to be filmed next week so bring yourself to class camera ready!
Other class discussion, what type of business do we want to run as a class? Product or service based?
Some ideas discussed:
Baby sitting/Child Watch
Toy Production
Food based
Key Terms of the Week:
Advertising - The promotion of a product or service.
Marketing - The means by which a product or service is made know and sold to customers.
Marketing Mix - The 4 P's, listed above
Target Market - The customers who are most likely to buy the product, also called target audience.
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