BBBC--Lesson-5
Welcome!
Warm Up - MATH
Click HERE to get your math warm-up.
Do NOT Start until I say GO!
Quick Discussion & Review
SHOW AND TELL
Cereal Boxes from past classes. Great examples.
What are the 5 P's of Marketing...otherwise known as the Marketing Mix?
PRODUCT -- What you are selling
PRICE -- How much you are selling it for
PLACE -- Where your are selling it and how it gets there
PROMOTION -- How you will tell people about your product
PEOPLE -- None of the above is possible without people.
What is the difference between a GOOD and a SERVICE?
A Good is a tangible item that has a monetary value, AND satisfies your needs or wants. A few examples include: cars, furniture, televisions, and clothing.
A Service usually involves a task, like cooking a meal, cutting hair, shining shoes, preparing taxes, or doing nails.
EXPLORING the world of PRODUCT
We know that one of the 5 P's of Marketing is PRODUCT. Product decisions begin with choosing what products to make and sell (cereal). Much research goes into product design, a product's features, brand name, and packaging service are all part of the development.
PRODUCT PLANNING - involves making decisions about the features, benefits, and services of a product or idea that will help sell that product.
PRODUCT MIX - includes all the different products that a company makes or sells.
STEPS IN NEW PRODUCT DEVELOPMENT
1) GENERATING AND SCREENING IDEAS
2) WRITING A BUSINES PROPOSAL
3) DEVELOPING THE PRODUCT (Create a Prototype)
4) TESTING THE PRODUCT
5) INTRODUCING THE PRODUCT
6) EVALUATING CUSTOMER ACCEPTANCE
PRODUCT FEATURES & BENEFITS
Many customers/consumers buy products because of product features and the benefits that will be provided to them because of these features. Lets take a closer look...
Looking at the features of the iPhone above, the benefits are made clear to the customer.
Now lets look at a cereal example...follow the picture link below.
Branding, Packaging, Labeling
BRAND - is a name, term, design, symbol or combination of these elements that identify a business, product, or service, and sets it apart from its competitors.
BRAND NAME - or product brand is a word, group of words, letters, or numbers that represent a product or service.
TRADE NAME - or corporate brand identifies and promotes a company or a division of a particular corporation.
TRADE CHARACTER - is a specific type of brand mark, one with human/animal form or characteristics.
A Closure Look at Packaging & Labeling
Cereal is typically packaged in a sealed plastic/wax bag that is placed into a rectangular box. The cereal box is a great place to brand, promote, advertise, and inform. Some examples of parts of a cereal box are shown below:
Cereal Box Front Label Information
Label Information Cause Label
Back of the Cereal Box - A place for games, ads, coupons, fun, promos and more!
LABEL - an information tag, wrapper, seal, or imprinted message that is attached to a product or package.
BRAND LABEL - gives the brand name, trademark, or logo of the company.
CAUSE LABEL - using a product's packaging to promote a social or political cause.
Some examples would be Box-Tops for Education or Pink Breast Cancer Awareness.
DESCRIPTIVE LABEL - gives information about a product's use, construction, care, performance, and other features. (Cereal Label - ingredients, weight info, etc.)
GRADE LABEL - states the quality of the product. (Eggs = AA, A, B. Beef = Prime, Choice, Select.)
YOUR TURN!
Complete a table similar to the one shown below for YOUR CEREAL...
Use the form in Google Classroom.
Feature
Cereal Feature #1
Cereal Feature #2
Benefit
Benefit from Cereal Feature #1
Benefit from Cereal Feature #2
Create Your Presentation
Look at the CEREAL CREATION PROJECT and the PRESENTATION RUBRIC and continue working on your presentation.
By the end of this lesson, you should have finished the following slides:
Title Slide *****Slides listed in RED should have been done already*****
Introduction--Product Description
Introduction--Description of Need
Introduction--Why this cereal should go to market
Competitive Analysis--General industry data
Competitive Analysis--Direct and Indirect Competition
Target Market--Overview
Target Market--Demographics
Target Market--Geographics
Target Market--Psychographics
Marketing Plan - Features and Benefits
Hopefully you finish this slide during class today. If not, please come in during CONNECT, FLEX, or take it home for Homework.
Have a GREAT Day!