We will be presenting our new products today, and on Friday wrapping up group evaluations and having a look at a business in Vancouver. The day is shortened on Friday. Next week will begin with a review of what we have learned so far in preparation for a test on Thursday Oct. 7.
What is a franchise and how does it work?
New Tech Inventions
Challenge: The challenge is to transform the chopsticks in order to create a new product to sell.
Materials: tape, glue, paint, paper etc.
Step #1: Working for 10 minutes on your own, research as many ideas as you can find to bring to your group.
Step #2: Get together with your group of 3-4 people and brainstorm your ideas. Remember not to judge ideas and accept all ideas at this point. (10-15 min)
Step #3: Decide on an idea as a group, gather the materials to create the new product.
DAY #2
Product Production: 2 members of the group will create the product and possibly the product packaging, making it look as professional as possible.
Product Description: 2 members will write up the details of the product and should include the following:
1.Quote from Stephan Covey's Highly Effective People: Discuss
( Importance of participating in class informally)
2. Stock of the day: https://www.magna.com/company/sustainability Magna stock
The Electric Vehicle (EV) industry has become massive amid the rising environmental concerns, and Magna International (TSX:MG) is a company that has benefitted from the interest in the industry. The world’s third-largest automotive parts supplier has become a leading presence in the industry, and this is not the first time it has seen a period of rapid growth.
The turn of the last decade saw it grow by over 400% in five years until 2015, after which its share prices were relatively stagnant. The rise of the EV industry saw Magna International partner with several top manufacturers in the industry, providing it with the necessary boost it needed to position it well for capitalizing on the growing industry.
At writing, the stock is trading for $96.72 per share, and it is up by 8.61% on a year-to-date basis. The stock is down by 22.77% from its June 2021 high.
3. Wrap up product presentations
4. Review of Johnny Cupcakes: Hand in film sheet
5. Marketing Mix: Product, Price, Promotions, Placement ( Distribution)
Target Market: a particular group of consumers at which a product or service is aimed.
Watch both clips and then answer the questions on the film sheet.
Link to Johnny Cupcakes site...check it out! https://johnnycupcakes.com/collections/all
Answer the following questions in full sentences.
1. What inspired Johnny Cupcakes to start his business?
2. What kind of early businesses did JC have?
3. What advice does JC have for building a business?
4. What does JC think the main reason people do not become entrepreneurs is?
5. What advice does JC have for entrepreneurs?
6. What kind of strategies does JC have for selling his shirts?
7. According to JC what is the best part of collaborating with others?
8. What crazy things does JC do to increase customer experience?
9. What qualities/skills does JC have that make him a successful entrepreneur?
10. What are your takeaways from this video? What did you learn?
We will continue working on the product assignment today for part of the class. It will be due on MON. in written form and presented. There will be time on Mon to prepare for your presentation. Try to get creative with your product pitch.
Review of SHIPPING COSTS and getting your product wholesale ( ALIBABA)
Ways to Find a Product to Sell
Stock News today: What is Square? Square More about Square
1. Review from Yesterday: Looking at Product Viability, Supply and Demand
2. A few definitions; What is Entrepreneurship?
Entrepreneurship refers to an individual that has an idea and intends to execute on that idea, usually to disrupt the current market with a new product or service.
This new definition of entrepreneurship is about innovation; about seeing problems as opportunities, and about changing the world.
3. Hand in Assignment 10 marks Group Discussion: Pro's and Cons of working for yourself vs working for someone else.
Video on how to choose the right product to sell.
Who is Dan Lok? He is an award-winning multi-millionaire who was born on the 24th of November 1981 in Hong Kong, China. Today, the 37-year-old man is a mentor, author, YouTuber, copywriter, entrepreneur, business coach, and marketer who resides in Vancouver, Canada. His nationality is Chinese-Canadian.l
4. Tomorrow more on product viability and a partner assignment.
Review of Definitions...and a few more
Supply and Demand
Group Creative Assignment and Presentation: 5 marks
What is market viability?
Market viability refers to the business potential of a specific market. A market viability analysis will help you determine whether starting a business in that particular market makes sense financially.
To evaluate market viability, you need to consider these three factors:
Your goal is to weed out markets that are too small, too competitive or made up of customers that can’t or won’t pay your prices.
Product viability refers to the business potential of a specific product — that is, how relevant and interesting the product will be to the target buyer.
When evaluating products, analyze these factors:
Stay away from products with too little demand or too low a profit margin.
Supply and demand, in economics, is the relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy. In equilibrium the quantity of a good supplied by producers equals the quantity demanded by consumers.
Stock Market Info: Why companies go public.
Today's corporate giant likely had its start as a small private entity launched by a visionary founder a few decades ago. Think of Jack Ma incubating Alibaba Group Holding Limited (BABA) from his apartment in Hangzhou, China, in 1999, or Mark Zuckerberg founding the earliest version of Facebook, Inc. (FB) from his Harvard University dorm room in 2004. Technology giants like these have become among the biggest companies in the world within a couple of decades.
A startup can raise such capital either by selling shares (equity financing) or borrowing money (debt financing). Debt financing can be a problem for a startup because it may have few assets to pledge for a loan—especially in sectors such as technology where a firm has few tangible assets—plus the interest on the loan would impose a financial burden in the early days, when the company may have no revenues or earnings.
Equity financing, therefore, is the preferred route for most startups that need capital. The entrepreneur may initially source funds from personal savings, as well as friends and family, to get the business off the ground. As the business expands and capital requirements become more substantial, the entrepreneur may turn to angel investors and venture capital firms.krispy kreme
Matt Black story
Meet the newest dragon: Wes Hall
Overview of how the stock market works. Shopify stock, Amazon
What motivates people to buy?
It is important to figure out buyer motivation. Are they buying because of a need, want or a combination of both. Here is a list of some other reasons why people buy.
Towards a Definition of Marketing ( Video we watched in class)
From the video: Marketing is communicating value to the customer!
“The aim of marketing is to know and understand the customer so well the product or service fits and sells itself.”
~ Peter F. Drucker
Marketing is about deep psychological understanding of customer needs. Steve Jobs had this gift better than almost any. Every innovation in the history of the world combined an uncanny understanding of human needs and the innovative vision to deliver it.
If business is composed of marketing and innovation, and marketing is about deep customer insights, then marketing is the job of every employee.
The brands who win more customers are the ones who put their customers ahead of their desire to sell more stuff.
When given a choice, we only buy from brands we know, like and trust!
Show clip from this site...Marketing Past/Present
https://marketinginsidergroup.com/strategy/what-is-marketing/
Course Outline Marketing 11 and Entrepreneurship 12
Teacher: Lisa Chase
Overview
The purpose of this class is to introduce students to basic Marketing techniques and for students to learn about entrepreneurs and entrepreneurship as a career choice.
The course will be very practical in its delivery, and the big concepts include:
Understanding what Marketing is and how to promote a product (Marketing Mix)
Product research, ideation, life cycle, and evaluation
The role of advertising and social media marketing in business
Ethics in Business and Marketing
Understanding business, entrepreneurial opportunities, and the careers of Marketers and Entrepreneurs
Core Competencies
Communication, both individual and within a group
Critical and Creative Thinking
Personal and Social skills
Emotional Intelligence
Basic Units of Study
The two courses will be delivered in a combined format since Entrepreneurs need to fully understand how to market and Marketers need to understand small businesses.
Marketing an Introduction: What is Marketing, Marketing Mix, Marketing Terminology, New Product Development, Supply and Demand, target market.
Entrepreneurship an Introduction: Definition, Traits of an Entrepreneur, Interview with Gary V, Johnny Cupcakes, a look at young entrepreneurs, Dragon’s Den, understanding the pitch.
Creative Challenges: Working in a group and understanding group roles, learning how to generate ideas, learning the benefits of divergent groups.
Marketing Ethics: Understanding the importance of business ethics, social issues and marketing, case studies.
Advertising: types of advertising, benefits of advertising, creating a product ad and a video commercial
Social Media Marketing: Students will do research on Social Media sites and present their findings to the class. We will learn about: Facebook, Instagram, Twitter, Blogger, You Tube, Linked-In Pinterest, Google plus etc. from a Marketing point of view.
E-commerce: Understanding e commerce
How to start a Business: Product research , how to create a business plan
Intro to the Stock Market: understanding the basics of how the market works
Expectations:
All assignments are typed unless it is an in class group assignment or worksheet.
Learn to effectively communicate with each other and the teacher
You are aware of and refer to our class blog at least once per week
You are expected to continue to complete work when you are away
You consistently do your best to get work in on time. If you miss handing in 3 assignments in a row, you will be given an I form, and a call will go home unless you speak to me about why the work is late
Time will be given in class to complete work, if you have your own laptop or phone, bring to class to use
Regular misuse of phones is not acceptable.
It is my philosophy and hope to provide you with a useful, hands on course that will arm you with some basic business knowledge and a skill set that you can use in your life right now. I am a big believer in “side hustles” and believe you are all capable of creating your own business.
Assessment: Informal ongoing assessment of participation in class discussions, group activities and presentations. Basic daily assignments, and tests. Learning through listening and participating is important in this course. Application of the knowledge learned will be assessed through practical assignments.
VIDEO: SOCK POCKET https://wisepocketproducts.com/ Questions for Sock Pocket 1. How old is this entrepreneur? 2. What is a prototype? 3. W...
