Don't Forget These Things!

1. Do you have a sign up sheet for your business?  If it's in the middle school office, negotiate with Mrs. Zuercher how you will pay her as your employee.  A respectful discussion is needed.  Remember, she doesn't HAVE TO do it.

2.  Bring change!  $20 in change should be enough.

3. Get permission IN ADVANCE for you to leave advising early, to set up.  If the teacher says no, then you cannot do it.

4. Entrepreneurship Table is in the Faculty workroom behind the couch.

5. An adult must be with you.  Be sure to tell Mrs. Brake if you need her there.

6.  Clean up!  Put away any equipment (tables, sports things, etc...)

7. Take down posters after the event!

Guidelines for Advertisements

Guidelines for Advertising around Campus:

•  Ads must be approved by teacher.  We check for spelling, grammar, etc...and make sure all the elements are on the Ad.
• Food sales Ads go up one week before event.  Workshop or Party event Ads need to be up 2 weeks in advance.  This is for your success. 
• Ads can only be placed on whiteboards in middle school.  Stairwells and bulletin board in LS are fine, if you talk to the secretary first.  You can create a monitor slide, which your teacher will forward to the correct people.
• Lunchtime "commercials" are an option, but must receive prior approval from Dean Dokken (MS) or Mrs. Eubank (LS). You also must get permission from teacher if you are leaving a class to make the lunchtime announcement.  You cannot say, "Mrs. Brake says I need to..."  If they say no, then you cannot do it. 
• Advertisement poster or monitor slide must contain:

1. Name of Business
2. Logo
3. Slogan
4. WHAT the business is selling (the product or service)
5. Contact Information
6. Date and Time
7. Location
8. Cost
9. Must contain this phrase, for purposes of business office:      "This is an Entrepreneurship class business.  10% of the net profit will go to (fill in name of donation center you chose)"

5 types of Market Research to help choose a good business idea!

What Types of Market Research are there?  

          SURVEYS:  Face-to-face, Email, Telephone, etc…  Businesses can offer samples of their product to evaluate response  (how could you do this with your business?)

          FOCUS GROUPS:  A group of people are brought together to ask questions or lead a discussion which can provide direction for the business idea.  Answers are usually more personal than a survey.  Usually videotaped or recorded in some way

        

          PERSONAL INTERVIEWS:  Unstructured, open-ended questions (not “yes or no” questions) .  While this doesn’t give a broad sense of a target market, it can raise issues like what was wrong with previous products in that category… 

OBSERVATION:  Individual responses to surveys and focus groups are sometimes at odds with people’s actual behavior. When you observe consumers in action, you can observe how they buy or use a product. This gives you a more accurate picture of customers’ usage habits and shopping patterns.

FIELD TRIALS:   Placing a new product in selected stores to test customer response under real-life selling conditions can help you make product changes, adjust prices, or improve packaging.  (HOW COULD YOU DO THIS AT WCS?)

BELOW, COMMENT ABOUT WHICH FORM OF MARKET RESEARCH YOU COULD USE FOR YOUR BUSINESS IDEA...

What E-Traits do these entrepreneurs possess?

Click here to read about Famous Entrepreneurs

In the comment section below, tell us which entrepreneur you chose, what their E-Traits are, and WHY you think they have those E-Traits

Changing Target Market?

Have you noticed the new yogurt commercials targeted to athletic men, or guys wanting more protein for muscle-building? Yogurt used to be marketed to mostly women, for low-fat or digestive reasons. Lately, they have been expanding their target market! Interesting! Let's see if you think it will work!

Oikos commercial. Click here!

Article about Dannon OIkos yogurt

BRANDING

First, think of you favorite brand.  What is their logo and slogan? (look it up) How do they try to appeal to their target market?  Does the "look" of their advertisement catch the attention of their potential customers?

What is Branding?

• The Image and Characteristics you want your business to be perceived as.  Think of TARGET.  How are they perceived based on their ads, logo, etc...?  Does it work to appeal to a certain type of customer?

Branding is one of the most important aspects of any business.  An effective brand strategy gives you a major edge in increasingly competitive markets.  It helps you stand out from similar businesses.

•Simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from your competitors'. Your brand is derived from who you are, who you want to be and how people perceive you to be.

•The foundation of your brand is your LOGO. Your website, packaging and promotional materials--all of which should integrate your logo--communicate your brand.

JONES SODA activity

(yes, you get to drink some PB&J Jones Soda AFTER our activity)

1. Have you tried this soda before?

2. Look at their website.  Who do you think their target market is, based on their image?

http://www.jonessoda.com/

3.  Let's confirm who THEY SAY their target market is, based on their annual report.

Click here and read the section called "Building Our Brand" (page 3 of report, page 11 of whole document)

You may also find the history interesting, page 1 of the report (page 9 of the whole document)

4.  Do you think they successfully reach their target market?  Why or why not? Note that they are not trying to appeal to everyone! 

5.  How would the photo gallery competition create more "buy-in" from their customers?

6.  Would you be daring enough to try the Turkey and Mashed Potatoes soda at Thanksgiving?

Does COLOR matter in your Advertisment?

Marketing Design Firms know that COLOR factors in a person's impresssion of a business.

Article:
What the Color of your Logo says about your business

Video:
What Color is your Brand?