- Discuss and analyze different marketing strategies
- Learn about and explore the impact of marketing on successful businesses
Skills: Strategic thinking, Marketing analysis, Project planning
Time: 50 minutes
Target market, The Four P?s (Product, Price, Placement, Promotion), Complimentary Goods, Substitute Goods, Normal Goods, Inferior Goods, Geographic, Demographic, Psychographic, Behavioristic
(Using Key words: Students can create a glossary, in books or on wall in classroom (word wall). Students are encouraged to practice using vocab in written or verbal sentences – perhaps writing example sentences and displaying them).
In this lesson, students will learn about marketing skills and strategies when creating a business. One of the key components of this lesson is for students to connect a successful and realistic marketing strategy with positive financial gain using their Enterprise Project as an example.
Every day, students are bombarded by advertising. They cannot escape it. But marketers realize that many people?especially young people?are becoming very good at tuning ads out.
Businesses thus are becoming more creative in their communication with consumers.
Marketing is the process of planning and executing the pricing, promotion and distribution of ideas, goods, and services to create exchanges between buyers and sellers.
“The 4 P’s”
Product – the firm’s goods or services they are selling. Includes not only unit, but package, warranty, and brand/ company image.
Price – determined by demand and cost for the goods. Price strategies ex: introductory prices, sale prices, odd pricing ($9.99 vs. $10.00).
Place/Distribution: How a product flows from producer to customer. ?Wholesalers link the
producer of the goods to the customer.
Promotion: different elements that help increase the sale of the product. Examples: ?advertising, sales, public relations.
- Ad Examples (one copy per group)
- Target Market (one copy per group)
- Target Market Activities (one copy per group)
- Marketing Quiz (read questions,or pass out one copy per group)
- Collection of advertisement examples (using Ad Examples list)
Be prepared to break students into Enterprise Team groups & into small groups for activity
Enterprise Project In-Class
Check the students garden journals to make sure they completed the L.6 assignment.
Ask the class to break into their Enterprise Project Teams.
Based on their team description and the Enterprise Project Business Plan, have each team write a list of 3-4 tasks they can accomplish to help their Enterprise Project succeed.
Ask each team member to be responsible for one or more tasks and write their name next to that task(s). Help the students create their task lists. Make sure everyone has written their name next to one task.
Have the teams turn in this list when done
Enterprise Project Homework
You will have one week to talk with other team members and complete the ?first draft? of your task(s). Use your team members, other teams, and the resources suggested to complete your task. Next week, the class will review the progress of each team and determine the steps needed to complete the Enterprise Project.
Display the Marketing Quiz on the board or distribute it as a handout.
Have students answer the questions individually or with a partner. Call on several to volunteer their guesses, and then share the correct responses [1. d; 2. c; 3. d]. Ask students if they find any of these numbers surprising. Next, poll the class. Ask for a show of hands for each of these questions, and tally responses on the board:
Have you ever played a game, taken a quiz or used an app related to a food, drink or other product?
Have you ever ?liked? a product on Facebook?
Ask some students to share which products they have engaged with online, and why. List them on the board. Ask the students what they notice about the list. Have you been more apt to buy, or ask your parents to buy, products associated with these interactive features?
You can then explain that while many companies have had product-related websites for the last decade, interactive games, online quizzes and apps geared to children, and product pages on FB, are much more recent creations. (Note that Facebook started up in 2004 and the iPhone went on the market in 2007. Their parents grew up without internet!)
Ask the students, how do you think things are different today than they were when ads were limited largely to print, display, radio and tv?
Break the class into small groups and give each group one kind of product advertisement to peruse from the Advertisement Examples Worksheet. Have each group answer the questions on the worksheet, and then present their advertisement to the class.
How compelling did the class find each ad? Why? Ask the class which advertisements they enjoyed the most. Why did they prefer one ad over another?
As a class, review Target Market Worksheet.
In groups, complete the Activity 1, Which Type of Good? sheet (Target Market Activities). What was one item they did not expect to be complementary or substitute? What about normal or inferior?
Cut up Activity 2 (Target Market Activities) and pass out one square per student (28 squares). Write a few more cards with larger groups. Give students 3-5 minutes to walk around and match up their card with the people holding the 3 related cards. In each group there should be a Product, Placement, Price, and Promotional Slogan.
Ask: What was most difficult to match up? What was simple to match? Ask each student to think about ?The Four P?s? in relation to their Enterprise Project. How can they utilize this new information to better sell their product/service?
Repeat the Enterprise Project homework to make sure students are clear about their tasks.