Friday, November 6, 2015
Summary of What We Have Learned This Semester
In this semester's Introduction to Marketing class, students have learned about the four P's of marketing- Product, Price, Place, and Promotion. In the first month we discussed both Product and Price. Students learned that before you can market any good, you must first have a product. Students learned that in order to be successful in business, new ideas must be just that- new! One you have developed something innovative or unique to a given market, you must next set a price. We discussed many concepts of buyer perception, price fixing, and pricing strategies that are often used when setting prices of products in the business world.
In early October we spent several weeks discussing the third "P", Place. Students were shown examples of why placement matters through pictures of local Walmart and Target stores. We discussed concepts of how child's items are usually placed on the bottom shelf and why. Then, we discussed how every day items are categorized on the shelf based off of the how they sell, with the best selling items placed right in the middle. We concluded this section by have students go and visit stores to come up with their own theories of why certain segments of local stores where placed in specific areas- such as why produce was at the front of most grocery stores.
We just finished discussing Promotion in class to top off this section. Students were shown many super bowl commercials and local adds in the first few days to see examples of how different companies market products. We discussed how a great product will go nowhere if no one knows it exists. Students were taught that promoting a product is expensive, but also an art. There are many ways to do so other than simply putting ads on television such as social media marketing and bill boards. All in all, it has been a great semester and we are excited to dive into the next sections of the class where we utilize all of this learning through projects and presentations!
In early October we spent several weeks discussing the third "P", Place. Students were shown examples of why placement matters through pictures of local Walmart and Target stores. We discussed concepts of how child's items are usually placed on the bottom shelf and why. Then, we discussed how every day items are categorized on the shelf based off of the how they sell, with the best selling items placed right in the middle. We concluded this section by have students go and visit stores to come up with their own theories of why certain segments of local stores where placed in specific areas- such as why produce was at the front of most grocery stores.
We just finished discussing Promotion in class to top off this section. Students were shown many super bowl commercials and local adds in the first few days to see examples of how different companies market products. We discussed how a great product will go nowhere if no one knows it exists. Students were taught that promoting a product is expensive, but also an art. There are many ways to do so other than simply putting ads on television such as social media marketing and bill boards. All in all, it has been a great semester and we are excited to dive into the next sections of the class where we utilize all of this learning through projects and presentations!
November Happenings
In this months Introduction to Marketing class, students will be working in both group and solo projects to build upon skills necessary for real world business. In the first two weeks students will be allowed to pick there own group. They will then come up with a make believe business name, product, and marketing plan. They will spend each day coming up with ways to pitch their product. This will consists of creating a power point, hand outs, and designating roles within the group. At the end of the two week period, the students will go before the class and present to the rest of the class which will act as the "Board of Directors." The goal of this assignment is to tell the board of directors why your company should produce this new product, and how it would be marketed.
In the second half of November students will be working on there own. They will design a new business name, product, and marketing plan to be presented before the class. This time students will spend the first four days developing this business model and the rest of the time before we leave for Thanksgiving Break taking turns presenting. The goal of this month is for students to first learn about how other people in the their group bring about new ideas in the first two weeks before utilizing all that they have learned to complete a project on there own. This project is meant to be fun and engaging! We are excited for a great month of presentations!
In the second half of November students will be working on there own. They will design a new business name, product, and marketing plan to be presented before the class. This time students will spend the first four days developing this business model and the rest of the time before we leave for Thanksgiving Break taking turns presenting. The goal of this month is for students to first learn about how other people in the their group bring about new ideas in the first two weeks before utilizing all that they have learned to complete a project on there own. This project is meant to be fun and engaging! We are excited for a great month of presentations!
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