Day 6
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Review
How can you reach your target market?
How does a target market learn about a product or service?
When a new business opens, the target market doesn’t know the business exists.
You need to MARKET, also known as ADVERTISE, to your target market. Marketing uses many strategies to make your target market aware of your product or service.
– TV Commercials
– Social Media
– Internet advertisements
Every business does not market the same way. Some types of marketing are more beneficial to specific businesses.
For example, a gas station near the highway would benefit from marketing on a billboard close to that highway, compared to placing an advertisement in a magazine or on a TV commercial.
Response
How does a target market learn about a product or service?
Can you provide me the ways that popular businesses market?
Build Instructions
On the next slide, you will create the marketing strategy of your business idea.
Write down all the strategies that you will use for marketing your business such as social media, flyers, or business cards. Explain in detail how you will implement these strategies.
For example, Dwight would write down the information below for his marketing strategy.
Marketing:
- Direct messaging and paid advertisements on social media platforms.
- Attend Meetup entrepreneurship events and hand out business cards.
Target Market:
- Age: Young Adults, Adults
- Location: Orange County, California
- Interests: Entrepreneurship; Technology; Innovation; Stock Market
- Lifestyle: Ambitious individuals who have a busy schedule which revolves around activities/tasks for their business. They take limited vacation time and frequently attend networking events.
Industry: Mentorship
Product / Service: Service
Values: In-Person, Flexibility
Description: My business idea is to provide mentoring to startups.
Please have your child write down all their answers on paper.
The purpose of this builder is to be a guide to their idea.
Business Builder
How will you market your business?
___________________________
Provide details on how you will use the strategies you selected.
Pitch Instructions
Present your marketing to the class.
Write down questions to ask your classmates.
Remember to be respectful during each pitch.
Branding
How do customers recognize businesses?
The main ways a customer recognizes a business are by its business name and logo.
Other ways include the business colors, theme song, a mascot, a spokesperson, or packaging.
Creating a business name and logo is called branding.
What is a business name?
The name of a business.
When you create your business name, make sure it is relevant to your target market and value.
If your car dealership provides the value of luxury, don’t call your business Cheap Cars Dealership. Name your business Platinum Automotive.
If the target market for your clothing company is kids, don’t use complex words like Amorphous Apparel.
What is a business logo?
An image that represents your business.
Similar to your business name, your logo should be relevant to your target market and value.
Use imagery that connects to your business. A Brazilian company that sells oranges called Olá can have an orange replace the “O” for their business logo.
Response
How do customers recognize businesses?
What is a business name and logo?
Build Instructions
On the next slide, you will be developing the business name and logo of your business.
For example, Dwight would write down the information below for his brand.
Business Name: Launch Group
Logo:
Marketing:
- Direct messaging and paid advertisements on social media platforms.
- Attend Meetup entrepreneurship events and hand out business cards.
Target Market:
- Age: Young Adults, Adults
- Location: Orange County, California
- Interests: Entrepreneurship; Technology; Innovation; Stock Market
- Lifestyle: Ambitious individuals who have a busy schedule which revolves around activities/tasks for their business. They take limited vacation time and frequently attend networking events.
Industry: Mentorship
Product / Service: Service
Values: In-Person, Flexibility
Description: My business idea is to provide mentoring to startups.
Please have your child write down all their answers on paper.
The purpose of this builder is to be a guide to their idea.
Business Builder
What is your business name?
___________________________
What are your business colors?
___________________________
Draw your logo on paper or using computer software. Remember to use your business colors.
Pitch Instructions
Present your brand to the class.
Write down questions to ask your classmates.
Remember to be respectful during each pitch.
What are ways you can market your product or service? (Multiple correct answers)
Social Media, Banners, Mail, Billboards
Grocery markets should NOT market by sending mail advertisements to local homes.
False
Retail stores should NOT market by putting their business name on the outside of checkout bags. (True or False)
False
You should create your business name and logo _________________.
after you think of your business idea.
Day 6 Homework
(Complete your homework assignment on paper)
Choose two competing businesses in an industry and go to their websites or social media pages.
Describe the differences in their marketing.
Which business has the best marketing? Why?
What can the other business do to improve their marketing?