Hi students and parents, Happy new year! Welcome to the blog for my Marketing and Management class -- the level 3 course in the Marketing and Management pathway at Harrison High School. I can't wait to see the students for the first day back for second semester, Spring 2019.
Hope you had a fantastic break and are ready to dive in on Monday.
See you soon! Mrs. Wonder
You will find a detailed blog here for your Marketing & Management class so you can understand where we are at and what we are planning to accomplish. You will find: 1. The daily plan outline 2. Presentations/notes 3. In class activities 4. In class projects 5. Marketing Math Mondays 6. Guest speaker series 7. DECA in class activities 8. Business case studies 9. Soft skills for employability 10. Quizzes - you got this! :)
Tutoring: Please stop by to see me or email me to set an appointment with me. I will most likely be able to make myself available to meet afterschool for tutoring on most days or you may come by during "A" lunch.
Marketing & Management Class daily plan outline 1.7.19 / Day 1. Monday Happy New Year! Today we will review our syllabus and course expectations for the semester and check each student’s transcript. Welcome back!
It was so great to see so many familiar faces in management--I know almost every student in this section and am really looking forward to getting to know the others. I expect this exceptional group of students will have a great semester. We did the "Gummy Bear" share activity so everyone in the class could be sure to get to know each other and brush up on their public speaking skills. I also shared with the class some of my business background for those who hadn't had me before this semester.
In class activities: We had a great time getting to know each other with our "Gummy Bear Share" and talking about some of the differences between the Haribo brand of gummy bears and the Black Forest brand--as well as the history of the product. We looked at the packaging and noted the brand features and whether or not people like to buy their candy based on the brand name or not. Every single student worked on projecting their voice to the class. They answered a couple of questions in a succinct manner by first introducing themselves then answering the questions. Those who we got to today did an excellent job of speaking in front of the entire class. Any student who didn't go today will go tomorrow. Students picked two questions to answer for the class below:
Red – Tell us any hobbies, sports or interests you are involved in? Yellow – What do you see yourself doing five years from now? Orange – What are your favorite brands? What is a new brand you haven’t tried but would like to try? Pink – Finish this sentence… “If I could do anything, I would…” Clear – What would you like to do this summer?
We also reviewed each page of the syllabus and answered a questionnaire on some of the students preferences.
1.8.19 / Day 2. Tuesday Today we kicked off Unit 1: Business Communication and Professionalism Basics. Please find the presentation here. Check out this link to reference some amazing speeches: https://www.artofmanliness.com/articles/the-35-greatest-speeches-in-history/ Tomorrow we'll start with nonverbal communication.
1.9.19 / Day 3. Wednesday Nonverbal communication
1.10.19 / Day 4. Thursday We performed skits using nonverbal communication We discussed active listening Additional Notes to consider: Techniques for a better, more effective active listening approach in business (Soft Skills ~ listening): 1. Make eye contact, don't interrupt the speaker, ask appropriate questions to improve your understanding 2. Identify the purpose of what you are going to listen to: i.e., read the agenda of the meeting prior to attending and think about what topics could be asked of you, internally pre-plan 3. Look for a plan- i.e., when it is a formal speech pay attention to the organization and structure to see the main idea of how the parts fit together and analyze what the speaker was trying to achieve with their message 4. Provide managers with feedback- in professional settings give feedback to the manager to confirm you understood what was requested and have all of the details correct, especially details like time, place of meeting, when something is due, etc. 5. Take notes if there is a lot of information
1.11.19 / Day 5. Friday We are going to introduce the "Georgia Best" website today and look through the modules students will accomplish this semester within this application. See the link here.
This week we have been discussing communication. Communication is also about reading comprehension and following directions. After checking out the Georgia Best website we did a fun following directions ice breaker and then started the escape room activity to practice following directions and thinking critically about what we're reading.
Fun Friday ***Back to school Escape Room activity***
Closing thoughts: I just love this class and every student in it! What a great group of 3rd level students. Students please think about what type of business you want to center your management studies around this semester--I can't wait to help you with each of these! Have a great weekend.
1.14.19 / Day 6. Monday Marketing Math Monday - we will take a brief pre-test to see where our marketing math skills are at -- don't worry this isn't graded!
We will discuss Presentation basics and Professionalism basics as we are finishing up our unit on business communication and professionalism this week.
Personal Branding Presentation: Create a presentation about yourself and how you want others to see you in the world. You will start to identify your own personal brand in a Power Point presentation you create.
Requirements for this project: Your presentation must be at least 5 slides Your presentation must use a consistent color scheme throughout that you identify a reason as to why that color represents your personal brand Your presentation must contain imagery (photos, pictures, etc.) on each slide Your presentation must contain a personal tagline Your presentation must contain a graph or chart about how you spend your time In class project: Personal Branding presentations may be created using PowerPoint. Students will want to use a consistent color or color pattern or color scheme representative of their brand because color is very important in marketing and communicates a lot about a brand. Think about the brands poster on the wall in my classroom with so many different kinds of logos in different colors. Each color represents an emotion. Think about--what color represents you?
Students with know-how and access to Adobe Photoshop and Illustrator may use those programs to develop their personal brand logo design to incorporate within their presentation. Presentations must contain imagery. Ideas for personal branding presentations include: your favorites your passions your activities your community service your values your future college and career goals interesting facts about you Every presentation must contain your "personal tagline" and a graph or charts about yourself/how you spend your time. Additional reading for today: Please read this article on interesting business etiquette rules: Read Business Insider's 19 Rules Every Professional Should Know
Closing thoughts: I can't wait to learn about each of you thru your personal branding presentations!
1.15.19 / Day 7. Tuesday Students continued working on their personal branding presentations. We also reviewed a few math tips to improve upon their marketing math pretest scores.
1.16.19 / Day 8. Wednesday
1.17.19 / Day 9. Thursday We presented some of our personal branding presentations until the projector broke. Then we assigned our management groups and discussed that students would create a sales presentation tomorrow for a customer within their groups. I also read them the standards we are completing with this assignment: MKT--MM--2: Utilize communication skills and technology tools to facilitate information flow in marketing, sales, and service. 2.1 Discuss the use of electronic presentations in demonstrations, sales meetings, staff meetings and sales reports. 2.2 Prepare an electronic presentation for use in demonstrations, sales meetings, staff meetings, sales report, or in the community as a team project. 2.3 Define methods of telecommunications that may be used to conduct business with customers and vendors.
1.18.19 / Day 10. Friday You will have a substitute teacher today. Please work diligently on the assignments I have left for you to complete. See you next week!
Students should have worked on creating a sales presentation for a customer with their management groups. These are the groups the students have signed up for so far: Alana/McKenna/Mary Kate -- Just Girlz Party Planning Services Josh -- Comedy Club Peyton / Eric-- Board Game Company - Theos Reese/Riley -- Real Estate Empire Will/George -- Online Personal Training services/Big Dawg Recruiting Gym Richard/Nolan -- Automotive customization shop - KTOWN Customs Chris -- Caliber Designs Creative Agency (branding/graphics) Madeline/Michael/Jacob -- Out West Tour Guide Company Seydou/Parker -- After the Facts (Sports Business/Podcast) Evan/James -- Sports Marketing Company Katie/Maggie -- Colors Create project art studio Patrick/John -- Wash Your Way - Mobile car wash services
1.22.19 / Day 11. Tuesday Bell ringer -- we played a "guess the entrepreneur" game to refresh our memory on who some famous entrepreneurs are. We broke into groups to discuss our business ideas and sales presentations for our own business ideas. Some groups would like to do an investor presentation instead of a sales presentation to a customer and that is fine--I will give you examples of both tomorrow in class. 1.23.19 / Day 12. Wednesday -Quiz 1 -I reviewed a power point on how to give a sales presentation and showed the students examples of professional sales presentations. -Students wrote their ideas for a business / entrepreneurial opportunity on posters. -Closing thoughts: Please have your business posters up in the hallway by end of class tomorrow. You will need to complete your sales presentation by early next week and will have time in class to complete both. Sales Presentation in Power Point: Include the following-- 1. Title Page ( Your company presents to Target) 2. Who is Your Company? 3. Where do you currently sell Your Company’s product or service? 4. Why should we buy from Your Company’s product or services? 5. Product Presentation of your Company’s product or service? 6. Social Media Plan for your Company 7. Next Steps and follow-up 1.24.19 / Day 13. Thursday Students are working in their business groups on sales presentations and posters.
1.25.19 / Day 14. Friday Students are working in the business groups on sales presentations and posters. Thank you to Andrew Wonder for speaking to the students today on effective sales presentations! He was able to work with 5 of the small groups on their business concepts on a small group basis and it is wonderful to have a member of our marketing advisory board and the business community to speak to the students. Closing thoughts: Have a wonderful weekend!
1.28.19 / Day 15. Monday Marketing Math Monday Today we worked: 1. a break-even problem where we considered monthly operating costs and a cost of one unit of a good we produced at a certain cost and sale price (you need to know how to calculate these if you want to own your own business one day!) 2. a common Google interview question 3. a sales price problem where one person received a price 12% above the standard sales price and another received a price at 8% of a discount off of the standard sales price and determined the difference 1.29.19 / Day 16. Tuesday Snow day!
1.30.19 / Day 17. Wednesday Bell Ringer -- We talked about who Jeff Bezos is and how we think he created his business and what management strategies he must have used. We looked at a chart of all of his businesses (both founded/acquired AND invested into in a significant way).
We talked about this market management process:
Analysis/Audit - where are we now? Objectives - where do we want to be? Strategies - which way is best? Tactics - how do we get there? Implementation - Getting there Control - Ensuring arrival
We considered external factors out of our control on our businesses such as: social, natural, political, economic, technologic and competitive.
We watched a funny Forrest Gump video to illustrate this point.
In class activities: Students completed a S.W.O.T. Analysis after I explained to them what it was. Students were able to choose to complete it on a company or a personal situation and turned these in at the end of the week with their business model poster and their sales presentation. Don't forget all 3 are due by end of class Friday! :) 1.31.19 / Day 18. Thursday Students worked to complete the business model projects, S.W.O.T. Analysis and complete power point sales presentation on their concept (either geared to a customer or an investor--you can choose which one).
2.1.19 / Day 19. Friday Turn in your posters and S.W.O.T. Analysis today. Be prepared to present your business concepts Monday.
We worked on the below Super Bowl project for those who were finished (students who have specific marketing/management projects for their current real businesses are exempt from below as they are using their comparable business project instead of the Super Bowl project):
Super Bowl LIII Marketing Project: You already know a lot about marketing because it is all around you. A TARGET MARKETis a group identified for a specific marketing program.
1. How many examples of Super Bowl LIII (Super Bowl 53) promotions can you find for this weekend? Please find at least 4 of the best examples of Super Bowl promotions and list the target markets you believe the ads/events/commercials are targeted towards based on the Product, Price, Promotion and Place. You will define each of these categories of the marketing mix for me and give a good description of each target market.
2. What is your favorite Super Bowl commercial of all time? Include this link in your Power Point.
3. If you were an entrepreneur and someone gave you $5,250,000 for a Super Bowl commercial—what product would you try to sell the world? Tell us your plan for it in terms of product, price, promotion and place. Who is the target market?
2.4.19 / Day 20. Monday Marketing Math Monday -We worked a sales percentage increase problem -I showed a few Super Bowl commercials and how they were targeted to particular "target markets" and I also reviewed generational marketing -We will work on our Super Bowl promo projects -We reviewed tips for investor sales presentation pitches Closing Thoughts: Students should be ready to present their business model poster and sales presentation.
2.5.19 / Day 21. Tuesday -We are going to look at a few standards from MKT-MM-3 which is: Examine marketing activities and related legal considerations to facilitate business development and growth.
-We discussed USPTO.gov, trademarks for names and brand marks, utility verses design patents, registered trademarks, copywriting, why we never plagiarize, the public domain, business structures such as LLC, partnerships, sole proprietorships, and corporations, and using the phrase "all rights reserved." We also reviewed the components of the marketing plan.
-Finish up Super Bowl promotion project. Please also add a mission statement to your #3 entrepreneurial product idea for a Super Bowl promotion. We will present a few of these if there is time.
-We will also begin to present your current state of your business models as a check-in.
Closing thoughts: Make sure you have turned in your S.W.O.T. analysis-- it is for a grade and an individual assignment. Today we reviewed 3.1 to 3.4 on the MKT-MM-3 standards and tomorrow we will try to get through 3.5 to 3.10.
2.6.19 / Day 22. Wednesday -Wednesday Wisdom Marketing and Management Standards 3.5-3.9 -Discuss legal requirements for recording (3.5) /reporting employee taxes/sales taxes/personnel records/credit info: www.corpay.com / use of a CPA / what is a W2 -Fun fact on sales tax: Amazon.com for years did not take a sales tax and states petitioned the government and finally the government allowed the state to mandate the sales tax for that state -Determine EPA laws on marketing (3.6) -- What is the EPA? Why do we need to regulate what companies do to the environment? Why do we not want to test products on live animals? Here is an example of a paint company using silver nanotechnology that has to be regulated by the EPA: www.silverarmorpaint.com -We will briefly discuss unfair business practices (3.7) (There are countless unfair business practices -- lemon laws by state for vehicles, minimum wage requirements, you can't discriminate, you can't use false advertising, you must follow a plethora of regulations if you're in a highly regulated industry such as publically traded companies, you can't practice insider trading) -Presentation on employee theft (3.8) -Consumer Protection (3.9) Better Business Bureau, Food and Drug Administration, Federal Trade Commission, Consumer Product Safety Commission In class activity: 1. Work in your business groups on researching a company handbook that you feel would be similar to how you would align your company handbook for your new venture. 2. Email to me the company handbook link that is your inspiration and list ten company policies you will implement for your business. 3. Are there any certifications/standards you will try to achieve for your business/your product to validate it's quality and assure consumers? Include those in your email (it can all be on a power point if that is easier).
2.7.19 / Day 23. Thursday -We learned what "business incubators" are and how they can help start-ups. -Business group check-in's. Today we will present your business concepts--the poster, the sales presentation and S.W.O.T. analysis for your business (if you did your S.W.O.T. analysis on your business concept.)
2.8.19 / Day 24. Friday Business group check-in's. Today we will present your business concepts--the poster, the sales presentation and S.W.O.T. analysis for your business (if you did your S.W.O.T. analysis on your business concept.) 2.11.19 / Day 25. Monday Marketing Math Monday Continue business concept presentations We have heard from the following groups so far: -Gorilla Comedy Club -Big Dawg Recruiting Gym -Out West Tour Guides -After the Facts -Wash Your Way -KTown Customs I'm looking forward to hearing the rest! 2.12.19 / Day 26. Tuesday Today we heard presentations from: -R&R Real Estate -Caliber Designs -Theos -Colors Create -Just Glam -JESMF James and Evan Sports Marketing firm
I assigned a "flip the class" project where students get to show their business savvy by teaching us about marketing and management business topics.
2.13.19 / Day 27. Wednesday Bell ringer -- We had donuts and looked at Dunkin's creative seasonal promotions for Valentine's Day Students were working on several agenda items today: -They had the opportunity to play Peyton's board game invention "Theos" -Students are completing their "flip the class" assignments -Students were working on their real business concepts
Closing thoughts: Please work diligently for the sub tomorrow and Friday. I'll see you after the break!
2.14.19 / Day 28. Thursday Happy Valentine’s Day! -Students are completing their "flip the class" assignments -Students are working on their real business concepts If you come to a stopping point you can always work on your resume or play: www.thefounder.biz
2.15.19 / Day 29. Friday -Students are completing their "flip the class" assignments -Students are working on their real business concepts
Have a wonderful and safe winter break.
2.25.19 / Day 30. Monday Hope you all had a fantastic break! Marketing Math Monday -Groups may continue to finalize their flip the class presentation today -You may work on your resume if you are finished with your flip the class presentation and activity
2.26.19 / Day 31. Tuesday We are excited to hear a "flip the class" presentation from Reese A. He is presenting on topics from standard 1. His presentation will focus on self improvement and building a professional mindset, including: -accountability -intentionality -networking -financial literacy -continuous learning
2.27.19 / Day 32. Wednesday Flip the Class work day
2.28.19 / Day 33. Thursday Josh E. presented on Standard 4- -Business Ethics -Corporate Social Responsibility -Business Cycle -Buyers and Sellers Market -Insurance -Categories of Risk -Managing Risk in your business
Josh gave an excellent presentation and we had a discussion over various scenarios.
3.1.19 / Day 34. Friday Parker and Seydou presented on Standard 8 -- Managing the Product and Service Mix -Mrs. Wonder shared on the O.P.P./Good/Better/Best product positioning as well as a product life cycle
3.4.19 / Day 35. Monday Marketing Math Monday John and Patrick will present on Pricing concepts within standard 7 Students completed mark-up/mark-down and break-even problems Students looked up current events related to pricing and discussed Amazon's pricing strategies with the Whole Foods acquisition 3.5.19 / Day 36. Tuesday Mary Kate/Alana and McKenna will present standard 10
3.6.19 / Day 37. Wednesday Madeline/Mike and Jacob will present Market Research - standard 6 -Extended thru Thursday
3.6.19 / Day 37. Thursday Madeline/Mike and Jacob (day 2)
3.8.19 / Day 39. Friday International Food Day - please bring something in to share with the class as we hear a presentation on International Business. Eric/Peyton present standard 12
3.11.19 / Day 40. Monday Marketing Math Monday -- break even problem (3rd level will create from scratch and send to me)
-I handed out a copy of the Boston Matrix -- the BCG Growth-Share Matrix and we discussed as a class this management strategy to manage the mix of "star," "cash cow," "problem child," and "dog" product/services in terms of holding, milking, building, and divesting within the various stages of the product life cycle (PLC).
-I have handed out to the students the standards covered on their 55-question EOPA exam and given them ten sample questions. This is the culminating exam for their pathway of Marketing Principles, Marketing and Entrepreneurship and Marketing and Management. The categories covered on the EOPA (end of pathway exam) Manager Trainee Test of 55 questions are as follows-- Economics 18% Promotion 18% Merchandising 13% Marketing Management 29% Pricing 6% Selling 14% Information Management 2% Here is the Study Guide provided by the test company with specific standards provided in each area above. I also handed out the relative hardcopy pages to the students in class today. We are taking the 2nd test in this study guide packet-- the "Manager Trainee" test #0503.
Here is the full break-down of the standards covered by question: Economics (10 questions) 1. Explain the marketing functions. 2. Explain how each of the economic systems answers the basic economic questions. 3. Explain the effects of competition in a private enterprise economy. 4. Explain the importance of profit in a private enterprise system. 5. Explain how factors affecting profit can be adjusted to increase profit. 6. Explain the nature of supply and demand. 7. Explain the importance of price. 8. Explain how prices are determined. 9. Explain the reasons why that productivity is measured. 10. Explain ways to increase productivity. Promotion (10 questions) 1. Describe the objectives of promotion. 2. Discuss the advantages and disadvantages of promotional activities. 3. Describe the elements of the promotional mix. 4. Explain factors affecting the selection of a promotional mix. 5. Describe factors to consider in selecting promotional media. 6. Demonstrate proper procedures for selecting appropriate media. 7. Describe factors that affect the costs of promotional media. 8. Describe how the content of each element can be used to achieve its objective. 9. Describe guidelines for obtaining publicity. 10. Prepare copy for a print advertisement. Merchandising (7 questions) 1. Explain the role of distribution in marketing. 2. Identify the advantages and the disadvantages of types of inventory control systems. 3. Identify causes of inventory shrinkage. 4. Describe methods of reducing inventory shrinkage. 5. Perform basic mathematical operations (addition, subtraction, multiplication and division). 6. Explain the importance of the marketing function of purchasing. 7. Calculate merchandising-related discounts. Marketing Management (16 questions) 1. Explain the importance of market identification. 2. Discuss ways that a market can be segmented. 3. Explain the importance of marketing strategies to business. 4. Explain the relationship of product/service planning to marketing. 5. Describe the importance of management to an organization. 6. Describe the purposes of the management functions. 7. Describe the content of a new-employee orientations. 8. Explain the importance of manger/supervisor training and development. 9. Explain the meaning of the term motivation. 10. Handle employee complaints. 11. Explain the importance of employee morale. 12. Select ways management can build employee morale. 13. Identify policies affecting customers. 14. Identify business policies to customers. 15. Discuss methods of communicating with employees. 16. Demonstrate ways that management can ensure equitable opportunities for employees. Pricing (3 questions) 1. Define the marketing function of pricing. 2. Explain the importance of selling price. 3. Discuss the factors which affect selling price. Selling (8 questions) 1. Identify types of customer personalities. 2. Explain sales techniques which build customer loyalty. 3. Maintain/use a prospect list. 4. Describe the reasons for using sales quotas. 5. Probe for information in a sales situation. 6. Explain the importance of selling policies. 7. Explain factors which determine selling policies. 8. Explain the importance of sales training. Information Management (1 question) 1. Describe the factors affecting sales forecasts.
Please know you can schedule time with me afterschool if you need tutoring on any of the above topics prior to your test. We started "The Founder" movie today. Let's see what we can learn about franchising from watching this phenomenal movie!!
3.12.19 / Day 41. Tuesday The Founder (part 2)-- let's see what we can learn about franchising from watching this phenomenal movie!!
3.13.19 / Day 42. Wednesday Early Release Day Today we reviewed 7 of the "Georgia BEST Business Employability Skills." Students are working to share business scenarios in the workplace with the class that exemplify the following desirable employability traits as defined and described by Georgia BEST: -Attitude -Initiative -Flexibility -Organization -Discipline -Integrity -Respect
3.14.19 / Day 43. Thursday We completed employability skills analysis for attitude through respect 3.15.19 / Day 44. Friday James and Evan presented on sales policies from Standard 9
3.18.19 / Day 45. Monday Marketing Math Monday "Bracketology" - We will see how a high school data science club team in Indiana picked the most perfect bracket before it was released by the NCAA of all time! Then we will choose our own brackets to post in class and keep up with them for a prize for the winning bracket at the end.
Quote worth reading regarding attitude (an employability skill we covered last week)... “The longer I live, the more I realize the impact of attitude on life. Attitude, to me, is more important than facts. It is more important than the past, the education, the money, than circumstances, than failure, than successes, than what other people think or say or do. It is more important than appearance, giftedness or skill. It will make or break a company... a church... a home. The remarkable thing is we have a choice everyday regarding the attitude we will embrace for that day. We cannot change our past... we cannot change the fact that people will act in a certain way. We cannot change the inevitable. The only thing we can do is play on the one string we have, and that is our attitude. I am convinced that life is 10% what happens to me and 90% of how I react to it. And so it is with you... we are in charge of our Attitudes.” ― Charles R. Swindoll
Katie/Maggie present on standard 1 - meeting etiquette (Maggie was absent so we bumped this to the next day and Mrs. Wonder gave a presentation on entrepreneurship instead)
3.19.19 / Day 46. Tuesday Katie/Maggie present on standard 1 - meeting etiquette
3.20.19 / Day 47. Wednesday Nolan/Richard/Riley present standard 11 -- Channels of Distribution Closing Thoughts: Please bring in a donation for the Calvary Children's Home if you can remember to bring something in tomorrow or Friday! DECA students are helping to restock the children's home for Spring with personal care supplies, general items, paper goods, cleaning supplies, food items and gift cards. Please see the link here for the list by brand name of their current needs.
3.21.19 / Day 48. Thursday Mr. Wonder, our guest speaker, is going to come in to bridge the discussion between Channels of Distribution and Sales
3.22.19 / Day 49. Friday Will/George present everything on SALES!!
3.25.19 / Day 50. Monday Marketing Math Monday -- the students learned how to write checks today! We discussed the importance of keeping our business and personal banking accounts separate. We discussed that checks may be electronically deposited to save time, however cash deposits must be taken to the bank. We also discussed when you would want to invoice clients. Video #1: Introduction to Simon Sinek Video #2: How Great Leaders Inspire Action (Ted Talk by Simon Sinek) In class project: We will create our own "Golden Circle" in class tomorrow
3.26.19 / Day 51. Tuesday Please see this study guide as another example of how to prepare for the EOPA exam in Marketing and Management. Two projects we are working on in class today: 1. We will create our "Golden Circles" 2. You will create flash cards/study games based on the study guide above that we can use to prepare for the EOPA Closing Thoughts: If you did not have your flash drive today, then please bring one in the next couple of days to save relevant EOPA presentations so that you may review them on your own time prior to the exam.
4.8.19 / Day 55. Monday Welcome back from Spring Break! Marketing Math Monday
Just a reminder -- Here is the full break-down of the standards covered by question: Economics (10 questions) 1. Explain the marketing functions. 2. Explain how each of the economic systems answers the basic economic questions. 3. Explain the effects of competition in a private enterprise economy. 4. Explain the importance of profit in a private enterprise system. 5. Explain how factors affecting profit can be adjusted to increase profit. 6. Explain the nature of supply and demand. 7. Explain the importance of price. 8. Explain how prices are determined. 9. Explain the reasons why that productivity is measured. 10. Explain ways to increase productivity. Promotion (10 questions) 1. Describe the objectives of promotion. 2. Discuss the advantages and disadvantages of promotional activities. 3. Describe the elements of the promotional mix. 4. Explain factors affecting the selection of a promotional mix. 5. Describe factors to consider in selecting promotional media. 6. Demonstrate proper procedures for selecting appropriate media. 7. Describe factors that affect the costs of promotional media. 8. Describe how the content of each element can be used to achieve its objective. 9. Describe guidelines for obtaining publicity. 10. Prepare copy for a print advertisement. Merchandising (7 questions) 1. Explain the role of distribution in marketing. 2. Identify the advantages and the disadvantages of types of inventory control systems. 3. Identify causes of inventory shrinkage. 4. Describe methods of reducing inventory shrinkage. 5. Perform basic mathematical operations (addition, subtraction, multiplication and division). 6. Explain the importance of the marketing function of purchasing. 7. Calculate merchandising-related discounts. Marketing Management (16 questions) 1. Explain the importance of market identification. 2. Discuss ways that a market can be segmented. 3. Explain the importance of marketing strategies to business. 4. Explain the relationship of product/service planning to marketing. 5. Describe the importance of management to an organization. 6. Describe the purposes of the management functions. 7. Describe the content of a new-employee orientations. 8. Explain the importance of manger/supervisor training and development. 9. Explain the meaning of the term motivation. 10. Handle employee complaints. 11. Explain the importance of employee morale. 12. Select ways management can build employee morale. 13. Identify policies affecting customers. 14. Identify business policies to customers. 15. Discuss methods of communicating with employees. 16. Demonstrate ways that management can ensure equitable opportunities for employees. Pricing (3 questions) 1. Define the marketing function of pricing. 2. Explain the importance of selling price. 3. Discuss the factors which affect selling price. Selling (8 questions) 1. Identify types of customer personalities. 2. Explain sales techniques which build customer loyalty. 3. Maintain/use a prospect list. 4. Describe the reasons for using sales quotas. 5. Probe for information in a sales situation. 6. Explain the importance of selling policies. 7. Explain factors which determine selling policies. 8. Explain the importance of sales training. Information Management (1 question) 1. Describe the factors affecting sales forecasts.
Students are working to complete their study guides on the above which are due to me Wednesday for a grade. 4.9.19 / Day 56. Tuesday Students are working to complete their study guides on the above which are due to me Wednesday for a grade. 4.10.19 / Day 57. Wednesday We took a sample test to see how we would do on a sample EOPA.
4.11.19 / Day 58. Thursday I went over test results and we broke into study groups based on our test results.
4.12.19 / Day 59. Friday We took our EOPA prep quiz #1 on Economics and Marketing Fundamentals
4.15.19 / Day 60. Monday Marketing Math Monday We returned and reviewed Quiz 1 I handed out two units and a couple of individual worksheets for the students to study in review for their EOPA: 1. Unit on Management 2. Short unit on Economics 3. 1 page on Economic Utilities 4. A Management Bingo review study aide 4.16.19 / Day 61. Tuesday EOPA Prep Quiz#2 covering Pricing, Selling and Information Management EOPA Prep **Please be sure to play Riley and James' game on the fundamentals of economics** It is a great review for this EOPA for the economics section. **Please also look at playing Mary Kate's Management Bingo game which is a good study guide for some of the management terms.**
BUSINESS BASICS OVERVIEW: -An economic system or economy is the system used by a society to allocate goods and services (and resources) among its people.
In a market economy, also called the free enterprise system, people are free to become entrepreneurs and own and operate businesses. Individuals can freely invest money into their own businesses or businesses owned by other people.
Money invested into a business is called capital. That’s why the “market economy” or “free enterprise economy” is also called capitalism. In the market economy you have freedom of choice and voluntary exchange.
Democracy is strongly associated with this type of economy. (In the command economy, the government controls the production, allocation and prices of goods/services—it sets prices, tells companies what to produce and how to distribute profits—government controls most resources and businesses. These are strongly associated with socialism and communism.)
-Most people earn money through business which is the buying and selling of products and services in order to make money. Consumers pay money for these products and services.
-Products (also called goods) are tangible, meaning they can be seen and touched. A cup of coffee is a product.
-Services are intangible; they can’t be touched. Interior design know-how is a service.
-Investor – someone who puts money into someone’s business in exchange for shares of the business.
-Entrepreneur – someone who is creating and running a business (a serial entrepreneur has created more than one)
-Employee – someone who works for a business
-Market – people your business serves (when you segment these markets you can choose a target market)
-Your ideal Marketing Mix –the right products, right price, right promotions, right places for your business
-When you start a business you take on risk. Risk is the chance of losing something. An entrepreneur invests time, money, energy to be rewarded with money, satisfying work, a good relationship with the community and other things that he or she values. Usually the riskier the investment, the higher the potential reward.
-Almost half of all new products in the U.S. are created by small, entrepreneurial companies. Entrepreneurship is the “engine of our economy”
-Approximately 67% of new U.S. jobs are created by small business (companies fewer than 500 employees) – these are the backbone of the U.S. economy
-According to the Small Business Association (the SBA) – more than six hundred thousand new businesses are started in the United States each year—and about five hundred thousand close that same year.
-As an entrepreneur your goal is to: Add value to scarce resources. -Trade offs: Have I made a good decision with my scarce resources?
-Opportunity Costs: These are the potential benefits you are forfeiting when you choose one course of action over another.
-Profit can be determined by the choices entrepreneurs make about how to use their scarce resources
-A wholesaler is a business that purchases goods in bulk from a manufacturer and sells smaller quantities to retailers.
-Retailers buy small quantities from wholesalers and sell single items to customers.
-The golden rule of entrepreneurship is to buy low, sell high
-To be an entrepreneur you need these characteristics and more: Courage, creativity, curiosity, determination, discipline, empathy, enthusiasm, flexibility, honesty, patience, responsibility
-Communication, Professionalism and EQ are critical components for anyone in business
-Businesses meet consumers needs and wants. Needs are things that people require in order to survive. Wants are products or services that people strongly desire (but not required to survive).
-Cost Benefit Analysis – adds up all of the expected benefits of an opportunity and then subtracts all of the expected costs. If the benefits outweigh the costs, the opportunity may be feasible.
-S.W.O.T. Analysis – Analyze the strengths, weaknesses, opportunities and threats
4.17.19 / Day 62. Wednesday EOPA Prep - Write the quiz activity!
4.18.19 / Day 63. Thursday EOPA Prep
4.19.19 / Day 64. Friday -EOPA Prep Quiz #3 covering Management/Merchandising -Talk about guest speaker on Monday -Pre-write guest speaker questions for Q&A -Choose which review game to play
4.22.19 / Day 65. Monday Guest Speaker, President of Atlanta Technology Angels and President and Founder of Corporate Payroll Systems, Joe Beverly, is coming to speak to us about entrepreneurship.
4.23.19 / Day 66. Tuesday EOPA Prep Quiz #4 covering Promotion 4.24.19 / Day 67. Wednesday We are completing the EOPA Prep Quiz while choosing a client from the Shark Tank entrepreneurs to answer the promotional media mix questions for as we would provide them to our client We are writing drafts of thank you notes to professional speaker
4.25.19 / Day 68. Thursday Please turn in the EOPA #4 to me if you have not already We are finalizing thank you notes to be mailed today We are studying for the EOPA exam expected to be next Thursday 4.26.19 / Day 69. Friday We are studying for our EOPA exam next week! A few students needed to complete their study aides. We also played a Kahoot study review quiz covering the 5 types of economic utilities that will be on your EOPA exam: -Time Utility (seasonality/time of day convenience - ex: Christmas trees sold in December or coffee in morning) -Form Utility (changing form of something into a more useful form - ex.: strawberries to jelly) -Place Utility (convenience because of location - ex. vending machine outside of classroom) -Possession Utility (enabling customers to possess it - ex. store credit card or a mortgage for a house) -Information Utility (providing usefulness through information - ex. Labels with nutritional data, Packaging)
Please know the above utilities by Thursday!
4.29.19 / Day 70. Monday Marketing Math Monday -- work some EOPA Marketing Math review problems please! Mrs. Wonder is gone to the DECA International Career Development Conference You will have a substitute
You should review the notes below on Promotion before your EOPA exam that will possibly be on Thursday. Thanks!
EXPLAINING THE TYPES OF PROMOTION: The types of promotion include advertising, personal selling, sales promotion and public relations. Some marketing professionals will also include direct marketing as a type while others still consider this is a form of advertising. Advertising is a form of paid, non-personal promotion in which a company promotes an idea, good or service through a variety of media. Personal selling is any form of direct contact between a salesperson and customer to fulfill a customer's wants and needs. Sales Promotion includes all marketing activities other than advertising, public relations, and personal selling that are directed at a customer in an effort to increase sales. Public relations are promotional activities that are designed to create a good image with the public.
EXPLAINING THE IMPORTANCE OF COORDINATING ELEMENTS IN ADVERTISEMENTS: In order for an advertisement to be effective the primary message must be clear. To achieve this goal, each element (HEADLINE, COPY, ILLUSTRATION AND SIGNATURE) must work together to cut through the clutter. The advertisement should be clean and use white space effectively. The copy should be easy to read and the signature should be distinctive.
IDENTIFYING TYPES OF PUBLIC RELATIONS ACTIVITIES: First, public relations activities can be proactive and reactive. Proactive public relations initiates image building while reactive public relations is responding to negative or damaging information in the media. Public relations activities can include writing press releases to announce product/service information, holding press conferences, using social media, and generating publicity. Public relations can also come in the form of charitable events and/or community involvement.
IDENTIFYING GUIDELINES FOR OBTAINING PUBLICITY: 1.Write new releases (AKA Press Releases) 2.Write feature articles 3.Submit captioned photos 4.Call a press conference 5.Seek interviews
IDENTIFYING FACTORS TO CONSIDER IN SELECTING PROMOTIONAL MEDIA: -Market (Who are you marketing to? How do they prefer to receive promotions?) -Budget (Do you have the proper funds to run a promotional campaign?) -Results (What are the results you are looking to receive from your campaign?) -Media/Source (Did the selected media succeed to in reaching the target market?)
IDENTIFYING FACTORS THAT AFFECT THE COSTS OF PROMOTIONAL MEDIA: -Size of promotional campaign -Types of Media used (TV, Radio, Print)
SALES PROMOTION: All marketing activities other than advertising, public relations, and personal selling that are directed at a customer in order to increase sales.
4.30.19 / Day 71. Tuesday Mrs. Wonder is gone to the DECA International Career Development Conference You will have a substitute PLEASE STUDY YOUR MATERIALS FOR YOUR EOPA EXAM!!
More key Marketing Cluster vocabulary to know:
Advertising -- paid, non personal promotion in which a company promotes an idea, good or service through a variety of media
Channel Management -- A process that involves selecting and evaluating channel members to monitor the movement of a product from producer or manufacturer to end user
Closing the sale -- Occurs when a salesperson gains an agreement to purchase from a customer
Competition oriented pricing -- A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand
Cost-plus pricing -- This type of pricing includes the variable costs associated with goods, as well as a portion of the fixed costs of operating the business
Data collection instrument -- To gather information, marketers can use surveys, interviews, observations, federal and state government agencies, research companies, business publications, and trade association publications
Demand oriented pricing -- A pricing method in which the price of a product in changed according to its demand; a product will have a higher price when the demand is strong and a lower price when it is weak
Direct marketing channels -- Advertising that sends a promotional message to a targeted group of prospects and customers rather than a mass audience
Feature Benefit selling -- Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable
Guarantee -- a promise that a product has a certain quality or will provide satisfaction
Headline -- a phrase in an advertisement that grabs the customer's attention, creates interest, and encourages them to read a promotional message
Illustration -- A photograph, drawing or other graphic that is used in a promotional message
Market Identification -- the process of a marketer in identifying the most profitable areas to offer a new product or service
Mark-up pricing -- the practice of adding a constant percentage to the price of an item to determine its selling price
Product Life Cycle -- the stages that a product goes through in its life: Introduction, Growth, Maturity and Decline
Product Mix - all of the different products/services a company sells
Product Service Management -- the process of creating and changing the information about a company's catalog of offerings
ROMI - return on marketing investment A financial calculation to determine the profitability returned to the business based on funds spent on communicating with potential customers
Selling policy -- decisions of a business regarding forms of payment, returns and exchanges, sales quotas, sales commission, and legal and ethical issues
Slogan -- a catchy phrase or words that identify a product or business
Warranty -- a promise that is given to a consumer that a product will meet certain standards
5.1.19 / Day 72. Wednesday Mrs. Wonder is gone to the DECA International Career Development Conference You will have a substitute PLEASE STUDY YOUR MATERIALS FOR YOUR EOPA EXAM!! 5.2.19 / Day 73. Thursday EOPA Exam is today in our regular classroom and will be administered by Mrs. Johnson and Mr. Oneill. Please try your best and answer all questions. Good luck!!
5.3.19 / Day 74. Friday Seniors are at the Senior Picnic today!
5.6.19 / Day 75. Monday Last day for SENIORS to turn in exam exemption forms/plus 10 point forms is today! We handed out pad-folios for all pathway completers and began work on our resume.
5.7.19 / Day 76. Tuesday Please complete your resume this week and email to Mrs. Wonder for editing.
5.8.19 / Day 77. Wednesday Promote Harrison project
5.9.19 / Day 78. Thursday Promote Harrison project
5.10.19 / Day 79. Friday EOPA and end of pathway completion pizza party & movie day!