Shark Tank PBL

Shark Tank PBL

Directions: Within your business, you will come up with a product you would like to sell. You will have this in a document format, PPT, and finally present your product.  

SampleProject http://flashmedia.glynn.k12.ga.us/webpages/dlandinguin/files/luke%E2%80%99s%20lemonade%20land.pdf

Sample Presentation 

https://www.youtube.com/watch?v=_5UntH7cr_w&safe=active

Class Library Dates: April 17th & April 24th

• Business Plan (Word document of answers) & PPT (10-15 slides):Due April 24th
• TV Commercial: Due April 30th 
• Shark Tank Presentation (Professional Dress ): May 6th, 2014 
• EMAIL to mrb.pearlcohn@gmail.com 
• FYI: Any submissions after the three class periods used in library is considered to be late. Each day late is a letter grade

1)      Product(s) description – what is your product?

a)      Why did you choose this as your focus product(s)?

b)      Describe specific characteristics (ie. color, size, weight, special features, etc.).

2)      Business Name - come up with a creative business name.

a)      You are to design your company logo and slogan.

3)      Business description – describe what type of business it will be (ie corporation, franchise, etc.).

4)      Market research – REMEMBER the most important concept to grasp is that you must study potential customers’ needs. 

a)      Develop a survey using surveymonkey.com to survey your fellow classmates.

i)        10 questions http://smallbiztrends.com/2007/06/the-small-biz-7-survey.html

ii)      Some questions should be getting specific information about the consumers (ie. Characteristics, likes, dislikes, etc.)

iii)    Other questions should pertain to your specific product

b)      You will then analyze you results.

i)        Write a brief report on how many people answered the questions the way they did; why you think they answered them that way; what changes you think you could make based on the results.

5)      Describe your target market in detail

a)      Demographics (characteristics): Age range,  Gender, Education, Occupation, Income, Ethnic background, Family life-cycle (Single; Young Married w/o children; Young Married with children; Middle-aged with children; Middle-aged Married w/o dependent children; Older Married)  

b)     Market size of each segment – you will search your specific company location and printout the census profile.  You will then look at the market that you chose to target and decide whether you believe it is feasible based on the census report.  You will then write a few sentences explaining why you feel they match. (Factfinder.census.gov.)

6)      List your competitors & Research – who and where are your competitors?

a)      Local, Regional, Global, Online

b)      Also explain what type of competition you face and why: limited; monopolistic; intense.

c)      Research competitors’ products that are similar to yours. Will your product be able to replace theirs or at least compete successfully? Explain.

7)      Location/Distribution of your store – (City and State) why did you choose this location?

a)      Did you base it on the population of the specific area?

b)      Did you base on personal reasons? (ie. climate, weather, scenery, family location, etc.).

c)      Did you base it on competitors’ locations?

d)     Since you all have a store, you will be selling directly to customers.Will you also be selling your products to other retailers? Why or why not?

e)      Will you be using a website ? Why or why not?

f)       If you are selling through the website, which parcel company do you plan to use? (USPS, UPS, Fed Ex, DHL, etc.)

8)      Price – What is your price and how did you come up with your price? Be specific. 

9)      Promotion – Sales Promotion – Choose at least one sales promotion from the following list: (a) Contests and sweepstakes, (b) Coupons, (c) Point-of –Purchase Promotion, (d) Sampling. You will explain why you chose the specific promotion.  You will then create an example.  (For instance, if you are to choose a contest, you will develop a flyer that promotes the contest with the explanation, the prize, the rules, etc…  If you are to choose coupons, you can create an actual coupon).

10)  Promotion – Personal Selling – Explain how your sales associates would assess customer needs when trying to sell your product.

11)  Promotion - Advertising Options- Choose what types of advertising you would use from the list below. You will then explain why you chose what you did. 

a)      Internet (website, social networking site, etc.)

b)      Print Advertising (brochure, fact sheet, magazine ad, newspaper ad, direct mail)

c)      Broadcast Advertising (television commercial, radio commercial)

d)     Transit Advertising (bus, subways)

e)      Outdoor Media

f)       Other ______________________________

12)  Promotion – Creating Your Advertising – You will create a television commercial  for your product. In addition, you will need to create one print piece.