Develop Ideas for a Business

1
Develop Ideas for a Business

• Part 2 and 3 of Entrepreneurship Badge.
• Presented by Tate Satterfield, Sallie Caffee, and
  Lauren Hampton

2
Objectives

• Marketing Mix
• Product
• Distribution
• Promotion
• Price
• Target Market
• How to get Started
• 3 Ideas for business

3
What is a Product?

• Goods Tangible something physical (bike, Big
  Mac, CD)
• Service Intangible Done by people or
  mechanical process (carwash, insurance,
  drycleaners, video games)
• Idea Concepts, philosophies, images or issues
  (MADD, Boy Scouts)

4
What is Distribution and Why is it Important?

• What it is
• What makes products available to customers, when
  and where they want to purchase them.
• Why important Products must be available at the
  right time. Do you sell Christmas Trees in June?
  No Way
• Products must be available at the right place.
  Do you sell winter coats in Miami? - No Way

5
Target Market

• What it is
• Who do we want to sell our product to
• Who has the need
• Why is need or want important? Could we sell
  mini skirts to Boy Scouts? No way

6
Promotion

• How we get people to recognize and accept our
  product, service or idea
• Advertise paid nonpersonal communication
• Example newspapers, direct mail, television,
  radio
• Personal selling Face to Face
• Example Selling Boy Scout popcorn to people
  coming out of K-Mart
• Public Relations a way to create favorable
  relations between you and customers, employees
  and the public
• Example Donating things to groups in the
  community, helping with Habitat for Humanity
• Sales promotion an activity or material that
  helps motivate customers to buy your product,
  service or idea
• Example Coupons, trial pack

7
Price

• What it is
• The value that is exchanged for a product,
  service, or idea
• Why important
• Too high people wont buy
• Too low You will lose money

8
How to get Started

• SBDC Small Business Development Center
• Talk to other businesses and potential customers
  Ask questions
• If a product Apply for a Patent
• Financing where youre going to get start up
  capital (money)
• Bank
• Yourself, or other individuals
• Companies

9
3 Ideas for a Business

• Questions to ask potential customers