We’ve made it to Week F where we will explore the first two of the 4 P’s of Marketing: Product & Price.
Unit 9 is all about Products, which includes the product classification, branding, packaging, labeling, and how and where it will ideally be sold, if applicable.
Have you ever watched the show Shark Tank in which business owners pitch their companies or ideas for products to a series of wealthy venture capitalists, hoping for a financial investment? Product concepts are often exactly what these small business owners are pitching: the vision that an entrepreneur (or seasoned professional) has for a product or service. A product concept describes the product or service, explains its purpose and considers the consumer demographics that the product is marketed toward.
This unit will likely make you think more deeply about the product concept behind the items you use on a daily basis — and that’s great! Once you understand more about marketing, you’ll be able to make more informed decisions as a future marketer, and as a consumer.
This week, you’ll watch an episode of Shark Tank online for free. Pick the product pitch you like the best and explain the different components of that product or service’s overall concept in a 1-2 page paper. More details are included on our Unit 10 Assignments page, including a link to the specific episode of Shark Tank to watch and additional assignment details.
Unit 10 is all about Price, which refers to how much a company charges for a product or service, and how much a customer ultimately pays for it. Though it sounds simple, there are several factors that affect the price of a product or service, including where that product is being sold, what the demand looks like for that product, what competitors are charging, whether coupons might be applied, and how many different stages there are in the sales process.
Use the Week F links in our Course Schedule to access our Course Materials and Assignments for this unit. As a reminder, all assignments must be submitted by Sunday, December 3, 2023 at 11:59pm ET.
