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Step 1: Watch the Shark Tank video on Better Life Cleaning.https://www.youtube.com/watch?v=b4uVOtRk4yE (if the link does not open, copy/paste into a URL)Step 2: Stop the video immediately before S
Step 1: Watch the Shark Tank video on Better Life Cleaning.
https://www.youtube.com/watch?v=b4uVOtRk4yE (if the link does not open, copy/paste into a URL)
Step 2: Stop the video immediately before Sharks give their decisions. Step 3: Answer the questions. All the answers combined should be no less than 250 words The answers are based out of your marketing ideas, NOT what the Sharks say and NOT what the pitch presenter's information provides. Refer to your textbook for marketing terminologies and concept to submit marketing-based responses.Step 4: Resume watching the video if you like.
Q1. Should the Sharks invest? Why, Why not? This is based NOT on the what happens in the show, but whether YOU think Sharks should consider this pitch a good business investment. Discuss: (a) product idea, (b) marketability, (c) future growth, (d) investment
Q2. Would YOU invest? Why, Why not. Discuss: (a) product idea, (b) marketability, (c) future growth, (d) investment
Q3. If this were your marketing idea, who would YOU select as the Target Market? (a) Who would be the primary target market? How large in number are they according your research? (b) Who would be the secondary target market? How large in number are they according your research?
Q4. What would be YOUR Product Positioning? Remember, if the product is not CLEARLY different from the existing competition or similar products, consumers will not find the justification to change their behavior to take a risk to try your product. (a) How would you present this product to the market? (b) What would you say is the Competitive Advantage? (c) How would you clearly position the product different from competition, whether it be direct competition or indirect competition?
Q5. How (what media platform) would you communicate? Do not just select Social Media - Social Media is not necessarily the best way to promote for most of the products. What will your promotional message say?
Q6. How would you distribute the product considering your maximum profitability and exposure, as well as customer convenience? Explain your response.
Q7. How would you price the product, considering customer's perception of value, your goal of penetration / selectivity, and in accordance to the product positioning? Explain your response.
Q8. Using your marketing creativity, how else do you think the product can be used? Explain your idea in how this core product can be made into other line extensions (e.g. cereal made into cereal bar, packaged together with yogurt or ice cream for topping, etc.)
