Product Proposal
Product and Company
1. Design a new product that will appeal to your peers in the local market. Create a visual example of the product (a mock-up, drawing, or web design.) You will use this example to gather market feedback and as part of your presentation to "investors."
2. What is the name of your proposed product?
3. Describe the product and how it will be used.
4. Who is the target audience for your product?
5. Invent a company to develop and sell your product. What is the name of your company?
Business Organization and Liability
6. Using the suggested web site, define the three types of business organizations. Identify their advantages and disadvantages.
Proprietorship
1. Advantages:
2. Disadvantages:
Partnership:
3. Advantages:
4. Disadvantages:
Corporation:
5. Advantages:
6. Disadvantages:
7. Which type of business organization would be best for your company and why?
8. Are you going to allow unionization of your workers? Why or why not?
Factors of Production
9. Using the suggested web site, identify the three factors of production and relate them to your proposed product.
Definition
Types
What your product will require?
1.
2.
3.
Market Research
10. Discuss your product with other students. What was the response of these potential customers to your proposed product?
11. Examine competing products in terms of quality, pricing, desirability, and advertising. Based on this market research, explain your marketing strategy: how your product will be different and more desirable than competing products?
13. Taking into consideration the required factors of production and your market research, set the price of your proposed product.
Proposed product unit price:
How did you determine this specific price?
Marketing and Advertising
13. At the suggested web site, review advertising techniques. Collect examples of competitors's advertisements and note the techniques used.
14. Create an advertisement that supports key points of your marketing strategy for your product. The medium for the advertisement could be any of the following:
o Newspaper or magazine ad (poster)
o Radio ad
o Television ad (video)
o Internet ad/web page
Product and Company
1. Design a new product that will appeal to your peers in the local market. Create a visual example of the product (a mock-up, drawing, or web design.) You will use this example to gather market feedback and as part of your presentation to "investors."
2. What is the name of your proposed product?
3. Describe the product and how it will be used.
4. Who is the target audience for your product?
5. Invent a company to develop and sell your product. What is the name of your company?
Business Organization and Liability
6. Using the suggested web site, define the three types of business organizations. Identify their advantages and disadvantages.
Proprietorship
1. Advantages:
2. Disadvantages:
Partnership:
3. Advantages:
4. Disadvantages:
Corporation:
5. Advantages:
6. Disadvantages:
7. Which type of business organization would be best for your company and why?
8. Are you going to allow unionization of your workers? Why or why not?
Factors of Production
9. Using the suggested web site, identify the three factors of production and relate them to your proposed product.
Definition
Types
What your product will require?
1.
2.
3.
Market Research
10. Discuss your product with other students. What was the response of these potential customers to your proposed product?
11. Examine competing products in terms of quality, pricing, desirability, and advertising. Based on this market research, explain your marketing strategy: how your product will be different and more desirable than competing products?
13. Taking into consideration the required factors of production and your market research, set the price of your proposed product.
Proposed product unit price:
How did you determine this specific price?
Marketing and Advertising
13. At the suggested web site, review advertising techniques. Collect examples of competitors's advertisements and note the techniques used.
14. Create an advertisement that supports key points of your marketing strategy for your product. The medium for the advertisement could be any of the following:
o Newspaper or magazine ad (poster)
o Radio ad
o Television ad (video)
o Internet ad/web page