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Types of Goods

Types of Goods. Virtual Shopping Assignment. Setup a PowerPoint according to what is listed Individual assignment Identify & Provide 2 Examples of each goods Staple: Must Have’s Convenience: Routine D.M. Fashion: Trendy Specialty: Rare Shopping: Limited / Extensive D.M.

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Types of Goods

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  1. Types of Goods

  2. Virtual Shopping Assignment • Setup a PowerPoint according to what is listed • Individual assignment • Identify & Provide 2 Examples of each goods • Staple: Must Have’s • Convenience: Routine D.M. • Fashion: Trendy • Specialty: Rare • Shopping: Limited / Extensive D.M. • Seasonal: Time Sensitive • Not Unsought & Industrial

  3. Staple Goods: Replace immediately Milk Eggs

  4. Convenient goods:Routine Decision-making Snacks School Supplies

  5. Fashion Goods:Trendy Items TOMS LIVESTRONG Bracelet

  6. seasonal Goods:time sensitive goods Peeps Swimsuits

  7. Specialty goods:Rare Must Haves Ferrari • Preference for particular store & brand • Extremely rare items that requires you to go to great lengths to obtain • Rare Art • Designer Clothes • Exotic Perfumes • Limited Edition Cars

  8. Shopping goods:limited &/ or extensive decision-making Washing Machine Customers typically shop around for best version • Items purchased usually require limited or extensive decision making

  9. Product Life Cycle

  10. Introduction Phase • The iPad Air is in the introduction phase • Launched November 1, 2013 • $499.99 • Focus will be on production & promotion

  11. Growth Stage • Customers are aware of iPhone 5S • Focus is on making them happy • Sales and production/distribution are increasing • Released in35 additional countries last Friday • 16 more countries on 11/1/13

  12. Maturity Stage • Competition is strong • Similar models in stores • Product is mass produced • Product is not as popular but is still popular • WOW factor is gone • Sales have slowed • Price Drop • Money is spent combating competition

  13. Decline Stage • Product starts to lose money • Price drops to point it costs more to product • Product may be liquidated • Virtually no competition because no one wants product

  14. Product MiX Nike

  15. Nike Example • Nike owns the following brands • Nike Golf • Nike Pro • Nike+ • Nike Skateboarding • Air Jordan • Converse • Hurley International • NikeTown Retail Stores

  16. Nike Product Mix Example • 4 Product Lines Examples • Converse (Brand) • Basketball (Sport) • Soccer (Sport) • Clothing (Apparel) • Could’ve broken it down by: • Others Sports (baseball, football) • Hurley, Golf, Jordan • Activity (Running & skateboarding)

  17. Product Items • Converse All Star Ox • $49.99 • Nike Club Swoosh Full Zip Hoodie • $39.99 • Nike Air Max 2013 • $179.99

  18. Marketing Product Packaging Scavenger Hunt

  19. Define Product Identity: Absolut Promote & Sell Product: New Balance Ensure Safe Use: Child Proof Medicine Bottle Meet Customer Needs: Squirt Bottle

  20. Protect the Product: Egg Carton Mixed Bundling Strategy: Bicardi & Coke Provide Information: ASUS Headphone

  21. Cause Packaging: Tide Blisterpack: Jolt Gum Environmentally Friendly: French Rabbit Wine

  22. Cupcake Challenge • Objective: • Plan, Promote, & Sell 24 Cupcakes • Goal is to make the most profit possible • Cupcakes will be sold at school event / Hawkapalooza • Can be done with a partner • Develop a Team Name

  23. Cupcake Challenge • Step #1: Create a unique cupcake & name • Maybe easier to do after the fact • Step #2: Choose a Grocery List • This will determine the total amount spent (COGS) • If using worksheet check line • If doing in real life, just write down amount spent • Step #3: Add up total grocery bill (COGS)

  24. Cupcake Challenge • Step #4: How will you promote the product • Must choose 1 of the 5 methods given ____ 5 Large handmade posters ($9.00) ____ 20 Computer-generated, colored copy posters ($14.00) ____ 100 Computer-generated, colored copy fliers ($11.00) ____ 12 Assorted balloons ($12.00) ____ School bulletin, neighborhood blog, Facebook, Twitter (No Charge) • Step #5: Add up your total promotion cost • Step #6: Add up Grocery Bill & Promotional Cost • Total Cost of Cupcakes

  25. Cupcake Challenge • Step #7: Divide Amount from Step # 6 / 24 • This is total cost per cupcake • Example • Step # 6: $24.50 • Step # 7: 24.50 / 24 = $1.03 / Cupcake • Step # 8: Skip this step • Although you may want to look at others in class • Step # 9 & 10: Discuss & Determine how much to charge • Need to sell 24 • Need to make a profit

  26. Cupcake Challenge • Step # 11: Subtract the cost from Step # 7(Cost per Cupcake) from Step # 10 (Price / Cupcake) • $3.00 - $1.03 = $1.97 • Step # 12: Multiple amount from #11 by 24 • $1.97 * 24 = $47.28

  27. Cupcake Challenge • Physically making the cupcake will result in 25 extra credit points • If you do not make the cupcake you need to have an illustration of it • Computer or by hand is fine • We need to see whether or not it looks appealing

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