Brands and Brands and Business GoalsBusiness Goals

National Brand LogosNational Brand Logos

What company do you think of when you What company do you think of when you see “golden arches”?see “golden arches”?

What about a girl with red pigtails and What about a girl with red pigtails and freckles?freckles?

These companies have gone to great These companies have gone to great lengths to create an image in our mind lengths to create an image in our mind that we associate with their company and that we associate with their company and their product or service.their product or service.

Let’s see if we can identify companies Let’s see if we can identify companies based on the brands we see.based on the brands we see.

National Brand LogosNational Brand Logos

In just a second we will have the In just a second we will have the opportunity to guess more national opportunity to guess more national brands by seeing parts of a logo. brands by seeing parts of a logo.

For each slide, tell the rest of the For each slide, tell the rest of the class which company is represented class which company is represented by the logo segment seen. by the logo segment seen.

Just fire off a response, don’t worry Just fire off a response, don’t worry about raising hands. about raising hands.

Identify the Identify the company by the company by the logo section…logo section…

Agri-Entrepreneurship Agri-Entrepreneurship Lesson 3.1Lesson 3.1

Brand IDBrand ID Last time we were together we looked Last time we were together we looked

at niche markets and investigated how at niche markets and investigated how to utilize the power of demographic to utilize the power of demographic data to our advantage as data to our advantage as entrepreneurs.entrepreneurs.

Today, we will discuss this concept, Today, we will discuss this concept, called called brand identification, brand identification, identify identify the difference between the difference between products and products and services, services, and create a and create a description of a description of a business including goals and objectives. business including goals and objectives.

STOP HERE SKIP TO SLIDE 28-13STOP HERE SKIP TO SLIDE 28-13

Brand IDBrand ID When thinking about starting our own When thinking about starting our own

business, or entrepreneurial enterprise, business, or entrepreneurial enterprise, we need to be able to effectively we need to be able to effectively communicate about our business.communicate about our business.

As individuals and as business owners = As individuals and as business owners = open to continuous improvement, which open to continuous improvement, which can be achieved through looking at our can be achieved through looking at our own goalsown goals in addition to the in addition to the goals of the goals of the businessbusiness. .

Let’s be ready to take notes, answer and Let’s be ready to take notes, answer and ask questions, participate when asked ask questions, participate when asked and even set goals.and even set goals.

Brand IDBrand ID

Let’s take a few moments to capture Let’s take a few moments to capture what we know about the importance what we know about the importance of a business name and logo, or of a business name and logo, or brand, based on our brand, based on our previous previous activity. activity.

Take out a sheet of paper and a Take out a sheet of paper and a writing utensil.writing utensil.

Brand IDBrand ID I. Business name and I. Business name and brand:brand:

a. The business name is an important a. The business name is an important part part of of branding branding and marketing.and marketing.

b. The b. The brand is the characteristics brand is the characteristics of a of a business that business that separate it from separate it from its its competitors.competitors.

c. A business c. A business brand includes its brand includes its logo, logo, which reminds which reminds people of the people of the products and products and services the business services the business sells.sells.

Brand IDBrand ID

What do you think about when you What do you think about when you see company see company brand names and brand names and logos?logos?

What questions are there about What questions are there about company names, company names, brands, and brands, and logos?logos?

Brand IDBrand ID When I say, “Brand,” think to yourself When I say, “Brand,” think to yourself

about the entrepreneurial business you about the entrepreneurial business you are starting up and what it specializes are starting up and what it specializes in. in.

What might you call your store? Think What might you call your store? Think about why you chose this name.about why you chose this name.

Think about other stores that already Think about other stores that already sell these sell these products. products.

When you have an idea, write it When you have an idea, write it down in the margin of your notes. down in the margin of your notes.

Be prepared to share your idea with Be prepared to share your idea with the group. the group.

What questions are there? You have What questions are there? You have thirty seconds. Brand.thirty seconds. Brand.

Brand IDBrand ID Who will be the first to share with us Who will be the first to share with us

the name you created for this the name you created for this business? business?

What did you consider when deciding What did you consider when deciding what to name this business?what to name this business?

We chose these names because we We chose these names because we wanted people to identify with the wanted people to identify with the product we are selling, right? product we are selling, right?

This is part This is part of of branding and will be branding and will be important later when we describe important later when we describe the the business.business.

Goods vs. ServicesGoods vs. Services A A goodgood is something that you can use or consume, is something that you can use or consume,

like food or CDs or books or a car or clothes. You like food or CDs or books or a car or clothes. You buy a good with the idea that you will use it, either buy a good with the idea that you will use it, either just once or over and over again. just once or over and over again.

A A serviceservice is something that someone does for you, is something that someone does for you, like give you a haircut or fix you dinner or even like give you a haircut or fix you dinner or even teach you social studies. You don't really get teach you social studies. You don't really get something solid, like a book or a CD, but you do something solid, like a book or a CD, but you do get something that you get something that you needneed. .

Tire Shop Example:Tire Shop Example: Tire is a GOODTire is a GOOD Tire rotation would be a SERVICETire rotation would be a SERVICE Fill out the Goods & Service Worksheet on pg. Fill out the Goods & Service Worksheet on pg.

13 in unit13 in unit

Or known as POr known as Products & roducts & ServicesServices

Think for a moment about the Think for a moment about the difference between the words difference between the words product product and and service.service.

Who will share with us your Who will share with us your thoughts on the differences between thoughts on the differences between these two terms?these two terms?

Difference Between PDifference Between Products roducts & Services& Services

Products and Services pg. 14 packet Products and Services pg. 14 packet a. a. Products are tangible items; Products are tangible items;

these are these are items businesses items businesses sell sell that we can see and that we can see and touch. Many touch. Many products are products are consumable, or can consumable, or can be be used up.used up.

b. b. Services are intangible; we Services are intangible; we can’t see or can’t see or touch a service. touch a service. A A service is something that service is something that a a business provides for a business provides for a fee.fee.

Difference Between PDifference Between Products roducts & Services& Services

Think about it this way, a Think about it this way, a product is product is something we can take off the something we can take off the shelf, shelf, like a quart of oil at Tractor Supply like a quart of oil at Tractor Supply Company.Company.

A A service is something that a service is something that a company provides a customer, like if company provides a customer, like if you owned your own lawn mowing you owned your own lawn mowing business. You mowing the lawn would business. You mowing the lawn would be a be a service.service.

Complete Complete PProducts & Services roducts & Services Handout pg. 14 packet.Handout pg. 14 packet.

AS.1 HandoutAS.1 Handout

Let’s take some time to further the Let’s take some time to further the difference between difference between products and products and services. services.

Look at activity sheet. Pg. 14 Look at activity sheet. Pg. 14 packetpacket

What questions are there? What questions are there?

AS.1 HandoutAS.1 Handout Does your business we discussed Does your business we discussed

earlier provide customers with a earlier provide customers with a product or service?product or service?

Create a description of a business Create a description of a business including the business goals andincluding the business goals and

objectives.objectives.

OK, now that we understand what OK, now that we understand what type of business we have, we are on type of business we have, we are on target for creating a business target for creating a business description and writing goals for the description and writing goals for the business. business.

Business DescriptionBusiness Description When we write a business description, we When we write a business description, we

need to consider the business purpose and need to consider the business purpose and function and be able to write SMART goals.function and be able to write SMART goals.

Write the following information in your notes.Write the following information in your notes. I. Business descriptionI. Business description

A. Purpose-tells us why the business A. Purpose-tells us why the business exists.exists.

B. Function-tells us how the business is B. Function-tells us how the business is useful.useful.

C. SMART goals (write down pg. 15 C. SMART goals (write down pg. 15 packet)packet)

1. (s)pecific1. (s)pecific2. (m)easurable2. (m)easurable3. (a)chievable3. (a)chievable4. (r)ealistic4. (r)ealistic5. (t)ime-based5. (t)ime-based

Smart GoalsSmart Goals Remind me what SMART stands for…Remind me what SMART stands for…

S is…S is… (students respond “specific”)(students respond “specific”)

M is…M is… (students respond “measurable”)(students respond “measurable”)

A is…A is… (students respond “achievable”)(students respond “achievable”)

R is…R is… (students respond “realistic”)(students respond “realistic”)

T is…T is… (students respond “time-based”)(students respond “time-based”)

Opening BusinessOpening Business As a class, let’s come up with three As a class, let’s come up with three

SMART goals for this business.SMART goals for this business. Three goals that make sense might Three goals that make sense might

be a goal stating when we will open be a goal stating when we will open the business; a goal stating how we the business; a goal stating how we will secure the location of our will secure the location of our business; and a financial goal.business; and a financial goal.

Let’s talk first about the goal dealing Let’s talk first about the goal dealing with opening the business.with opening the business.

SMART GoalsSMART Goals Goal #1Goal #1

A. Open a television sales business in A. Open a television sales business in (enter name of town) by the end of the (enter name of town) by the end of the month.month.B. Open a television sales business in B. Open a television sales business in (enter name of town) by the end of (enter name of town) by the end of (enter month 6 months from today).(enter month 6 months from today).C. Open a television business in (enter C. Open a television business in (enter name of town) that sells television sets name of town) that sells television sets and offers repair and offers repair services by the end services by the end of (enter of (enter month 4 months from today).month 4 months from today).

Which of these is the SMARTest goal?Which of these is the SMARTest goal? CC

LocationLocation Let’s think about a location goal. Let’s think about a location goal.

Where in our town (enter name of Where in our town (enter name of town) could we have this business?town) could we have this business?

Let’s consider each of these options. Let’s consider each of these options. Let’s assume that we are going to Let’s assume that we are going to lease, or rent out the space for this lease, or rent out the space for this business. business.

Which of these locations would allow Which of these locations would allow us to do that? us to do that?

Now from this list, which location is Now from this list, which location is closest to the major shopping area in closest to the major shopping area in the community?the community?

SMART GoalsSMART Goals Which of the following is the SMARTest Which of the following is the SMARTest

goal?goal? Goal #2Goal #2

A. Lease the retail space at (enter A. Lease the retail space at (enter name of name of location) for a television sales location) for a television sales business for business for two two years.years.

B. Lease the retail space at (enter B. Lease the retail space at (enter name of name of location) for a television sales location) for a television sales business for six business for six months.months.

C. Buy the retail space at (enter C. Buy the retail space at (enter name of name of location) for a television sales location) for a television sales business for business for one one year.year.

BB

Why B?Why B? Option A is in a lease for too long, Option A is in a lease for too long,

we don’t want to get into a lease for we don’t want to get into a lease for that amount of time when there is that amount of time when there is uncertainty about the success of the uncertainty about the success of the business. business.

Option C requires we buy the space. Option C requires we buy the space. One of our assumptions was to lease One of our assumptions was to lease the retail space not knowing the the retail space not knowing the success of the business.success of the business.

Option B allows for a lease and is a Option B allows for a lease and is a short-term agreement.short-term agreement.

Financial GoalFinancial Goal OK, let’s think about the financial goal. OK, let’s think about the financial goal.

Assuming that we are the only Assuming that we are the only employee of the business, which of the employee of the business, which of the following dollar amounts is reasonable following dollar amounts is reasonable to think that we should plan to make to think that we should plan to make (net) in the first year? This is our only (net) in the first year? This is our only job!job!

$100,000$100,000 $5,000$5,000 $30,000$30,000

Financial GoalFinancial Goal

$30,000 would be the most $30,000 would be the most reasonable dollar amount, based reasonable dollar amount, based on salaries. on salaries.

$5,000 would be a very small $5,000 would be a very small salary on which to live.salary on which to live.

$100,000 might be too much to $100,000 might be too much to expect from the first year off expect from the first year off business. business.

Financial GoalFinancial Goal So, a SMART financial goal for our So, a SMART financial goal for our

first year of operation might be:first year of operation might be:

In the first year of operation, our In the first year of operation, our television sales business (enter name television sales business (enter name of business), located at (enter name of business), located at (enter name of location) in (enter name of town) of location) in (enter name of town) will make $30,000 after all expenses.will make $30,000 after all expenses.

Financial GoalFinancial Goal

Alright, when we take these Alright, when we take these three three SMART goalsSMART goals, combined with the , combined with the descriptionsdescriptions you created, we have a you created, we have a great start on a great start on a business descriptionbusiness description, , which is a way of communicating to which is a way of communicating to other people what the business is, why other people what the business is, why it exists, and what we plan to do. it exists, and what we plan to do.

If we complete the National FFA Agri-If we complete the National FFA Agri-Entrepreneurship Award application, Entrepreneurship Award application, we now have an idea of what to do for we now have an idea of what to do for the first part of the business plan.the first part of the business plan.

ReviewReview Today, we discussed Today, we discussed brand identification, brand identification,

identified the difference identified the difference between between products products and services, and created a business and services, and created a business description.description.

We now understand the importance of We now understand the importance of branding branding and have had a rand have had a review of SMART goal writing. eview of SMART goal writing.

We identified the difference between We identified the difference between products products and services. and services. When I say When I say productproduct, what motion do we think , what motion do we think of?of? When you hear the word When you hear the word service, service, what do you think what do you think

of?of?

When developing our own entrepreneurial When developing our own entrepreneurial enterprise, we must be able to communicate the enterprise, we must be able to communicate the aspects of that business to others including aspects of that business to others including potential customers and financers.potential customers and financers.

ActivityActivity Write (on pg. 15 packet) a business Write (on pg. 15 packet) a business

description for the business your description for the business your creating by addressing the following creating by addressing the following questions:questions:• ““Why does the business exist?” Why does the business exist?” • ““Why is the business useful?” Why is the business useful?” • What are your SMART goals for your What are your SMART goals for your

business?business? Smart Goal Example: (write a SMART goal)Smart Goal Example: (write a SMART goal)

• In the first year of operation, our sales In the first year of operation, our sales business (enter name of sales business), business (enter name of sales business), located at (enter name of location) in (enter located at (enter name of location) in (enter name of town) will make $30,000 after all name of town) will make $30,000 after all expenses.expenses.

Activity ReviewActivity ReviewC. SMART goalsC. SMART goals

1. (s)pecific1. (s)pecific

2. (m)easurable2. (m)easurable

3. (a)chievable3. (a)chievable

4. (r)ealistic4. (r)ealistic

5. (t)ime-based5. (t)ime-based Three goals:Three goals:

When will we open the businessWhen will we open the business How will we secure the location of How will we secure the location of

our businessour business Financial goalFinancial goal