on target for competition

On Target for On Target for CompetitionCompetition

ImagineImagine Think about the last time you were in a Think about the last time you were in a

shopping mall. shopping mall.

Remember what entrance you came Remember what entrance you came through. through.

Picture the store you entered or what Picture the store you entered or what stores were near the entrance. stores were near the entrance.

Think about the type of people who shop Think about the type of people who shop in that store or stores. in that store or stores.

ImagineImagine

Imagine you are entering a department Imagine you are entering a department store like JC Penny. store like JC Penny.

Picture the type of people you would Picture the type of people you would expect to see in that store. Think about expect to see in that store. Think about their age, their gender, the types of jobs their age, their gender, the types of jobs the customers have, how much money the customers have, how much money they earn. they earn.

ImagineImagine Now imagine you are walking down to the Now imagine you are walking down to the

arcade…arcade…

picture in your mind the type of people you picture in your mind the type of people you will see in this business. Think about the will see in this business. Think about the age of these individuals, their gender, the age of these individuals, their gender, the type of job they have, how much money type of job they have, how much money they earn.they earn.

ImagineImagine OK, let’s discuss what we imagined. Let’s OK, let’s discuss what we imagined. Let’s

look at JC Penny first.look at JC Penny first.

Who will go first and describe for us what Who will go first and describe for us what you imagined about the people shopping you imagined about the people shopping in the department store. Who else?in the department store. Who else?

ImagineImagine

Now, let’s consider the arcade. Who can Now, let’s consider the arcade. Who can describe for us what you imagined about describe for us what you imagined about people in this business. Who else?people in this business. Who else?

As a business owner, why is it important As a business owner, why is it important to be able to recognize the people who to be able to recognize the people who will shop in our store?will shop in our store?

ImagineImagine What was different about these different What was different about these different

groups of people? groups of people?

How is the environment in each of these How is the environment in each of these businesses different? businesses different?

What if the environment of the arcade was What if the environment of the arcade was similar to the department store? similar to the department store?

ImagineImagine

What if the environment of the What if the environment of the department store were similar to the department store were similar to the arcade?arcade?

Why is this important for business Why is this important for business owners to consider?owners to consider?

CompetitionCompetition Excellent everyone! In our last lesson we Excellent everyone! In our last lesson we

investigated brands and created some investigated brands and created some very simple business goals. very simple business goals.

Both are very important to potential Both are very important to potential entrepreneurs, as is today’s topic. entrepreneurs, as is today’s topic.

Today, we are going to look at how to Today, we are going to look at how to identify customers and identify what we identify customers and identify what we need to consider about our business need to consider about our business competitors. competitors.

CompetitionCompetition When we talk about When we talk about identifying our identifying our

customers, pg. 16 in packet, customers, pg. 16 in packet, target target market and our competitors, it market and our competitors, it is is important to remember that we are dealing important to remember that we are dealing with people. with people.

Dealing with people involves social Dealing with people involves social interactions. Anytime we work to improve interactions. Anytime we work to improve our interactions with others, we are our interactions with others, we are utilizing social growth.utilizing social growth.

STOP JUMP to Slide 20STOP JUMP to Slide 20

CompetitionCompetition

So, during class today be ready to move So, during class today be ready to move about actively, be diligent in your note about actively, be diligent in your note taking and be ready to deliver a short oral taking and be ready to deliver a short oral report.report.

Identify the components to Identify the components to consider when discovering the consider when discovering the target market.target market.

I. I. Target market – identify the following Target market – identify the following characteristics about characteristics about the people we plan the people we plan to sell to:to sell to: A. Age rangeA. Age range B. Gender, male or femaleB. Gender, male or female C. The types of jobs people work, or what C. The types of jobs people work, or what

profession they are inprofession they are in

Identify the components to Identify the components to consider when discovering the consider when discovering the target market.target market.

D. The income level, the amount of money D. The income level, the amount of money individuals in the group make (a range, individuals in the group make (a range, average, or both)average, or both)

E. The educational level of the individuals E. The educational level of the individuals in the group (high school, community in the group (high school, community college, college)college, college)

F. Where individuals in the group live F. Where individuals in the group live (apartment, house, rural or urban)(apartment, house, rural or urban)

Target Market ActivityTarget Market Activity

So that we can better understand the concept So that we can better understand the concept of of target markets, let’s target markets, let’s take a look at some take a look at some groups and determine the characteristics of groups and determine the characteristics of each group based on what we know about each group based on what we know about target markets. target markets.

The target markets are on pg. 16 in unit. The target markets are on pg. 16 in unit.


When I say, When I say, “Sort,” take your sticky notes “Sort,” take your sticky notes and place them with the and place them with the target market target market you you think they should be placed with. think they should be placed with.

You will have two minutes to complete this You will have two minutes to complete this activity. What questions are there? Sort!activity. What questions are there? Sort!


Let’s take a look at each of these. Who will Let’s take a look at each of these. Who will share with us the characteristics of the preteen share with us the characteristics of the preteen target markettarget market

Great, let’s take a look at the senior citizen Great, let’s take a look at the senior citizen target market. Who will target market. Who will tell us about this tell us about this group?group?


Now let’s look at the farmer Now let’s look at the farmer target market. target market. Who will share these?Who will share these?

What about the young professional What about the young professional target target market? Who will share market? Who will share these?these?

Finally let’s look at the high school student Finally let’s look at the high school student market. Who is up for this final group?market. Who is up for this final group?


We did a great job of organizing these We did a great job of organizing these characteristics into the appropriate characteristics into the appropriate target market. target market.

This is important as we continue thinking This is important as we continue thinking about about establishing our own entrepreneurial enterprise. establishing our own entrepreneurial enterprise.


Think about which of these target markets you Think about which of these target markets you would like to describe in words using the would like to describe in words using the following indicators (refer to notes):following indicators (refer to notes): AgeAge -Education level-Education level GenderGender -Area of residence -Area of residence EmploymentEmployment StatusStatus IncomeIncome

Target Market ActivityTarget Market Activity Now let’s take some time to describe the Now let’s take some time to describe the target target

market you have market you have selected. selected.

When I say, “Write”, we will take about five minutes When I say, “Write”, we will take about five minutes to put the characteristics for our chosen to put the characteristics for our chosen target target market into a brief paragraph.market into a brief paragraph.

STOP go to Slide 22STOP go to Slide 22


Take out a sheet of notebook paper and a Take out a sheet of notebook paper and a writing utensil. Work carefully to make sure the writing utensil. Work carefully to make sure the sentences transition well. sentences transition well.

What questions are there? As a reminder, we What questions are there? As a reminder, we will put the characteristics we identified here will put the characteristics we identified here into sentence form on notebook paper. Ready, into sentence form on notebook paper. Ready, write!write!

Target Market ActivityTarget Market Activity Who would like to share their Who would like to share their target market target market

descriptions.descriptions.

Now we have a good idea of how to write a Now we have a good idea of how to write a description of our description of our target market if we target market if we complete complete the National FFA Organization’s Agri-Entrepreneur the National FFA Organization’s Agri-Entrepreneur Award application.Award application.

Hold on to your description, we’ll use this as our Hold on to your description, we’ll use this as our ticket out of the door today (collected on your way ticket out of the door today (collected on your way out).out).

Identify the components to Identify the components to consider when discovering a consider when discovering a business’s cbusiness’s competition.ompetition.

What do you think of when you hear the What do you think of when you hear the word word competitor?competitor?

Those are all great thoughts. When we think Those are all great thoughts. When we think of of competitors related to competitors related to our our entrepreneurial enterprise or business, we entrepreneurial enterprise or business, we think of those other businesses selling the think of those other businesses selling the same or similar product as we are, right?same or similar product as we are, right?

Identify the components to Identify the components to consider when discovering a consider when discovering a business’s business’s competition.competition.

Pg. 17 in unit- Let’s take a look at some Pg. 17 in unit- Let’s take a look at some questions we must consider when describing questions we must consider when describing our our competitors. Take a moment and read competitors. Take a moment and read through this information.through this information.

I. Description of I. Description of competitors – questions to competitors – questions to consider when consider when identifying your businesses identifying your businesses competitors.competitors.


A. Who or what business is selling the same or A. Who or what business is selling the same or similar product or service that we plan to?similar product or service that we plan to?

B. How far away from our location are these B. How far away from our location are these businesses?businesses?

C. How do these C. How do these competitors’ products or competitors’ products or services compare to services compare to ours? What are the ours? What are the strengths and weaknesses of their products strengths and weaknesses of their products and services?and services?

D. What do we know about how these D. What do we know about how these businesses are doing financially?businesses are doing financially?


E. How does our product or service compare E. How does our product or service compare to the to the competitors’ products or services? competitors’ products or services? What are the What are the similarities and differences?similarities and differences?

F. What is the price of each F. What is the price of each competitor’s competitor’s product or service?product or service?

G. How does each G. How does each competitor advertise competitor advertise their product or their product or service?service?

Identify the components to Identify the components to consider when discovering a consider when discovering a business’s business’s competition.competition. Description of Description of competitorscompetitors

Address all questions mentioned above & on Address all questions mentioned above & on handout, on a separate piece of paper.handout, on a separate piece of paper. Title paper: Title paper: Description of Description of competitorscompetitors

Assume you are opening your business & Assume you are opening your business & introducing your product around _______ introducing your product around _______ town (you decide) ex: Etna, CA.town (you decide) ex: Etna, CA.

ReviewReview We’ve learned some important stuff today! We’ve learned some important stuff today! We know what we need to do to describe We know what we need to do to describe

our our target market and we know what we target market and we know what we need to need to consider when describing our consider when describing our competitors. competitors.

Take a moment and think Take a moment and think about one about one important point you learned today about important point you learned today about target markets and competitors.target markets and competitors.

Look at someone sitting next to you and tell Look at someone sitting next to you and tell them that most important point.them that most important point.

ReviewReview When developing a marketing strategy, it is When developing a marketing strategy, it is

important for us to know our audiences, our important for us to know our audiences, our target market and competitors. target market and competitors.

Keep in mind that Keep in mind that successful entrepreneurs successful entrepreneurs know the importance of these concepts and know the importance of these concepts and work hard to stay abreast of who is using work hard to stay abreast of who is using their products and who competes against their products and who competes against them.them.

ReviewReview

Remember the Remember the target market target market description we created earlier today?description we created earlier today?

That is our ticket out the door. Hand this That is our ticket out the door. Hand this in on your way out.in on your way out.

STOP HERESTOP HERE

Extended ActivityExtended Activity Make a list of businesses in the community Make a list of businesses in the community

and identify the and identify the target market for each. target market for each. Consider age, gender, income, Consider age, gender, income, education education

level, place of residence, etc. level, place of residence, etc. Consider the products and/or services the Consider the products and/or services the

business provides and compare these to the business provides and compare these to the characteristics of the characteristics of the target market.target market.

EvaluationEvaluation

Identify your business and product.Identify your business and product. Identify the Identify the target market or markets for target market or markets for your your

business and product.business and product. After you have identified the After you have identified the target market(s), target market(s),

consider the characteristics of each in terms of consider the characteristics of each in terms of age, gender, types of jobs people work, income age, gender, types of jobs people work, income level, education level, where people live. level, education level, where people live.

EvaluationEvaluation

In the document you create, briefly explain In the document you create, briefly explain why you chose each why you chose each target market. target market.

Additionally, using complete sentences, Additionally, using complete sentences, write a brief write a brief description of each description of each target target market you have identified.market you have identified.

on target for competition

Documents

type of people

department store

target market activitywhen

different groups of

types of jobs people

concept of target markets

business competitors

money individuals