If you are reading this article, congratulations, you have made the first week! Looking back, the BizSmart campers have made enormous progress from day 1, and are now moving on to making their own business plans. After a productive coaching session with the CFOs, Director Marla Zemanek led another CMO coaching session in the afternoon.
When Director Zemanek asked what marketing was, the CMOs answered “ the process to promote and sell their products” without hesitation. Based on that solid understanding of marketing, they went into details regarding the 4 Ws.
1.What is your product?
The CMOs seemed to have a good sense of their products’ design and features. However, there were still uncertainties including packaging, delivery, and desired profit.
2.Who are the buyers?
in order to answer this question, the CMOs had to know their targeted customers and design advertisements to attract the buyers. Director Zemanek brought out the point of determining pricing range to eventually locate the age and demographic range of the buyers. Moreover, this aspect led them to the third question.
3.What are the benefits?
If the products were good enough, why would not the customers buy them? Now the problem was how to make this a reality. This question worked hand in hand with the products’ features that the teams were working on, and once this was determined, they would have a green light to move on to the last question.
4.Who are the competitors?
The CMOs sounded very confident when asked this question, as the teams have already conducted research and collected data prior to this session. In addition, teams such as FLIXNET and HYDRO SQUAD either had a different focus or intended to start out as nonprofitable to avoid competition.
Overall, the CMOs generated a greta amount of ideas and Director Zemanek encouraged them to create surveys with the VOCs to discover the sweet spot between their products and customers to maximize potential profit.
After this session, the teams resumed working on their designs and each had some rather enlightening ideas:
This team currently had 3 designs:
Judging from their potential designs, size seemed to be a large factor in their product.
Oculus: Where the videos will be streamed.
Body frame of the glasses: Where the oculus will be fitted( in the front).
Oculus+Body Frame: an amazing product that was tinted outside, but could stream videos on the inside.
On the front of the box, the product will be seen through clear plastic. The customers would find details about the product such as brief description, manufactured site, and allergy alert on the back. Finally inside the box, this fantastic product, Enstick, will be assembled and built in with sensors beforehand to eliminate chances for extra damage.
They envisioned their products to be set up in Africa and produce solar energy. This energy source would be affordable thanks to the design of the battery size, grip, and the parts and outputs. If the first product proved to be a success, they will eventually expand to East Africa. Clearly, they already had a nice plan laid up!
After that, the teams resumed working on their designs from yesterday, and their ideas were slowing turning into reality! Next week will be the second and last week, so watch out for their products because they might just blow your mind!!!
Have a great weekend and more updates will be there before you know it!