Distance Learning: Week 2 - Customer Segments

Introduction:

Customers represent the heart of an business organization.  Prior to our school closure, we were exploring empathy and how using it can help us effectively grow a business.  The Business Model Canvas is a tool that will help us plan, develop, and organize our business model.  The first step is to genuinely understand our customers.  Empathy will help us do that.

Overview:

This week's activities are designed to help you reflect on our previous learning AND connect it with new concepts.  In my opinion, as well as many others, understanding who your customers really are and what they really expect in their lives is crucial to the success of business.  It allows us to maximize profitability while efficiently using scarce resources effectively.

These activities are designed to take 30 minutes or less per day; the equivalent of 2.5 hours for the week.  Please communicate with me if you are having difficulties or are feeling overwhelmed.  I've got your back in all of this...I PROMISE.

Office Hours:

1. Monday - Friday (10:00 - 10:30 am & 2:00 - 2:30 pm)
2. By Appointment (Message me via Schoology to Request a Meeting)

Activity 1: Finalizing the Exploration of Empathy

1. Video - Empathy In Action (watch for examples of empathy and how it impacts others)
2. Empathy Review (Read for review - you already have this)
3. Empathy Map (You have this too)
4. Empathy Discussion Assignment

Activity 2: Business Model Canvas

1. Video - Intro to Business Model Generation
2. Customer Segments Assignment
   1. Overview
   2. Read the article for understanding (take notes)
   3. Student Choice
      1. Write and submit a summary of the article
      2. Create a Flipgid where you summarize the article

Activity 3: Assessment:

1. Customer Segments Quiz

Manipulating Supply and Demand

EQ - How can a business owner manipulate supply and demand to gain an advantage?

1. Supply and Demand Quiz
1. Answer the questions on the board.
2. Discussion Questions:
1. How can we manipulate demand?
2. How can we manipulate supply?
3. Intro to Manipulating Supply and Demand (Notes)
4. Back to Eric Ericson's Sandwich Shop
1. With you row, identify ways that Eric can manipulate S&D
2. Prepare to share with the class
5. Class Share
6. Debriefing

Intro to Supply and Demand and the Impact on Pricing Decisions

EQ - How do supply and demand impact pricing strategies for entrepreneurs?

1. Activator: The Hudsucker Proxy (video)
1. Why does a business owner lower the prices of the products that they are not selling quickly?
2. When would a business owner have to raise prices?
3. What does a price increase communicate to customers about the product?
4. What is the opportunity cost evidenced in the video?
5. How do the events shown in the video impact profitability?
6. What would you do differently?
2. Debriefing
3. Supply and Demand - econedlink (Ice Cream Cones)
1. Law of Demand
1. Demand Schedule
2. Charting Demand
2. Law of Supply
1. Supply Schedule
2. Charting Supply
4. AP – How did the Hula Hoop scene indicated the Law of Demand - econedlink
5. Muddy Point Questionnaire – What makes sense?  What doesn’t?
6. Article Distribution
1. Review Active Reading Strategies
2. Read for Understanding
3. Reflection Assignment - Schoology

Acquisition of Resources

EQ - How do I find resources at a cost that will allow me to become profitable?

1. Lessons from the Coffee Shop
1. TPS - Key Ideas Learned
2. Finding Resources
1. Collaborative Pairs - Competitive Assignment
2. Who can start a coffee shop for the least amount of capital expenditures.
1. Two Laptop per partnership (1 for research, 1 for Recording)
2. Google Sheets - Recording
3. Prepare to Share
1. Define Your Concept
2. Total Cost of Startup
3. Cost per Unit Sold
4. Price to customers
5. Profit 
6. # of units sold to break even
4. Presentations
5. Quiz - Calculating Profit

PBL

CONTINUATION OF IDEATION



The Imagination Land Money Giveaway has just announced that you and your team have collectively won an unspecified sum of money.

It sounds legit....so CONGRATULATIONS!!!

You must agree to use the funds to create a business within your community.  You may wonder...what are we supposed to create?

It is completely up to your group.  Its almost that easy.  There are only a few additional requirements which are listed as follows:

1. Describe the business (Purpose, Type of Business, Consumer Needs Being Satisfied)
2. Picture of how the business will operate
3. Describes in detail the Factors of Production needed to operate
4. List of proposed resources to be used including
1. Volume/Amount Needed
2. Cost (Fixed/Variable)
3. Place an asterisk (*) next to each ESSENTIAL resource
5. How many products will you need to sell in order to breakeven?

Please prepare a short (3 minute) presentation to explain your business to the TRIBE TANK

Questions you should ponder include:

1. What is unique about your product?
2. What does it cost to produce?  At what price can it be sold?
3. How much debt do you have?
4. How will you distribute your product?
5. How many competitors exist?
6. How will you best reach your customers?

Connect to the 5 W's of quality writing

1. Who?
2. What?
3. Where?
4. When?
5. Why?

RESOURCES:

Academic Standards Handout

Classroom Tools - Textbooks, Whiteboards, etc.

Schoology

Chromebooks