Workshop #1 Project Selection © Career Partners, Inc. 2015

What’s Our Product/Service Going To Be? Distributed/ Marketed/ Serviced Produced/ Assembled Tangible Product? Make sure teams recognize that first statement at the top, “Tangible.” © Career Partners, Inc. 2015

What’s Our Product/Service Going To Be? Dependent Heavily on Employee Performance People Driven Intangible Or Service? Note that a service is “Intangible.” Make sure teams know that their project does not have to be based on a physical product…..services are just as good and can make just as much money, if not more. Services are the fastest growing section of today’s economy. © Career Partners, Inc. 2015

How Do YOU Choose? When trying to come up with a Product: Do you want a totally new idea – or do you want to make a change or an improvement to an existing product When trying to come up with a Service: What makes your service unique or different from your competitors? Highlight the fact that most new products are just changes or alterations to existing products…..and new services can be ideas that involve existing products as well. © Career Partners, Inc. 2015

Start thinking! A business needed in your town A business using your own personal talents and skills A business that involves exports to another country A home-based business A partnership between two or more students in the class © Career Partners, Inc. 2015

What interests do you have? Think Some More…. What are you good at? What interests do you have? Make the idea simple © Career Partners, Inc. 2015

Identify your TARGET MARKET Who Will Buy?? Identify your TARGET MARKET Male/ Female Age Geography Pick a different team. Ask what its idea is and go through the questions on this slide. © Career Partners, Inc. 2015

Identify the size of your Target Market Who Will Buy?? Identify the size of your Target Market Your market needs to be large enough to support the investment How do consumers buy your product/service? Storefront Internet Direct Mail Ask students to get together and answer these questions in their team. Then pick a team to share. - Ask what its idea is and go through the questions on this slide. © Career Partners, Inc. 2015

How Much Will Consumers Pay? CANDY BAR AUCTION NOTE to Instructor: Do not use a candy bar with peanuts! Directions for Instructor: This is a demonstration on how the market can help set prices. Hold up a candy bar and ask everyone “Who would be willing to give me 5-cents for this Candy Bar. “ Keep increasing your price until fewer and fewer hands go up…….eventually you will get to a price that no one will pay. You can talk a little about opportunity cost if you like at this point…..but the main point to show is that the market (consumer demand) plays a role in pricing. © Career Partners, Inc. 2015

Take 5 minutes with your coaches to create a Product or Service Idea. TEAM ACTIVITY Take 5 minutes with your coaches to create a Product or Service Idea. Every team member must participate. UNDERSTAND THIS – The idea you come up with in these 5 Minutes PROBABLY WON’T be the idea on which you base your Business Plan. Let teams know to not feel under pressure to come up with their final-great idea….this is to get them start thinking and communicating with each other. YOU HAVE 5 MINUTES © Career Partners, Inc. 2015

Your coaches will now take over for the remainder of the class.