Episode 2: What is a product?
Let's discover more about the product
At the last meeting, you saw a video where you learned the difference between products (eg cars, notebooks, food) and services (eg dental, education, hotel).
How did your lemonade stand business go? Do you still have the original draft?
Let's see how we can improve your business plan.
Today, we're learning together about how to build a successful product or service.
To reach the final destination, i.e. to have a successful product, we need to keep the following in mind:
- Any product must respond to a need / desire of the consumer. (eg the ZOOM app helps us work and connect online) . So ask yourself: What needs and problems does the customer have? How does my product / service help him?
- Don't stop at the first idea that comes to you. Be creative and find as many ideas as possible.
- Make a prototype and test it!
- Don't rely on assumptions! Ask the customer for their opinion about the product. Depending on the information received, adapt your product!!
- Competition is important! Always ask yourself: what makes my product different from others already on the market?
Now that we have learned the steps any entrepreneur goes through before launching a product on the market, I invite you to watch a video in which 7 child entrepreneurs show you how they became successful with their products:
Continue the discussion with a friend / parent to better understand the business. Here are some directions to explore:
- Which of the products in the video did you find most interesting and why?
- Think about each business separately. Identify and write down the needs for the first 2 products.
Challenge to a direct experience:
Your School Day is coming up and you are responsible for organizing a fair in the school yard.
Several "stores" prepared by your colleagues will be present at this fair.
It is important that the products / services offered are liked by customers and sell well.
For this, it is recommended to do a market research to find out what are the needs of the 3 categories of customers (children, parents, teachers). What do they want?
Write 2 questions each that you would ask your parents, teachers and colleagues to be able to make the best decision!
If you have time, also ask them about your lemonade business, which you want to participate in the fair. What would you like to know from your customers?
Remember, any successful business addresses a need that as many people as possible have!
The next episode appears on Friday, May 8, 2020.
#staytuned #do the Challenge #learn at home
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