Project-Based Lesson Plan

Project Title: Marketing Your Business

Course: Business Finance

Unit: Management

Content Standards: Note: 2008 New Course of Study – Business Finance

20. Utilize management and financial skills to develop a business plan.

Old Course of Study – Entrepreneurship

Explain marketing functions used by a small BM2002 (9-12) business.

BM2002 (9-12) Describe the four elements of the marketing mix.

BM2002 (9-12) Justify the role of market research.

BM2002 (9-12) Describe major marketing activities.

BM2002 (9-12) Explain the purpose of a business plan.

BM2002 (9-12) Develop a business plan

Overview/Annotation:

Marketing is the activities of a company associated with buying and selling a product or service. It includes advertising, selling, and delivering products to people. In order to successfully market and sell your products and /or services to customers, it is necessary to have a marketing plan. A Marketing Plan should address the 4 P’s of Marketing: Product, Place, Price, and Promotion. Students will produce a marketing plan using the marketing mix (4 P’s) for a fictitious business they have created. This is a Commerce and Information Technology project-based lesson plan.

Approximate Duration of Time: 5 hours

Essential Question: (from POI) What is a feasible marketing plan for a business?

Procedures/Activities: (for the student)

To complete this project, students should have knowledge of the units on economics, career opportunities, and accounting procedures. The following websites will also help with research a business plan and help with the technical writing and creativity. http://www.businessplan.com/article/DoesMyBusinessPlanNeedAMarketing http://template.businessplan.com

1. Students must determine what type of business and product/service they will be marketing.

2. Students will understand the 4 P’s of marketing: product, place, price, and promotion.

3. Students will answer this question: What product will I sell? In order for students to answer this question, they must research the competition. For them to be competitive, their business needs to offer products that customers have demonstrated a need for. They need to evaluate what the business is capable of offering.

4. Students will answer this question: Where will the products/services I sell be sold? In order to answer this question, students will have to evaluate their community and customer locations.

5. Students will answer this question: What price will I charge for the products/services I offer? To answer this question, students will have to conduct a cost analysis to determine the selling price of their products/services. If you are selling a product, a study of the competitor’s prices will help you with setting fair and competitive prices. You don’t want to charge too much or customers will look elsewhere. On the other hand, don’t price your products too low or customers will perceive you as being “cheap” or low quality. If you are providing a service, you need to ask yourself how much money you would like to make per hour.

6. Students must answer this question: How will I promote and advertise the products/services I offer? To answer this question, students will again look at the competition and what they are doing to advertise their product/service. There are hundreds of methods to use, such as flyers, print advertisement, brochures, business cards, websites, billboards, etc. Students will research how much advertising cost. They will have to determine an amount budgeted to spend on advertising and set goals. 7. Students will complete a “Marketing Plan” section of the business plan using the attached worksheets. They must follow the 4 P’s of the marketing mix (product, place, price, and promotion).

8. Open the Marketing Plan Worksheet, type your name and date in the header section on page 1 of the document. Follow the instructions provided in the document to complete the worksheet.

9. Upon completion, print the worksheet.

10. Open the Marketing Plan Template, type your name and date in the header section on page 1 of the document. Using the Marketing Plan worksheet, create your marketing plan. You may copy and paste answers that are relevant from the worksheet.

11. Upon completion, print the “Marketing Plan.”

Materials, Equipment, and Technology Resources: (for the teacher)

Computer, Printer, Internet Access

Background Preparation: (for the teacher)

To complete the project teachers should:

Know the parts of a business plan Know how to use software applications Apply technical writing skills Use creativity Decision-making skills Apply entrepreneurship concepts to the project

Assessment Strategies:

Completed Marketing Plan Worksheet

Completed Marketing Section of a Business Plan CTSO Activity:

Participation in FBLA Finance Competitive Events

Activities to market FBLA in their local school and community: socials, field trips, submit articles to newspaper. MARKETING PLAN WORKSHEET

Instructions: Apply the 4 P’s (product, place, price, and promotion) of marketing presented below to your business to create your marketing plan. Answer each question given below.

I. PRODUCT

1. Research the competitors in your local area (that specialize in the same type of business as yours) to generate a list of products and/or services they offer. Type the list of products and/or services in the space provided below.

2. Based on the research you conducted above, what products and/or services will you offer through your business? Type the list in the space provided below.

The products and/or services my business will offer are:

II. PLACE (LOCATION)

1. Where will the day-to-day operations of your business be conducted? Type your answer in the space provided below. III. PRICE

1. What is the estimated cost of producing each product and/or service offered in your product line? Type your answers in the table provided below. If necessary, add more rows to the table.

Product/Service Estimated Cost

2. In the space provided below, describe how you arrived at the estimated cost of each item listed above. 3. In the table provided below, list the products that you offer and what three of your competitors charge for each item. In the column labeled “My Price,” fill in the price that you will charge for each item. If necessary, add more rows to the table.

Price for Price for Price for My Product/Service Competitor #1 Competitor #2 Competitor #3 Price

IV. PROMOTION

1. In the table provided below, list several different methods you can use to advertise your business and the cost associated with each method. If necessary, add more rows to the table.

Advertising Method Cost

2. Based on the startup funds you have available, what advertising methods will you use? List them in the space provided below.

Marketing Plan

I. Product

II. Place

III. Price

IV. Promotion