Tuesday, April 15, 2008 Freshman Seminar

TOPIC: Competition and Competitive Advantage

AIM: How can your business get a competitive advantage over other businesses?

DO NOW: Describe you product or service and explain why consumers would want it.

LP: Motivation: How many of you have ever been involved in a sports or other type of competition to win over other people, where you had to compete and beat the others? Discuss. This leads into review of Do Now responses and putting them on the board on sheets on large sheets of paper.

New Vocabulary to define: Competitive Advantage, Competition

Students will complete a page of the business plan for page 7 (related to Chapter8 in text) Students list competitors, price, location, and quality, and then competitive advantage listing reasons why customers will purchase product their product or service vs. that of their competitor's.

Students are reminded that the lowest price is not sustainable as a competitive advantage.

Homework: Yesterday's homework is due, which is a drawing of the product and a listing or description of the product features. If it is a service, then someone using the service is drawn and the services and their benefits to consumers are listed or described.

Homework tonight: How much money will you charge for each individual product or service? Set up a chart and identify what they are, and list the prices you will charge for each, and in a separate column list next to it the cost to you in labor hired, materials purchased and used, hours, and labor costs. You do not have to include overhead costs for the facility at this time.


TOMORROW: We will begin preparing for presentations of our business ideas and products/services to Mr. Melkonian for a Thursday start date! We will complete new additional worksheets starting tomorrow. Remember, your business plan is your roadmap to success!