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Engage students in a discussion: Transportation is a huge and critical component of commerce. (Recall transportation is an Industry Group .) Moving stuff from state-to-state or country-to-country requires the cooperative interaction and coordination of many businesses, national, and local governments. In the U.S., the Department of Transportation is the federal agency responsible for ensuring fast, safe, efficient, accessible, and convenient transportation systems throughout the country. What businesses and government agencies were directly or indirectly involved in transporting the shoes from the mountain top manufacturing plant to their final destination? Answer: many, including the local Icelandic trucking company, the Icelandic highway system, port and dockworkers, the cargo shipping company, U.S. port workers, freight train, and local trucking company. The U.S. Customs and Border Protection ("CPB") plays an important role in protecting commerce. It is the government agency responsible for inspecting shipments entering the U.S. for counterfeit goods, which is a form of IP theft . 8. Product Marketing. Chris has a great product, but if no one knows about it, it won’t sell. He needs to get the word out about the shoes. How will he advertise his product to consumers? What medium will he use? Will HealnnHeels market to the general public, or target health professionals or both? How will it build brand identity ? What will be their message? So many decisions to make! Chris hires Nancy, of Fancy Schmancey Advertising Company to create a marketing plan , which includes social media marketing (SMM) . Engage students in a discussion: Marketing is an important element of commerce. Every business reserves a substantial portion of their budget for marketing and has a marketing plan. Should HealnnHeels advertise locally? Nationally? Overseas? What’s should their SMM plan be? Their message? Answer: The team will work with Fancy Schmancy to create a plan that identifies their market, targets their customers, outlines how they will get information about their product to potential customers, and builds a look, familiarity, and loyalty to their brand. They will use all media, including social media, print, and digital. 9. Sales Sites. HealnnHeels is ready to start selling. They add a web designer to their team to create a website for the e-commerce online sales , and an app developer create an HnnH app for m-commerce sales via mobile devices. Eddie Fizeo, a commercial real estate agent, helps Chris find just the right location for the brick and mortar retail outlet. Engage students in a discussion. These days, sales are made by e-commerce. m-commerce, and retail location. What are the differences? Answer: Retail (also called brick and mortar ) is a physical location – a store. E-commerce refers to online sales. M-commerce refers specifically to mobile phone or tablet sales often made via app. Chris needs to be set up to handle all types of sales and payment methods, such as cash, credit and debit cards, and international sales. He needs to decide what credit cards he will accept, and whether he will accept Bitcoin or other VC. 10. Reinvesting in innovation. Congratulations, to Chris and his team! HealnnHeels is a profitable company. Chris is a successful entrepreneur. Successful companies usually reinvest some or all of of their profit in their business, so capital is available for future innovation, product improvement, and expansion. In fact, Chris is already working on HealnnHighHeels, a weight loss shoe which coordinates with evening wear, and HealnHounds a weight loss collar for porky puppies. SLIDE 11J PRODUCT PREVIEW
Lesson 11 | You’re the Entrepreneur 196
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