Today we finished going over Chapter 3 and went over Chapter 4. We also spent a lot of time researching for our projects. At the end of class we also watched half an episode of Shark Tank. And tonight we also took a quiz over the end of Chapter 3 and Chapter 4. This quiz was much better I felt extremely confident after taking notes and reading the chapters so it went well.
In chapter 3, we talked about the economies of one unit of sale which tells the amount of gross profit that is earned on each unit of your product so say you make 3.99 on a jar of mango preservative you know if you sell so many jars that your gross profit is such an amount. We talked about gross profit and how you find it in your business, you need to figure out your total revenues and total cost of goods sold and that difference will give you gross profit. I personally like figuring that kind of stuff out because I am an accounting major and it's fun to see how it affects the numbers.
In chapter 4, we talked about marketing and reaching out to your target audience about how they would respond to your product. It can also be done by checking in on your competitors and see how they are doing. We did secondary research for own personal companies and I found a trade association of statisticians which will help make my project easier. I'm still hashing out the details but I think I want to be like a service and supply to the local athletics around Siouxland.
In Shark Tank, we watched a Christmas themed episode where one man had an invention of magnetic Xmas lights, and the other man had a Star of David that could go on your Xmas tree. Targeting the market for Jewish and Christian families. I wasn't crazy about either of their ideas. The lights were too expensive for what he was selling them at, and they didn't stick to aluminum gutters (almost everyone has aluminum gutters). The Star of David didn't seem to have a big enough target market for people that wanted to buy it.
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