Monthly Archives: June 2017

by | Friday, June 9, 2017 · 7:57 am

Prosthetics for Pets

There is no doubt that the medical options for prosthetics offered to people are advancing by giant leaps. Recently, we wrote about a new amphibious prosthetic leg developed specifically for swimmers. Such innovations are not reserved only for the two-legged species; new orthotic and prosthetics are also available for pets who need new paws or legs.

While the animal prosthetic industry is very new, there have been new advances and an increase in demand for prosthetics for animals. According to industry experts, the growth has been exponential for the innovative services.

Perhaps some of this is due to the change in family/pet dynamics – pets are often viewed as important members of the family, and receive important health care. The prosthetics are custom-made and can cover knees, ankles, pays, wrists, elbows, and legs. Orthotic devices range in price from $750 – $950, while prosthetics average $1,350 – $1,750.

What would you pay for your pet’s care?

Group Activities and Discussion Questions:

  1. Pricing is usually a complex topic. Discuss the six steps for pricing (determining objectives, estimating demand, determining cost/profit relationships, select price level, set list price, and make adjustments).
  2. Next, show the Web site and videos for Ortho Pets: http://orthopets.com/
  3. Discuss the various pricing models in class: demand-oriented, cost-oriented, profit-oriented, and competition-oriented.
  4. For this product, divide students into groups and have each group work on any/all of the six steps.
  5. When setting the price level, assign each team a different model to use (demand-oriented, cost- oriented, etc.).
  6. Debrief the exercise. Compare the various pricing models and discuss advantages/disadvantages of each.

Source: Tribune News Service

 

Leave a comment

Filed under Classroom Activities

Tagged as , , , , , ,

by | Wednesday, June 7, 2017 · 7:47 am

How a Sample of 1,000 People Represents the U.S.

How can a survey of a small group of people represent the entire population of the more than 325 million people who live in the United States? While it is not necessarily easy, research uses a process that accounts for the entire population.  This is critical to marketers – in order to uncover information from consumers, we need to ask them, but it has to be the correct group. (For example, don’t ask bald men about shampoo preferences!)

The research basically needs to start with a random sample of a group of people who represent the entire population. The group has to be the right group though, not just convenient people and random strangers to whom we give a survey.  A nationally representative survey must be one in which each person in the United States has the same chance at being selected. Once you have results, how do you know it fits the overall population?

We know the demographic composition of the U.S., thanks to the U.S. Census Bureau. Once we have the sample, the respondents’ demographics can be compared to those of the entire U.S. population. The weighting adjusts for differences – pair the respondent with demographics of the country such as age, gender, education, race, and region.

Of course, there can still be variations and outliers, but the results of the right sample are a strong indicator of the larger population.

Group Activities and Discussion Questions:

  1. Start by discussing the importance of research in marketing.
  2. Show the Pew video: http://www.pewresearch.org/fact-tank/2017/05/12/methods-101-random-sampling/
  3. Using the class members as an example, have students determine the demographic composition of the class.
  4. How else might the class be broken into representative groups?
  5. Select a product and have student teams determine that the demographic makeup of the product’s target market.
  6. How could students find and reach a random sample of the target market?

Source: Pew Research

Leave a comment

Filed under Classroom Activities

Tagged as , ,

by | Monday, June 5, 2017 · 7:52 am

Viral Videos for May 2017

This week’s viral video is a great mix of ideas, with several longer videos in the top spots. Hyundai’s short adventure film features its cars on an icy trip in “Shackleton’s Return.” Heineken also retains a top spot for its short film, “Worlds Apart.” The film pairs strangers (who happen to have opposite viewpoints) working together to build a bar, then finding out who they have really been talking to. It’s time to be open-minded, listen, and talk about differences.

There are three key factors for viral video success:

  1. Reaching the tastemakers.
  2. Building a community of participation.
  3. Creating unexpectedness in the video.

Regardless of the type of product or service, the country of origin, or the importance of the message, what matters is reaching the audience in a way the both entertains and informs. It might be YouTube, and more often now, it’s on Facebook and other social media. Check out this week’s top videos and discuss what makes them “go viral.”

Group Activities and Discussion Questions:

  1. Bring up a recent Ad Age’s weekly Viral Video chart: http://adage.com/article/the-viral-video-chart/viral-video-chart-5-1-17/308885/
  2. How effective is each video at getting the company’s brand and message across to viewers?
  3. In teams, have students design a viral video for a product of their choosing. What are the elements that are needed to go viral?

Source:  Advertising Age

Leave a comment

Filed under Classroom Activities

Tagged as , , , , ,