Monthly Archives: October 2024

by | Thursday, October 31, 2024 · 7:35 am

Perfect Pitch

Do you have an idea for a great problem-solving product? Excellent. Next, how is your product pitch skill? (A product pitch is a presentation to convince the investors to support your product.)

You have probably seen the show “Shark Tank” where pitches are made each episode to get investors. “Shark Tank” is focused on new product ideas that can be fully developed into a scalable, saleable product. Each show, entrepreneurs pitch their ideas to a panel of investors who may, or may not, invest in the idea for a percentage of the company.

Amazon is now taking a page out of the “Shark Tank” book and is introducing a similar show called “Buy It Now” which also has an Amazon storefront. But for this competition, the entrepreneurs pitch their ideas not only to a panel of judges, but also to a studio audience of 100 consumers who get to vote on the product attractiveness and viability.

The show is hosted by comedian J.B. Smooth (“Curb Your Enthusiasm”).  Entrepreneurs have only 90 seconds to pitch their invention. The audience then votes whether the product should be shown to the judges panel. Winners get support from Amazon in selling their products online.

If the product is selected, then Amazon will sell it in a special section of the store called “Buy it now store” which can be found using a QR code that shows up during each episode. Plus, one winner each week will win $20,000!

The first three episodes of “Buy It Now” launched October 30 and the show will run for 13 episodes, until January 8, 2025. In addition, there will be a weekly podcast that gives listeners a glimpse behind the scenes.

Ready, set, pitch!

Group Activities and Discussion Questions:

  1. Show video about the new Amazon competition: https://youtu.be/8xV-ogRIi1Q?si=pX9FsW72_paa9lNs
  2. Discuss what needs to go into an effective product pitch.
  3. Develop a protocol for scoring pitches for investing.
  4. Divide students into teams.
  5. Have each team select a problem that bugs them, then develop a new product that will help to solve that problem.
  6. Next, have the teams develop a pitch that would work on Amazon’s new show.
  7. Each team should present their pitch to the class, which then votes on the winning pitch.

Source: Davis, W. (30 September 2024). Amazon is launching its own Shard Tank where winners get to be Amazon sellers. TheVerg.com; Toonkel, J. (19 September 2024). Amazon’s new ‘Shark Tank’-style show gives winners top billing in its stores. Wall Street Journal.

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by | Tuesday, October 29, 2024 · 7:32 am

The Mall Evolves – Again.

Have you been to the mall lately? What did you experience there? Was it crowded or empty, old or new, exciting or dull?

Well, that’s the mall of old. Today’s malls are investing and reinventing their shopping concepts for more consumer involvement. Malls are being upgraded and turned into lifestyle centers for entertainment and health, not just shopping. Some malls even have fitness clubs, apartments, and grocery shopping.

Yet, some malls still have a high vacancy rate and industry observers state that more than two million square feet of mall space has been demolished. But many more malls are refurbishing, not demolishing. Some malls are adding themed attractions such as Nerf gun courses, Formula 1-type racing tracks, and obstacle courses. (Call it “retailtainment.”) Think of it as experiential marketing and today’s mall looks totally different than the old versions where all consumers do is wander between stores.

Toy companies such as Nerf and Legos have built areas where people can play with the toys, then buy them in the adjacent retail store. Netflix is also involved; it has built immersive installations that mirror TV series such as “The Office,” “Squid Game, and “Friends.”

Malls are also building outdoor spaces to provide more options for relaxing and eating. Mall owners are spending big to lure shoppers into coming back, and stay longer. In 2024, more than nine million square feet has been planned for new purposes in malls.

While Covid cut down on shopping at malls, people are willing to come back, as long as the mall meets their current needs and stays interesting.

Let’s meet at the mall tomorrow!

Group Activities and Discussion Questions:

  1. Discuss how and where students shop. What are their experiences at the mall?  
  2. Show video about malls evolving: https://youtu.be/B1e2oBigF9U?si=DEm3flwoEXrQSYSl
  3. Divide students into teams. Have teams visit a local mall and observe what is happening around them.
  4. Students might also do primary research and survey fellow students about their desires for mall expansion.
  5. Next, have the teams develop new ideas for malls. They could also provide a floor print of how they see the mall stores and entertainment.
  6. Include stores, dining, entertainment, and more.

Source: Gose, J. (9 June 2024). What retail apocalypse? Shopping centers are making a comeback. New York Times; Margolies, J. (31 August 2024). Nerf blasters and Lego rockets: Another mall evolution. New York Times.

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by | Thursday, October 24, 2024 · 7:11 am

The $1,000 Trash Can

How much trash do you generate in a week? Probably quite a few trash bags if your house is anything like ours.

What goes into your trash can? Does it smell? Yeah, we know. Ours does, too. And sometimes those darned fruit flies show up uninvited. (Hold nose as appropriate.)

But there are options for generating smaller mounds of trash, and even recycling the waste can be easy. Many people do use composting to get rid of trash. But what if you can’t, or won’t, compost? There is still a solution for you if you are ready and willing to spend $1,000 for a state-of-the-art Mill Food Recycler!

In brief, the Mill trash can takes food scraps and pulverizes them into what looks like coffee grounds, but doesn’t smell. Food scraps go into the Mill, internal air circulates and uses a charcoal filter to neutralize odors, dries the food, and grinds it up into a type of compost that can either be mailed back to Mill, or used as compost in gardens. It’s not complicated, after all it is a trash can.

Open the lid using a foot pedal, put in any food product (no bones or shells though). When enough food accumulates, the bucket heats up and the motor runs for a few hours at night, yielding non-smelly grinds. And, for an additional $10 per month, the grounds can be shipped back to the company, which then further processes them and provides them to farms for chicken feed or other uses.

But what’s that you say? You don’t have a grand to spend? Mill even has a rental plan for $30 a month, and you can buy it at the end of the lease.

Ready for a new trash can?

Group Activities and Discussion Questions:

  1. Discuss
  2. Show Mill website: https://www.mill.com/
  3. Show video of product in operation: https://youtu.be/ESuG7j00j9o?si=Yvmh3bb9Fcplp5F3
  4. Discuss the importance of clearly defining a target market.
  5. For this product, what is the target market?
  6. Divide students into teams and have each team develop a profile of Mill’s target market.  (Include demographics, psychographics, behaviors, values, attitudes, etc.)
  7. Divide students into groups to work on this exercise.
  8. Have each team develop a marketing plan for this product. Make sure they select three different tactics. For each tactic, explain why it was selected and how it will be used.

Source: Merck, K. (18 August 2024). Review: Mill food recycler. Wired; Peterson, K. (29 December 2023). Will people pay to send their banana peels through the mail? Wall Street Journal; Rothman, W. (1 September 2024). I tried a $1,000 trash can for two months – and I get it. Wall Street Journal.

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