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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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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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Naomi Osaka and Celebrity Endorsements

There is no doubt that celebrities make powerful brand ambassadors. In particular, professional athletes command a great deal of attention in the media and with consumers.  People tend to idolize these athletes and emulate them to the extent of buying products from the brands that they endorse (hey, if I thought Naomi Osaka’s brand of racquet would help my tennis game – I’d buy it!). The problem is that if an athlete fails to keep public goodwill, the brands might falter. Therefore, there are behavior contracts that guide and govern athletes with respect to brands.

One professional athlete recently in the news is Japanese tennis player Naomi Osaka. At the French Open, Osaka won her match but declined to take part in a mandatory post-match news conference, thereby incurring an automatic $15,000 fine. Fines for athletes are not uncommon. At most major sports events players are contractually obligated to face the press following play. Osaka declined to meet with press and stated that she was willing to pay any fines. She cited caring for her mental health and depression as her reasons for not holding press conferences, stating that she “often felt that people have no regard for athletes’ mental health.”

But, the Roland-Garros tournament officials took it a step further than a fine and threatened Osaka with increased penalties plus possible suspension from tennis if she failed to comply. Osaka subsequently withdrew from the tournament.

Osaka’s celebrity status has served her well in tennis. She has more than 2.2 million Twitter followers, and has earned more than $60 million in prize money and endorsements, including brands Nike, Nissan, GoDaddy, Levi’s, and more. She is a four-time Grand Slam singles champion and the highest-paid female athlete ever. Osaka is also an activist who has taken high-profile stands on BLM and other causes. All of these factors make her a valuable endorser to brands.

Among the questions following Osaka’s withdrawal are how to respect and support athletes’ mental wellness, and how should brands respond? (To date, all of Osaka’s sponsors are staying with her.)

Group Activities and Discussion Questions:

  1. Discuss the communication process: sender, encoding, message, media, decoding, and receiver.
  2. Discuss the importance of celebrities in brand endorsements.
  3. Poll students: How are purchases influenced by athletes and celebrities?
  4. What is their opinion of Naomi Osaka’s move at the French Open?
  5. What are brands responsibilities to endorsers? To consumers?
  6. Have students list all of the celebrities/brands pairings they can remember.
  7. What makes these pairings successful? Unsuccessful?
  8. Divide students into team. Have each team select a product or brand and then find a celebrity who could successfully endorse the brand.
  9. Debrief: Poll students about their opinions about the suggested pairings. Why were the celebrities selected?

Source: CNBC; New York Times; Wall Street Journal; other news sources

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