I need help with a Communications question. All explanations and answers will be used to help me learn.
It’s a group speech.
The reality television show Shark Tank is the inspiration for our next speech, and if you haven’t seen an episode before watch one here–> . https://abc.go.com/shows/shark-tank In this speech you and your group will pretend to be entrepreneurs staring on Shark Tank persuading the imaginary “sharks” into investing in your company and product/service that you create.
My group’s topic is Body Temperature Reading Shoes. (To help athletes from heat stroke)
I was assigned to do phase 3 and phase 4. If the phases are hard to read, I can send you the dowloaded word.
Phase 3: Market Research
2. This main point should cover how your product/service will sell on the market.
- Explain who your target demographics are? Who will be buying your product/service? Which demographics does it cater to?
- Which retail companies will be selling your product/service? Where can consumers go to buy your product/service?
C.What is the retail price of your product/service once it goes on sale in the market?
i. How much does it cost to make your product? ii. Have some sort of rationalization behind this.
iii. If you are improving upon a product that also exists, you would want to make it around the same price.
D. Address similar products that exist.
i. Who are your competitors (name them and their products/service)? ii. What makes your product different from theirs?
iii. How is your product BETTER than theirs? (Persuade the sharks to see why your product is the best.)
[Transition: Summarize your market research, and preview how much your group will be asking for from the sharks. E.g. “Now that we’ve talked about x, we will now talk about y.”]
Phase 4: Evaluation
3. In this main point discuss the investment you wish to seek from the “sharks.” A. How much money would you like the sharks to invest in your product?
i. How much stake in your company will the “sharks” get? (Spend some time thinking this through with your group – make this number realistic.)
B.How much is the idea worth? How much money do you envision this product making?
i.What is your anticipated profit in the first year? Five years?
ii.Circle back to the market research here.
1. If you have a similar product to something that has already been made, and it sold successfully, provide a rough estimate or conjecture about how much money you anticipate on making for your own product.
C.When do you envision the sharks seeing their return on investment? D. What do the “sharks” stand to make beyond just their initial buy in?
[Transition: Review or summarize what you talked about in the above main point, and preview what you’re going to talk about in your next main point. E.g. “Now that we’ve talked about x, we will now talk about y.”]