Role Play Business Meeting

Summary

In this meeting, participants discuss the potential for expanding their product into international markets, particularly targeting younger consumers aged 17-22. The conversation highlights the importance of adjusting pricing strategies to attract this demographic and selecting popular brand ambassadors to enhance market appeal. Ideas for promotional tactics include offering product samples and implementing discounts, although concerns about the financial implications of discounts arise. Overall, the meeting emphasizes a strategic shift towards engaging younger audiences and leveraging influencer partnerships to drive growth and sales.

Takeaways

• 🌍 The meeting's primary focus is on expanding the market for their product internationally.
• 📈 Sales data indicates a consistent upward trend from January 2007 to October 2007, supporting the idea of market expansion.
• 🇺🇸 There is a strong interest in targeting overseas markets such as the United States, England, Germany, Australia, and the Philippines.
• 🧒 A strategic shift is proposed to include younger consumers, specifically targeting the 17-22 age group.
• 💰 Concerns are raised about the purchasing power of the younger demographic and the need for affordable pricing.
• 💵 A plan to introduce a tiered pricing strategy to cater to different income levels is discussed.
• 🛍️ The idea of offering product samples is agreed upon to encourage trial and attract new customers.
• 🚫 There is disagreement about offering a 20% discount, with concerns about its potential impact on profit margins.
• 👩‍🎤 The selection of brand ambassadors is emphasized as a critical component for marketing to the new target demographic.
• 📅 The next meeting is scheduled to further discuss ambassador choices and promotional strategies.

Q & A

What was the main focus of the meeting?

The main focus of the meeting was to discuss expanding the market for their product.

How have the sales trends changed from January 2007 to October 2007?

The sales have been consistently increasing from January 2007 until October 2007.

What suggestions were made regarding market expansion?

The suggestions included targeting overseas markets, particularly in European countries, and appealing to younger demographics.

What demographic does the company currently target?

The company currently targets consumers aged 30 to 40 years.

Why is there a consideration to target younger consumers (ages 17 to 22)?

There is a belief that this age group is becoming more popular and may be attracted to their products.

What pricing strategy was discussed for the younger demographic?

It was suggested to offer products at different price levels, including more affordable options for students and young workers.

What promotional strategies were proposed in the meeting?

Proposals included giving out product samples and offering discounts to attract customers.

What was the concern regarding offering a 20% discount?

The concern was that a 20% discount could significantly affect the company's profits.

Who were some suggested ambassadors for the product?

Suggested ambassadors included popular figures with tan skin and large social media followings, such as influencers appealing to teenagers.

What are the key markets considered for expansion?

Key markets considered for expansion include the United States, England, Germany, Australia, and the Philippines.