Stan Efferding is a 48 year old body builder who competes on a competitive level in the industry. He has a track record of turning start-up businesses into multi-millionaire dollar businesses. He has also opened up an engineering firm which in the year before had made $5 million in gross sales. He is now a silent partner in that business so he can focus on “The Kooler”. On this episode of Shark Tank he said that most body builders are struggling with the amount of things that they hold in their bags, so to restrict that he created his own product called “The Kooler” which is a 2-in-1 cooling product which incorporates both the cooling and storage side of the product.
He said that the product had a unit to put ice and also a unit to keep his …show more content…
He had initially been rejected by 4 of the 5 sharks but he stumbled across an investor by the name of Daymond John who was interested in the business concept but was’nt impressed by how much of the business he was willing to sell. John deliberated and thought it would only be fair is Efferding gave up 33.33% of his company for the initial $50 thousand, which was accepted by the entrepreneur.
Background History on Product
The Kooler was created in early 2014 when Efferding decided that he had had enough of frequently having to be struggling with the inability to carry a boatload of drinks. He uses the biggest distribution line in the United States which distributes to over 70 different locations including retail store and pharmacies, and he also uses one of the biggest supplying companies in the country. He’s also associated with four production factories. Finance …show more content…
The only thing with publicity of the product was whether he could raise a reputation for his product.
Theoretical Content
Marketing includes all the activities required to get the product from the producer to the consumer. Market research is a type of help that the marketing function uses to identify the target market in terms of age, income, gender, marital status, hobbies, best interests and job. Market research also investigates the size of the market. Attention with this is usually paid towards the competitors. Market research also investigates the price that consumers are prepared to pay for the product.
Management and entrepreneurship
Episode
While being questioned, Efferding was asked about what gave him the urge or firepower to become an entrepreneur and he gave facts like he is passionate and that he believes that he could end up making a success out of something nobody has thought about. He also said that he is a creative thinker who is challenged the conventional ways of doing things, innovating different aspects of his business such as his product, his methodology and marketing
He said that the product had a unit to put ice and also a unit to keep his …show more content…
He had initially been rejected by 4 of the 5 sharks but he stumbled across an investor by the name of Daymond John who was interested in the business concept but was’nt impressed by how much of the business he was willing to sell. John deliberated and thought it would only be fair is Efferding gave up 33.33% of his company for the initial $50 thousand, which was accepted by the entrepreneur.
Background History on Product
The Kooler was created in early 2014 when Efferding decided that he had had enough of frequently having to be struggling with the inability to carry a boatload of drinks. He uses the biggest distribution line in the United States which distributes to over 70 different locations including retail store and pharmacies, and he also uses one of the biggest supplying companies in the country. He’s also associated with four production factories. Finance …show more content…
The only thing with publicity of the product was whether he could raise a reputation for his product.
Theoretical Content
Marketing includes all the activities required to get the product from the producer to the consumer. Market research is a type of help that the marketing function uses to identify the target market in terms of age, income, gender, marital status, hobbies, best interests and job. Market research also investigates the size of the market. Attention with this is usually paid towards the competitors. Market research also investigates the price that consumers are prepared to pay for the product.
Management and entrepreneurship
Episode
While being questioned, Efferding was asked about what gave him the urge or firepower to become an entrepreneur and he gave facts like he is passionate and that he believes that he could end up making a success out of something nobody has thought about. He also said that he is a creative thinker who is challenged the conventional ways of doing things, innovating different aspects of his business such as his product, his methodology and marketing