Open for Business!
November 27, 2017 at 2:05 PM
Bring your ‘People’ together, develop a ‘Product,’ decide a ‘Purpose,’ determine a ‘Price,’ devise a ‘Promotion’ and work on earning a ‘Profit’ – the six ‘P’s of marketing were put to the test in fine style at the Boys’ School this morning!
The Senior School quad was abuzz as the Year 7 boys manned their stalls and got trading underway at their Market Day; the culmination of a term-long Social Studies unit on ‘Enterprise: Building and Running a Small Business.’
Working in small groups, which included a nominated CEO, accountant, marketer and designer, they were responsible for the launch of their business from product conception to retail. Each group was required to develop a detailed business plan that included market research to determine the purpose and viability of their product, development of a prototype, the working out a suitable marketing plan, ensuring they were on budget, fine-tuning mass production and finally preparing to sell their goods to fellow students and parents.
A virtual economy was used with ‘Kents’ money as the currency. Each group was given a weekly wage from which deductions were made for services such as using the printer, advertising costs per poster displayed, ‘import duties’ on such things as electrical equipment or plastic bags required on the day, a music license if required and a ‘mobility’ license for those who chose to ‘wander and sell.’ So there was no unfair advantage from stall positioning, an auction was held to pre-purchase each team’s location.
Earlier in the term, their ideas were pitched to business leaders in a Dragons’ Den style forum. The ‘dragons’ – parents who had offered their commercial expertise – quizzed the boys on their advertising plans and profit expectations, and gave advice on how to price their goods and reduce costs.
And so it was down to trading, the students had two hours to tout their wares to the younger students and parents. Some tied their offerings into the impending festive season and had a range of suitable gifts, others offered miniature games, there was an eye-catching pile of Saint Kentigern pillows and plenty of oozy slime!
To ‘People, Product, Purpose, Price, Promotion and Profit,’another two P’s could be added – the Power of Persuasion! Those who engaged with their customers found sales were brisk!
When trading finished, the students had learnt how to operate a budget, considered the economics of how to allocate their time and ‘Kents,’ had developed their communication skills and applied all of these into a cohesive business plan!
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