Business Management students were learning how to establish a business, create and market a product, what price reﬂects and the roles of departments within a business. In order to develop a real understanding of the theory, we conducted the market. The day was fun for all of the stall holders but there was a lot of work that had to take place beforehand.
The students established teams or businesses, they decided on the product or good they wished to sell, created the logo, a business plan and then began working on advertising and in most cses making the product, deciding on packaging, advertising and price. On the day of the market there was apprehension, what if no one wanted the goods they had to sell? They needn’t have worried, there were customers and the students actively competed for the customers’ dollars. After the market the businesses had to determine proﬁt or loss and evaluate how their business performed.
Although making a proﬁt wasn’t the most important outcome of the market, most businesses made a proﬁt which was very pleasing for the students and ensured that we could make a donation to State School’s Relief. The real beneﬁt from the market was that students had fun and were able to experience some of the aspects of operating a business.