Grade 7 Market Day 2014 Project Booklet Page 1

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1 2014 Name: Total: 100 Instructions: You will be placed in a random group of three people. Together brainstorm ideas to make a profit in an entrepreneurial project. You may not sell pop-pops, stink bombs, smoke bombs or hair dye. You can run a game or service or sell a product. You may sell food, however if you sell food you must get Kosher approval from Morah Suiza at a cost of R5. Each person in your group must complete a Market Day booklet, but only one will be handed in for assessment. You will need to attach all peer assessments to the booklet that you hand in. Grade 7 Market Day 2014 Project Booklet Page 1

2 1. Partnership agreement: Partnership agreement between: Partners agree to contribute equal amounts of capital and labour. Partners agree to share both profits and losses equally. Signed: Signed: Signed: Grade 7 Market Day 2014 Project Booklet Page 2

3 BRAINSTORMING (1 Lesson) The Step by Step guide to brainstorming: 1. Define your problem or issue as a creative challenge. This is extremely important. A badly designed challenge could lead to lots of ideas which fail to solve your problem. A well designed creative challenge generates the best ideas to solve your problem. Creative challenges typically start with: "In what ways might we...?" or "How could we...?" Your creative challenge should be concise, to the point and exclude any information other than the challenge itself. For example: "In what ways might we improve product X?" or "How could we encourage more local people to join our club?" 2. Give yourselves a time limit. We recommend around 25 minutes, but experience will show how much time is required. Larger groups may need more time to get everyone's ideas out. Alternatively, give yourself an idea limit. At minimum, push for 50 ideas. But 100 ideas is even better. 3. Once the brainstorming starts, participants shout out solutions to the problem while the facilitator writes them down usually on a white board or flip-chart for all to see. There must be absolutely no criticizing of ideas. No matter how daft, how impossible or how silly an idea is, it must be written down. Laughing is to be encouraged. Criticism is not. 4. Once your time is up, select the five ideas which you like best. Make sure everyone involved in the brainstorming session is in agreement. 5. Write down about five criteria for judging which ideas best solve your problem. Criteria should start with the word "should", for example, "it should be cost effective", "it should be legal", "it should be possible to finish before July 15", etc. 6. Give each idea a score of 0 to 5 points depending on how well it meets each criterion. Once all of the ideas have been scored for each criterion, add up the scores. 7. The idea with the highest score will best solve your problem. But you should keep a record of all of your best ideas and their scores in case your best idea turns out not to be workable. Grade 7 Market Day 2014 Project Booklet Page 3

4 Brainstorm: Grade 7 Market Day 2014 Project Booklet Page 4

5 Checklist of what to do: Done Total marks My Mark Brainstorm 10 Market Research: Questions 10 Report 10 Advert 20 Business plan 10 Financial Recording 10 Financial Report 10 Market day stall 10 Peer Assessment 10 Kosher Approval Certificate Food to be sold: Bought where: Prepared where: Approval: Granted Not granted Date: R5 paid Yes No Signed: Morah Suiza Grade 7 Market Day 2014 Project Booklet Page 5

6 MARKETING YOUR PRODUCT MARKET RESEARCH (1 Lesson to draw up questions, 1 Lesson to tally and write report) Market research is the collection and analysis of information about consumers, competitors and the effectiveness of marketing programs. Small business owners use market research to determine the feasibility of a new business, test interest in new products or services, improve aspects of their businesses, such as customer service or distribution channels, and develop competitive strategies. Your product needs to satisfy the needs of your target market (the people that you wish to sell your product to). Your Marketing Strategy shows how your PRODUCT, PRICE, PLACE, and PROMOTION are all aimed at your TARGET MARKET. Decide on one of your ideas. Now that you have brainstormed, you should have many ideas for your small business. In order to help you choose the most profitable one, you need to ask around and see what the market is looking for. Conduct the research by asking 5 Middle School pupils 5 questions that will help you choose the most profitable business. 10 Marks As a group, total the responses so that you have 15 responses to each question. Individually, write a report, listing the results of your research and saying, with reasons, whether you think your group should go ahead with the idea. You need to develop and discuss your marketing strategy, referring to the 4 P s of Marketing as shown above. 10 Marks Grade 7 Market Day 2014 Project Booklet Page 6

7 Marketing Report Marketing Report Rubric Accurate summary of the market research Product decision based on marketing results Writing quality of report Neatness of report Grade 7 Market Day 2014 Project Booklet Page 7

8 Create an advert for your Small Business Venture: ( 1 Lesson) Here is your chance to be creative. Design an advert with the aim of marketing your stall and your products to the rest of the school. Remember, you can use posters, , social networking, or the digital notice board in the atrium. Decide on the name, slogan and logo of your entrepreneurial project. Together make an A3 poster to advertise your entrepreneurial project. You need to decide on how best to communicate with your market! Rubric for Advert 1 Poor 2 Satisfactory 3 Good 4 Excellent Name of business, slogan Information Logo, pictures and drawings Colour General design ADVERTISING YOUR PRODUCT Here s what the AIDA acronym stands for: A Attention (also, Attraction, Awareness or Allure): Attract the attention of the target audience (viewer of the poster design in this case). I Interest: Garner the Interest of the target audience by outlining the purpose of the design. D Desire: Convince the target audience that they want the product or service and that it will satisfy their requirements. A Action: Lead the target audience towards taking a specific and measurable action Grade 7 Market Day 2014 Project Booklet Page 8

9 Business Plan (1 Lesson ) Business Name Business overview Marketing Plan Grade 7 Market Day 2014 Project Booklet Page 9

10 Financial Plan Business Plan Rubric Poor Satisfactory Good Excellent Name of Business Description of business (overview) Description of Financial management, including pricing structure Description of Marketing strategy including Target Market 10 Grade 7 Market Day 2014 Project Booklet Page 10

11 Financial Record Keeping: (1 Lesson ) Working with Income and Costs: The number of units sold multiplied by the selling price per unit should equal your Total Income. If you have more than one product, then you will need to do this for each of your products. Remember, in the amount column we only write down the total amount of income received. When you list your expenses, you must be as accurate as possible. In the amount column you need to show the total amount spent, but in the details column you can show the cost per unit multiplied by the number of units purchased. Income Statement of: Name of business Income Less Expenses Kosher approval (if applicable) 5,00 10 Grade 7 Market Day 2014 Project Booklet Page 11

12 Financial Report Did you make profit or loss which were popular products what would you change to make your stall better? Financial Report Rubric Accurate summary of the Financial Results 0 Poor 1 Satisfactory 2 Good 3 Excellent Correct use of Financial Terminology Writing quality of report Neatness of report Grade 7 Market Day 2014 Project Booklet Page 12

13 Your Market Day Stall: Have a Cash Float in a container ready. Bring everything you need, e.g. table cloths, stands, etc. Set up your market space. Have R10,00 rent which will be used for charity. Actively promote your entrepreneurial project. Tidy up. Keep your money in your container until your next EMS lesson PRODUCT Poor Satisfactory Good Product / Service was as registered / advertised / prices no more than R10,00 Group was organized. Stall was well advertised. All group members were involved in marketing. All group members tidied up. TOTAL OUT OF 10 Grade 7 Market Day 2014 Project Booklet Page 13

14 PEER ASSESSMENT OF BY Participated fully in planning for Market Day. Did a fair share towards the market research. Did a fair share on the advertisement poster. Did a fair share to set up, sell and tidy up on Market Day. Did a fair share to draw up the financial report TOTAL Grade 7 Market Day 2014 Project Booklet Page 14