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Year 10 Commerce students have been learning about running a small business and today they put the classroom theory into practice by holding a Market Day for the entire school during lunch time.
Pasta, burgers, fried rice, donuts, waffles, icecream, nachos, smoothie bowls and other delicious treats were all on sale. The students approached the stalls like a real life business and carried out a lot of planning and coordination to bring Market Day to life. They gauged product demand by carrying out market research, planned product supply, set price strategies and profit margins, bargained with suppliers, and bid for market position. In chatting to some of the stallholders, some chose to bid higher to secure a market position for optimal customer flow, while others went for cautious positioning in case of wet weather and some didn’t bid much on position at all as they were confident their product would draw the crowds.
The stalls were buzzing with music and colourful signage and run very professionally with allergy warnings on display.
Olivia and Kate on the doughnut stall said their key to success was getting the product demand right. The biggest learning for Zara and Bella who ran the burger stand was how much was involved in coordinating. They were a little overenthusiastic with supply but still made a good profit by negotiating supply prices down through buying in bulk and displaying sponsorship signage.