Though our careers are in Finance, my husband and I both have a solid background in marketing as well. This made preparing and joining Market Day at school a real call for us ))
The kids had to come up with a good or service, make advertising posters and decide how many items to sell. They even talked about Supply and Demand in class.
One of the few rules was a cap on the price of their goods. Can you imagine the dinner conversation when Illya mentioned they were told in class that prices could be 5-10 cents only? It was enough to stop me in my tracks. What about free market? Price wars? Perfect competition?
Though the idea of this project was only to teach the children how to make change for a customer, I could not miss the chance to show my son a business case. He had to research what was popular last year and discover what other kids were going to sell this year.
From his findings, he decided to saw plywood and paint 10 door hangers with phrases. The target audience: The Parents!
I insisted to make each one 15 cents (reasonably high). My son, a hardcore rule-follower, refused to raise the price. But as I was a shareholder and third-party service in creating the lettering, I refused to dispatch the product until we agreed about retail price ))
The MOST popular hanger was “Shhhh! Mom is sleeping!” We had returning customers and to our happy surprise, demand was higher than supply. ))
It’s too bad they only used pretend money for this exercise 😉