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Burton Inc.

© Business

www.ibbusinessandmanagement.com

THE AMAZING MARKET DAY CHALLENGE!

Everything you need to know

Successful entrepreneurs are those people who can introduce innovative products that meet the wants and needs of consumers. All of the products we see and buy in shops and from websites are subject to some form of marketing or other. Successful products are marketed to the consumer/customer by paying careful attention to the Marketing Mix: Product, Place, Promotion and Price. To get a new good or service into the market place successfully, all 4 Ps need to be just what the customer is looking for. Other goods and services competing for customers’ hard-earned income are also likely to have put a great deal of thought and effort into the 4 Ps, which is why INNOVATION becomes so important. A new good or service entering into the marketplace needs a competitive edge (a unique selling point), a reason why customers will spend their money on your good or service and not something else. Market Day Problem/Challenge To bring to market a good or service that demonstrates OUTSTANDING INNOVATION in the MARKETING MIX.

Mission! – The Design Brief Your challenge is to design, create and market a product that demonstrates Outstanding Innovation in the Marketing Mix and sell it at the 2013 Enterprise Market Day. In companies you will:  Investigate potential products to bring to market and demonstrate outstanding innovation in applying the marketing mix for that product  Design a product and produce a prototype.  Create a product using appropriate techniques and resources in order to: - Present a product of high quality to sell on Market Day. - Evaluate the success of the product and your business enterprise.

Constraints (the fine print)  You must work in groups of no more than five.  No more than $10 per company member can be spent in order to create the good for market day (you may receive sponsorship in addition to this).  The product must be approved by your teacher and must demonstrate the concept of OUTSTANDING INNOVATION in the MARKETING MIX.  The product must be appropriate for your stakeholders/target market (QMC students and staff). Assessment Criterion

You will probably be getting a good idea by now that being able to plan and show marketing mix innovation is incredibly important by now – it is! The $$$ you make on the day selling your product is secondary to investigating, planning and creating an outstanding marketing mix for your enterprise assignment.

Your group will follow the MYP Design Cycle and will be assessed using MYP technology criterion A-F: Investigate; Design; Plan; Create; Evaluate; Attitudes in Technology. Even though the project is a group effort, each group member must submit all of the assessment tasks (most will be done individually but some will be done as a group, your teacher will make clear which is which) and present them in a published blog (e.g., Weebly® or similar). This means even though you will all be presenting assessment work on the same product, individuals will receive marks that reflect the personal effort they have put into the Design Cycle phases and the tasks required. See Course Outline for criteria. If a group member has let you down it is your responsibility to rectify this and ensure that ALL submitted work has been completed to a high standard. Please do let Mr. Burton or Ms. Medina know of your concerns with group members before it is too late. Design Blog It is expected that you use the assessment planner to guide your homework and blog each day’s activities, out of class work, and any homework or weekend activities. There will be checkpoints where your teacher will ensure you have completed the work for each stage of the design cycle. YOU MUST BRING YOUR LAPTOP TO CLASS EACH LESSON AND PUBLISH A BLOG ENTRY FOR THAT DAY. All mini activities and assignments will be embedded in your blog, and clearly labeled as such. The design assessment is an individual responsibility and must be presented neatly with ALL assignments/activities completed. Market Day 2013 – Will take place at lunchtime the 21st of August, Neptune’s Playground if fine (Atrium or Hall if not).

Part A: Investigate

Activities to complete:

 Create and design a blog. Create your first blog entry (Entry 1) 
and embed this document there – now you will never lose it! Entry 2 should include information about: i. The Challenge ii. Your group members and let your audience know why they are great individually, and why your company will be great as a team. iii. Activity A: Marketing Mix Challenge completed and embedded Entry 2 should include: i. Activity B: Market Research I ii. Activity C: Market Research II Entry 3 should include: i. Information about which group member is undertaking which role within the company ii. Activity D: CV Entry 4 should include: i. Activity E: Price and costs activity ii. Activity F: Product Brain Storm Entry 5 should include: i. Activity G: Promotion Brainstorm ii. Facebook and webpage links

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Part B: Design

 Entry 6 should include:
i. Activity H: Outstanding Innovation Poster ii. Activity I: Outstanding Innovation Justification  Entry 7 should include: i. Activity J: SWOT

 Entry 8 should include:
i. ii. iii. Activity K: Dragons’ Den PMI Dragon’s Den PowerPoint embedded (or download link) Dragons’ Den – Mr Burton’s judgement statement embedded

 Entry 9 should include:
i. Activity L: Final Market Research + Evaluation

 Entry 10 should include:
i. Activity M: Finances Spread sheet (download link)

Part C: Plan

 Entry 11 should include:
i. ii. Timeline embedded Activity N: Term 3 Create Plan

Part D: Create

 Entry 12 should include:
i. ii. Activity O: Prototype evaluation Activity P: Create Overview

 Entry 13 should include:
i. ii. Poster + Logo Facebook Page + Website screenshot and link

 Entry 14 should include:
i. ii. Photos of product at Market Day Consumer video interviews (Junior, Middle and Senior school)

Part E: Evaluate

 Entry 15 should include:
i. ii. Activity Q: Financial Report Activity R: Evaluation