Creativity, innovation, capital investment, production lines, marketing, sales and profit – these are just a few of the buzz words you will hear from our Business Studies students. Market Day offers our girls the opportunity to be involved in a business activity where they are fully immersed from the start-up stage through to product delivery, sales and a comprehensive business review.
Year 10 student Vaishnavi Malaviya said that the marketing process made students find creative ways to make their product valuable, which then helped with problem solving as entrepreneurs.
Enabling our students to learn and develop skills that prepare them for the working environment of the future is important. Problem solving along with the ability to be adaptable and innovative are skills highlighted as crucial for jobs that don’t yet exist. Along with our Year 10 programme, a Business Studies paper has been introduced into the Level 1 Economics curriculum, allowing our girls to develop these skills of the future in a real world context.
Market Day businesses are completely student driven throughout every stage of the process. This involves the creation of product and service ideas, identifying their target market, constructing an in-depth business plan, product development and marketing strategies for a highly competitive environment.
Sarah Wixon said, “Market day was a really exciting event for everyone involved, and it was so much fun designing all aspects of our business so that we could produce the best possible product to sell on the day”.
Working in a business context resulted in highs and lows for many of the groups. Team dynamics and the ability to deal with issues can be critical to the success or failure of any business. What do you do when your market research tells you no-one wants to buy your fabulous product idea? What happens when your initial prototype is a failure? How do you resolve communication issues within the team? The business activity allowed those with natural leadership and organisational skills to find their niche. There was a real can-do attitude displayed by the teams even through adversity where patience, compromise and perseverance were required.
Market Day proved to be a real success with all nine businesses selling out of their products on the day; achieving their key business objectives and making a healthy profit. However, when we asked the girls what success meant for them they noted that sales and profit were not the driving factors.
Sophie Svenson said she learnt a lot from Market Day, especially how a business works as they had to contact real companies.
“It made me feel more confident about doing things in real world business in the future.”
Lucy Wright said, “Market Day was a great way to develop entrepreneurial skills in a fun and exciting way. It was great to get so involved and passionate about an internal assessment”.
Mrs Jo McDowall, Business Studies Teacher