The Marketplace

The Marketplace

The aim of this activity is to gather the views of external customers for students to assess the viability of their business ideas.

1. The students are to create 2 versions of the business fair for enterprise:

• A small invitation event for family and friends
• A larger event that is open to family, friends, colleagues and external customers

2. Students create prototypes for their product which will be launched at the events. These prototypes are evaluated by members of the group with suggestions feedback to the design team to improve the product or service. 
3. The teachers and students choose a name, date, timing and location for the event. The teacher appoints a marketing team for the events. 
4. The marketing group develop materials for the event - leaflets, posters and signage.  A questionnaire is created to gather the views of attendees. The marketing group identify customers to attend at Event 2 and send out invitations and erect stands and tables for the event. 
5. The students prepare their own marketing material and prepare presentations for their product. 
6. At the end of the event, each group of students review the questionnaires and assess the impact of the feedback on the development of their business using the following questions:

• Were the visitors interested in the products?
• Was the price of the product at the correct level?
• Did the visitors understand the problem that the product was trying to solve?
• Were the presentations effective?

7. The students collate all the feedback and then discuss the viability of their business ideas.

The activity illustrates how the teacher could assist the students in preparing the marketing of their products (prototypes) and services, etc. The business fair for entrepreneurs is primarily directed at students who have worked with a challenge that involves economic innovation which explores the commercial use of an idea.