Business projects are great for entrepeneuristic classes such as marketing and advertising. High school students can learn first-hand what it's like to create a business plan or run an ad campaign. Exams merely test concrete knowledge and not applied skills. Projects force students to utilise learnt knowledge in a practical, coherent manner.
Create a Business Plan
Creating an extensive business plan is an impressive way to prove business know-how. Students should write detailed business descriptions and ideas. Then they should research their target market. An outline of products and services also should be created. Potential ways of organising and managing their business should be formed. For example, is the company going to be a limited liability corporation? The heartbeat of the business plan, the marketing and advertising strategy, must be written down. Finally, the students should converge all of the plans into a coherent executive summary.
Create an Ad Campaign
Have students create a hypothetical ad campaign. For example, they can choose a medium and location for advertisement (national television, local radio, etc.). They can then set a budget (i.e. £6,500 a day or £32,500 a month.) They should also considers costs in developing the ad itself. For example, if they want to create a commercial, they need to consider the costs for time slots and development. Finally, students should give a rough estimate of their return on investment.
Create a Product
Students create a potential product to be developed and sold. They should consider who they are targeting (i.e. shirts for adults, or shoes for children.) If the product is a new ground-breaking technology, they should consider the cost of research. They should also consider the cost of manufacturing the product. They should consider if there is any existing competition. They should then ask themselves if people would buy their product over that competition. If everything checks out, then they should ultimately create an advertising campaign and business plan.
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