Dragons Den

Ques 5-9 on page 374

Today we are going to start with a video on Lousy Labels.

Questions

1. Why do companies use terms such as 'Natural' and 'Organic' when describing their product?
2. Is it legal for companies to say a product is 'natural' even if it mostly isn't?
3. Pick a product (preferably one that you actually use) that is 'natural'.  Research to see how 'natural/or organic' it is.  Explain what you find or don't find.

Nov 26

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Balance Sheet Equation: Assets = Liabilities + Owner Equity  (should always equal)

Questions.  Read Pages 280-284

1. What does Owners Equity mean?

2. What is the Balance Sheet Equation?

3. What does Liquidity mean?

4. List and briefly explain all of the steps to create a balance sheet.

Read Pages 285-288

5. What is an Income Statement?

6. Briefly explain the steps in setting up an income statement.

Activity (Module 5)

Vocabulary: Expenses, Revenue, Profit= Total Revenue -Total Expenses, Price and Break Even Point

CHALLENGE:

You are a business consultant.  You are to determine the best price to sell the following product for.  It is a 'hand crafted' key chain made with genuine leather and a individual wooden bead with a protective coating.  Keep in mind all expenses, (material, shipping, labour time) as well at the break even point.  (how many do they have to sell).

Hint: you can search Google or Etsy for ideas from similar products or Amazon or Michael's to get an idea on the cost of materials.




Now work through pages 12-17

Watch Video on Marketing Strategies

Questions,

Explain some strategies that marketers use to increase sales in stores?  (use several examples)

Please have product ideas by Monday

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Next, complete the following assignment (as an INDIVIDUAL) on Prototypes. 
USE This LINK

1. What is a prototype?
2. Pick 2 of the prototypes on the link.  Briefly describe them.  What design features do they include to make it easier for humans to use/how will it be usable and useful?
3. For the 2 prototypes that you picked, what materials will they need to be made?  What types of barriers or difficulties might the companies face getting these products to market (ready to sell to customers)?

De  'Cide'  What do you think 'cide' means

Oppourtunity Cost:  The cost of a decision.

Video

The Decision Making Process is:

1. Identify the problem
2. Gather information and list possible alternatives
3. Consider consequences (oppourtuinty cost) of the decision
4. Select the best course of action
5. Evaluate the results.

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Start Project booklets.