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Brief

10/11/2010

In order to have a ‘real’ entrepreneurial experience we will supply you with the vehicle of an actual market – literally, with market stalls – in which you will display and trade an actual product or service. The market will take place immediately outside the building and in the lobby. You will investigate the predicted footfall expected on Peninsula Square on the afternoon of 15th of December to come up with and/or shape your business including your brand and promotion strategy. Your business can be anything from selling a physical product such as Christmas cards, CDs or t-shirts to a service like designing avatars or photographing visitors, as long as it is tradable and there is feasible income (can be in the shape of a signed procurement agreement) on the day of the market. The product/business will need to conform to any requirements set up by the Market Committee who will need to approve all trade (for details of this committee see below). This includes finding a way of complying with the Ravensbourne brand as well as your team’s/your own brand and that of your stall; you will also need to show off your creativity in order to satisfy our stakeholders and to impress visitors including specially invited business leaders from the creative industries.

You will come up with an initial project plan including budget and action plan (Gantt chart) that will be handed in at the beginning of the unit of study. Throughout the unit you will be using your online learning log or blog to describe your research and learning, covering the process of launching your business including acquisition of skills, contacts and other resources. At the end of the unit you will analyse and review the project’s outcome and result in financial and other terms (we encourage using the ‘triple bottom line’ model). You are expected to analyse why there may be disparity between your initial forecast and the actual results and to tell us what lessons have been learned.

The Market Committee will consist of students from all courses.  This committee will take responsibility for the design and implementation of the actual market which will also be their unit project. They will work with the different stakeholders (students, Ravensbourne Marketing Department, EIC, o2, Lendlease, other contributors) to brand, promote and infuse the market with creativity. They will be assessed according to the same assessment criteria.

Some things to consider for the day of the market:

-You must make sure you have an attractive and professional display whether you use a market stall or set up a table next to a digital monitor

-Be prepared – make sure you have enough bags, change, business cards and so on

-Collect contact details from people you chat/ sell to and give them tags such as ‘customer’, ‘potential customer’, ‘potential collaborator’ etc. for future mail out lists and such like. Include these in your project summary.

-You must give a friendly welcome to all visitors to your stall. Try to make conversation with as many passers by as you can.

-Note what seems to grab attention or lead to sales and make that element of your stall as prominent as you can

-If you are working in a team, divide tasks amongst yourselves, for instance one person can ‘do the till’ while another brings people into the stall or demonstrates the project. You can work on a rota but the whole team will need to stay close by as they MUST all be present when the tutor comes to assess the stall.

You will keep a learning log or blog and you must each submit an analysis of your journey and the effectiveness of your enterprise (see below under assessable elements). Each business will also submit an image of what they retrospectively consider their most successful promotional or marketing tool.

We are working in compliance with the institution’s group working policy. Guidelines for how to manage group work can be found on Moodle.

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