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LAUNCH YOUR COAT BRAND > December Learning Challenge
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PART A: HOW TO USE THIS SPREADSHEET
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#1When a box is yellow, that means you will need to add something. Either choose from the drop-down menu or type in your answer.
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#2When a box is blue, it is showing you the RESULT of your decisions. When an blue box says ERROR or #VALUE, please double-check that all the yellow boxes are filled in. Don't type anything in the blue boxes.
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#3When a box is green, it is giving you helpful tips or instructions. Don't type anything in the green boxes.
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PART B: FILL IN YOUR INFO
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Your Name:< Type in your name!
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Your Email:< Type in your email address!
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Your Grade:< Click the arrow to choose from the drop-down menu!
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Your Class:< Type in your teacher's name!
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What will you name your new coat brand?
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< Create a name and type it here!
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PART C: YOUR DECISIONS
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Decision #1 - Material Sourcing
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First, you must decide how you want to source your materials to create the coats. You have a choice between going a sustainable or profit maximizing route. To maximize profit, you can choose to minimize cost by selecting unsustainable clothing dyes which only cost $2 million. However, they may cause harm to the environment. To protect our planet, you can choose renewable and recyclable materials that cost $4 million but makes your brand much more sustainable. With each of these considerations in mind, what will you choose?
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< Use the drop-down menu to make your decision![INSERT CHOICE HERE]
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Decision #2 - Coat Pricing
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Next, decide what price you will charge for your product. The minimum price you can charge is $50 and the maximum is $150. While charging a higher price will help you gain more money for each coat you sell, not all customers will be willing to pay a high price. Choose carefully!
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< Use the drop-down menu to make your decision![INSERT CHOICE HERE]
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Decision #3 - Advertising
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Now decide how much money you want to spend on advertising. As we learned in the Marketing & Media workshop, advertising will help potential customers to learn about your product, and will help convince them to buy it. You may choose to not advertise, or spend a low, medium, or high amount of money on advertising.
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< Use the drop-down menu to make your decision![INSERT CHOICE HERE]
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Decision #4 - Website
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You must also decide whether or not you want to launch a website to sell your Coats online. If you choose not to launch a website, you can still sell your Coats in physical stores, like SportChek. However, launching a website will help you reach more customers. It will cost you $1000. What will you decide?
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< Use the drop-down menu to make your decision![INSERT CHOICE HERE]
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Decision #5 - Employees
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Finally, managing a business by yourself can be challenging! You have to decide whether you should hire employees. Each additional employee you hire will cost $5000 per year. You can choose to hire up to 5 employees maximum. The more staff you hire, the more customers will be satisfied with your service and potententially purchase more coats! However, their purchases are not guaranteed and hiring employees can cost a lot of money. Which option will you choose?
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< Use the drop-down menu to make your decision![INSERT CHOICE HERE]
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PART E: BIG THINK QUESTIONS
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Why did you select and a price of ? How do you think these decisions impact customers' desire to buy your coats? Write a short paragraph to explain your thinking (4-5 sentences) in the box below:
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For your third decision, you selected . Recall our November workshop on Marketing and Media, what sort of marketing tactics would you choose to help promote your business? (You may choose to write in bullet points to explain your answer)
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Why do you think it is important to budget your money in your business and how will the revenue you make impact your personal finances? (4-5 sentences)
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What do you think is the opportunity cost of each decision you made? Did considering the opportunity cost make you (want to) change any of your decisions? (4-5 sentences)
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Move on to the next page to continue (Click "Results and Questions") ->