Black Friday Retail Challenge- The Corner Store

Lab Description

In this engaging activity, students take on the role of virtual department store managers tasked with determining optimal discounted prices for their six flagship products. The goal is to achieve a minimum extra profit of $1000 during the Black Friday sale.

Key Learning Points:

• Understanding Demand-Profit curves
• Utilizing interactive sliders and graphs for price optimization
• Applying mathematical concepts to calculate total profit and percentage discounts
• Creating advertisement posters for the discounted products

Activity Steps:

1. Students explore Demand-Profit curves to identify optimal discounted prices for each flagship product with the help of interactive graphs and sliders.
2. Applying mathematical concepts, students calculate total profit and percentage discounts for each product.
3. The simulation concludes with students comparing actual Black Friday sales results (slightly different from the expected) to expected outcomes.
4. As a reflective task, students write a letter to a friend who manages another department store, sharing insights on pricing strategies for maximizing profits in next year's Black Friday sale.

This activity is designed to enhance students' understanding of pricing strategies, mathematical applications in business, and the dynamics of Black Friday sales in a hands-on and interactive manner.

Who this course is for

The activity is very useful to teach basic business concepts for middle school, high school and college students.

Award Ceremony & Certificates

NA