Weekly outline

  • General

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  • Term 1: Week 1

     

    Kia Ora and a very warm welcome everyone to Business Studies! 

    I am thrilled to have you all on board and look forward to working with you on all our challenges/tasks and projects.I am sure we will have a great time.

    During our first week of meeting (in Week 2) we are going to get to know each other better and look at the course expectations.

    Our learning outcome for this week is to be able to understand the outline for Business for this term.

    Enjoy the first week back and remember to keep an open mind about new ideas (think outside the box).

    CONTENTS

    RESOURCES


  • Term 1: Week 2

    Image result for team building business Image result for team building business



    Kia Ora Everyone

    As we missed one session due to the public holiday, the focus this week is on Getting to know each other and introducing you to the outline for the Business Studies Option.

    Team Building

    Learning Intentions
    • Start to 'Form' our class as a team
    • Build relationships (learn names, backgrounds, etc)
    • Discover our Business 'prior knowledge'
    Success Criteria
    • We have worked together to complete a task
    • We found things that we have in common
    • We know the meaning of common business terms

    Activities:
    • Contribute to the shared Google Doc in Google Classroom called 'BUSINESS STUDIES INTRODUCTION"
      • The doc asks you to add a photo of something that represents who you are as a person (eg you might be adventurous, home loving, or sporty). 
      • It asks you to give some information about yourself (a strength or skill that you're proud of, why you chose Business Studies, an embarrassing moment, etc.). 
      • The doc also presents osme skills that you may have or need to develop.
    • Think about what stage our class team is at - here's a simple resource on 'Stages of Team Formation' 
    • Please join the Google classroom page: Class code: wna2ibn


  • Term 1: Week 3

    Image result for entrepreneur

    Kia Ora Everyone


    This week we will be focusing on Entrepreneurs by looking at their skills set and how you can apply these skills in a Business Studies setting.

    Learning Intentions
    • Study case studies of entrepreneurial people
    • Investigate the nature of entrepreneurs. 
    • Explore business purpose/goals/types/examples
    • Research pros & cons of business activities (eg multi-national, limited liability)

    Success Criteria
    • We can define an entrepreneur and describe the attributes of an entrepreneur
    • We can identify people with entrepreneurial attributes and name examples of entrepreneurial people
    • We have identified our own entrepreneurial strengths and areas to develop
    • We can explain the nature of business and its pros & cons.

    Do Now - Entrepreneurs
    • Remain in your small groups of at least 3 Whanau. Spend 3 minutes sharing what you know about 'entrepreneurs'. Then read the following notes and web resources. Share what you've learned that you didn't know before. Discuss whether you think you could be an entrepreneur and why.
    • DO NOW - Business Quiz (CETA)
    • Exploring the CNBC "Make it" and Inspiring stories NZ website 

    Notes
    An entrepreneur has an idea and risks time, money and reputation putting the idea into action as a business. 

    Entrepreneurs are innovative. They:

    1. Have ideas AND can put them into action
    2. Are creative problem solvers (think outside the box)
    3. Work long hours
    4. Can sell and / or build
    5. Can simplify processes and data - identify what's important
    6. Are effective with people


    Whole Class Activity
    • As a whole class, we'll watch the video "Caine's Arcade Part 1" 
    • Each small group choose a different attribute from the list of 6 above
    • Create and share with me a Doc called "My Name_Entrepreneurs", type things that Caine says or does that shows that he has your chosen attribute? 



    Small Group Activity
    • As a whole class, we'll watch the video "Stupid ideas - Dragon's Den"
    • In your small group, discuss whether you think Rupert Evans is an entrepreneur and in which of the 6 attributes he is weakest. 



    Homework
    • Watch the video Caine’s Arcade Part 2.
    • In groups share whether you think Nirvan Mullick (Caine’s first customer) is an entrepreneur and explain why.



    Extra Case Study
    • Research some "Entrepreneurs", those who are proclaimed "Youtube millionaires". Read up on them and discuss as a group if these people are entrepreneurs. 
    • If you had a chance to do something likewise, what could your Youtube channel focus on? Create an google doc called" Entrepreneurs" to write your answers.
    • https://nzentrepreneur.co.nz/category/interviews/  - Read up on NZ Entrepreneurs

    Resources

    https://www.cnbc.com/make-it/young-success/

    https://www.entrepreneur.com/article/252049 - Attributes of Entrepreneurs



  • Term 1: Week 4

    Image result for business structures


    Kia Ora Everyone


    This week we will be focusing on the different types of Businesses and w will begin introducing markets and segments.


    Learning Intentions

    • We are understanding the different business structures

    Success Criteria
    • We can explain the structure of business and its pros & cons
    • We explored various examples of the business structure and understand the comparisons

    Activities:

    • Identify various business that fall under the Business structures that you have studied.

  • Term 1: Week 5

    DISTANCE LEARNING WEEK


    Kia Ora Everyone


    This week we will be focusing on some general information in NZ business industry and abroad. Please complete the first bullet point and read the other bullet points (for your reading)


    Learning Intentions

    • We are developing our understanding of the NZ business industry and abroad

    Success Criteria
    • We have studied current events in the business industry.

    Activities:

    • How do you shop?

      • How do you shop - in person or online?

      • Which do you prefer? • Why?

      • What kind of products and services can be ordered online? List the products and services that you would order online


    • https://nzentrepreneur.co.nz/category/interviews/  - Read up on NZ Entrepreneurs

    • Inspiring story of Vogels bread

      Video from ONE News about Johan Klisser, a Jewish refugee,

      escaped the Netherlands after WW II and began Vogels with very

      little money.

      Read more at: https://www.tvnz.co.nz/one-news/new-zealand/after-his-family-

      perished-auschwitz-vogels-bread-founder-fled-nz-new-life


    • Xbox sales increase

      Xbox sales have boomed over the pandemic due to people locked

      down at home. Sales have increased over 17%.

      Read more at: https://www.bbc.com/news/business-55820219


    • Complaints about the Warehouse

    The Warehouse has been forced to apologise after a product description of a child’s bike was dubbed “sexist” and shared widely online. In the listing for the Milazo Boys’ 20-inch bike – designed for children eight years and up – features and benefits included a loading weight of 100kg and an “always classical matte black design”.

    Read more at :https://www.newshub.co.nz/home/lifestyle/2021/01/the-warehouse-apologises-after-coming-under-fire-for-sexist-listing-for-child-s-bike.html




  • Term 1: Week 6

    Image result for business structures


    Kia Ora Everyone


    This week we will be focusing on the different types of Businesses and we will begin introducing markets and segments.


    Learning Intentions

    • We are understanding the different business structures

    Success Criteria
    • We can explain the structure of business and its pros & cons
    • We explored various examples of the business structure and understand the comparisons

    Activities:

    • Identify various business that fall under the Business structures that you have studied
    • Complete self assessment task on Google classroom - Due: 31 March
    • https://www.shopify.co.nz/blog/how-to-start-a-business#7




  • Term 1: Week 7

    Tuckman's stages of group development | NS4BTo Be Productive (aka 2bProductive Blog): Leadership in Stages of Team Development

    This week the focus is on Team Building and the importance of working collaboratively in team.

    • Consider how to build a team (not just a group) 
    • Understand that diversity in a team is a strength

    Success Criteria:
    • Working collaboratively in a team leads to a successful product or outcome
    • Working in team is an important skill in forming a Social Enterprise/ Business

    Activities:

    - Stages of a team (Complete google doc)

    - Participation in Team Challenge 2 (Choose roles in a group according to your self assessment tool task in Week 1)

    - Teams and personality task

    - Monday -15 March (Please complete all distance learning work- Week 5) and read the article link below which relates to the last task that you were working with in class last week.  Compare your Youtube idea to what you read in the article? What can you change/add on?

    https://www.businessinsider.com.au/highest-paid-youtube-stars-2017-12?r=US&IR=T









  • Term 1: Week 8

    6 Benefits of Teamwork in the Workplace | Sandler Training

    This week the focus is on Team Building and the importance of working collaboratively in team.

    • Consider how to build a team (not just a group) 
    • Understand that diversity in a team is a strength

    Success Criteria:
    • Working collaboratively in a team leads to a successful product or outcome
    • Working in team is an important skill in forming a Social Enterprise/ Business

    Activities:

    - Team Activity: Follow up (What rules did you choose? Check for Grammar and Spelling errors. Did you have a person leading the team? Are you happy working with your new team? Do you think you have completed the forming stage of the team? Check your presentation -does it look professional?)

    - Participation in Team Challenge 2 (Choose roles in a group according to your self assessment tool task in Week 1)

    - Teams and personality task -Are they important when working in a team? - refer to the google doc




  • Term 1: Week 9


    Image result for marketing and market segments


    Markets & Segmentation

    Learning Intentions

    • Study case studies of markets and marketing
    • Investigate the nature of marketing: Plan, Strategy and Segmentation. 
    Success Criteria
    • We can define and explain Markets
    • We can describe how & why markets are segmented
    • We have added to the glossary of business terms

    Markets
    • A Market is a way in which buyers and sellers exchange goods or services. It can be a physical marketplace like a bazaar or shopping centre, or a virtual, online market (eg share or money market, Trade Me, eBay). Resource on markets
    • Maeklong Market in Thailand has hundreds of small vendors using identical stands with identical shade awnings, selling identical products. Many sell the same types of fresh fish, others the same types of vegetables, and others the same cooked food. 


    ACTIVITIES:

    NCEA INTRODUCTION

    1. Understanding NCEA requirements

    2. Eligibility to NCEA (Why do you want to participate in Business Studies NCEA?)

    3. Decision to be made by Week 10 -Term 1

    4. AS: 90840 (Introducing the standard)

    Do Now - Markets

    • As a class we'll watch the video clip of the market. Discuss the following questions and then answer them individually in the Google Doc called Markets, Segmentation and Research:

    1. As a customer, why might you choose to buy from one stall, rather than others, when so much is identical?
    2. If you were a vendor in the market, would you be able to lower your prices? What might happen if you did?
    3. Would you be able to make your products be, or appear to be, different? If so, how?
    4. How could, or how do, vendors promote their products?
    5. Are there ways vendors at the market might try to vary the place where they exchange their products with customers? A clue is to think how Pizza shops and supermarkets are trying this in NZ.

     


    Market Segments

    A Market Segment is a group of individuals with similar characteristics, eg Generation Z, retired couples, teenage girls, DINKYS. 

    For example, markets can be segmented by gender, age & life-cycle stage, socio-economics, ethnicity, lifestyle / family type, location, product use.

    By segmenting the market, businesses can more accurately meet the needs of their target market. They can offer variations of their product that make the consumer think one variation is specifically designed for them and so they are willing to pay a higher price. 

    Do Now: Read the following link : https://www.investopedia.com/terms/m/market.asp

    Toothpaste is toothpaste, right? Wrong - at least, not in the Marketing Department. In small groups, discuss the different types of toothpaste available in the shops. This Countdown online shopping site might help. Find other products where the market has been segmented.


  • Term 1: Week 10

    Markets & Segmentation

    Learning Intentions

    • Study case studies of markets and marketing
    • Investigate the nature of marketing: Plan, Strategy and Segmentation. 
    Success Criteria
    • We can define and explain Markets
    • We can describe how & why markets are segmented


    Activities

    - Going through your answers on the different types of markets

    - Work on the google document and Market Segmentation


  • Term 1: Week 11

    Market Segmentation

    Learning Intentions

    • Study case studies of markets and marketing
    • Investigate the nature of marketing: Plan, Strategy and Segmentation. 
    Success Criteria
    • We can define and explain Markets
    • We can describe how & why markets are segmented


    ACTIVITIES:

    NCEA INTRODUCTION

    1. Understanding NCEA requirements

    2. Eligibility to NCEA (Why do you want to participate in Business Studies NCEA?)

    3. Decision to be made by Week 10 -Term 1

    4. AS: 90840 (Introducing the standard

    - Go through answers on Market Segmentation (Google doc) - Group discussion and pair share with another person from a different group


  • 19 April - 25 April

  • 26 April - 2 May

  • Term 2: Week 1

    Marketing Mix

    Learning Intentions

    • Investigate the meaning and relevance of the Marketing Mix (4 Ps) 
    • Explore the 'Product' element of the Mix, through case studies and examples
    Success Criteria
    • Can explain the meaning and relevance, with examples, of the Marketing Mix 4 Ps
    • Can explain and apply understanding of the Product element of the Mix.

    Marketing     is the process of gathering information about people in the market and then acting on that information to influence their beliefs or decisions about your products or business. 
    The Marketing Mix contains the variables that can be changed in order to influence people's beliefs or decisions. In business, the aim is usually to attract customers to buy the product (to satisfy their needs or wants). These variables are called the 4Ps: 

    • Product      design features, quality, packaging, after-sales service, etc
    • Price          skimming, penetration, etc
    • Place          distribution channels, delivery, retail outlet, mail order, etc
    • Promotion  advertising, sales promotion, personal selling, publicity, etc  

    In small groups, discuss the 4Ps of these businesses or products:
    1. Local Dairy shop
    2. Pack'n'Save supermarket vs Farro supermarket
    3. Apple computers and phones 
    4. Nike shoes
    5. Homebrand product range (at Countdown supermarket)

    Product

    A product is a good (tangible) or a service (intangible) produced by an organisation. Companies can grow using existing or new products:

    Strategies for each method of growth

    Market penetration: encourage consumers to use more, 'steal' competitor's customers

    Market Development: new uses for products, new markets geographically, new segments

    Product development: modify existing products (eg new shapes), upgraded model, 'me-too' copycat product  

    Diversification: risky as you have less knowledge & experience (may buy an existing business).



    Discussion: In small groups, discuss whether the cartoon above about fire fits the definition of diversification in the table. 

    Activity: In Google Classroom, complete the Google Doc called 'Marketing Mix - Product'.









    Value Analysis

    Value analysis is the process of deciding which product features most attract or satisfy a target customer's needs. 

    For example, 
    • Function will be most important when buying a parachute!
    • Fashion clothes or bought mostly on the basis of aesthetics (how they look).
    • Economic manufacture is important for customers who have low income.

    Activity: In the Google Doc called 'Marketing Mix - Product', answer the questions on Product Life Cycle.



    Product Life Cycle

    Sales, costs and profit of a product follow a series of stages over its life. 

    When being developed, there are no sales, high costs and no profit - just losses.

    A newly introduced product has slowly growing sales, high costs & no profit. 

    Sales increase rapidly during the Growth stage, unit costs start to fall and some profit may be made. 

    As competitors enter the market during Maturity, sales stop growing, costs reduce and profits are high. 

    When the market becomes saturated with too many businesses competing for customers, a price war can start and some businesses drop out. Costs remain constant, but sales and profits decrease.

    The market declines and the product eventually becomes unprofitable.  



    Discussion: In small groups, discuss the range of life cycle diagrams on the right and think of examples of real products for each one. 
    Activity: In the Google Doc called 'Marketing Mix - Product', answer the questions on Product Life Cycle.

    The life cycle is important because:

    1. each stage needs a different marketing mix
    2. a business needs products at different life stages to survive long term. 

    Extension strategies

    Businesses try to extend products' lives beyond the saturation stage and so might repackage or slightly change it. Lux soap is more than 100 years old and its shape, perfume, colour, size and packaging have all changed to maintain consumer interest in it. Other extension strategies are finding new uses or accessories for the product. Examples of long lived products are Dettol, Bisto, Persil, Marmite, Coleman's mustard, Tetley tea.

    Life cycles are getting shorter as technological change accelerates. Products can become obsolete within months as more advanced versions are released. 

      

    Product portfolio

    It helps to sustain your business to have a range of products at different stages of their life cycles, so that as sales of one decline, sales of others are growing. 

    In the product portfolio, some products may be cash cows, which are established brands in mature markets. The main work has been done. They sell well, bring money in, but are unlikely to increase sales. Every business wants these!

    Stars are also great to have because, not only are they strong brands in the market, but also the market is growing and so income and profits will probably increase.

    Dogs are products that are sold to the last, loyal, 'die hard' customers. They are not attracting new consumers and will probably be phased out. 

    Question marks are in a growing market and may become established, popular brands, but this is uncertain. Work is needed here to make them stars.



    Obsolescence

    Obsolescence is the process by which products become divided, discarded or 'overtaken' by more up-to-date versions or products (eg vinyl records, magnetic cassette-tapes, CDs, MP3 players). 

    Built-in obsolescence     results from the product's design or durability (ie how long before it wears out).

    Planned obsolescence     is making a product out of date by deliberately introducing a new version or product. 

    Discuss examples of products that became obsolete without their manufacturer's intention.
    Discuss examples of products that are obsolete because their manufacturer deliberately released a new product.

    Discuss why obsolescence might benefit a company (eg Apple iPhones).


    NCEA INTRODUCTION

    1. Understanding NCEA requirements

    2. Eligibility to NCEA (Why do you want to participate in Business Studies NCEA?)

    3. Decision to be made by Week 10 -Term 1

    4. AS: 90840 (Introducing the standard




  • Term 2: Week 2

    The Marketing Journalist : The Marketing Mix - Product

    Kia Ora

    This week we will focus on the first "P" - Product of the marketing mix

    Learning Intentions

    • Explore the 'Product' element of the Mix, through case studies and examples
    Success Criteria
    • Can explain and apply understanding of the Product element of the Mix.

    Product

    A product is a good (tangible) or a service (intangible) produced by an organisation. Companies can grow using existing or new products:

    Strategies for each method of growth

    Market penetration: encourage consumers to use more, 'steal' competitor's customers

    Market Development: new uses for products, new markets geographically, new segments

    Product development: modify existing products (eg new shapes), upgraded model, 'me-too' copycat product  

    Diversification: risky as you have less knowledge & experience (may buy an existing business).



    Activities

    - Individually, complete the google doc and highlight the features and benefits (Doc on google classroom)


  • Term 2: Week 3


    What Is Product Mix? Explanation With Examples | Feedough


    Kia Ora Everyone

    This week, we going to look at the final part of the first P - "Product"

    In addition to the information below, we will be looking at Packaging of product, USP'S and Associated products.


    • Product

      A product is a good (tangible) or a service (intangible) produced by an organisation. Companies can grow using existing or new products:

      Value Analysis


    • Value analysis is the process of deciding which product features most attract or satisfy a target customer's needs. 

      For example, 
      • Function will be most important when buying a parachute!
      • Fashion clothes or bought mostly on the basis of aesthetics (how they look).
      • Economic manufacture is important for customers who have low income.


      Product Life Cycle

      Sales, costs and profit of a product follow a series of stages over its life. 

      When being developed, there are no sales, high costs and no profit - just losses.

      A newly introduced product has slowly growing sales, high costs & no profit. 

      Sales increase rapidly during the Growth stage, unit costs start to fall and some profit may be made. 

      As competitors enter the market during Maturity, sales stop growing, costs reduce and profits are high. 

      When the market becomes saturated with too many businesses competing for customers, a price war can start and some businesses drop out. Costs remain constant, but sales and profits decrease.

      The market declines and the product eventually becomes unprofitable.  




      The life cycle is important because:

      1. each stage needs a different marketing mix
      2. a business needs products at different life stages to survive long term. 


      Businesses try to extend products' lives beyond the saturation stage and so might repackage or slightly change it. Lux soap is more than 100 years old and its shape, perfume, colour, size and packaging have all changed to maintain consumer interest in it. Other extension strategies are finding new uses or accessories for the product. Examples of long lived products are Dettol, Bisto, Persil, Marmite, Coleman's mustard, Tetley tea.

      Life cycles are getting shorter as technological change accelerates. Products can become obsolete within months as more advanced versions are released. 

        

      Product portfolio

      It helps to sustain your business to have a range of products at different stages of their life cycles, so that as sales of one decline, sales of others are growing. 

      In the product portfolio, some products may be cash cows, which are established brands in mature markets. The main work has been done. They sell well, bring money in, but are unlikely to increase sales. Every business wants these!

      Stars are also great to have because, not only are they strong brands in the market, but also the market is growing and so income and profits will probably increase.

      Dogs are products that are sold to the last, loyal, 'die hard' customers. They are not attracting new consumers and will probably be phased out. 

      Question marks are in a growing market and may become established, popular brands, but this is uncertain. Work is needed here to make them stars.



      Obsolescence

      Obsolescence is the process by which products become divided, discarded or 'overtaken' by more up-to-date versions or products (eg vinyl records, magnetic cassette-tapes, CDs, MP3 players). 

      Built-in obsolescence       results from the product's design or durability (ie how long before it wears out).

      Planned obsolescence       is making a product out of date by deliberately introducing a new version or product. 


      Activities:

    • Product Life cycle doc (Doc on google classroom)

    • Class activities from the slideshow

    • Obsolescence 

    Discuss examples of products that became obsolete without their manufacturer's intention.
    Discuss examples of products that are obsolete because their manufacturer deliberately released a new product.

    Discuss why obsolescence might benefit a company (eg Apple iPhones).




  • Term 2: Week 4

    Kia Ora Team


    Well done on excellent participation on the USP task last Wednesday. This week we will at other concepts linked to the product that may be useful when looking at the marketing mix. Please also take time to read the weekly course page notes as we may not have time to cover all content in class. Remember though that we will cover the main points in class in detail.


    • Product

      A product is a good (tangible) or a service (intangible) produced by an organisation. Companies can grow using existing or new products:

      Value Analysis


    • Value analysis is the process of deciding which product features most attract or satisfy a target customer's needs. 

      For example, 
      • Function will be most important when buying a parachute!
      • Fashion clothes or bought mostly on the basis of aesthetics (how they look).
      • Economic manufacture is important for customers who have low income.


      Product Life Cycle

      Sales, costs and profit of a product follow a series of stages over its life. 

      When being developed, there are no sales, high costs and no profit - just losses.

      A newly introduced product has slowly growing sales, high costs & no profit. 

      Sales increase rapidly during the Growth stage, unit costs start to fall and some profit may be made. 

      As competitors enter the market during Maturity, sales stop growing, costs reduce and profits are high. 

      When the market becomes saturated with too many businesses competing for customers, a price war can start and some businesses drop out. Costs remain constant, but sales and profits decrease.

      The market declines and the product eventually becomes unprofitable.  




      The life cycle is important because:

      1. each stage needs a different marketing mix
      2. a business needs products at different life stages to survive long term. 


      Businesses try to extend products' lives beyond the saturation stage and so might repackage or slightly change it. Lux soap is more than 100 years old and its shape, perfume, colour, size and packaging have all changed to maintain consumer interest in it. Other extension strategies are finding new uses or accessories for the product. Examples of long lived products are Dettol, Bisto, Persil, Marmite, Coleman's mustard, Tetley tea.

      Life cycles are getting shorter as technological change accelerates. Products can become obsolete within months as more advanced versions are released. 

        

      Product portfolio

      It helps to sustain your business to have a range of products at different stages of their life cycles, so that as sales of one decline, sales of others are growing. 

      In the product portfolio, some products may be cash cows, which are established brands in mature markets. The main work has been done. They sell well, bring money in, but are unlikely to increase sales. Every business wants these!

      Stars are also great to have because, not only are they strong brands in the market, but also the market is growing and so income and profits will probably increase.

      Dogs are products that are sold to the last, loyal, 'die hard' customers. They are not attracting new consumers and will probably be phased out. 

      Question marks are in a growing market and may become established, popular brands, but this is uncertain. Work is needed here to make them stars.



      Obsolescence

      Obsolescence is the process by which products become divided, discarded or 'overtaken' by more up-to-date versions or products (eg vinyl records, magnetic cassette-tapes, CDs, MP3 players). 

      Built-in obsolescence       results from the product's design or durability (ie how long before it wears out).

      Planned obsolescence       is making a product out of date by deliberately introducing a new version or product. 


      Activities:

    • Product Life cycle doc (Complete the Doc on google classroom)

    • Class activities from the slideshow

    • Obsolescence 

    Discuss examples of products that became obsolete without their manufacturer's intention.
    Discuss examples of products that are obsolete because their manufacturer deliberately released a new product.

    Discuss why obsolescence might benefit a company (eg Apple iPhones).



  • Term 2: Week 5

    Kia Ora Team

    I hope you have all completed or are in the process of completing the activities that I posted onto google classroom last week. Please also take time to read the course page.

    Learning Intentions

    Learning Intentions

    • Explore product differentiation & branding (part of the Product element of the 4Ps).
    • Focus an analysis of a product or business by using a SWOT analysis. 
    Success Criteria
    • Can explain the purpose of branding (including logos and slogans) and identify popular examples.
    • Can perform a SWOT analysis to analyse a product or business.
    • Can describe 4 reasons for packaging and analyse a product's packaging.

    Product differentiation and Branding

    Businesses often use slogans, for example "The Warehouse, where every one gets a bargain" and "Briscoes, you'll never buy better". 

    They also use logos These marketing tools are designed to be memorable and businesses spend a lot of time and money associating them with certain values and emotions in customers. They are a large component of the brand'.

    A brand is any name, term, symbol or distinctive packaging that identifies specific goods or services and helps to differentiate them. With legal protection, it becomes a trademark. Brands can be linked to businesses, single and family line products. Branding helps to achieve marketing objectives by:

    • being a focal point for advertising
    • encouraging repeat purchase (customer loyalty)
    • allowing non-price competition (product differentiation)
    • making it easier to expand a product range
    • making it cheaper to advertise (the whole brand rather than every individual product)

    Branding can hep customers by:

    • making it quicker to identify 'good' and 'bad' products
    • identifying the business behind the product
    • encouraging the business to provide consistent quality

    Single product line and Multiple product line

    Some businesses produce just one product and advertise its brand eg WD40 spray and Crocs shoes. Others produce a wide range of different products and advertise both each one but also the business's brand eg Kelloggs make a wide range of food products, but the name Kelloggs is prominent on packaging and in advertising.

    Here's a great online article on this topic 

    Packaging

    There are 4 reasons for packaging:

    1. Ease of carrying and protection eg liquids, fragile or dangerous goods, powders
    2. As part of the Marketing Mix - it can contain the trademark or logo, be eye-catching or distinctive. New packaging can be a cheap way to give the impression that the product has been changed or improved.
    3. To enhance apparent value to the customer and thus enable higher prices and profits eg perfume, Ferrero Roche chocolates
    4. Makes stock taking easier - especially in self service stores where theft or damage may be issues.
       

    Product oriented vs Market oriented

    A business that is product oriented has a dominant production or research & development department that creates a product and then relies on the marketing department to find a market for it. A market orientated business has a dominant marketing department that identifies trends and needs and then asks the production department to create products that meet that need. 

    As a class, we'll listen to Lucy Kellaway's radio clip on the internet of things and new product development, entitled 'We need smart products because we're stupid'. Given that she believes no-one actually needs "a fridge that tells you when you need more milk", consider whether the internet of things is a market or product oriented development. 


  • Term 2: Week 6

    Learning Intentions


    Learning Intentions

    • Investigate the purposes of promotion and how businesses promote themselves and their products.
    • Explore examples of different promotion methods and what makes them successful. 

    Success Criteria
    • Can describe several ways to promote products and the aim of each one.
    • Can analyse examples of promotions.


    Promotion

    Promotion is a range of techniques for communicating with the 'external environment', especially customers. These techniques include:

    • Advertising          is any communication paid for by the sender and intended to inform, influence or persuade the receiver.
    • Personal selling   any person to person communication designed to inform potential customers or to persuade them to buy.
    • Sales promotion  is any financial or economic incentive to encourage a customer to buy.
    • Publicity               also known as public relations, is communication free of charge which is either within, or out of, the sender's control.

    Promotion objectives

    The objectives of promotion are summarised by A.I.D.A.:

    • Awareness         To get people to know that your product exists
    • Interest               To get people to be interested in what your product might do for them
    • Desire                 To make people want to have your product
    • Action                 To get people to actually spend money buying your product  



    The purpose of each promotion technique 

    Advertising is better at telling people that `your product exists and making them interested to find out more. An advert on the TV, say, is unlikely to make a person jump in the car go to the shop and pay money to buy your product. 

    A sales promotion, such as "buy a Nissan Leaf car in July and we'll give you free insurance for two years" might get people to decide that your car is the one they want. It might perhaps encourage them into the shop, but it is the salesperson who will finally actually convince them to pay money. 



    Examples of promotions - discuss whether each promotion will achieve Awareness





  • Term 2: Week 7


    Promotion continued

    Another consideration when planning promotion is whether the business is trying to get new customers to try the product for the first time or whether they are trying to get existing customers to keep buying the product. Try answering these 3 multiple choice questions:

    1. A publishing company is about to launch a new magazine aimed at female readers aged 14-20. Which two of the following would be direct ways in which the company could try to get potential readers to buy the first issue of the magazine? (Select two answers).

    • A) Keep production costs low
    • B) Offer a free lipstick with the issue
    • C) Take on extra staff
    • D) Sell the first issue at half price
    • E) Cut advertising on the other magazines by the company

    2. A car manufacturing company is worried that there is little customer loyalty amongst car buyers for its vehicles. The lack of customer loyalty is most likely to mean that (select one answer):
    • A) customers are buying a different make of car when they sell their existing car
    • B) car sales for the company are increasing
    • C) the cars the company sells are seen as being good value
    • D) it would be more profitable for the company to make large cuts in the price of its cars

    3. A company making frozen pizzas depends for its success on repeat purchases. Customers are most likely to make repeat purchases because (select one answer):
    • A) it determines the amount of profit the company makes
    • B) it increases sales of pizzas
    • C) the company spends heavily on advertising
    • D) in the pizza market, customers have little brand loyalty

    Questions to check understanding

    Here are links to some multiple choice questions. See if your small group can answer them:

    Resources

    Digital Marketing

    https://www.gdata.in/blog/digital-marketing/how-the-aida-s-model-applies-to-digital-marketing-in-2017

    P&G - the world's largest marketer slide show
    https://www.slideshare.net/HarshitGupta245/harvard-case-study-analysis-pg

  • Term 2: Week 8


    Learning Intentions

    • Investigate ways in which businesses can price their products
    • Explore examples of different pricing strategies and reasons for using each strategy.
    • Explore the specific effect of changes in price on quantity sold and thus on profit. 
    Success Criteria
    • Can describe several key strategies for pricing products
    • Can predict the effect of a price change on sales and thus profits.

    Notes on Price - Please read through for NCEA purposes 

    Determining the price of a product is an extremely important decision because it determines the amount of profit a business will earn from sales of their product. 

    Pricing strategies

    1. Cost-plus pricing - adding a percentage markup to the estimated unit cost.
    2. Penetration pricing - initial low price to encourage customers to try the product (but could send the message of low quality).
    3. Skimming - high price until competition forces it down
    4. Competitive pricing - in line with, or a certain percentage above, competitors' prices.
    5. Psychological pricing - appears closer to customer's perceived value (eg $3.99)
    6. Prestige price - to promote a luxury image (eg perfume)
    7. Price discrimination - price for the same product varies for different customer groups (eg students, off-peak travel).
    8. Loss leader - very low price attracts customers into the shop to buy other products at 'normal' prices.
    9. Promotional pricing - low price for a short time to renew customer interest or clear unwanted stock.
    10. Range pricing - prices of similar types of product kept within limits.

    In your group, discuss which price strategy is being used in each of the examples below:

        • A watch that’s very similar to others sold in the shops
        • A toy sold for $1.95
        • A tour operator sells holidays during the school holidays as well as at other times.
        • A new brand of washing powder is launched - there are several similar ones already available
        • A supermarket wants to cover the cost of vegetables and make a 100% profit as well.
        • A new mobile phone has been developed that has extra features compared to the competition.


    Factors to consider with Price: 

    • Costs of production: The price that the business charges must recover the costs of production in order to make a profit.
    • Competitive conditions in the market: Demand and supply in the market needs to be considered. If demand for a product is high but supply is low, then a business can take advantage of the market conditions and charge a higher price in order to maximise profits. For example, petrol & oil. When supply in the market is low, petrol companies raise their prices.
    • Competitors prices: The business will need to ensure that the price charged is reasonable compared to competitors products or they may lose sales to the competition.
    • Stage of the product life cycle: The age of the product may have an effect on the price of a product. For some products like grocery items their price remains relatively constant unless market conditions change or the business runs some promotions etc. Other products (like technology), the price may lower over time due to newer, more advanced models entering the market.
    • Price/Quality perceptions: It is also important as the chosen price may also create perceptions to consumers about the quality of the product. Consumers naturally perceive that high-priced products are also of a high quality and vice-versa. Thus, when choosing a price for its product, a business must be careful to choose a price that will fit the rest of the marketing mix and most importantly will appeal to its target market. The chosen price should complement the chosen brand image for the product.
    • Pricing strategies for new products vs. existing products: For new products entering a competitive market some businesses may decide to charge a price lower than the competition to try and entice consumers who buy existing brands to possibly try their product and like it so that later in the products life cycle (as they gain regular customers) they may then increase their price. This is called a price penetration strategy.


    Pricing Strategies

    Cost-Plus Pricing

    • The business takes into account the cost of manufacturing the product and then adds on a profit mark-up. This can either simply cover costs or include an element of profit. It focuses on the product itself and does not take into account consumers’ expectations or perceptions. It is very easy to apply but the business may lose sales if their price is more than competitors.


    Penetration Pricing

    This is where the business sets the price lower than the competition to ‘penetrate the market.’ This is often useful when launching into a new or highly competitive market. It is typically used with mass market products – chocolate bars, food stuffs, household goods, etc. It is also suitable for products with long anticipated product life cycles.

    Other benefits: 

    • Encourages consumers to develop a habit of buying 
    • ‘Low’ price to secure high volumes

    Price Skimming Strategy

                                                                                    Samsung Galaxy Z Flip 3 Price, Specifications Tipped; May Launch in June or July | Technology News

    This is where the business sets an initial high price for a unique product encouraging those who want to be ‘first to buy’ to pay a premium price. Later in the products life cycle they may then lower the price. It is usually used alongside a promotional campaign to create high demand for the new product before it is even launched. This strategy helps a business to gain maximum revenue before a competitor's product reaches the market. This is often used with technology products like mobile phones and devices. 


    Loss Leaders

    This is where chosen goods/services are deliberately sold below cost to encourage sales elsewhere in the business. The business hopes that the purchases of other items more than covers ‘loss’ on item sold. It is typically used in supermarkets, e.g. at Christmas, selling bottles of coke at $0.99 in the hope that people will be attracted to the store and buy other products as well that will cover the loss made on the coke. Cell phones & contracts are another example.

    •                                                                                   

    Psychological Pricing.         

    This when particular attention is paid to the effect that the price of a product will have upon the consumers perceptions of the product. It may involve charging a very high price for a high quality product so that high income customers may wish to purchase it as a status symbol. E.g. Ferrari. Alternatively, it may charge a more reasonable or lower price so that consumers perceive it as an ‘affordable’, ‘value for money’ product.

    Another example of psychological pricing is selling products for $199 instead of $200 is also an example of psychological pricing as it creates the impression of being much cheaper.

    Promotional Pricing

    This is when products might be sold “on sale” or at a lower price for a short period of time. It includes “buy 1 and get 1 free” deals.  It is useful for getting rid of unwanted stock. It could help renew interest in a business if sales are falling. The challenge for businesses is that the lower price also reduces sales revenue and  profits.


    Price Elasticity of Demand (PED)

    PED is a measure of the responsiveness of demand of a product to a change in its price (ie how much quantity sold will change if you change price).





  • Term 2: Week 9



    Learning Intentions

    • Investigate ways in which businesses distribute their products to customers.
    • Explore examples of different distribution channels and what affects business's choice of channel. 

    Success Criteria
    • Can describe several ways to distribute products and the factors that affect this choice.
    • Can provide examples of different distribution channels.

    Place

    Distribution (Place) ensures products are available to customers in the right quantity at the right time in the right place. It involves questions like:

    • Where do consumers prefer to buy the product?
    • How can we ensure the product is available to existing and potential customers?
    • How important are speed, timing, cost, availability
    • How much stock should we hold? Too little and we run out; too much and we tie up cash (that then cannot be used to pay daily expenses)

    It depends on:
    • The product - is it perishable, technically complex, a convenience item?
    • The market - is it geographically spread out, highly competitive?
    • The business - is It large, supplying producers or consumers?

    A distribution channel is the means by which the product moves from production to consumption. It might include:

    • Retailer              sells direct to households / end users / consumers
    • Wholesaler        sells products from different manufacturers to retailers; they 'break bulk' by putting large quantities into smaller packages
    • Distributor         have a contract to sell a manufacturer's products 
    • Agent                a 'go-between' who never owns the product and earns commission eg real estate, insurance, travel.
    • Franchisee        allowed to trade under the the manufacturer's name; pays a fee and gives a share of the revenue to the franchisor
    • Direct selling     door to door, mail order, sales reps 

    Trends in distribution are:

    : 

    • more out of town stores and malls; 
    • fewer independent and more multiple / chain retailers; 
    • more franchises (eg Jim's mowing); 
    • online shopping and home delivery.
    • drone and driverless delivery??

    NZ's supermarket duopoly

    Read the following article. Note which companies own Pak'n'Save, New World, Countdown. In your group, discuss how it affects you and your family that two companies dominate the NZ supermarket industry.
    NZ Herald: Big two supermarket chains locked in fierce food fight

    In your group, find out the meaning of 'parallel imports' and discuss why they might be cheaper to buy and whether there are any disadvantages.


    Extension activity
    Research the service that Uber Eats provides.

    Consider the impact on distribution of restaurant food.

    How do restaurants and householders benefit?

  • Term 2: Week 10

    Learning Intentions

    • To apply what we've learned in class to a real life product
    • To experience an NCEA Level 1 assessment (and hopefully gain 3 credits at Excellence)
    Success Criteria
    • Have decided which product's marketing mix to analyse and have planned, and completed, research.
    • Have completed part of the final report 

    NCEA 1.4

    NCEA AS90840 (1.4) Apply the marketing mix to a new or existing product

    Activities:

    1. DO NOW: Finding meaning of the Maori concepts:
    pūtake, tūranga, tikanga, kaitiakitanga, and rangatiratanga
    2. Complete the Business Studies Final Choice google document
    3. Read through the Achievement standard: 90840 and the Student Instructions 2021 document carefully
    4. LOOK at these examples of student work as90840 and read the examiner's comments.  
    http://www.nzqa.govt.nz/ncea/subjects/business-studies/annotated-exemplars-2/level-1-as90840/
    4. Have a look through previous MHJC examples on google classroom
    5. Checkpoint 1: Have a draft in progress to check by 7 July - Wednesday. 
    6. Final due date: 6 August 2021 at 4pm. Report/ slideshow to be uploaded onto MHJC
    7. You can also work on this assessment during the holidays.

  • 12 July - 18 July

  • 19 July - 25 July

  • Term 3: Week 1


    NCEA External Examinations


    Learning Intentions

    • To apply what we've learned in class to a real life product
    • To experience an NCEA Level 1 assessment (and hopefully gain 3 credits at Excellence)
    Success Criteria
    • Have decided which product's marketing mix to analyse and have planned, and completed, research.
    • Have completed part of the final report 

    NCEA 1.4

    Activities:

    - Draft and feedback 

    - Create your Checklist (Use the task instructions to guide you on your progress)

    - Reminder: Final Due: 6 August at 4pm

    THINGS TO TAKE NOTE OF:

    1. Ensure your paragraphs are SEXY (statement, example, explain, your opinion) and no more than say 5 or 6 lines long.
    2. Check if the Maori concepts are relevant and you must say why they're relevant to the product or business.
    3. You MUST fill your report with business vocabulary to explain what's happening, NOT just a description of the product.
    4. You may lose marks for including too many facts that are not relevant or are not explained using your business knowledge. "Less is more"! Excellence is possible (more likely) in shorter, well thought out reports. Don't just include info because you have it - it counts against you if you just dump facts on the page.
    5. For Merit, you need reasons, causes, effects, comparisons with competitors, and links to other Ps and to marketing terms and vocabulary - answer the question 'So What?'.
    6. You MUST have a Bibliography with references briefly described on the last page. Some referencing through the report would be good. 




  • Term 3: Week 2

    NCEA External Examinations


    Learning Intentions

    • To apply what we've learned in class to a real life product
    • To experience an NCEA Level 1 assessment (and hopefully gain 3 credits at Excellence)
    Success Criteria
    • Have decided which product's marketing mix to analyse and have planned, and completed, research.
    • Have completed part of the final report 

    NCEA 1.4

    Activities:

    - Draft and feedback 

    - Create your Checklist (Use the task instructions to guide you on your progress)

    - Reminder: Final Due: 6 August at 4pm



  • Term 3: Week 3

    Kia Ora Everyone

    Learning Intentions: We are learning to (WALT)...

    • Understand how market research is part of a planning process for our upcoming market day.

    Success Criteria: I can/have...

    • Explore the different products and understand what product/s meets the needs of the target audience

    Activities:

    1. Rules for market day

    2. Brainstorm discussion about Market Day ideas - groups of 3 -4.Use your knowledge of the marketing mix (Product) to brainstorm ideas 

    3. Survey to the school: Refer to your group brainstorm. Please check your survey by Mrs Selagan before you send it out.

    4. Refer to your skill sheet at the beginning of the year to determine your skills set in preparation for market day



  • Term 3: Week 4

    What is Health and Safety? | Health and Safety at WorkplaceAre You Ready to Quit Your Day Job and Become a Full-Time Entrepreneur?



    Kia Ora Everyone

    Learning Intentions: We are learning to (WALT)...

    • Understand how market research is part of a planning process for our upcoming market day.

    • Understand the importance of Health and Safety during the market day process

    Success Criteria: I can/have...

    • Explore the different products and understand what product/s meets the needs of the target audience

    • Understand the Healthy and Safety requirements that will support us in drafting the health and safety procedures for our team

    Activities:

    1. NOTE: The Rules for market day

    2.  Introduction to Assessment 2:Market Day Business Plan and report (Aim to begin with the introduction, Marketing mix (first 2 bullet points) and the operations)

    3. Walkabout Survey to the school: Refer to your group brainstorm. Please check your survey by Mrs Selagan before you proceed to the classes.

    4. Refer to your skill sheet at the beginning of the year to determine your skills set in preparation for market day


  • Term 3: Week 5



    Kia Ora

    This week, we will be focusing on your Assessment 2, Business Plan. Please read through your google classroom page for detailed information and attachments.


    Learning Intentions: We are learning to (WALT)...

    • Understand how market research is part of a planning process for our upcoming market day.

    • Understand the importance of Health and Safety during the market day process

    • Draft a Business Plan

    Success Criteria: I can/have...

    • Explore the different products and understand what product/s meets the needs of the target audience

    • Understand the Healthy and Safety requirements that will support us in drafting the health and safety procedures for our team

    • Describe the parts of a business plan

    • Analyze how a business plan helps companies make decisions which in turn will assist me with my Market Day planning

    Activities:

    Notices:

    - Market Day is moved to Term 4 (Week 2 -27 October)

    - Begin Assessment 2 - Market Day Business Plan as mentioned in the instructions above.Every group member MUST read the exemplar and the market day template and the marking grid.The due date for this assessment maybe in Week 10, Term 3.


    - I have also attached the work on MHOL. 

    - Get together online with your group - I strongly encourage you to meet up with your group. This should be coordinated according to your availability.

    - As a group, create and share a Google Doc (share this doc with me).

    - Allocate roles / tasks to group members (eg who'll design a logo, who'll type parts of the Business Plan). Once roles are allocated, include these names of the heading provided and change each font colour for each member's contribution.

    - Copy the 'Business Plan template' into your shared doc and start typing in each of the sections.

    - You are also required to draft a Market Research survey (Google Form). Once the form is drafted, this needs to sent to me for proofreading. I will send out your survey to a selected class. Please discuss among your members on your class selection (eg: 7W1)


    - We have a Google Meet session on Monday: 30 August at 12pm. 

  • Term 3: Week 6

    Kia Ora

    This week, you will continue focusing on your Assessment 2, Business Plan. Please read through the updated google classroom page for detailed information and attachments.


    Learning Intentions: We are learning to (WALT)...

    • Understand how market research is part of a planning process for our upcoming market day.

    • Understand the importance of Health and Safety during the market day process

    • Draft a Business Plan

    Success Criteria: I can/have...

    • Explore the different products and understand what product/s meets the needs of the target audience

    • Understand the Healthy and Safety requirements that will support us in drafting the health and safety procedures for our team

    • Describe the parts of a business plan

    • Analyze how a business plan helps companies make decisions which in turn will assist me with my Market Day planning

    Activities:

    Notices:

    - Market Day is moved to Term 4 (Week 2 -27 October)

    - Begin Assessment 2 - Market Day Business Plan as mentioned in the instructions above.Every group member MUST read the exemplar and the market day template and the marking grid.The due date for this assessment maybe in Week 10, Term 3.


    - I have also attached the work on MHOL. 

    - Get together online with your group - I strongly encourage you to meet up with your group. This should be coordinated according to your availability.

    - As a group, create and share a Google Doc (share this doc with me).

    - Allocate roles / tasks to group members (eg who'll design a logo, who'll type parts of the Business Plan). Once roles are allocated, include these names of the heading provided and change each font colour for each member's contribution.

    - Copy the 'Business Plan template' into your shared doc and start typing in each of the sections.

    - You are also required to draft a Market Research survey (Google Form). Once the form is drafted, this needs to sent to me for proofreading. I will send out your survey to a selected class. Please discuss among your members on your class selection (eg: 7W1

    - Google FORMS are due ty FRIDAY: 3 September at 10pm

    - Next Google meet session will be on Monday at 12pm - 6 September at 12pm. Please expect to provide me with feedback on how you are going. PLEASE JOIN THE GOOGLE MEET VIA THE GOOGLE CLASSROOM PAGE. THE LINK IS ON THE TOP LEFT OF THE PAGE.



  • Term 3: Week 7

    Kia Ora

    This week, you will continue focusing on your Assessment 2, Business Plan. Please read through the updated google classroom page for detailed information and attachments.


    Learning Intentions: We are learning to (WALT)...

    • Understand how market research is part of a planning process for our upcoming market day.

    • Understand the importance of Health and Safety during the market day process

    • Draft a Business Plan

    Success Criteria: I can/have...

    • Explore the different products and understand what product/s meets the needs of the target audience

    • Understand the Healthy and Safety requirements that will support us in drafting the health and safety procedures for our team

    • Describe the parts of a business plan

    • Analyze how a business plan helps companies make decisions which in turn will assist me with my Market Day planning

    Activities:

    Notices:

    - Market Day is moved to Term 4 (Week 2 -27 October)

    - Begin Assessment 2 - Market Day Business Plan as mentioned in the instructions above.Every group member MUST read the exemplar and the market day template and the marking grid.The due date for this assessment maybe in Week 10, Term 3.


    - I have also attached the work on MHOL. 

    - Get together online with your group - I strongly encourage you to meet up with your group. This should be coordinated according to your availability.

    - As a group, create and share a Google Doc (share this doc with me).

    - Allocate roles / tasks to group members (eg who'll design a logo, who'll type parts of the Business Plan). Once roles are allocated, include these names of the heading provided and change each font colour for each member's contribution.

    - Copy the 'Business Plan template' into your shared doc and start typing in each of the sections.

    - You are also required to draft a Market Research survey (Google Form). Once the form is drafted, this needs to sent to me for proofreading. I will send out your survey to a selected class. Please discuss among your members on your class selection (eg: 7W1)



  • Term 3: Week 8

    Kia Ora Team

    Please refer to the Google classroom for this week's work (Distance Learning) - remember the focus in on the Business Plan Assessment.

    If you have any questions, please e-mail me.

  • Term 3: Week 9

    Learning Intentions: We are learning to (WALT)...

    • Understand how market research is part of a planning process for our upcoming market day.

    • Understand the importance of Health and Safety during the market day process

    • Draft a Business Plan

    Success Criteria: I can/have...

    • Explore the different products and understand what product/s meets the needs of the target audience

    • Understand the Healthy and Safety requirements that will support us in drafting the health and safety procedures for our team

    • Describe the parts of a business plan

    • Analyze how a business plan helps companies make decisions which in turn will assist me with my Market Day planning

    Activities:

    Notices:

    - Google Meet Session - 12pm on 20 September.

    - Begin Assessment 2 - Market Day Business Plan as mentioned in the instructions above.Every group member MUST read the exemplar and the market day template and the marking grid.The due date for this assessment maybe in Week 10, Term 3


  • Term 3: Week 4

    Learning Intentions: We are learning to (WALT)...

    • Understand how market research is part of a planning process for our upcoming market day.

    • Understand the importance of Health and Safety during the market day process

    • Draft a Business Plan

    Success Criteria: I can/have...

    • Explore the different products and understand what product/s meets the needs of the target audience

    • Understand the Healthy and Safety requirements that will support us in drafting the health and safety procedures for our team

    • Describe the parts of a business plan

    • Analyze how a business plan helps companies make decisions which in turn will assist me with my Market Day planning

    Activities:

    Notices:

    -  Assessment 2 Due - 4 Oct at 3pm - Every student is required to contribute to this assessment in order to be graded.

    - Please upload on MHOL.


  • 4 October - 10 October

  • Term 4: Week 1

    Kia Ora Everyone

    Welcome back to term 4.

    Please read your Google classroom notices and updates.

    This week you will complete a google doc on exploring a new and innovative Business. (Please refer to the google classroom page to get access to the google doc) 

  • Term 4: Week 2

    Kia Ora Team

    Please refer to your Google classroom page for Distance learning work -Week 2

    This week you will focus on your resubmissions for your Business Plan.





  • Term 4: Week 3

    Kia Ora


    Please refer to the distance learning tasks on Google classroom. 

    Please ensure that readings are completed.


  • 1 November - 7 November

    Kia Ora Everyone

    This week, I will introduce Economics.


    Learning Intentions (based on NZ Curriculum Level 5 Achievement Objectives)

    • Understand how economic decisions impact on people, communities, and nations.

    • Understand how people’s management of resources impacts on environmental and social sustainability.

    • Success Criteria

    • Able to explain the definition of economics (scarcity, resources, wants, etc.
    • Can share examples of how economics affects our everyday lives

    Economics

    Economics affects everything you, your friends and family do. It is the study of how to allocate scarce resources in order to satisfy unlimited wants and needs. Put simply, it's deciding what OUTPUTS (products) to produce and what INPUTS (resources) to use to produce them.

    For example, should we: only use pubic transport, build more dams to encourage dairy farming in drought-prone regions, use nuclear powered ships, employ more nurses, pay politicians higher salaries, pay university fees out of taxes, have a larger army, charge tourists more to walk the Milford Track, allow only 2 companies to control all supermarkets, limit the amount of fish that can be caught, ban cigarettes, allow deforestation if it creates temporary jobs, etc.  

    In Economics, there are 4 types of resource that are used to make goods and services that people need or want (called the 'Factors of Production'). These are:

    Natural resources - 'Land', trees in a native forest, rivers, iron ore/oil/rock/sand
    People resources - 'Labour', teachers, lawyers, politicians, programmers, artists
    Human-made resources - 'Capital', buildings, roads, trucks, ferries, computers
    Enterprise - People who have an idea and bring the other three types of resource together 

    Here's a short video clip that explains the 4 types of resource (Factors of Production), Opportunity Cost and Micro- and Macro-economics. 

    Accounting Cost is the money amount that we must pay (explicit cost). 

    In Economics, we also talk about Opportunity cost. 

    Opportunity Cost is the benefits that we miss out on because we've used our resources to produce one product and not another. For example, if you have $20 and pay for a movie ticket (and the enjoyment this gives you), you cannot have the next best alternative (perhaps the fun with your friends of buying a new basketball).

    Economic Cost is Accounting Cost plus Opportunity Cost. For example:

    If I buy wheat seeds and sow, water, fertilise and finally harvest them, I might have to pay $40 for seeds, water, my time, etc. I might sell the wheat for $100. My Accounting profit is $100 - $40 = $60

    If I could have earned $55 from allowing campers to stay on the land, the Opportunity Cost is $55 (the next best alternative use).

    My Economic profit from the wheat is $100 - $40 - $55 = $5. Because Economic Profit is a positive amount, I made a good choice to use my land, labour, capital & enterprise to grow wheat. I would have made $5 less profit from the next best alternative use of my resources.


    Types of Economics

    There are two types of economics: 
    Micro-economics studies individual industries and businesses eg competition, Monopoly power, Supply & Demand
    Macro-economics studies whole country topics like inflation, growth, unemployment, investment, exports and trade.


    Real life example of Economics in action

    The Ruataniwha dam in Hawkes Bay will flood a large area of land in order to provide irrigation water for increased dairy farming in an area prone to drought. Environmentalists say that it will damage the quality of water in the region, encourages a form of farming that is unsustainable in this dry area, and will use millions of dollars that could be better spent elsewhere. 

    Some investors want the scheme because they think it will generate large profits for them. However, the latest assessments estimate that farmers will not afford the high price the water will have to be sold at to cover the huge costs. This case study can be explained in terms of scarce resources, factors of production, opportunity cost, who gets to choose what is produced with our resources, micro- and macro-economics.

    Here are two links to articles about the proposed scheme
    2018 article:     https://www.radionz.co.nz/news/national/360937/ruataniwha-dam-scheme-revival-raises-doubts-in-hawke-s-bay
    2019 article: https://www.stuff.co.nz/environment/110889921/the-ruataniwha-dam-proposal-might-be-dead-but-now-another-dam-is-touted-on-the-same-river-with-ratepayer-funding-sought

    Activity

    Work in small groups to answer the question below. You'll need to read the article above and discuss who is affected, how the decision should be made and whether you think the scheme should go ahead.  


  • Term 4: Week 4

    Refer to distance learning work on google classroom

  • Term 4: Week 5

    Refer to distance learning work on google classroom - see you for the connect session at 11am.

  • Term 4: Week 6

    Refer to project based work on google classroom

  • Term 4: Week 7

    Refer to project based work on google classroom

  • Term 4: Week 8

    Refer to project based work on google classroom

  • 13 December - 19 December