Business Management
Business Management Excursion Number 1 – Fountain Gate Shopping Centre
Market Day is an integral part of the 1/2 Business Management experience. This year it will be held on September the 13th and it is a time in which students run businesses in groups in aspirations of business success. To help better understand how to run a market stall and have a successful business idea, both classes made their way to Fountain Gate Shopping Centre on the 9th of August, to acquire valuable insights from the general society.
As we conducted out interviews, we were able to learn practical ideas and techniques regarding the means of profitability and overall success on market day through professionally conversing with both employees of popular businesses and numerous consumers. This excursion allowed the students to grasp the overall patterns and trends in terms of preferences and opinions of the modern-day consumer.
After a quick photograph at the start of the day the groups dispersed into the shopping district, with each group eager to utilise this golden opportunity by exercising a diverse range of strategies to collect relevant information from businesses such as interviewing, analysis of common trends and observation of consumer patterns. Everyone had an extremely enjoyable time at the centre and we all express our gratitude to Mr. Armistead and Ms. Budd for helping us have a great day out. In essence, the information gained from this excursion shall indubitably reflect in each business stall on September the 13th, and YOU, dearest reader, are zealously advocated for to support these businesses, whether through completing their forms (linked in Nossal Staff and Students General channel) or purchasing from them!
Anhad Panchhi
Year 10
Business Management Excursion Number 2 - South Melbourne and Queen Victoria Markets
On the 16th of August, all students undertaking the subject of Unit 1/2 Business Management set out to the bustling South Melbourne and Queen Victoria markets. We were even lucky to see Bill Shorten as he made his way quickly in and out of the market! As a whole, this excursion provided us with a valuable opportunity to observe and compare different market environments, gaining insights into the operations of businesses and exposing us to concepts that could enhance our market day stalls.
The comparison between the two markets was fascinating and demonstrated many different small business concepts. Our first stop was at the vibrant South Melbourne Market, which was just a short tram ride away from Southern Cross Station. For many of us, the atmosphere of this older-style market was a stark contrast to the modern shopping centres we were more familiar with.
This new experience served as a benefit as it provided us with an example of businesses that are more tailored to the concept of a market day. As a whole, the South Melbourne Market was a hidden gem for trying different cuisines and the smell told a story of its own. However, there were pockets of stalls more applicable to the market day concept, with keychains, badges, and model toys becoming more of an occurrence the deeper we went into the market. Observing these stalls allowed us to better understand pricing strategies and gain valuable insight into what type of products sell well in pop-up store environments similar to those of our respective market day stalls.
Next, we headed to the iconic Queen Victoria Market, which was filled with people roaming the unique stores. It was amazing seeing the massive crowd of people gathered amongst this market regardless that it was mid-day on a weekday when we visited. This market mostly contained knock off branded clothing, jewellery, and other tangible items such as watches. At this location, the products did not appeal to us very much, however, it served us the benefit of understanding how to effectively market and utilize the available space for a store to the max.
One of the most intriguing things about this place was the racks of clothes stacked on top of one another so that potential consumers would see this product as a beacon from afar. This made us reflect on how we can make our products more visible on market day, even from a far distance to increase sales. Furthermore, the customer service from this market was also top-notch with many small store owners going that extra mile to increase customer satisfaction and to thus increase sales; in some cases all that was required was just pure small talk.
In essence, this excursion helped us gain valuable insight into the fundamentals and the 1 percenters that go into building a successful physical store. The whole cohort hopes that we can apply what we learned from this experience to ensure the success of our market day stalls.
The Market Day will happen at lunchtime on the 13th of September. We hope to see you all there! On behalf of all the year 11 Business Management students, I would like to thank Mr Armistead and Mr Ninis for supervising us on this excursion.
See you on Market Day 13/09/2024
(Cash Only)!
Joshua Jansen and Anmol Singh
Year 10