Listen to this creative and exciting activity for kids. Wouldn't it be a fun experience to teach your child business skills, marketing skills, and money managing skills all by trying this exercise? Have your child do the following:
- Pick a product (Ex: Lemonade)
- Pick a location (Ex: Church Bazaar, School Fair, Garage Sale)
- Determine the price (Ex: Have the child determine how many packages it costs to make a gallon, divide the cost of the lemonade mix by the size of the cup to determine how many glasses you can get out of a gallon and that is your cost. Now determine the profit margin and explain what all this means "age appropriate of course".
- Choose the promotion (Ex: Buy two glasses for the price of one, get a piece of candy with the lemonade, etc...)
Listen up parents, this can be a lot of fun and is just the beginning of helping your little entrepreneur understand marketing, accounting, and of course "PROFITS". Learning these skills will last a lifetime and be a fun project in the mean time.
Remember to emphasize, honesty, integrity, savings, and customer service skills. Be sure to continue reading the blog each week to learn more about "Marketing for Kids".
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