Experinomics: Learning Economics Through Experience

Department of HRM & IB organized an experiential learning activity – “Experinomics” for the students of MBA- HRM, MBA-IB & MBA-RM Semester I.

Activity Objective: To understand the practical application of classroom lectures.

The activity was to be conducted in two phases:

Phase 1: “Sell Lemonade”

  1. Time for the activity : 8:00 am to 1.00 pm
  2. Target Market: The IIS University Campus
  3. Budget per team: ` 500 per team
  4. Date: 23 September, 2015
  1. Issues to be addressed during the activity:

Managerial Economics

  • What is the price elasticity of demand for the soft drink industry? How do you think this relates to the price elasticity of demand for your product? Discuss how?
  • How can you use this information when determining the price for your product?
  • Calculate the price elasticity of demand for your product, by making variations in the price of your product.
  • Do you think engaging in price discrimination is a good pricing strategy given the market conditions you face? Why or why not?
  • What factors are important while determining the location of your business?
  • Describe the factors affecting demand of your product?

 

Business Research Methods

  • What role does the market research play in successful marketing and selling of product? What research process did you applied before selling your product to the target segment?
  • What method did you adopt to estimate the demand of your product?

Fundamentals of Management

  • How did you applied the principles of management to manage the following:

Finance

Sales

Customer

Team

Business Communication

  • Write a brief note on your customer analysis

Phase 2: Board Room Discussion (Scheduled in October, 2015)

 

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