Experiential Learning

Activity Objective: To understand the practical application of classroom lectures. The activity was conducted in two phases:

Phase 1: “Sell Lemonade”

1. Time for the activity : 9:00 am to 10:30 am

2. Target Market: The IIS University Campus

3. Budget per team: ` 500 per team

4. Issues 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 use this information when determining the price for 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? Fundamentals of Management - How did you applied the principles of management to manage the following: Finance Sales Customer Team

Phase 2: Board Room Discussion

1. Project manager submitted the report after the completion of activity keeping in view the above questions along with the financial financial appraisal of the activity.