Last week during our April market, we had our 1st ever case of businesses competing. Two entrepreneurs were in direct competition selling homemade slime. When the two came to me wondering if it was OK to sell the same product, I was delighted at the opportunity for a teachable moment! "Does this happen in real life?" I asked. "Yes," they replied. "And what do businesses do when another business is selling the same product?" Immediately they realized, "They try to make theirs better!" We then brainstormed ways in which the two slime businesses could differentiate themselves -- fun colors, clever packaging, advertisement, etc.
When market day arrived, the two students were both quite nervous. "What if nobody comes to my business?" Amazingly, the two had very different takes on the slime idea. One business had smaller packaging, glittery slime, and a more rubbery recipe. They also came up with funny names for each color. The other business gave much more slime for the price, a fluffier recipe, and pastel colors. The two products were different in so many ways that the consumers wanted both! In the end, they both sold out and decided to merge their businesses for a joint venture for the upcoming Super Market.
As a class, we discussed how competition really benefits the consumer. Because the businesses had competition, they were forced to try to sell the best product possible. This gave us, the consumers, two great choices at the market.
Enjoy some pictures and videos from our classroom cleanup session and April market below!
Little people, big minds.