Learning Outcome 2.8:
Devise and apply a marketing mix in order to promote a new or existing product or service.
(Links to LO’s 2.2, 2.7, 2.9, 3.3)
In our view, the following are the key ideas and messages for this topic:
The video on this page on the Irish Times website looks at spending alternatives for the €110million which Manchester United paid to Juventus for the footballer. It's light-hearted and uses 'currency' which the students are familiar with, e.g. Tayto Crisps, cars, etc.
It would be a great ice-breaker and introduction to the topic of opportunity cost and should certainly help students to think of alternative uses for money.
If you wish to take it to a deeper level and explore some economic theory, there is scope to look at the impact of supply and demand on price (transfer fees) and perhaps also the purchasing power of a player who reportedly earns €220,000 per week. That would buy an awful lot of Taytos, but might be subject to diminishing marginal utility!
Click below to return to the 'Time for Business' website