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Ms. Edna Krabapple
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Test student
Challenge Summary
Time is running out! Nike aims to stay as the most profitable shoe company, but their competitors are catching up. You’ve been selected as a product manager to help develop a new shoe and keep the company number one. You will come up with a price, calculate maximum costs so you can bargain with suppliers, and test out your product in the market.
You have completed the challenge!
Are you satisfied with the results? Explain to Nike how much profit you made and what you would do differently if you could change anything.
Let’s see what happens! You get $20,000 in funding to launch the shoes and open up sales for the quarter.
The results: You sold … 85% !
Nike also wants to know how much money you’ll make! You explain nothing is certain, so they ask you to estimate a range.
To the nearest thousand, what range of profits would you expect in a quarter, based on the number of shoes you plan to make and the percent you expect to sell?
From $22,000 to $31,000
Nike is getting ready to fund your project as a pilot for one quarter!
They offer $10,000 to $30,000 in initial funding and ask how many shoes you can make.
Using your cost estimates, what are the minimum and maximum number of pairs of shoes you could make?
From 240 to 763
Nike has set up a meeting with you and their suppliers, but beware! The suppliers will try to get you to pay more than you can afford.
Based on your choice of costs, and your sale price, how much can you afford in costs per pair of shoes (to the nearest cent)?
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What percent of your sales price will you reserve for costs?
Nike wants you to achieve 30% to 45% of the sales price as profit, and the rest is cost (staff, supply cost of materials, shipping, advertising, etc.)
58%
Nike is impressed so far and asks you to come up with a plan to test sales for the quarter. The first question Nike asks is - “What is the price for a pair of shoes? Is it in the target $100 to $500 range?”
As a group, decide and justify a sale price for a pair of shoes.
- Locate prices for at least 3 similar, existing shoes and find the minimum, maximum and mean to the nearest cent.
- Try to find prices for similar existing shoes if possible. If there are no similar existing shoes, make and justify your best guess.
- Justify if this is a price someone in your intended audience would be willing to pay.
- Keep the price between $100 and $500.
Have ONE person in the group enter your decision and justification.
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Nike would like to develop a prototype of the shoes to test, but they also need a better idea of who will buy them and where they shop.
Have ONE person in the group enter the group decision.
Based on your most popular idea, decide as a group who would buy your shoes and where would they be sold? For example, would they be sports fans who buy at sports events, or innovators who like to find creative new products on Kickstarter.
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imageefystdhgrf16 votes
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imagehgtsdarsef13 votes
Nike likes your ideas and they want you to find out which of these is most popular. Create a poll to ask your peers which of these features they would most like.
Have ONE person in the group create the poll and close the poll after your classmates voted.
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Nike wants something cutting edge, yet somewhat affordable, that will revolutionize the shoe industry.
As a group, together come up with three ideas for special new features. Some ideas include a new graphical design or color (attach a drawing), 3D printed shoes, customizable shoe exterior, or hovering shoes. Aim for features that would make your shoe between $100 and $500.
For each idea, have the idea creator post it.
Nike aims to stay as the most profitable shoe company, but their competitors are catching up. You’ve been selected as a product manager to help develop a new shoe and keep the company number one. Time is running out so get started!
CHALLENGE PROGRESS
SUCCESS!
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