Entrepreneurship · Lesson Plan
Focus Groups, Market Surveys, and Pricing
In this MoneyInstructor-nomics lesson, students take their prototypes to focus groups of classmates to gather feedback, then use it to refine their design. They conduct a market survey to learn what buyers will actually pay, recalculate the cost of making one unit, and set a price. It turns the earlier prototype and expense lessons into a real pricing decision ahead of the Bazaar.
For Teachers
Lesson at a glance
- Topic
- Classroom Economy
- Grade Level
- Grades 3–8
- Resource Type
- Lesson + Worksheet
- Estimated Time
- 45–60 minutes
- Format
- Lesson + activity
- Materials
- Printable lesson, activity sheet, pencils
What Students Learn
Learning objectives
- Run a focus group to gather product feedback
- Use feedback to make design changes
- Conduct a market survey of what buyers will pay
- Recalculate the cost of making one unit
- Set a price based on cost and market demand
Materials
What you’ll need
- Printed lesson and activity (one per student)
- Prototypes from the prior lesson
- Pencils
Key Terms
Vocabulary
- Focus group
- A small group that gives feedback on a product.
- Market survey
- Asking potential buyers what they want and will pay.
- Feedback
- Reactions used to improve a product.
- Unit cost
- The cost to make one item.
- Pricing
- Setting the price for a product.
- Demand
- How much buyers want a product at a given price.
For Teachers
Lesson plan
Estimated time: one 45–60 minute class period.
Lesson sequence
- Focus groups (15 min). Students give and receive feedback on prototypes.
- Redesign (10 min). Use feedback to improve the product.
- Market survey (10 min). Find out what buyers will pay.
- Recalculate & price (13 min). Update unit cost and set a price.
Assessment
Assess whether students used feedback and survey data to set a price that covers unit cost.
Discussion
Discussion questions
- What is a focus group, and why is feedback useful?
- How can a market survey guide your price?
- How did feedback change your design?
- How do you recalculate the cost of one unit?
- How did you decide on your final price?
Printable Lesson & Activity
Focus Groups, Market Surveys, and Pricing — Lesson & Activity
A printable classroom-economy lesson and activity: students use focus groups and a market survey to refine a product and set a price covering unit cost.
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