New Product or Service  

The Scenario Your group (4 people) just hit a Lottery jackpot of One Million dollars ($1,000,000). Your group decided to invest it in a new product or new service. The group will explain how they will use “land, labor, and capital” for their product.

PROCEDURES 1. Each group will think (brainstorm) of a product or service to invest the $1,000,000. 2. Generate a list of ideas or services that can be used in today’s market. The list needs to have all the group members names. Each group member will need to have at least six (6) ideas or service on the list to get credit.

Brainstorm List Joe Smith Mary Thomas Idea Mike Brown Idea Service Idea Mary Thomas Idea Service Idea Mike Brown Idea Service Idea

Need for the Project 1. Flowchart – outline how land, labor, and capital will be used. 2. Brochure – promote the new product or services. 3. Budget Sheet (Fill-out Microsoft Excel & Print) 4. PowerPoint (10 –12 slides) Present the product or service.

Create a Flowchart Divide the items into the flowchart (land, labor, and capital). .

  Use the flowchart to categorize (disperse) the items from the list of things needed to produce the good or service. Place it into the following categories: 1. Land (vacant, raw, developed) 2. Labor (how many workers?) 3. Capital (human capital, physical capital)

Create a Brochure (Tri-Fold) -The brochure must answer the following questions: -What will be the product or service (100 words)? -How does the product or service work service (100 words)? -What are the benefits of using the product or service (100 words)? -How much does it cost? (20 words or less)? Answer each question with a short paragraph on the brochure. Add a picture to enhance the brochure. Each person in the group must show their contribution to the brochure to get credit.  

Sample of tri-fold with the name of the product or service on the middle. Also, create a picture or logo to signify the product or service.

EXAMPLE: Tri-fold with the name of the brochure on the first page.

Land - What does the group need to produce the product or service (i.e. building, machines, material).  Labor - These are the people who will produce the goods or services. How many workers will be necessary  

Capital ($1,000,000) Money owned by the group   Capital ($1,000,000) Money owned by the group. The break down on how the capital will be divided (land, labor, material) to fund the creation of the product or service. Make sure to create a budget for advertisements (i.e. radio, tv, internet) for your product or service.

Create a Power Point (10-12 slides) - Explain how the group will use the capital, land, and labor to produce the goods or services. - Explain how the product or service work. Explain why people will use the product or service. - Include Visuals (pictures or video) of the product or services.

Items that will be submitted and presented for a grade: 1 Items that will be submitted and presented for a grade: 1. Brainstorm List (1 per group) 2. Flowchart (1 per group) 3. Brochure (1 per group) 4. Budget Sheet (1 per group) 5. Power Point presentation of the group’s product or service.