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MSc Spitalfields Market Challenge 2019

Msc International Business Management students took part in the third annual Spitalfields Market Challenge, to set up their own businesses and compete against each other.

Now in its third year, the Spitalfields Market Challenge is a key part of the MSc International Business Management programme where students convert their learned theory to practical business experience by trading and selling on a market. Students are assessed on the execution of this challenge from planning and organising, sourcing and marketing to selling and post-challenge analysis.

This year, 48 students divided into 7 groups worked together to set up and run their own retail business and trade alongside market traders in the well-known Spitalfields Market. Similar to last year, each group received a £350 start-up fund from the university which they used carefully to make their business a success.
The groups chose a range of interesting products including eco-friendly lunch bags, funky socks and multifunctional pillows. They pitched their products to class peers and used the feedback to improve the product and selling strategy.

The winning product was the multifunctional pillow, which proved to be a huge hit with market goers. An excellent product choice combined with the group’s professional sales approach and attractive, informative display materials led them to challenge victory. Not only did the winning group completely sell out of their stock but they also made the most profit of £233 over the two days.

A total profit of £449 was generated from the all the groups that took part and as per last year the University has matched the students’ profit to double the amount to £898. This donation will be gratefully received by Providence Row, a homelessness charity in the East London area that the University has built strong relations with through this challenge.

published on: 24 May 2019