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Bid for Bait Events

  • Last Date to Register: 11th January, 2021

Going once, going twice… Sold!
Auctions always give sensible bidders an adrenaline rush. Brush up your entrepreneurial skills and be a part of a virtual auction and where the race is against time between you and your competitors.

 

Psych your way in…

 

This is an elimination round which will be a team event with at max. two participants in each team. A college can have multiple teams. On-spot registrations are not permitted. There will be an online elimination round two days prior to the date of the fest. The participants will be shown images of various artifacts and luxury items. They have to guess the price of the product at which it can be auctioned. If the predicted value guessed by the participant is close to the actual price of the product, points will be awarded to those teams. Top 50 teams will qualify for Round 1.

 

3,2,1 and it’s done

 

Round 1

In this round 50 qualified teams will compete in a speed auction. They will bid for 20 commodities. Bidding will start from the actual price of the commodity. Contestants will raise their placards and announce their bid. The commodity will be sold to the highest bidder after announcing it thrice.

So, GRAB ONE BEFORE YOU ARE LEFT WITH NONE.
A mail will be sent to all the qualified teams prior to the first round in which disclaimer along with the list of offered commodities in round 1 will be mentioned.

 

Please Keep in Mind!

  • There will be 50 participants and only 20 commodities, so let the race begin.
  • The participants will be given a fixed amount for purchasing the commodities and the balance amount will be carried forward to the next rounds. Spend your money judiciously because it’s just the beginning and there is a lot more coming your way.
  • Bid for the commodity sensibly as these commodities will be the substructure for the upcoming rounds. Think carefully and choose your commodity wisely or else you may lose the battle here itself.

 

Know your Customer

 

Round 2

Now that you have got your hands on your product it’s time to Know Your Customers!! How well your product performs and whether it can beat its competition depends on how thoroughly you know its features and whether you can identify the target market where you can sell your product.

So, in this round you will bidding for the type of market you want to sell
your products in with your limited resources. Now be careful, as this will be a blind bidding, so we will only be telling you the attributes of the various markets like the potential, size, age demography, speed, cost conditions, uniqueness, demand conditions & taste, addressability, etc.

Rules:

  1. Only 20 teams Qualifying from the first round will be participating in this round.
  2. The money you spent in your 1st round will be carried forward, here and additional will be given.
  3. A Blind Bidding on the market structure will be done.
  4. Only 5 market structures are present.
  5. One team can acquire only one market structure.
  6. Only the teams that acquire a market will be moving onto the next round.

 

Sweat for Swot

 

Final Round

  1. Having the product and target market in your hand. You have to come up with a business plan for your product. Conquer the world with your inner entrepreneurial spirit.
  2. Invent a unique selling proposition (USP) for your product, brand name with a catchy tagline and creative sales promotion techniques. Brush up your marketing skills and try your best to persuade the judges to become the first buyers of your product.
  3. Your customers don’t buy your product to do your a company a favor. They do it because your product makes their life better. So, if you want to sell something, you need to explain how you are helping them.
  4. Participants will be marked by judges on the basis of presentation, creativity, their promptness in Question-Answer Round and overall performance.

 

For any queries contact:

 

Nandini Gupta: +91-9828055999

Lakshay Sharma: +91-9358562652

Akshat Agrawal: +91-9950630805





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