Lesson Plan: Secondary Goods Market: Returned Retail Goods

Secondary Goods Market: Returned Retail Goods

Andy Kroll talked about what happens to retail goods when they are returned, also known as the “secondary goods market."

Description

Writer Andy Kroll explains what happens to retail goods that have been purchased either in a store or online and are returned creating a “secondary goods market.”

Procedures

  • Step 1:

    Take a poll asking students the following questions:

    1. Which method of shopping do you or your family prefer, online or in store?

    2. What percentage of your purchases are returned, less than 25%, less than 50%, or greater than 50%?
  • Step 2:

    View the following video clips as a class and use the accompanying questions to guide class discussion.

    Students may also view the clips independently and take notes on the handout to prepare for class discussion.

    Handout: Secondary Goods Market: Returned Retail Goods (Google Doc)

  • Video Clip 1: Returned Retail Goods (5:50)

    Andy Kroll talked about what happens to retail goods when they are returned, also known as the “secondary goods market."

    1. According to Andy Kroll, what is the "secondary goods market?"

    2. Explain the distinction between products that are returned online and in a store.

    3. What factors drive this return market?
  • Video Clip 2: Sustainability and Regulation (2:06)

    1. Explain the sustainability of these products as Andy Kroll discusses as well as the regulatory process of this market.
  • Step 3:

    Give students a few minutes to research the return policies of a variety of brick and mortar stores as well as online vendors. This can be done with a partner or as an individual activity.

    As a class, discuss students' findings as well as the positive and negative aspects of this market for retailers, vendors, consumers and communities.

  • Step 4:

    Ask students to consider the information in the video clips as well as through their research and class discuusion and take a poll again:

    • Which method of shopping would you or your family prefer, online or in store?

    Have students changed their minds after viewing the videos or have their preferences remained the same? Ask students to explain their reasoning.

  • Extension Activity

    Have students complete one of the following activities:

    1. Write an essay explaining your position on this market. Do you agree/disagree with it and why? Who benefits from it? Should it be regulated? If so, how?

    2. You are a retailer. How does this market impact you? Describe your business and explain your return policy. Can consumers get a complete refund or a store credit? Do you not accept any returns? Would you impose a time limit on returning items? Explain your reasoning.

Vocabulary

  • Consumers
  • E-commerce
  • Motley
  • Quality Assurance
  • Regulation
  • Retail
  • Sustainability

Topics

Economics & Financial Literacy

Grades

Middle SchoolHigh SchoolUniversity