What was the Christmas Market?
In the 2020 Year 7 Christmas Market, we needed to form a group and we were given an Investment of $30 to create a business with products to sell to the Year 5’s and 6’s of ASC. We had to have ideas on a product that would be different from the rest and that stood out so people would be more interested in it.
Design Thinking Process and Development
At First, for our product, we had thoughts about making unique items so that each item would be scarcer and that would make the consumer demand increase. We made our product to be a gift that would be kept and cherished, so we included an ethical aspect from the work we did in InnovatED as we saw that the small things were more important so these signified a good friendship, and relationship or a good gift for your family.
We decided to incorporate spray paint into each and every one of our coasters and ornaments to show that they are all different from each other with different colours and gradients. For Marketing, before the Christmas market had started, we had a Skeleton Island game that helped us with different strategies as a consumer or sellers. During this, we needed an Insect Repellent, a Fishing Rod and 1 bottle of water for each day, it was difficult to buy the Insect Repellent because there were only 5 and 20 people who needed it, so the demand had highly exceeded the supply as it was a scarce item meaning the prices would be set high. Some of the sellers kept some items, especially the Insect repellent till the last day so they could inflate the prices to lead to a higher profit.
For our Product Marketing, we agreed to use psychological pricing to draw more people in, because many people these days are attracted to e.g. $9.99 except for $10.00, so we thought this would be vital. We had a total of 38 products, and we set our prices quite low being $1.99 for our coasters and 99c for our Ornaments because the years 5 and 6’s had come over so they wouldn’t have had lots of money. We also planned to use the strategy of calling people in to look at our products from our stall and we each said why they would need it to convince them. Our Business was named “King Coasters” signifying that we had the best quality coasters.
How would we improve next time?
After the Christmas Market, we investigated the consumer demand and it had passed the amount of supply we had, so as we had an opportunity cost, we would increase the price while still using that psychological pricing to get the maximum value and profit.
We would’ve moved our stall closer to the canteen because the flyers we had used for our marketing were placed there and if they took a glance at our ad and looked around they would easily find us if they were interested. For our Marketing during the market, we would use more packaging and really engage with the consumer more. Because we sold out during the Christmas Market, we have more flexibility to change the pricing to not have that opportunity cost anymore.
