How did we decided what product to sell?

When my group, Juanita, Imogen and I, where deciding what products to sell we had to make sure it was a creative, fun idea. We started with a list of 20+ ideas of what to sell. We narrowed our ideas done and after lots of thought we decided to do Christmas decorations. Baubles, snowmen, reindeer and penguins. But as we looked more closely at this idea, we realised we had too many products to sell. It was not realistic as we had not much time and we would . So we decided on Sock penguins and Baubles. Sock penguins and baubles are fun, Christmassy items and we thought they would sell well.

How we determined the pricing for our products?

In the Christmas markets my group and I sold two products. We sold Sock penguins and Baubles. To determine the price, we had to think of a few factors. One of them was to make sure we got enough customers. If the price was too high then then the consumers  would not buy our product and if the price was too low then we would not get a profit. My group used psychological pricing with our baubles to try and make a profit. The price for the baubles was at $2.99 to make people think it would be a “bargain” 1c less than $3. Our brains are attracted to smaller numbers and they always look at the first number. The first number in the price is 2 so they will think the baubles are for a great price and will buy the baubles thinking they got a bargain. Another pricing strategy we used was economy pricing which we used for the sock penguins. Originally, we were thinking of putting the price at $7.50+ but then we realised that because we had such a vast quantity of penguins, we could put the price lower and we would still make a profit.

Selling our products😀

Our selling process was good form the start. Our first costumer came around very quickly. We did decorate our stall very well but just before we started Mr Wong said to stand up our sign so we did but then it broke! Luckily it was not our only decoration. As lunch time went on more and more people came around for a look. Some people bought and other people walked on. One costumer even bought 3 penguins! because she loved them so much. We sold more penguins than baubles which is good because the penguins where worth more money but it would have being nice to sell more baubles. We did try our best to try and attract more costumers. It didn’t always work but we ended up with a big profit. $130 to be exact.

ASC Capabilities we used during this project

During the Christmas markets project we had to include lots of different capabilities. When working as a group we had to use effective communication to get all of our messages across and help each other. We had to use collaboration as we where working as a GROUP and none of us could be passengers(quoting Mr Wong). We also had to be organised as we had limited time and we had to be a problem solver. We came across lots of challenges and we had to solve them in the best way possible. One example is when we ran out of rice. Instead of being a sooky sooky la la, we went down to the playground and used sand instead.

In Conclusion…..

The Christmas markets have being a fun, creative way to learn economics. While learning all the different vocab, pricing strategies, consumer demand and many more things, we have had lots of fun along the way. The Christmas markets provided a real life experience for us and I learnt form it a lot. Even though the weather was anonymous it was very fun. Next year I hope to see the Christmas markets as exciting as this years😀