Intro
Every year all the year 7s have to get into a little group and design products to sell at the Christmas market. In my group, there was grace, Bridget, and me. My group made phone chains as our product. I thought that the market was a wonderful experience for me to expand my skills and understanding of design thinking. During the Christmas market, my group had to apply many economic ideas throughout the Market process to ensure that our product sold.
Empathise
My group had to empathize with all of the customers that wanted to buy our products. So that we would make a design that they would like.
Define
When we were defining our product we went through so many ideas because some ideas may not sell so they would get declined by Mr Scotti or it was over $30 so we couldn’t make it.
Ideate
We had to make so many ideas because our first idea was not very good and it was really expensive to make. This led to my group taking and changing our idea so the whole production per product only cost $0.65. Which is way better than our original idea.
Prototype
For our prototype, I made a phone chain at my house first just to see if it would work once I saw that it worked we continued with the phone chain idea for the Christmas market.
How my group came up with the price.
One of the thoughts we had before the market was that we happen to of made two different sizes. We had longer ones and shorter ones because we didn’t measure them properly. I am happy that this happened because I didn’t think about doing that before but once we realised we thought this was a good opportunity to make more of a variety for our customers. We created the price of our product by the size and the amount/type of beads used to make that phone chain. If it was a bigger phone chain, then it was $5 and if it was a smaller phone chain then we priced it at $3.
As it got more towards the end of the market, we put the prices down to two dollars. We did this because it was better to sell more for a lower price than get no more customers and be left with 15 left because we don’t need that many left over.
Some things that I would do differently if I was to do this again
I found this as a really great learning experience so I would be very happy to do this again.
I would have made more bigger phone chains because although they were more expensive than the smaller ones, the bigger phone chains were also more popular than the smaller ones. We only had the smaller phone chains left after the end of the market so I think that if we had made more bigger phone chains then we probably could have sold more. If we had made fewer small phone chains and made more bigger phone chains, we could have had a bigger profit because the bigger phone chains cost more than the smaller phone chains and since everyone wanted the bigger ones, we could have made more money.
I think that in general, we could have just made more of a variety of colour on the phone chains because lots of people wanted matching ones and just lots of the same as the ones or they had just seen other people wearing the colour or style of beads they wanted on a phone chain. But they didn’t buy any because we had already sold the one, they wanted, or we just didn’t make the one they wanted.
One more thing I think we could have done better was our pricing if we made it a little bit cheaper toward the start, we could have sold more of our phone chains. I thought we could have made the phone chains cheaper because the cost to make each one was only $0.65, and we sold it for $5 we may have made more profit but if it was that one dollar cheaper, I thought that more people would buy it. This is because multiple people came up to us and asked if there were any longer ones for a cheaper price because they didn’t want to spend that much money on a phone chain so if we made it just that $1 cheaper, we probably could have had lost more customers and we could have then made more profit.
