Tyler wheeler Chloe maxwell Ebonnie Knight

our idea

We decided to create Christmas cards and Christmas rocks with Loving and uplifting messages on the back of the rocks. We chose to put an uplifting message on the back of the rocks as it then has a purpose to give to a loved one. We then made cards so that all of the children have great looking cards to give to their parents that were made with love.

pricing

When deciding the best way to price our products we first asked the other groups around us for a truthful price that they would pay for our product. This help us to get to know the market that we were in at the time of the Christmas market. We Set different prices for different products that we were selling. Due to the cost price and the amount of that product. For example, when setting the original price of the Christmas rocks we set it at $4 with a percentage mark up of 300%. This is a large percentage mark up and this is because it didn’t cost much to make the product and that is called the cost price. It is important to know what your cost price is so that you know you can make a profit because if you sell something for less than its cost price you will not make any profit. That is how we decided on the price before the market.

decision making /changes on the day

During the market, my group Rocking Christmas Crafts got slammed and our rocks were in high demand. This made us instantly double our price to $8 per rock and that sold very well. When planning we targeted our audience at the junior school, but during the market, the teachers saw the talent and effort that had to go into all 42 rocks we made. In this Christmas market, we had no direct competition. We were the only group doing Christmas cards and rocks. We were all taken by surprise that people bought our rocks for $8 for 1 rock.

What I learned

I learned that working in a group can be difficult and that you will not always agree no matter how close you are as friends. I learned that Being under time pressure I work well and get the task at hand achieved and to the best of my ability. I learned that you have to prototype so that you know you have a quality product that you are able to sell for a high price. I learned that it is effective to divide and conquer when working on a project. I learned a lot during this project and I believe that it is a very good real-life experience that helped me to learn about economics.