The Christmas Market has been a time of ideating, designing and teamwork. The purpose of it was to create a Christmas related product that we sell at the market which can then be given as a gift. We started off with learning about Economics which then lead to asking our customers what they want for Christmas and The twist to this project is that we were only given $30 to spend on buying materials for our product.
One of the most important steps to making a product is what your customers want since they are your customers. Our task was to interview other people in your group and ask about what Christmas means to them and what gifts they would like and what they think other people of different ages will want. Many successful businesses ask their customers about how they can improve or what new product they want to see for sale. The thing that benefited with my learning was when we learnt that when making a product our customers ideas for improvement are more important than what we want. Without asking our customers for ideas we would have never come up with an amazing idea.
In life, we all have our needs and wants. Our needs are the essential things that we must have to be able to survive like food, water and shelter. Wants are things that we use for entertainment or are not necessary in our life like our phones. An example of this is when we played Skeleton Island where we had to get 3 essential items which where water, insect repellent and a fishing rod. The aim was to get all those items to be able to survive while still having the most money left over. Our needs and wants have helped us to decide on what will bring our consumers the most satisfaction in life.
Something that needs and wants then led into was supply in demand. This is where you have enough of a product in supply to meet the demand that consumers want. We also used this as a real life example while playing Skeleton Island because for the insect repellent there wasn’t enough that would meet the demand so when selling you’ll need to make the price higher than what you bought it for. For our business, an improvement that we could have made was to meet the supply in demand since we didn’t have enough supply to meet the demand that we were receiving. Without not having enough supply and demand you would never be able to have a successful business.
In life there is always a budget of the max amount of money that we should spend. The budget also must be lower than the money that you earn otherwise you would not be making a profit which means that your business will not last long. When deciding how many products we would need to make we were a bit too safe with our budget and did not end up making enough products which we will take into consideration in the future. Having a budget also allowed us to let our imaginations run wild and use simple materials to make something astounding.
Advertising your product is how every single business attracts customers. Some things that we took into consideration when advertising are the parts that make up an ad like a headline, body-text, brand and image. There is also lots of different types of techniques within an ad that make it unique like colours, camera angles/lighting and language techniques. We included all these things in our advertisement so that we could make it look distinctive. Without advertising our product businesses would never go viral.
While doing the Christmas market we used many of the College Capabilities which helped us work effectively. Some of the capabilities that we used were effective communication which let us decide who was going to do what job and creativity so that we would be able to make a remarkable product that would stand-out compared to the rest. Without the College Capabilities, our product and teamwork wouldn’t have been as successful.
The Christmas market has been an amazing experience that I will certainly remember for life. If we were not given all of this amazing learning not many people would have made an exceptional gift.