My experience with the Christmas market – my experience with the Christmas market project was quite odd since this year my group made a mistake and forgot to do a vital thing and forgot to refrigerate the dog treats and we trashed most of our entire idea. Doing this really limited are products since we only had 12 dog bandanas as they wear a side product doing this made the Christmas markets hard for my group. We took the initiative to not sell the treats to avoid any problems that would come from them. However, we had no idea if we could even sell of make profit from the bandanas. Although are idea got scrapped, we still made quite an decent profit and we had enough to pay back the loan.

The pricing strategies we used was premium pricing and phycological pricing. premium pricing is when u charge more than the product is worth, phycological pricing is when you use .99 or .95 to make the price seem less than it actually is. My group used premium pricing because we were the only group creating bandanas so there is no reason to lower the price when their is no competition. We used phycological pricing to make the over priced products seem a lot cheaper than they are.

This is our spread sheet (sales/losses), we made quite a good profit especially science we had to get rid of majority of our idea.