In the christmas market, we showcased how we use our capabilities as we made a businesses hoping to make profit for charity.

I was put in a group with Mini Li, Chester Wei and Madhav Haribaskar.

Planning

We quickly a group chat for us to discuss what product we should make. By doing this we using a lot collaboration and communication. We got our ideas from this two ideas.

We went to go pitch our idea to Miss L, but we had to change our ideas because some of original ideas couldn’t work. After changing it up we were able to get approved and got our money.

Prototype

Mini made a prototype but improved it down the line.

Skeleton Island Game

This is was a game we played to help us in the christmas market. We weren’t able to use some of the strategies that were used in the game, but it provided us with critical learning in that don’t set your prices too high or the market won’t bear it. Also don’t sell your scarce items too fast because you could save them and sell them for a higher price later on.

Making the product

While making the product, I think we could’ve been more productive. We were still thinking of ideas to use late in the project. In the first week of working on it, we weren’t sure how to get wood for the checkers board, but on friday, we were able to get 5 pieces. It was unfortunate but we had to work on it. 4 of the 5 pieces were too small to be sued of checkers board, but we decided to make them tic-tac-toe boards. We were planning to laser cut pieces for them, bet it was too complicated so we ended up drawing things on shells to make it work. We only spent 14.97/30 of the investment so we wouldn’t have as much to pay as much back.

Deciding The Prices

This was harder than we thought it would be. We mainly used cost plus margin Even though it didn’t cost anything to make the tic-tac-toe boards, it took a lot of paint and effort to make it. It was also expected that people hadn’t this time of wood before in its form. This is why we made the cost $6-8. The checkers board was

The Market

On the day, they were many other groups making ornaments and games, meaning we had plenty of competition. Our original pricing was $3-4 for the ornaments and $6-8 for the tic-tac-toes. For the checkers board, it was $10. A lot of people liked our ornaments so we raised price hoping for more sales. Unfortunately, the market wasn’t willing to bear the price of $5-6 so we had to eventually lower it back down again. Something that I noticed in the market was that people also ran out of money before they got to us.

Post-Market

We managed to sell more stuff in period 5, but there were very small amounts of money that we got. We sold out everything except the checkers board and one of the tic-tac-toe boards.

Our total revenue was $95.10. Our total profit was $80.13. Our cost per unit was .777 for ornaments. It didn’t cost anything to make the tic-tac-toe boards or checkers boards.

Things I would change

The most important thing I would change would be the location because a lot of people ran out of money because they came to us. If I could choose, I would put our stall, in or near the canteen, since there is also a long line. This means that lots of people would come to our stall and we would have more profit.

I would also change what products we did because we only had 5 tings other than the ornaments, meaning we were lacking in the product department.

Conclusion

I really enjoyed the experience. I learned that communication and collaboration is key. I also learnt that you need you have everything planned out.

Thank you!