Christmas is the best time of the year! So, all of the year 7’s started the season early by doing a Christmas market with our very own products made by us! The Christmas market was a project that included our knowledge from HASS, Digital ICT, innovate ed, and other subjects. My group for this project was Emma, Chloe, Jasmine, and me. It took lots of thought and teamwork to figure out what we would sell but, in the end, we all agreed on a bracelet/anklet named “The Acelet”. During the process of this project, we were required to use our knowledge and understandings of prices, profit & loss, and we had to predict how many we would sell! This was one of the harder projects we had been given, but with some teamwork we got it done efficiently whilst still having fun.
About halfway through the Market, Chloe decided to go where all the consumers were entering and she was showing them the way to our products. This tactic worked so well for our group as it attracted people to our stall. However, this was also a bit of a downfall for us as we had a massive consumer demand, and everyone was sprinting to our stall. This was so hectic because everyone was screaming at us and we were struggling to get everything down on the sheet which made us a bit stressed. We had at least three of these moments.
For my group, the market project went so well as we were working together and having fun. But If we did the market again, I would probably make sure that everyone understands what we had to say to consumers and that we had communicated better as we had some miss understanding with specific things, and we weren’t on the same page with understanding styles and what our prices would go down to if we were to do that. I would also change the location to a more ‘compact’ space because it would be easier to keep track of everything that was going on, however, because we had the stall in the open it made us have many consumers and meant we had to keep an eye on all of the Acelets a bit better, like when we had a consumer rush as people were picking things up and trying it on which could have resulted in people stealing.
When we were in the process of deciding the price, we had multiple ways to make sure that the price we would set is going to make people buy more Acelets. In the process of this, we surveyed many peers and others in our target audience about how much they would purchase one for. The results came out in the ranges of $1.00-$3.00 but we could not just finalize it there as we had to check and make sure it would be the best we can have it for our total profit and our supply-demand. We had all our information on an excel spreadsheet which helped us heaps in many things but also finding out the percentage markups, unit cost, and other things like that. Our percentage markups were massive as the product was mainly based on a string. When we marked up, the tiger Acelet was 1,150%, the Signature Acelet was 1,718%, the Horse Tail Acelet was 350% and the eco-fun Acelet was only 57.72%. We also had to think harder about the supply because if we had too little, we would’ve sold out very fast, but if we had too many, it would suggest to consumers that our product isn’t good as it’s not selling out. During the market, we had around 4 Acelets left to sell, in this case, we decided as a group to half the prices of each. This made the Acelets sell out and we certainly did not expect that we would sell out that fast!
We had a bunch of feedback saying that we could have had a larger stock for the bigger sized Acelets as we only had limited of these in not many styles. One thing I would 100% do again is when Chloe was going out the front directing people to our stall because this helped us heaps with consumers and everyone was demanding for our product, Chloe did an amazing job at this but we could have alternated so it would be fair. Lastly, I would have created a better way to line up because there were lots of consumers talking at once so poor Emma had to listen to Jazzy and me with different consumers talking at once and make sure she was writing down everything being sold.
At the end of the market, we were required to count all our profits and exclude the $20 float and the starting amount of $30. We ended up making a profit of $70.70 to donate to the salvation army.
In conclusion, this market was so fun and enjoyable, and I loved learning, creating and everything else in the process.