Christmas Market
We determined the price of our product due to our supply and demand and competition. With our keychains and coasters, we had quite a high supply but the demand for our product was not as high demand as we predicted because of our competition. There were a couple of other groups selling keychains that were also getting a few customers. So, we decided to lower some of the prices for the coasters because some of them were 5 dollars depending on the size. The prices for the keychains were $2.00 so we made some deals with people like buy this one without a keychain and was not as high quality for $1.00. This was not a loss because lots more people came and started buying more of our products. We did do the auction for the air Jordans, and we made $11.00 in total which did make us get a lot of people coming to our store to check them out. For our beads, we spent $15 on the beads $6 on the mats, $2.50 on the black beads same as the green beads and $2.00 for keychains. We did use some of the strategies from the skeleton island game which did help us a lot we raised some prices and lowered some which did help us with lots of people buying multiple products. We did deals like buying the ketchup and mustard bottle only for three dollars.
If I went through the process of creating the product again, I would have made the same products but a different design for each of them. In terms of the coasters, I would have made one of the original ideas, circular food-based coasters (some examples may include Oreo’s, lemon, limes, oranges ext.…). Another thing I would have done is that if we had more time then we would have made a lot of things people had asked us to make only because so many people asked us to make personalised ones for them which did put a lot of pressure on us. After all, we did have to make multiple of the products if we were going to make it and some of the ones that people asked us to make were very hard and did take a lot of time for us to think about them on how it could work. One other thing that we should have done is packaging or at least just tags because they would have been easy because we could have added them to the keychains which could o looked better for our store and made us look more professional.
Some of our products:
Overall for the Christmas market are group did well we sold nearly all of our items and we made enough money to give back to the school.