The Year 7 Christmas Market . With Pobee, Enoch, Ari and I made a great selling product that helped to donate profits to the Salvation Army.

My group created the idea of making something innovative. We came up with BasketPong and Mini Bean Bag Toss. These ideas where pitched to the investor (Ms Lingensjo) and got ur investment money to create the products. BasketPong is like beer pong but with a basketball hoop and obviously no beer. You would get four ping pong balls included and there would be a range of different designs that you can choose from. We started of at $5.00 each but lowered it to $3.00 each.

Bean bag Toss is pretty self explanatory but we made it mini. Also we made a range of designs and we put in three hand made bean bags all different colours. We started off at a selling price of $6.00 but put it down to $4.00.

Here is our groups logo:

The economic factors that we learnt in class where used as well. We needed to make thought through decisions when setting our prices. To earn the best profit we decided that Bean Bag Toss would be more expensive, because even though it was a little less effort to make than the BasketPong hoops they where bigger and you would get the bean bags as well when you would buy Bean Bag Toss. That was our opportunity cost decision.

For our products there was quite a low supply and especially the Bean Bag Toss was scarce, there were only 6. So we would have to put a higher price making there a lower demand but in the end selling them we would make a profit. In the future I would change this because it was a risky decision and we may have not sold a lot because of the pricing. But then this also could be premium pricing (is were you set your prices higher because it is a high quality product) because our products looked fun and exiting to consumers so putting them at a higher price could also have been a good idea to make a profit.

We made ads in English for our assessment and our product. In groups we decided which ad was the best and our group chose mine. Including with our assessment we had to explain what techniques we used. This is not to relevant for the Christmas market so I wont go on. Here is my ad:

I put a persuasive text on why you should buy the product and this specific ad was about our product BasketPong. This ad was used for our group.

On the day I had a really good time. We sold all 15 of our products together as $67.00 and making a profit of $37.00. We paid back our investment with still money left over and when we were selling my group was really good and helpful. I predicted that our target market was going to be junior and senior school, or people who get bored a lot because this is a game that you can play anytime to cure your bordem which was in my ad, and I was right, our consumers were junior and senior school students. This experience was really fun and will definitely help me in the future so I’m glad with what my group and I accomplished. Here is us on the day: