Economics During Humanities
Throughout humanities this term we have been focusing on the economic aspect of our world, mainly supply and demand, pricing strategies, and how there are various business concepts. The most significant focus was supply and demand this is where the prices can be determined through the availability of a product (Supply) in comparison to the number of consumers that want to purchase your goods (Demand). Another aspect is the pricing strategies, some examples would be premium pricing, psychological pricing, and competitive pricing. Premium pricing is where a business decides to seem as if they create a premium product as well as a lifestyle along with that to seem like a business that has price determined by its reputation, an example would be Gucci. Psychological pricing exploits the way that we interpret numbers, as humans, we tend to focus on the first number of a price tag instead of looking at the entire number psychological pricing does this by reducing the price by one cent making the price end in ninety-nine but when rounded still equals its original price. My view of competitive pricing is the decision to lower your prices below your competitors’ prices to increase overall sales and profit. Lastly, in economics, we learned about business strategies. The main ones that I focused on were interdependence, specialization, and scarcity. Interdependence is where an individual relies on a business for income, I am personally a grand expert in this field due to the number of times that as a little kid I scammed my parents out of their savings for very priceless toys. Specialization is where an individual focuses on one job and then becomes very specialized in that area of the field. Scarcity is the biggest concept that Mr. Wong kept emphasizing, scarcity is when a resource is limited and limits others’ wants and needs, a side effect of scarcity is high demand due to the limited supply. Overall, the amount that has come out of the humanities lessons this term is massive.
Design Thinking Process
The design thinking process had to be rushed due to the lack of overall time for this market and especially because of the 3d printing and the consumption of time it took we needed to be fast when designing. Overall, the quick pace jumbled the process up and made It very difficult to figure out what process we were on.
Stage 1 Empathise
The empathize stage was mainly used to find prices that were reasonable to set. We had already thought about our target audience, and we were aiming broadly, this meant that when surveying the surveys were inaccurate towards our best audience (kids).
Stage 2 Define
To define we created a mini model on Onshape to understand the possibility of creating our ideas. Through Onshape we discovered that the mechanism for the reindeer could easily be very simple. But this was Mainly me messing around while the others threw ideas at me.
Stage 3 Ideate
For the Ideate stage of the design thinking process, which is considered the brainstorming section, we focused on targeting a wide range of audiences by making puzzles and novelty hangers for adults and some kids. This was all done before the groups were announced and during textiles over, stitching with Edward and Nishaan.
Stage 4 Prototype
For the prototype stage, we made many different versions trying to perfect our design and after the 4th design finally made a working reindeer hanger, and for the puzzles, they were easy to create due to their simplicity.
Stage 5 Test
On the day the main difficulty was our position next to many popular stores. The rain drove many potential customers away instead f having the proper look and understanding of our product.
Advertising During English
During English for the last week leading up to the market, we focused on the advertising aspect of the markets. Our brand was advertising the lifestyle of curiosity and wonder, which creates progress. Our lifestyle could have easily been better, but the limit of the time was difficult especially with the actual production still in progress.
Our Spread Sheet
Contain our profit and production costs.
This is a Photo of My Stall
This was sadly a beautiful photoshop of me at my stall as my friend Nishaan was there instead.
(This is a slight easter egg being a joke, this doesn’t represent my editing skills)
Why I am not in this photo
Due to the late change in positioning as we had to completely relocate our stall. This took plenty of time and when they took the photo I and Edward were collecting the things that we left at the old location.