My group and I sold our products, The Basic Bookmarks for $0.49 and sold our Brilliant Bookmarks for $0.99. A pricing strategy that was used was the cost plus margin pricing strategy because the aim was to gain profit. Another pricing strategy that we used was the psychological pricing strategy. Instead of using $0.50 and $1.00, we used $0.49 and $0.99. We also used $0.49 instead of 49c because we wanted to psychologically trick our consumers into thinking that the product is cheaper but it is not. For the price of our products for the Christmas Market, my group and I made decisions based on certain key points such as the profit we wanted to make, labour and time spent. We calculated the price per product and ended up with 20c. From there on, the price was finalised by the amount of profit we wanted to make per product. This changed throughout both of our styles of products because of the labour and the time spent working on the different products. This was why we sold our brilliant bookmark for a higher price than the basic bookmark. The percentage mark-up for the Basic Bookmark was 145% mark-up meaning we made more than double profit. The percentage mark-up for the Brilliant Bookmark was much higher at 395% mark-up. This was almost 4 times the cost price. In total, we made a total profit of $23 and a total cost of $10.

Although the demand got higher because the supply got lower for our product, we kept the price of the products the same. This links in to the Skeleton Island game that we played in class. Towards the end of the game, the price for insect repellent went sky rocketing because of the demand for the item and the supply of the item. We were told that the sellers only had one insect repellent each meaning that there was minimal supply and the demand grew higher. Although bookmarks may seem like a popular product to sell, we had no competition in the Christmas Market. This made it much easier to sell because our group had no-one competing against us.

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