Christmas Market
Process of the Christmas Market
At the very beginning of learning about the Christmas Market, we empathized. We did surveys on various ages and genders. We also looked at what types of gifts were ethical. We learnt about this by looking at different websites that had different ethical gifts (donating, recycled/upcycled things). This helped me learn to be more sustainable with my product.
After this, we chose our groups but we couldn’t be with someone that we were with for the utopia project. We had to brainstorm in our groups ideas we could use for the market. We ended up deciding on mugs because any age or gender would want to buy them. Then we had to look at prices for items to make our product, we found cheap items that would come under our $30 budget.
Then we got creating. During the creating/prototyping times, we realized that the designs wouldn’t stay on. We had to do some research and we found that you can bake the mugs to make the designs stay on. We asked Miss L to bake it at school and when she showed us, the design did stay on. We had 3 designs that we chose. Christmas lights, snowmen and penguins. We didn’t think that the penguin mugs would sell as they were the last design we picked but, we were proved wrong when the penguin mugs sold out first.
After we had made all our mugs, we then had time to decide the costs of our products. We decided on the cost of our mugs as we wanted to make profit so it had to be over $2 but, we didn’t want the price too high or nobody would buy it. With this in mind we chose $3 as our product price. Then, we made our stall. We had tinsel on the tree behind us, a poster and balloons. We all also wore Christmas hats.
Our product sold out in THE FIRST TEN MINUTES! I was very happy that our product sold out. Overall, we made a total of $93.10 but we had to put back $50 for the investment and float. In the end we got a profit of $43.10 which was amazing!
After the market
At the end of the market when we were counting our costs, I was very surprised to see we made $93.10 (I think this is called revenue). Then we had to take $50 off our costs to make up for our float money ($20) and our investment money ($30). This then gave us our profit our $43.10.
If I were to do the market again, I would probably change a few things. I would produce the same product as our product (mugs) sold out quite fast. I would look for possible ways to find cheaper prices for various items such as our mug pens and bubbles. I would also like to make more of our product as we had people come to our store when we had sold out, this links to finding cheaper solutions for purchasing as if I found cheaper items, I could make more of the product.
I would keep our stall location around the same area but maybe move our stall slightly toward the front more as consumers would see us as soon as they walked into the market. Something I liked about the market was that we had no competitors. No one else in the market was selling mugs which made us unique and the consumers would have to choose between stalls.
Our packaging was paper bags with ribbon and a business card tied around it. I would keep our packaging the same as it cost us around 70c to produce all our packaging as the bags were free, the ribbon cost us 50c and the business cards cost us 20c. I would keep the cost of our product the same as nobody thought it was too expensive, everyone that saw our cost and was interested before, kept buying. I think that $3 was a good price to put our cost as because it was nearly double our unit price ($1.86) which gave us our percentage mark-up of 61% which I thought was quite good.
Overall, the market was extremely fun and I would do it again!
