The Christmas market was an amazing and an enjoyable which I really loved. For the Christmas market we decided to make tie-dye socks for our product. Throughout the project me and my group collaborated really well and came over all of the problems we found in our project.
PRICE
We decided to charge $3.99 for a single pair of socks. We also decided to put an offer on these socks. You were able to buy two for seven dollars. We though this was a good offer because you where able to get money of, even though it caused us to lose profit. Throughout the project me and my group have been unsure on what to price the socks. We settled on this price because we thought that it was a fair and suitable price for the consumers. Since it cost us 0.97c to make a single pair of socks, we decided this would be a good price because we would make a large
amount of profit. We decided 3.99 instead of 4.00. This is because we decided to use the strategy of psychological pricing. This means that 3.99 would appear cheaper then 4.00 at a first glance. We also had to take in great consideration of the price, because we had other competitors in the market, who were making tie-dye socks. The other producers who were making tie-dye socks charged 5.00 for their socks. Since we had competition, we charged a dollar cheaper, to try to get our socks into a higher demand then theirs. We kept the price of the socks the same throughout the market.
In class we played a game called skeleton island. In this game we learnt how to price items and what strategies we can use. In this experience we learnt a strategy that you should higher the price of your product when you are in high demand and have low stock. I thought that we should follow the game and higher our prices at the end of the market because we were in high demand, but my group didn’t want to in case we lost consumers. In the end I think me, and my group charged a fair and suitable price for our product.
WHAT I WOULD DO DIFFERENTLY
I think that me and my group made a great product. I think the whole experience of the market was very enjoyable and an amazing learning experience. If I had to do the market. again, I would have created more product. Since we had fifteen dollars left of investment we didn’t spend, we could have created at least ten more pairs of socks, meaning we would have made more profit. I think this would have been a good idea because in the market our socks went on high demand very quickly. Next time I would use proper die for the socks. Since we used food colouring, the socks didn’t turn out as well as they could of because it wasn’t proper die. The other producers who made tie-dye socks used real die which made their product look good. This meant we had good competition. It was hard to get proper die because it was very expensive, and we wouldn’t have enough investment money to buy it. If I had to do it again, I would have
liked our stall to be closer to the entrance of the year 5s and 6s, because they are our target audience and our main consumers. If I could change something I would have put our stall in front of the other tie-dye sock stall so that when people come in, they would see our stall first, resulting in more consumers. The last thing I would do differently is that I would have raised the price of our socks. This is because our socks became in high demand, and we didn’t higher the price. This means if we were to higher the price by one or two dollars, we would still have consumers because it is still a good deal, and they are very popular. I think that if we were to higher the price it wouldn’t be too much because we would still want a lower price than our competitors. Overall, I think that me and my group made a great product that sold out and was popular.
The Christmas market turned out to be a fun and a amazing experience. Over the weeks me and my group have made 15 amazing products that we are all really proud of. If I had the chance I would love to do the market again.
“Nothing is IMPOSSIBLE. The world itself says I’M POSSIBLE!”