Doing this Christmas market project we had a lot to do but a limited amount of time. With this limited amount of time, it was quite challenging for us to do our work because, usually people get a whole term, we got only 4 weeks. At the beginning of this project, in InnovatED, we brainstormed possible sustainable gift ideas. We also asked a few students what gift they would want as a gift. We used the strategy Ideate to sketched and planned our product. We tested all of the possible outcomes, depending on how much we sell our product for, and what it looked like. We changed the price of our product and worked out the percentage markup, and if we weren’t making enough profit, we would either raise the price and test again or lower the price so more people buy our products.
In my group, we determined the price of our product depending on two things, our cost price, and the consumers on whether they wanted to buy our products or not. The cost price is basically how much it costs to make our product. Our groups cost price was 32 cents. To determine the price, we had to sell it at, regarding the cost price, we had to make sure we were selling it for more than 32 cents to ensure that we can quickly make a profit. We sold our products for $1 and had a percentage mark-up of 212% and made a profit of $37. A percentage mark-up is how much higher a product is sold compared to the cost price.
The other factor we depended on for the price of our products was the consumers and whether they wanted to buy our products at the price it was at or not. At the start of the market, we were selling our products for $2.00 and we got 1 or 2 sales but then nobody else came to our stand to buy our products so a little later we lowered our price to $1.00 and got 7 or 8 sales but then it stopped there. We thought that if we lowered the price any more we would not be able to make a profit so we kept it the same and towards the end of the market when most of the more popular products had sold out many of the consumers had money left over and from there we made quite a lot of sales.