Introduction
As part of the Year 7 curriculum, we took part in the annual Christmas market. Over the period of six weeks, we were required to create a product that would be sold to both staff and students. This project gave us an inevitable learning oppurtunity, teaching us about pricing strategy’s, economical concepts and advertising. We also revised many skills that we already knew, such as the ASC capabilities and the design-thinking process.
Pricing
To completely receive an impartial opinion about our pricing, we had to ask possible consumers about how much they would value our product at. Initially, we were going to sell our products for a price between 3 – 4 dollars. However, after asking others, they said that the value of the product was only between 1-2 dollars. Although this gave us a much better insight from the consumers, it also caused a dilemma for my group. If we were to sell the products for such a low price, we would most likely make a very small profit by the end of the market. Henceforth, we found that the ideal price for the product would be between 2 – 3 dollars, allowing us to receive a reasonable profit, whilst not driving away customers with expensive pricing.
Competitors
To ensure that we would make the most sales as possible, we would need to create better products than our competitors, to differentiate ourselves from them. Due to this, we decided to create magnets, as that was the most unique industry. We also had to consider the pricing of our competitors. The competitors of our business were people who were producing similar products, therefore we needed to attract attention to our products over theirs. Max and I did this by making our prices slightly lower than the other competitors, so that customers would be more drawn into our products based on its faintly smaller price.
Marketing & Packaging
If we wanted to attract attention to our stall, it was incredibly important that we took careful consideration for our marketing. During English, we have been learning about the different marketing strategy’s that will help us be as successful as we can be. Max and I spent a significant amount of time on our print advertisement, however there were a few flaws in the amount of advertising. If I were to repeat this market, I would have more consideration in my marketing and create more items to promote the product.