$20 Boss was a project which lasted for two semesters. We were given time in class to create a product that would be sold to both staff and students. This project was a great learning oppurtunity, teaching us about pricing strategies and economical concepts. We also revised many skills that we already knew, such as the ASC capabilities and the design-thinking process.
What Went Well – (Product Quality)
During this process we made a lot of good decisions. The production of our items was probably the best aspect of our business, because the quality of the crease protectors and the cleaning kits was very high. They were made very neatly and didn’t have any scratches or dents on them. This increased our sales during the market, because people are more encouraged to buy a product if the quality of it is good.
Even Better If – (Advertisement, Product Quantity)
Prior to the market, we had a very clear idea of our stall design. Unfortunately, on the day of the market we were not able to replicate it. The main problem for our stall is that we didn’t have any advertising / branding, therefore people were very confused about our product.
We also could have reduced the number of products we made. In total, we made 41 crease protectors and 22 cleaning kits, however we did not sell them all. This meant that it was harder to earn our money back. For the next market, we may make less products and spend the additional time focusing on the quality of the packaging.
For the next market, we will also make more crease protectors. This item was our most popular, and we had sold out this type before any of the other ones. Overall, it was a very fun experience, and I have learnt many lessons I can use for the next market.