Our task was to raise money for Roundabout charity at the Christmas Fayre by setting up a stall and selling various items. We received ¥500 to purchase items which we then sold. After thinking of a group name, making signage and deciding on a cost effective product range, we began ordering stock on TaoBao. As there was a lot of work to complete, we decided on delegating specific tasks to each group member, which proved to be much more efficient than doing everything as a whole group.
To appeal to a wide range of consumers, we bought a lot of holiday and christmas themed products, including santa pens and headbands with antlers and snowmen on them which especially appealed to younger children. Furthermore, we thought consumers may also want to play a few fun games, which we incorporated into our stall. The “Ping Pong” and “Throwing games” were among the most successful, with people lining up to play. Prizes were given out, which consisted of a variety of candy, pens and light-up santa claus badges.
Members of our group also baked different types of cookies, including Plätzchen, Kipferl and Chocolate Chip Cookies, all of which were sold out. The sale of baked items went incredibly well and made a lot of profit.
Towards the end of the evening, we began to reduce prices in order to sell as much stock as possible, which proved quite challenging but was an overall success; most of our stock was sold out. To improve our stall if we were given the same task again, we would conduct some market research, perhaps even with the help of focus groups and surveys so we can sell exactly what our customers wish to buy. This could potentially result in a boost of future sales and profit, as well as reducing the risk of purchasing too much stock we would then be unable to sell.
Every member of our group managed to contribute to our success. Overall, we managed to make almost three times the amount of money we spent, all of which will go to charity. Our entire class made profitable sales, making more than we had anticipated in the first hour alone.
Update from Year 10 Business student - Deborah Zand