Smart Decisions for borrowing money - BTE2

 In Business I was tasked with doing one of two tasks, I chose the flow chart and made two ways of the use of the loan, needs and wants.

Do you reckon this is smart, the ways in which I have given you the info on the uses of the loan, needs and wants, why you wouldn't want to spend it on wants?

I found the task pretty easy and simple for what I needed to put in, the tips for the use of a loan from a bank, person or family (anyone that gives out loans). I started with thinking of what you would spend the loan on then I realised it would most likely be needs or wants. That needs are of course needed to be paid for but wants aren't, they do not ever become a required object in your life. Basically, it was easy to state the ideas of wants and needs and what was required and not required, realising an iPhone 10 wouldn't need to be bought and that the rent is important as its money to stay inside your rented home.

The Marketing Mix - Promotion

For Business and Enterprise, my group and I named FineLine yoyos made cardboard yoyos. For the promotion of our product, we had made some advertisements on google drawings but never printed them. Fast forward to Market Day and we had sold out even without giving the people the knowledge of our product, wow! 

This is one of the advertisements we worked on, very simple but in the end, we didn't create any.

We thought that anyone would purchase our product since it is a yoyo. A simple, for all ages, toy and it is an intersex product so no sexism. This product is just so the user can have some fun, it works with any lifestyle, I think. It could be used as a stress-controlling item or something to cure boredom.

In reality, we never really did spread the word of our product we just hoped people that walked by would be interested in purchasing it. We did have some google drawings which we were planning to print and put around the school but the reality check is that most people will be doing other things like chatting and playing then inspecting adverts.

This strategy we have chosen to use does not at all really appeal to the target market, it does aim at all people but it's going for the people that are active enough to look at all stools just to see what everyone is selling.

Our business prioritised place as the area we chose to sell was close to the 'bank', the place in which people traded real money for paper money that only works with stools at the Market day. Our location wasn't super close to the 'bank but many still walked by and some purchased our product (thanks to all that bought our product). We had a good location in conclusion.

Do you think our product was worth it? Was the stool placement good and did the price seem reasonable?

I think my group and I did badly at promotion since, in the end, we did not go out of our way to promote and advertise it. I am just glad we somehow sold out and made a profit, it was amazing to know even a product you don't have faith in can sell.

B&E - Reflection

 1. Was your business a success? Why/why not?

It was, because we sold all our products somehow since some were not in the best condition but it surprised me that there was one that was falling apart that sold.

2. How much profit you made/lost - if known

We made $22 dollars in profit since we spent $12 and made $34 in total.

3. 3 things you learnt from B&E 

1. would be that no matter what the product is, people will buy it (even if it is a small group of buyers)

2. Teamwork is needed to work and function as a team 

3. If you slack you will fall behind and not be able to sell a product

4. What things would you change next time?

Getting on top of the work and even though having a laugh is good, it won't get any work done. Having communication at the start and doing the work which is required from us. Toning down the joking around.

5. Highlights from the day

A highlight would be having fun hanging with mates and seeing all our products being bought.