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.

Marketing Mix - Place

We are selling yoyos on Market day and were are planning on having our stool anywhere close to the public eye 

 Where will you be producing your product?  

We are making our yo-yo's in M5 and on the laser cutter, we are using M5 as a point where we build and stick the parts of the yo-yo together. The laser cutter is for cutting out the parts of the cardboard and we are bulking them so when we return to M5 we can create the yo-yos.

Where would a good location be for your product on Market Day?

1 think that it works really anywhere, outside inside it doesn't matter unless we really want the public eye then we will want to be somewhere that is where the people are all coming in from. Outside will be more open and aware to the public but inside is nice and easy to have set up.

Pedestrian and traffic flow (does your business rely on people walking past or is your product unique enough that people will seek you out?)

Our product is more likely to not be seen by the public due to it only being an innovated and environmental version of the yoyo so we are more relying on the public to be looking at every stall and not skipping some.

Competition - who else will be selling similar products to you on Market day? How will your product stand out?

I don't think we have competition but if we do then we're probably gonna be beaten because we don't really stand out. Hopefully, a group of people will be interested in our product and will purchase it.

I think that the yoyos will be seen eventually on the day after a bit of time and that it will stick out to more of an older audience, adults and not the youth.

Would you buy this product?

Market Mix - Product

My group on Market Day will be planning on selling cardboard yo-yo's, we are thinking of making a profit which is decent, something that's maybe a little over in what we spent like double but over some more.

In this blog, I am exploring the product part of the Market Mix. The features of the yo-yo are that its made out of reuseable cardboard, they can be disposed of easily and they're a great time of joy to play with. It is sustainable but weaker and less durable than an actual yo-yo which is made out of plastic and metal, the size of the yo-yo is 3cm by 3cm in height and length and the width is not too sure The packaging is none, it will be sold in no casing. The materials that are being used are cardboard, hot glue gun and string which will only cost $12 due to we only need to buy the string. This is an innovated product of the yo-yo, and we only need to advertise by putting up some posters or online.

I feel that my group's product is going to make at least some type of profit, something over what we paid. The quality may not be the best since its made out of cardboard but it will be sustainable, and that is great for the environment.