Month: January 2020

For the Winter Market, Vidith, Jason, and I created Instagram coasters and wood quotes to sell at the Market through our company called Timber 2K19. We decided to make Instagram coasters because we thought they would be cool and also easy to customize. We also sold wood quotes alongside the coasters however the wood quotes were mostly ignored. We were originally going to sell wood quotes as the main product but due to issues during production we decided to make our coaster the main product instead. We also knew that customizable things were quite popular these days and so made sure that the products we sold could be customized. While we were selling our products, our group of 3 split roles according to strengths as I was better than the other 2 when it came to money management so I was in charge of that area, Vidith was the best at communicating so info and advertisements were mostly his area, and Jason made the custom orders.

Every concept was taken into account during the market and they all became very apparent. We had to think up and research things in order to chose what to sell and how to produce it which is the concepts of R&D and marketing. After test products were made, we also considered what to sell them at which is the concept of economics. Once we had sorted it all out, we chose our roles to play during the market and attempted to advertise our products to others. This is how we used the concepts of human resources and the first bit of sales. Once the market began, we utilized the concepts of finance and accounting along with the second part of sales. We achieved this by  advertising our products and networked with clients while we sold products. We also kept track of what we sold and the payments made for the products sold. We only changed our approach when we realized that some products wouldn’t be a big seller and so we switch our main product.

I learned that when marketing products, it’s always a great idea to have people with different skills in your group as a diversity in talents among the group means that people can cover for each others weaknesses. I also came to the realization that creating and marketing products is a lot more difficult than the average person thinks. I learned all this because during the market, I wasn’t the type to talk much but Vidith did and as such, he could cover my weakness while I focused on recording purchases. I realized that it was harder to create and market products than i first thought due to hands on experience of creating and selling products. This matters because when you learn new and true things, if you ever attempt to do it again, you will already know some of the more important factors and will have less errors and the smaller amount of errors you have, the better your chances of acquiring profit increases. In preparation of future events that are similar to this one, you should always take some things from the market to learn so that during the future, you will already have a basic understanding of what needs to be done and what can be done to improve it.

1 core competency I believe I did well on was Social Responsibility. I was capable of working together with my other 2 group mates to complete the products and successfully sell them. I knew that each of us has a different personality and skill set so I proposed we divide the roles based on our strengths and weaknesses. I could also solve quite a few of the problems i was faced with and asked my coworkers for help when I needed it and helped them if they needed it. Overall, I thoroughly enjoyed the market as it taught me many things about marketing and this is also the first time I have personally experienced a situation like this so there is much to be learned from this.