The Marketing Mix - Price | Business Studies

In Business Studies, we continued with the marketing mix by completing the first part, Product, now, we go onto our second part of the marketing mix - Product, Price, Place and Promotion. Price is the amount a business charges its customers for its product or service. Companies use different strategies to work out prices, some things that can influence price, however, are: 

• competition

• customer opinions

• brand image

• availability

Like the last post about Product, we had to answer a few questions relating to our product that we are going to sell in Market Day.

The Marketing Mix - Price
Credit: https://www.youtube.com/watch?v=2tzd7XivFqk

Our first question was about the price of the product and how did we work out the price for our product. Well, first, we took out a survey to the school about the milkshakes, which included a range of prices to choose. Most people chose the lowest price, but there were a few people who chose more than $2.50, which was well. Our group thought to choose a price which would be profitable and not too expensive. So, our group to sell our product for $3.00, which is a good price to purchase milkshakes (our product). 

Our company will ensure that your product is worth the price by using quality ingredients, using the same ingredients, the same amount for each customer. 

What price are others (B&E group/real world business) charging for the same good (use a table to show this)?

Business	Quantity	Price
Shake Shed & Co	Small and Large	Small: $5.30 Large: $6.30
Wendy's Supa Sundaes	Small and Large	Small: $4.50 Large: $5.50

The Marketing Mix - Product | Business Studies

On Tuesday in Business Studies, we've started to look on Market Day occurring at the end of the month. Today we have been focusing on one of the four parts of the Marketing Mix - Product, Price, Place, Promotion). This section is about understanding the product and knowing what is being sold and to whom.

The Marketing Mix
Credit: https://www.klood.com/blog/inbound/do-you-remember-the-marketing-mix

Our group is making chocolate milkshakes and it has various features like they are environmentally friendly because we are using paper cups and paper straws because we want to save the environment. We are also raising awareness of climate change. We are selling in one size, medium. We are estimating to sell around 25 milkshakes. We have good quality for our product because we are making it fresh when the customer asks for the milkshake, and we would put the same amounts and not put one more than another. We had no packaging on our product. For our chocolate milkshake, we only have three ingredients, milk, vanilla ice-cream and chocolate syrup. Our product is also culturally sustainable because people who are vegetarian, halal, gluten-free, and more. We do not need any services for our product.

Our Business!!

Yesterday, we had our Market Day. A few posts ago, I had posted about the update of how well our business is doing, 'We've Been Working Hard'. As I told you, we were making Ice Cream Sandwich Cookies. So we decided to make them because it is popular and people like eating Ice Creams. The forecast said that it is a sunny day. Our company name is the Ice Cream Sandwich Factory.

A Group Photo

When we went to our groups, we had everything that we needed. After break, we got our equipment and went to our table. The Market Day was about to run from 10:30 AM to 2:00 PM. There were heaps of stalls because the Market Day is for Year 7s to Year 10s. It was sunny with light wind. We had customers liking the cookies that we made. At the end of the day, we were proud of what we had done. We had a profit of $11.10 of our $28.00. I hope you like my post. Have a cool 😎 day!! Bye!!

We've Been Working Hard!

In Kete, we have been doing Business and Enterprise since Week 7. All of the Year 7s and 8s were split into different classes. I was in a year 8 class where we had to choose our groups. I was in a group of four and I was with Robbie, Christian and Dylan. We chose different items like Ice-Cream Sandwich Cookies, Waffles, Muffins and Cookies. There were criteria's that we needed to choose. Our item was Ice-Cream Sandwich Cookies because it is delicious and people like eating it on a hot day. Our product is aged from people who are between 6-15 years old. We had a budget of $20 to spend on for our product.

Next, we had to write a financial letter to our assistant principal for the $20. After sending him the letter we had to wait for the agreement. There was a letter to us about what we need to change. We resent the letter and he agreed that we convinced them for the $20.

After writing our letter we had to make a logo and slogan for our company. It took one person to do it because it was easy. We had to do the Marketing Plan, so we needed to write what are we going to put our product on, what's our price, where are we going to put our stall and our promotion.

Later, we had to make banners that we need to put on our table. It took some time but it looks really good and we are proud of it.

We had to list our tasks that we had done and what we need to do. We all had different tasks that we had to do. After a long time of doing work, we are proud of what we have done. On Wednesday 26 September (next week) there is a Market Day that we will be selling our products. I hope you like my post. Have a cool day!! Bye!!