2. Name two things that could have made Market Day better.
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
1. Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDeleteI think that it gave me the opportunity to show what I’ve learned this chapter. Since it was so fun and yummy, I really enjoyed walking around looking at my fellow classmate’s creations and desperately wanted to take a bite of everything. I think that it was a good test grade, because it was a lot simpler than solving word problems, or just sitting in a classroom with the heat on solving problems for an hour and twenty minutes. I had a lot of fun :)
2. Name two things that could have made Market Day better.
I really wish that we had more time to try every single person’s creation. I only tried 5 items, but hesitated to choose them because they all looked so good!! And I also wish that we could have had a period where we just walked around to choose one item to try without solving any problems.
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
I learned how to calculate the tax and how to add that onto the wholesale or retail price.
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
I think that in order to have a successful business, you need to make sure your advertisements are colorful and eye-catching, so that people will see your advertisements and think about buying your product. You also need to make sure your product is reasonably priced, so that people will want to buy it. And you need to make sure that your product is something that people want, and will buy.
Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDeleteFor me, yeah, it was a good opportunity to demonstrate knowledge. For me, the food was a great incentive to do well because if you did it right, sweet victory awaited you in a plastic bag/cup/whatever people brought them in.
2. Name two things that could have made Market Day better.
For this one, I wouldn’t really say much anything as Market Day was in my opinion just right, but as I am be pressed for it, I would like to state that the food kinda made me a bit hyperactive for the afternoon, but I don’t care. After that, yes, I know it says I need two but I don’t really see much more there can be to improve from my point of view, except better cleanup???
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
Wholesale price and Retail price conversions
After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
the importance of markup, profit, and loss
the importance of wholesale and retail price
How to markup and covert the prices
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1. Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDeleteI think that Market Day gave me a opportunity to demonstrate my knowledge. Market Day was I think a fun and enjoyable way of having a test. The questions were more simple than I thought, and also there were less questions. Other than that I think that it was a good because it covered all the problems we did in class, for example, sales tax, discount and many more.
2. Name two things that could have made Market Day better.
I think that it would have been better if we had a little more of a organized system. While Market Day it was a little crazy and all over the place at times. Also I think it would have been better if it was the 2nd block or 4th block then we would have had more time to get ready and clean up afterwards because when it was 1st block we were all over the place trying to clean up afterwards.
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
One concept I learned is the conversions of the amount of products and their price. At first I wasn’t sure how to do it, then when we went over it in class I got it.
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
I think one of them is to choose cheap but equally good materials or ingredients to make profit, and you might be able to mark it up more. Also you would have to make the price a little more below the usual price if it is an normal product, but if it is special or anything you would have to make the price higher than usual to make more profit.
1. Yes, I do think that Market Day gave me the opportunity to demonstrate my knowledge since I made one minor mistake on my calculations which took 2 points off my phase 2.
ReplyDelete2. We could have done the Market Day on a different time of the day since I didn’t feel really hungry and wasn’t as willing to try foods. Also, Market Day would have been better if each person had their own table since there wasn’t enough space to solve the problems and some booths were extremely crowded.
3. I learned the concept of percent markup from the wholesale price to the retail price about how it can be a great amount such as 400% markup.
4. I think the amount of product you are going to sell, the retail price and and the bulk rate is the three most important decisions. This is because if you make too much products on sale and you are not able to sell everything, you lose money and if you bring too little and your products get sold too quickly, you could have got more profit but cannot. Also, the retail price has to be decided carefully since an expensive retail price make buyers not willing to buy the products. Finally, bulk price is important since it has to be less than the retail price but still make enough profit.
Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDeleteI think Market Day was a good test grade because it was easier to under stand the percent unit and was easier to take test.
Name two things that could have made Market Day better.
Having all different food because this will not make rival and make less wast because students will go to almost every place.
Doing market day in the second block of the day because it is the most hungriest time.
By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
How to find the tax, sale price, and tip in original price
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
Finding good retail price because if it is too expensive no one will come and if it is too cheep there will be less profit.
Changing the price to get customer because no one is buying it, you have to lower the price and if it is famous, make it more expensive.
Making good and attractive poster to get customer’s attention because this will make customer to come.
1. Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDeleteI think that Market Day did give me the opportunity to demonstrate my knowledge because it had all the skills we learned in it. All of the “problems” were as hard as a real test, and it was more fun to do. It also made us put what we learned to real life. The level of difficulty was sometimes even harder than a real test, but also there were some easier parts, so that it all balanced out.
2. Name two things that could have made Market Day better.
Two things that could have made Market Day better were more time (even if we just made the bell) and making it more organized. I would like more time because since there was a limit, it made me feel rushed and I couldn’t check over it as much. I know there wasn’t enough time because it was only one period, but more time would help a lot. I also would like it to be more organized because whenever I finished a problem I forgot to do something like putting prices down. After doing the work, everyone was even more rushed. Making the steps clearer would help too.
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
One new concept I learned was doing discount and sales tax. I now know that I should do the discount first, and then figure out the sales tax. Also, when you’re doing a restaurant bill, both the tip and tax comes from the same bill (original bill).
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
One decision is to make the price cheap enough to be wanted by consumers, but high enough that you get the amount of profit that you want.
Another decision is the amount of the product. If you have too much, then you will have extra, and you waste money. If you have too little, then when you could have gotten more profit, you just sold out.
My last important decision is the poster. If your poster was boring, no one really went there. They didn’t really notice your booth. Especially when you had a common item, you had to make people want to come to yours.
1.It was fun and very good project, but for grade I think it wasn’t really good because I saw people sharing answers in same booth and getting them all right. So I think it wasn’t really good as a test, but it was a great project! Very fun and interesting!
ReplyDelete2.I think if we had other class coming and buying our stuff for just short amount of time at beginning and doing our market day test would have been better because I really wanted to sell stuff to people. Also I think it would have been better if we could have sell a item with other people’s item so if a customer buys both of the items they get discounted.
3. I learned the concept that you give tip after you added the tax.
4. Even though mine is the only drink in the whole class, if I mark up too much I less people would have bought my, so I had to marked the item up the item not too high or not too, but I think I marked up too much. Also I had to decide how much mL I will have to give to each customer, because if I put too much drink in each cup I would have to make each cup too expensive also if I put the drink too little people will not buy much because they will think it is bad deal for them. Also I had pretty hard time deciding on how much the bulk rate is going to be because since mine is a drink, not many people will buy my product in bulk rates, so I had to make it low. However I think my bulk rate was too high.
Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDelete- I think that Market Day gave me an opportunity to demonstrate my knowledge because I had to do a lot of math to figure out the wholesale price, retail price, and bulk price of my item. I also thought that I had to do a lot of math to find out what the tax was for other people’s booths.
2. Name two things that could have made Market Day better.
The first thing that could have made Market Day better was the when it was held. If it was held on the 2nd or 4th block, then we could’ve had more time to solve problems or clean up, but since it was the first block, we had to do everything in a hurry. The second thing that could have made Market Day better would’ve been to have a more organized system. It felt like everything was in a hurry so I think that I had no idea what I was doing.
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
The concept that I learned was that when finding the tax and tip of the price that both of them are from the original bill. I also learned a lot of new words like retail price and wholesale price.
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
You would want a product that people would want to get or else you may not be able to sell a lot. You would also want to have a reasonable retail price because people don’t like to get products that are too expensive and you wouldn’t want to make the price too cheap or else you won’t be able to make money. The third thing that you would want to have is a eye-catching advertisement so you can get people to get your product.
1. Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDeleteI think the Market Day was a pretty good way to demonstrate my knowledge, because first of all, while I was doing Phase 1, I had to do many calculations, check my work several times, and learn new things. Secondly, I had to really focus when I was solving problems because I had to solve them in a given time, and I only had one chance to get the correct answer.
2. Name two things that could have made Market Day better.
I think Market Day could’ve been better if there was a rule that each person had to be in a different station. Because, since many people could be in one booth, it was fairly easy to cheat. Another thing that could’ve made this a better experience is if it was held later in the afternoon. Because, since not a lot of people enjoy sweets in the morning it probably was harder for those people to sell their items.
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
I learned how to find the tax of bill. More specifically, I learned that when you’re paying tax, you had to add to the price that includes the tip. Also, I learned some new vocabulary such as retail price and wholesale price.
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
I think the most crucial decision to a successful business plan is the advertisement. Because, if people don’t know about your product, they obviously can’t buy it. The second crucial decision is thinking through whether or not your product is something that people really need and want. For example, in market day it was likely that the people who were selling cookies wouldn’t make much profit since there were so many other booths with the same (or very similar) product. Last but not least, I think the third important decision is to find a good mark-up price. Because if it is too low, then the company will make no profit. But also, if it is too high, then it might not sell well.
1. Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDeleteI think that Market Day gave me the opportunity to demonstrate your knowledge A LOT. In this project, not only we had to calculate problems such as discounts, markups, and percent-related problems, but also find out ways to sell our products in the best ways. It gave me a good experience but most of all a good opportunity to demonstrate my knowledge.
2. Name two things that could have made Market Day better.
I think that first of all, the better time or date choice of the Market Day could have made the Market Day better. Since it was 1st block on the morning right away, it was a bit more rushing and less time to clean up afterwards. If it was another block or date, such as before lunchtime, I think that it would have been better. Secondly, I also think that it would have been better if there was more space in one table per person for their products and their posters. Since the area was limited for one product, it was crowded, but also an easier way for other people to cheat and look at other people's papers.
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
By experiencing this market day and completing a variety of percent problems, I've learned a new concept on the order of what you need to do, such as if you need to discount it from the original price and add the tax later or do something else, or if you need to subtract the tax from the original price, or the price after discount. This always got me very confused and now, I've learned how to do this concept.
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
I think that the 'PRICE CHOICE' is the most crucial successful business plan out of all the three decisions I'm thinking about. For example, if your product is cupcakes and they are very tiny, you wouldn't want to make it over 10 dollars. That would pretty much be nonsense and not making sense to a lot of people, and people would tend to buy your product if it was less than 5 dollars if it was a 'tiny' cupcake. The second successful business plan would be advertising and telling other people about the product you are doing about. Also, just like Chloe said at the top, people can't really buy your product if they don't know about your product. You need to advertise it at least a bit, to let people know that you have this great product that you have. The last successful business plan is the amount that you are making. There can be two examples. If your product amount is 30, and it's not that popular and you've only sold 10, it might have been a rip-off since you've made 30 and you didn't even sell half. Another example is that if your product is very popular and you've made only 20, and everyone is trying to buy your product, there might be a higher chance that it could be sold out and you are not making any more profit. Choosing the right amount can lead a good successful business plan.
1. Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDeleteYes, I did think that Market Day gave me the opportunity to demonstrate my knowledge. This is my opinion but, I think the part where we had to solve the questions quickly to get through the rounds faster was like a realistic test where we have a time limit. The mark up rates were also different every time and had a long range from whole numbers to the hundredth place decimals was a challenge so that I could make sure that I can solve them.
2. Name two things that could have made Market Day better.
I found everything in the project great. Now, if I had to pick I would say maybe if we had been a little more cooperative and payed a little more attention, we might have had more time. As we went towards the end of the Market Day, we were pretty short on time and arrived to our G block a little late. If I could recommend a different block then I would have chosen the second block of the day so we wouldn’t really be tight on time since lunch was right afterwards. Number two... If possible, maybe somehow kept the identities secretive. When I was looking around, I thought that many people were going only to their friends’ booths. It might have been better if you mixed the posters and asked different students to set up different booths so no one knew who did what.
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
I learned how to mark up the retail price. I knew how to mark it up but putting everything together in a proportion was a new concept I had learned. Also, when you get your retail price by marking it up by the percent you desire, I learned you have to add the wholesale price to it.
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
I think this question is a little vague. I’m not really understanding if the question is talking about the three most important decisions for Market Day or in real life. Since I’ve talked about Market Day in my reflection, I’ll be talking about in a real life situation.
Right off the bat, it would be price. When setting up a business, it’s not always about taste.(It’s important but not as much.) I know some people are willing to pay a lot for a tasty product but, that’s not the main thing that matters. I think that compared to the other businesses your product should be at a reasonable price. From the customer’s view it might sound this way: If the price is too high, they would think that it’s too pricy for the amount you get but if it costs too little they may think you have used foods in bad quality.
Second, might be marketing/looks. My dad always said that marketing plays a big part in a business and I think I understand a little now. I’m going to take Emily’s as an example. Emily’s poster said how good it tastes when you eat Oreos and brownies together. It may be her opinion but, customers might think that it tastes better when someone else is saying how good it is. On my poster however, was nothing really catching. It was colorful but, it had now explanation about my product.
This one may not be what the question is asking for but, I think another thing is about customers. It doesn’t sound like an important thing does it? Well, I got this idea from Mr.Jobe acting out where we should be eating the foods. Lets say there are customers A, B, and C. Customer A goes to a new Italian restaurant. After he eats he meets up with B and C. A tells them about how good the food is at the Italian restaurant. So now B and C go to the restaurant too. What my point is, is that if somebody likes your business, you have a high chance more and more people are going to know about you business. If I had to say this as a decision, it would be customer feedback.
Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDelete- In my opinion, I think having a market day was GREAT!! We were able to demonstrate selling and buying!! Plus, everything was free, if we were able to have the answer for each booth’s question(?). I think most of the people were pleased with their grades, and of course I was! That was because I had got everything correct on the first go.
Name two things that could have made Market Day better.
- Market day was able to become better if I had exactly 40 cookies that I was supposed to bring (I think I used up one on the poster ): )
Market day was also able to become better if we used up all of our $30(fake). Because you should keep buying others too, so the economy is able to become better.
By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
- I have learned a new concept which is able to find the tax and the discount of an object that is sold one by one and by a bulk sale. In the future this skill of calculating would really help me in my daily lifestyle.
After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
- You should make your profit lower than the other businesses(same objects).
- If you are the only person that has a specific object, you should make the price of the object very high.
- You should lower your price if there is less profit.
1. Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDeleteI think Market Day gave me the opportunity to demonstrate my knowledge a lot. First of all, it was way more exciting then taking a real test. It was a more fun way of taking a test because doing this shows how much we know about this chapter, but we don't have to stay in our chairs staring at papers for an hour. Doing this, it became easier for me to do all of the calculations because this is how we actually use this sort of math outside of school. Even when I calculated the retail price and the bulk, I got a lot of practice and now it is much easier to them.
2. Name two things that could have made Market Day better.
One thing that would have made Market Day better is for it to be more organized, so that it could have gone faster than it did. At the end, we were sort of rushing to find the % of change and some people might have made some errors while rushing. Another thing that would have made Market Day better is if each person was able to choose what to make, but then it was made sure that no one made the same thing. I think this would have made Market Day better because even though there was a lot of things there would be a variety of different things we could eat.
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
I learned how to find the original price when I only know the new price and the % it was marked up.
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
I think that the most crucial decision that would help businesses make profit would be the cost of the item some one is selling. It should be a good deal price, but not so small that you can't make a profit. The second decision would be to make a good advertisement so people would see it for sure. The third would be to make a product that people would enjoy using or eating.
1. I think that Market Day gave me the opportunity to demonstrate my knowledge. Market Day had three positive sides and one negative side. For the first positive side, Market Day got me to experience how to cooperate my concepts into real world situations. Second positive side is that I got to learn the new stuffs in details;bulk price,sales tax and discount. Third positive side is that I had fun while talking my test and actually enjoyed it (first time actually enjoying taking the test!). For the negative side, it was so noisy during the test therefore, I could not really get to think deeply about the questions and concentrate.
ReplyDeleteI think this was a good test grade because I got to solve many different problems about interest(retail price, wholesale price, discount, sales tax, hourly wage and others). In addition, I really liked solving the word problems after the tests and also making sure that we learned something by answering questions about Market Day.
2. Overall, Market Day was really great but if I had to point out two things to make Market Day better, these are the two things. First thing is that I wish we had more time so that, I get to try out every single students’ items. I wanted to buy everyone’s food however, I did not have enough time...Secondly, I wish there was a chair and a space(to work on problems) provided. I had to crouch and solve the problems which was quite challenging for me (could not concentrate).
3. The concept that I learned was about the ‘sales tax’ and ‘markup’. I now know how to calculate the sales tax and add onto the original amount. In addition, I know what markup means and how to raise markup (200% would be okay, it depends which item you are selling.)
There are many aspects to consider when you are experiencing business. These are the top three things that I think is the most crucial to a successful business plan; the item that you are going to sell, markup, advertisement (esp. poster).
-If you choose unpopular and common food, no one will buy your item and you will not gain any profit(=you will lose money).
-If you markup too high, it will make customers hesitate. If you markup too low, it can make you lose money.
-If you plan your advertisement poor, it will make customers hard to notice your item.
I learned that if you want to make your business moneymaking, you have to review every single details.
1. Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDeleteMarket day was fantastic! It was a really fun way of taking a test. In usual tests, I would get pressure, but for Market Day, it was really exciting and fun. However, since I didn’t have that much pressure, I seemed to do the problems quickly and sometimes get them wrong. Also, since there was a time limit, I was kind of worried. With Market Day, I also got another opportunity to practice getting the discount price, sales tax and others. Now, I think I can calculate things easier!
2. Name two things that could have made Market Day better.
First of all, I think we should’ve made a rule where there could only be 1 or 2 people at one station. If there were more than 2, they would all be talking about the answer and cheating. The second thing that could’ve made Market Day better is the choice of time. Since we did it first thing in the morning, the foods and drink seemed to sweet. Also, since it was in the morning, my brain didn’t go well, which made a lower score for my test.
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
One new concept I learned is the retail price. I never knew there was a thing such as retail price, how you mark up the wholesale price to a certain amount. I didn’t really get it at first, like how much you had to mark up. Now I know!
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
First, I think it is to choose the good material. Choose something that everyone would want. Also, don’t try to sell too common materials! If your material is too common, for example cookies, people wouldn’t care and buy cookies in any place, not really caring about anything.
Second, good decision of price. If it is too expensive, people wouldn’t want to buy it at all. However, if it’s too cheap, you wouldn’t get that much profit. First of all, I would start out pretty cheap, but more expensive than the wholesale price. If the material sells out well, I would mark up the price a little bit each time. For me, my first price was pretty expensive and no one came to buy it! However, when I lowered my price, people started going to my booth.
Third, the advertisement. Making your advertisement or poster pretty and neat-looking will attract your customers. It will persuade them more to buy your item. Having decorations on your poster can be a good idea, too.
1. Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDeleteI think that Market Day gave me the opportunity to demonstrate my knowledge because I had to find taxes, discount percents, and other math problems.
2. Name two things that could have made Market Day better.
One thing that could have made Market Day better was making sure that people didn't have the same food because many people had brownies and cookies, so I got sick of eating the same food. Another thing that could have made Market Day better was doing Market Day at the second block so that we could clean up during lunch time and we would be hungry because we haven't eaten for a while.
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
One concept I learned was how to markup up wholesale prices to get the retail price.
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
One thing that makes the most crucial successful business plan is marking up the price because marking up the price is the main part that increases the price of the item. Another thing that makes the most crucial successful business plan is the poster. Advertisement attracts customers to buy the item, so the poster was really important. The last one is the taste of the food because if the food tastes bad, no one would want to eat it.
1. Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDeleteYes I do think it was a good test grade because it was easier to get than taking a usual test. Also we had fun taking it, but at the same time was able to perform on what we’ve learned so far.
2. Name two things that could have made Market Day better.
I think one of the two things that could have made Market Day better was more time. There wasn’t much time for each round, which made people panic if they didn’t solve the problem. Then they would have to rush and make a mistake. Another thing is the block time, because it was 8:00 o’clock in the morning not many people were hungry. If it was second block or the last block, maybe more people would’ve bought my sandwich.
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
One new concept that I’ve learned is able to find out the sales tax and percent markup. I think I’ve learned this last year (6th grade), but I forgot everything. Now I know more than I knew before!
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
I think these are the three decisions that are most crucial to a successful business plan...
- Thinking of the time and making your food. You should look at the time before choosing your food. If it’s very early morning, people won’t really buy heavy foods like sandwich. But if it’s late afternoon, people might be hungry and would love to buy sandwiches.
- Deciding the percent mark-up. It is important to think carefully about how you will set the retail price. Of course you will gain more profit if your retail price is 5 times the wholesale price, but people won’t buy your’s then. But if you’re retail price is too low you might not gain much profit. So it is important to just set the right percent markup.
- Making the right amount to sell. It is also important to carefully decide how many items of your product. For example if your product is the only drink, you might think about making 5 or 6 more than the original amount (the amount that each person can have at least one). But if your sandwich in the morning (like me) you might just think about only making the original amount.
Did you think that Market Day gave you the opportunity to demonstrate your knowledge (do you think it was a good test grade)? Why or why not?
ReplyDeleteNo, I don’t think Market Day was a good test grade. This is because when I was calculating the prices, I felt rushed and pressured. We only had a little time to work on each round, so I panicked and I made silly calculation errors, which made my grade drop by a lot. I also felt pressured when I saw everybody else already lining up to have their work checked. I felt that I was working too slowly, and rushed myself.
2. Name two things that could have made Market Day better.
Market Day would have been better if it had been longer. That way, we would have had more time to check our work and solve the problems more carefully, and we would have had more time to eat food! I wanted to try everybody’s products, especially since we all worked so hard, but there was no opportunity for that. Market Day would also have been better if more teachers had come in to try our products. The chances of gaining profit would have been higher, and everybody would have felt more satisfied with the outcome of Market Day. It would also mean that we could show off our yummy products to more people!
3. By this point, you should understand a wide variety of percent applications. Name one new concept you learned.
One new concept that I learned was how to calculate the price of a product after a markup (calculating the retail price). We had to multiply the original price (wholesale) by the markup (ex. 50%), and then add the result to the original price.
4. After completing the Market Day project, you should have a good idea of the important decisions that help businesses make profit. What three decisions do you think were the most crucial to a successful business plan (making profit)? Explain each.
For having a successful business plan, I think that the three most important decisions are choosing your product, choosing the quantity of your product, and choosing your retail price. Choosing your product is important, because you want it to be something desirable to your customers, or else it won’t sell at all! The quantity of your product is important, because it is a big factor in the amount of profit you make. If you make too many of your product, you won’t make any profit, and you could risk losing money. If you don’t make enough (if your product is popular and gets sold out), you will regret not making more and earning more profit. Lastly, choosing your retail price is important because it could attract or repel customers. If you set it too high, chances are that not many people will buy your product. If you set it too low, you won’t make much profit, or maybe you will make none at all!