After two terms, everything has been building up to this moment. A week prior, we had a mock to give us the feedback to help us improve anything that needed adjusting. We had made some sales, were hoping to make some more before the final but unfortunately we did not make as much as hoped. From the feedbacks received from the mock we decided to keep the way our pitch was structure and adjust a few things. We had the right amount of humour and powerful statements to capture their attention.
Although fully aware, what we failed to realised that we had a competitive advantage when it came to our competitors. We offered better quality at a lower price than our competitors, the idea was unique though the anti-theft gadget’s market is mature. By our third trade fair we realised that a certain demographic was responding confidently to the product as opposed to our anticipated target market. In fact, our original target group were young travellers aged between 18-25 years. Now 40-60 years who love outdoor activities were willing to pay for the asking price that young people did not feel comfortable paying. This could be explained by the fact that they are more financially stable hence could afford the product.
Luckily before the final, we knew and concluded that firstly selling at a loss to drive early sales was a risky strategy but one we were willing to try, after all running a business is all about taking risks. Secondly, we knew that if we were given another chance at the experiment, we would most likely outsource the manufacturing of the product to a country where it is relatively cheaper. To allow us to price our product still lower than our competitors but enough to still make profit.
Knowing what went wrong or what could have been done differently before the final helped in a way where it was easier to not only understand the feedbacks but also hear what the judges thought of the suggestions we had about growing the business.