So Many Variables to a Business

To be honest, my team did absolutely terrible. Nonetheless, we still kept a positive attitude and used what we knew to try to plan this inventory accordingly. If a product was not selling, we lowered the price to where we still received a profit, or changed up the marketing aspect a little bit, meaning location and/or daily amount. This can be a little confusing to figure out considering there are many other variables involved (customer wants/needs, convenience level, etc). The Lemon Spritz seemed to not want to sell as fast as the Clear pure bottles so we spent the majority of our time trying to mark down the prices on the lemon spritz and adding more marketing to that particular product. On the other hand, the Clear pure, specifically the 500 mL bottles were selling too quickly, so we had to slow down the process in order for it's sales to be proportionate to the other products on the shelves. By slowing down the selling of the clear pure bottles, we simply increased the price a tad bit and switched it's marketing over to the Lemon Spritz bottles who necessarily needed it. The real question is, does the marketing even really matter, or is just price/customer approval?

Profit should never be the only thing to consider in business, especially when there are way too many other variables to be considered. These include, customer preference, availability, pricing (what the owner can afford), mark downs, mark ups, etc. Having a sales strategy can go a long way when it comes to getting rid and replenishing these products. In reality, it is quite a quick process and should be done strategically with care.

Unfortunately, there was not too much that went well for us. Our game wasn't even working properly until about the 5th day.. so that was unfortunate. We got a late start in the game which means less time to strategize for a good ending inventory. If more time was allotted, we could have first taught ourselves about the products/selling strategies and gained a little bit of knowledge first before jumping into the realness of a company's background.

Two things I learned: There are countless variables behind the scenes of a business when it comes to inventory, sales, marketing, planning, pricing, etc. There are numerous things that have to be looked at while determining what to do next with the inventory and sales. All of these variables have to mix together well in order to sell a product, have a steady inventory, and ultimately gain a profit.