In my previous post, you can see that I created a package for an apple in a group.
Shortly after that, we created a design for it using the application SketchUp. I found it hard to use SketchUp to create the design, as there are so many functions needed to be used to create just one part. There aren’t any specific shapes (2D and 3D) that can be created (excluding a rectangle and a circle), so it is required to think out of the box to get the kind of appearance/shape you want.
I think that our understanding of geometry can definitely help us reduce our carbon footprint. I think this way because if you have a better understanding of geometry, then you can create a more effective net that uses less materials and does not waste as much space. Many packaging containers of products have a lot of extra leftover space, so if we could minimise that, it would make a difference to the environment.
Today is Design Day, which marks the start of another Design unit. Yay?
One of our tasks was to create a package with a sheet of A4 paper for a certain fruit – an apple or a banana. We worked in a group, and we chose to make a package for an apple, as the shape seemed easier to work with. Certain stationery items were available for our use, like scissors, tape and markers. We had 20 minutes to do it, and this is what we did:
We had specific criteria for this task. The package should be:
– easy to open (referring to our package, it is fairly easy to open, since the flap is obvious and it can be flipped up easily)
– secure (it is not completely secure, as we did not remember to tape the lid onto the box, so once someone lifts it up by the handle, the box would tip and the apple would fall out)
– contents should be obvious (the contents of the box were pretty obvious, as we wrote the word “Apple” on the side of the box)
– ergonomic (the box is not entirely ergonomic. If it isn’t held by the handle, it is easy to hold and can be handled easily. When held by the handle, the box would tip and the weight would not be distributed properly, as mentioned above)
– protective (since we had to use A4 paper, it wouldn’t be protective enough, but we covered the whole thing in masking tape so that it would be more sturdy)
– appropriate size (the box is an appropriate size, as it leaves enough space around the apple and fits the apple well)
– attractive (personally, I do not believe that the box is attractive, as the masking tape leaves parts sticking out, and it could be neater)
– light (it is fairly light, as there is no extra weight, since the box is made out of paper and tape)
– durable (as mentioned above, it is not fully durable, due to the fact that the box is made out of paper)
What were the two big “takeaways” from Managing Markup assessment?
I think that the biggest “takeaway” for me was understanding how a business would work, from the wholesale price all the way to profit, allowing me to gain knowledge on pricing plans and strategies. The second “takeaway” would be that I know more of how percentages work in real life, as it is not as simple as sales in stores or nutrition facts on a packet of food.
How have you become a more educated investor? Be specific about how you would invest your money.
I have understood the relationship between markup, demand, revenue, cost and profit, and so I can define a good marketing strategy for my investments. I would invest my money on things that generate the highest profit, taking into consideration the price, demand, and cost. I also would not only look at the revenue, as the cost and profit can make a big difference.
Describe, with examples, how you improved some of your math skills.
I don’t think that my math skills improved a lot, as I had already acquired the math skills required for this assessment.
Why doesn’t a 20% discount followed by a 20% markup get you back to where you started?
Because they each are 20% of two different numbers. For example, if my starting price is $100, it will become $80 after the discount. The discount is 20% of $100. After the markup, the price changes from $80 to $96, because it has increased by 20% of $80. This is because it has increased by 20% of $80.
How do companies make a profit?
The costs are subtracted from the revenue. Companies maximize revenue and minimize costs, finding the optimal strategy that provides the most profit.
Is it possible for everyone to win in the marketplace?
No. You are in a competition with other businesses, aiming for the most investments and highest profit. Therefore, there will always be winners and losers. Those with the best marketing strategies, costs control and products that create the highest customer satisfaction will generate the highest profit.