Domain 5 - Costing and Marketing Strategy

In domain 5, we have tried to analyse of the costing of our product cost. Costing is a very important aspect in running a business. Activity-based costing has been used since decades ago to ensure accurate calculation in business operations. It is a methodology to identify various activities in a business and assigns cost of each activity related to the products or services according to the actual consumption. Activity-based costing segregates cost allocation into fixed cost, variable cost, and overhead expense. However, variable cost will be discussed in this domain due to its nature of food product development and most of the operations are prototyping.

Furthermore, Marketing strategies is crucial part which will showed that far you can go for your product and whether you can achieve your final goal or not. Our Home Gourmet dumpling product had using the 5p's marketing strategy in order to promote our product. The combination of these marketing tactics can help to meet customers’ demands for the product and experience. The 5 Ps are product, people, place, price, and promotion.

Marketing plan??? Hiak Hiak Hiak =)

We have positioned our product as a high-end gourmet product as we're selling a fusion food which seldom see in the market. We're trying to target the people who're in upper middle class and also aim for the high end product market. Target market is very important, having a specific target market helps in deciding the place the product is sold and the pricing strategy. Place is where the product can be seen and sold or distributed. Before we have launched our product, we had tried a promotional campaign in order to promote our product and also get the attention from the consumer that we'll launch our product soon.

In this promotional campaign, actually is a small simulation sales for student to run the business in the campus to know that whether the acceptability and popularity of our product. In this promotional campaign, we're managed to sell out 100 boxes of our gourmet burger dumpling product. we have targeted our consumer as the lecturer and student form the campus who seeking for the innovative food and also the lunch replacement.

Having fun for our small sales undergo in campus

In this domain, we have enhanced our communication skill in order to promote the product and explain the making process of our dumpling product. we had learnt to communicate with different people in different background in order to let them know that what is our product and convincing them to buy our product. Furthermore, I had improved my interpersonal skill in order to understand the team dynamics and mobilize the power of team. This probably can help to improved my leadership in the future.