Sunday, 1 May 2016

Parsons Teen Vogue: My Product

For the Final product challenge of Understanding Fashion Production course of Parsons Teen Vogue Fashion Industry Essentials Certified Program I am given the assignment to build my own product that is to bring the mock up bag that I made in the previous section in to life. In this task I am allowed to use any construction method with the large enough piece of striped fabric to produce a sample of my mock up. I am also given the task of calculating my production costs and profit of making the bag and finding out about the estimated retail price, which can be done by asking a friend to tell me what would they pay for the bag and therefore he or she should come up with estimated price. In the end I should comment on what I learned from this task.

So, here is a table describing what I have used to make my striped tote bag:

My Product: Striped Tote Bag
Stripe Fabric (1/2 Yard)
10
Ribbon
3
Dangling Stone
1
0.20 Hours @15
3
Total Production Cost
17
30% Profit
5.1
Total cost Plus Profit
22.1
Estimated Retail Price
30

Above table shows the list of prices for the items that I used for making my product, the stripe  tote bag. I multiplied the amount of time it took me to finish making the bag (2 hours) by the amount I expect to be paid per hour if I worked for retail store, which is my total wage expected.Therefore the total cost is all the materials cost plus the wage, $17.  I also assumed that I would be making 30% profit by selling striped tote bag. Therefore I multiplied the total production cost by 30% to find out my total profit, $5.1. My total cost plus profit is higher ($22.1) than my expected wage of $15. However the estimated retail price which I have found by asking a fashion forward friend is much higher, $30. Therefore my friend thinks this item can be sold at a much higher price of $30. Therefore every time I sell each of this striped tote bag would give me a profit of $7.9.

Here is a picture of my striped tote bag. I would love to hear your estimated retail price, therefore the amount you would like to pay for the striped tote bag.


Best thing about making the striped tote bag was to look for beautiful fabric in the fabric store and I came across this dangling stone at the store and thought of attaching it on the handle.

"Your product" section of Understanding fashion Production  is important to use your creative side and bring out the best from your understanding of craft and design. It is helpful both in developing your crafting skill and in calculating your production costs and profit of your business.

If you are excited of doing this Parsons Teen Vogue certificate program and want to learn about Understanding Fashion Production course enroll in Parsons Teen Vogue now.

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