FINANCIAL/MANAGERIAL ROLE
In this project, I am responsible for financial/managerial lead during the process of develop Flowery Salad Spinner.
As a financial lead in Flowery Salad Spinner project, I learned a lot of experiences and encountered a few problem during this process.
The most valuable experience I had was budgeting and cost management. For example, I encountered challenges in balancing cost efficiency with quality to ensure a viable product as we are using PLA filament instead of PLG filament used for 3D printing as our mockup. In this case, I learned how to allocate funds effectively for materials, prototyping, marketing and production.
Next, pricing strategy and market analysis is not as easy as I thought. I faced difficulties in setting a price that covers costs while remaining attractive to potential buyers. By this experience, competitive pricing was determined based on material costs, production expenses, and customer demand. As the survey has been made on the market price, I found out that the price range are in RM20-RM50. However, Flowery Salad Spinner selling price is only at RM17.
Furthermore, experience in resource allocation and supply chain management. As a financial lead, I managed procurement of materials, ensuring quality while minimizing expenses. For example, I bought PLA Filament from other students at a lower prince than the market at the same quality.
Last but not least, as a financial lead, I faced challenges in predicting unexpected costs. For example, we had a defect on our printing, causing us to print another part. In this case, we are out of PLA Filament and need to find another PLA Filament to continue the process making it run out of budget.