In my Fashion Industry Essentials class with Parsons, I had to create an accessory out of unconventional materials that was inspired by a collection of pictures that I took. I saw mini glass bottles, like the ones you would stick a message in, in a junk drawer in my house. I decided that I could make either a necklace or earrings with these cute mini bottles and put some sort of greenery or plant in them because a lot of the pictures I took for the collection were of plants. I then realized that I would rather make earrings because I had not seen anything like them before. I also found some earring hooks in my mom’s craft room, so I figured that was a sign that the earrings were just meant to be! The earrings were really easy to make. The only difficult part was getting the plant to look similar in the glass vial in both earrings. Creating the earrings only took me about twenty minutes. It was a really simple process and didn’t take much supplies.
The materials were also quite inexpensive. A four-pack of the little glass bottles is $3.99, so I decided to divide that by two to get calculations for one pair earrings. So overall, the glass bottles cost $1.995 for a pair of earrings. Then, I had to add the cost of the fake flowers. One stem is $4.99 and I only used two little pieces off of the stem, so I went with $1.663 for the flowers. The last material that I used was earring hooks. A pack of thirty is $2.99, so I did the math to find out how much just two of the little hooks would be and it turned out to be $0.1993. To get the total production cost, I added up all the material costs to the amount of time that I worked for ten dollars an hour. My total production cost was $7.22. After finding the production cost, I calculated my twenty percent profit, which make my total cost plus profit $8.664. When I went around and asked my friends what they would pay for the earrings, most said anything from twelve to twenty dollars, I decided to go with fifteen because it is near the middle of the two.
This project taught me how to calculate the production and retail costs and what goes into each of them. It is interesting to see the processes that go into pricing the products we purchase.