Martin’s Hardware is Timboon’s one-stop hardware shop for all hardware and building needs so we thought we’d introduce the Year 7B Economics class to this local enterprise to investigate how another local business deals with supply and demand. Heather Martin outlined her career path through hospitality, office jobs and other business ventures before she was involved in the two Martin’s Hardware stores as family businesses in Cobden and Timboon. She utilized an entrepreneurial mindset by constantly looking to revamp the business and seek new opportunities to satisfy the supply / demand requirements of locals, tourists and regular holiday visitors. Seasonal purchases peaked in Spring and Summer with students identifying paint, pool salts and gardening supplies as sought after items. Students heard how COVID restrictions impacted supply/demand as Martins sold 3 year’s worth of paint in 3 months during lockdowns, more than 10 year’s worth of sleepers were sold during restrictions and demand outstripped supply for seedlings with hardly any quality young stock available the following year. Heather stressed that it was important to listen to what people want and cater to your market so Martins are venturing into a new garden supply area to support the many new developments in the area. She advised students that anything that creates conversations is free advertising for your business and to seek opportunities to stay current. Thanks Heather! Comments are closed.
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April 2024
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