Got a tricky question? Receive an answer from students like you! Try us!

Practice Simulation/Reflection - Essay Example

Only on StudentShare
Author : wuckertlucinda
Pages 4 (1004 words)


Effect of Overpricing with Different Combinations of Other Three Ps Analysis In this analysis, the main focus is on how the overpricing is influenced by different scenarios of other three Ps that were involved in the simulation. It also shows the difference it could make in selecting a appropriate target market for the balance of 4 Ps that one wants to set…

Extract of sample
Practice Simulation/Reflection

I had set the price of black backpacks that I have targeted the teenagers with to 25$. The distribution channel I set was selective as I was targeting a specific area of the target. The promotion medium I used was through billboards. Even though the price was low, I still lost money in the end because my target market was not the one which was well endowed in the cash department. Rest of the simulations, I wanted to test my area of overpricing the backpacks with different target market and different marketing mix. In the second simulation of mine, the backpack that I was making was targeted towards professional athletes. This time, the distribution channel I used was still selective and the promotion method I used wascommercials. The result was that, I was able to make profit out of this scenario even though the price that I had set was 50$. What I had made of getting the profit out of overpricing was the fact that my target market is on the rich side of the spectrum. On third simulation, the thing that I did different from the second simulation was that that I have set up the promotion of the product through internet. Although the sales were good this time also, but the end result was that I didn’t make any profit in the end. ...
Download paper

Related Essays

Simulation and Decision Making
Every firm or company in the business industry has the sole objective of profit maximization unless it is a parastatal. In pursuit of these profits therefore, different critical decisions have to be made in order to ensure that uncertainties are avoided. The business also has to come up with plans and simulation models that direct it to achieve its objectives. These models play a major role of preventing instances such as project failure. Hence, a project can only be implemented once the trials in the models prove to be successful. Repeated trials are also important in ensuring success of the…
2 pages (502 words)
Simulation Perceptual Maps in Marketing
Thorr Motors for example has used these maps to design a marketing plan for their high brand. Scholar Clemente defines these maps as processes through which the perception of consumers on an existing commodity are charted. I will attempt to discuss the three simulation phases, and recommended solutions and results. Phase I: this involves perceptual mapping. The situation here is decrease in sales due to brand image. This is so because the Cruiser Thorr’s target consumers were aging and their tastes had begun to outgrow the lifestyle that Cruiser Thorr symbolizes. In addition to this issue,…
The Using Perceptual Maps in Marketing Simulation
The purpose of the simulation is to construct a perceptual map for a marketing plan of Thorr Motorcycles. During the first round of the simulation the first step was to create a perceptual map of the company to attract customers due to the fact that the firm was facing declining sales from its existing product, the Cruise Thorr. “A perceptual map is a visual representation of what the customer thinks of a brand” (Using Perceptual Maps in Marketing Simulation, 2013). The student had to choose four parameters among the following nine parameters: lifestyle image, product design and styling,…
4 pages (1004 words)
Assignment Reflection
With such manoeuvres, it is more likely to attract many more customers in the market. However, a stagnant business that rarely makes changes in the management, service delivery and customer care will rarely make positive growth. In counter reactions to such situations, Nestle employs the “four pillar“solution. This includes innovations and renovations, operational efficiency, consumer communications and delivery of goods. The case study was practically knowledgeable as it shed light on the following activities in a business. The first approach in case study on Nestle was directed at…
4 pages (1004 words)
Marketing Simulation Analysis Paper
The organization is divided into four foundational structures each division having a leader. The finance division is chaired by the chief finance officer (CFO), who oversees the director of finance, human resource division and the staff accounts. The marketing division chaired by the chief marketing officer (CMO) and two other supporting stuff members. The operations division led by the chief operations officer and one supporting stuff member. Strategic/international growth chaired by the strategic growth (VP) and one supporting stuff member. As a result of the increased need of customer…
3 pages (753 words)
Advertising remains a key tool of reaching the consumers in all segments. Research indicates that most of the consumers responded well to advertisements in most of the segments except for the corporate segments. Overall, the company should put more focus on creating products and advertisements aimed at the normal and lower end segment of the market. Competition Competition is extremely fierce in the smart phone market. The main competitors are Best Sport, Brandy A1, Super Sport1, H2 and O2. Ocean Blue is the biggest threat since its range of Sport products are the market leaders in Europe.…
5 pages (1255 words)
Supply Chain Simulation
An effective system of production management is sufficient to make a company stand out. This report provides effective and efficient ways of handling the production activities of the firm so as to ensure its financial strength and enhanced earnings. Table of Contents CHAPTER 1 4 1.1Problem Statement/ Opportunity 4 1.2Scope of the Report 4 1.3Background 5 1.3.1Legacy Technology 5 1.3.2Customer Satisfaction 5 2.1Proposed Solution: Supply Chain Management 6 2.2Cost of the Project 6 2.3Adequacy of Funds 9 2.4Project Benefits 11 2.4.1Estimated Annual Savings 11 2.4.2Just in Time and Lean Operations…
7 pages (1757 words)