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Practice Simulation/Reflection - Essay Example

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Undergraduate
Author : wuckertlucinda
Essay
Marketing
Pages 4 (1004 words)

Summary

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. ...
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