Practice Simulation/Reflection

Practice Simulation/Reflection Essay example
Undergraduate
Essay
Marketing
Pages 4 (1004 words)
Download 0
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…

Introduction

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
Not exactly what you need?

Related papers

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…
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…
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…
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…
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…
Simulation
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…
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…