• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Simulations Reflection Paper

Extracts from this document...

Introduction

Simulations Reflection Paper University of Phoenix MKT 551 June 22, 2006 Introduction Three important concepts and tools used in marketing are forecasting market demand, service added differentiation, and channel development and pricing. These are all reviewed in three simulations: forecasting market demand simulation, service added based differentiation simulation, and channel development and pricing simulation. The results, concepts and principles, and lessons learned will be presented in this reflection paper. Results Obtained The results obtain by the individual team members differ in each simulation. The marketing demand simulation teaches the importance of predicting or forecasting the demand for products or services. However, accurately forecasting market demand is not easy but it is important and is something that needs to be done, as a marketing success may be partially dependent on this forecasting. The forecasting can be based on various sources such as expectations, opinions, statements, historical patterns/forecasts, and various other subjective elements. In this simulation, we are presented with three different scenarios, which required forecasting demand for the company's newly developed voice recognition software. The results obtained from the simulation will be divided by the different scenarios presented in the simulation. The results obtained from the first scenario are actual sales volume that are very close to forecasted sales volume and is broken down in detail as follows: forecasted volume - 110,000; forecasted price - $205; actual volume - 108,000. ...read more.

Middle

Using this method generated good results for the product during the growth phase. On the Service Added Based Differentiation, one important concept is product and service differentiation. Product and service differentiation are a source of competitive advantage that depends on producing and service some items that are regarded to have unique and valuable characteristics (Bender & Hill, 2000). In the simulation, the team has to find some services that can presents difference. Moreover, the differentiation is not enough so we should also consider another concept, which is value perception. The value perception presents what value consumers would perceive if they can get an additional service. This will help us to determine a proper price. Different understanding for the two concepts is the mean reason that our team members achieve total different results. In a mature market, a company should combine these two methods in order to gain competitive advantages. Another tool is the hierarchy of needs. The model is shown in the following graph: This model presents five levels of needs and is a good method to identify what consumers are interested in. We can use it to find how to make products or services different depending on specific needs of consumers. ...read more.

Conclusion

During the marketing audit the group member's look at their company distribution channel to determine if their company products are available to the consumers. For example Petro-Canada has a very good distribution channel the company tries to have gas pump at convenient places where they know the traffic is high so it easier for consumers to get their services. Conclusion Based on the above information from the three simulations, our team discovered that the results obtained, the marketing concepts and principles used, and the lessons learned will be different and based on our own individual interpretation of the information presented to make our decisions and choices in the simulations. Thus, our own experience in and understanding of marketing plays a big role in the decisions made, the results obtained, the tools and concepts used, and the lessons learned. Reference University of Phoenix. (2006). Service Added Based Differentiation. Retrieved June 10, 2006, from University of Phoenix, rEsource, Simulation, MKT551. University of Phoenix. (2006). Marketing Demand. Retrieved June 15, 2006, from University of Phoenix, rEsource, Simulation, MKT551. University of Phoenix. (2006). Channel Development and Pricing. Retrieved June 15, 2006, from University of Phoenix, rEsource, Simulation, MKT551 Bender, K., & Hill, L. (2000). Producer alternatives in growing specialty corn and soybeans. Urbana-Champaign. Retrieved June 14, 2006 from University Library ?? ?? ?? ?? ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Free essay

    Marketing Simulation Game

    Competitive Analysis: For getting more clear picture of our market position, here we will undergo through some competitive analysis with our competitive firms in respect to market share by units, market share by sales, and above all marketing mix. This will serves us in analysing the strengths and weaknesses of

  2. Marketing mix

    Figure 4 lists the variables under place variable of the marketing mix. Promotion - Lovelock (1996) said that the service organization communicates with its target groups with the aim to influence knowledge, attitude, and behavior. Thus, the face-to-face interaction of especially front-line staff with customers plays a very important role in promoting the service.

  1. Sullivan Ford Auto World Report - Discussing Marketing in the Service Industry

    Customer service would be a primary element and especially applicable in the services department where customers were responded to "sharply" or have actually been cut off in telephone conversations. This would help in dealing with abusive customers. With further staff training for mechanics, to help quell the issue of simple

  2. I have been asked to produce a marketing strategy for an existing or new ...

    A Television advertising campaign showing viewers that Mercedes Benz has an environmentally friendly car and promotes the protection of our world. The advert must also show that performance of the car is not lost. The general household survey has been very useful for researching for my advertising.

  1. Produce a marketing strategy for a new or existing product

    To avoid this problem I have come up with an explanation on how to solve this constraint. I will be launching a website the Interactive Internet that readers can have excess to catch the latest gossip. I will definitely considering this in my strategy.

  2. This coursework entitled "Marketing" is about creating a marketing strategy for a new or ...

    The costs for making and testing a car such as the A6 are very high; therefore the price is likely to be high. * Price elasticity of demand - how sensitive the product is to change in price. If it is sensitive then lowering the price will result in an increase in turnover.

  1. Investigating Market

    Capital goods markets is an item used to produce other goods. Businesses will often lend money to buy their capital goods that they produce are increasing. Companies will demand more capital goods to replace existing capital goods that have worn out or just totally gone out of date.

  2. Marketing research - To decide which products and services will be available in my ...

    the product, also if the products and services are too expensive people will not buy them and if the products and services are too cheap people will think that they are of a bad quality. Another pricing strategy that I will use is to offer discounts, I will offer free

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work