• 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. Marketing mix

    The variables of the marketing mix used for the services marketing are described below: Product as a marketing mix variable for services comprises of the variables listed in figure 4. Lovelock (1996) viewed the service product as the technical outcome of the service.

  2. Free essay

    Marketing Simulation Game

    penetrate the market through maximum investment for brand awareness and push through each channel and reached the minimum R&D needs in Period-1, but with a vision to innovate and improve our product to reach the needs of high priced segment as well.

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

    Therefore Cosmopolitan will try and provoke only those readers. Where are the extra readers coming from? In my conclusion I feel that the extra readers will be coming from other magazines readers as I have already explained.

  2. Marketing Strategy - Nintendo Gamecube

    For example, THQ (who created "WWF No Mercy" for the Nintendo 64) have joined with Yukes (a Japanese based company that created the "Smackdown!" series on the Playstation) to produce "Wrestlemania X8", a Gamecube exclusive; and Capcom, have been working on "Resident Evil: Biohazard", also a Gamecube exclusive.

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

    which assumedly is a prime location for traffic and consumers and is easily accessible. The difference with the placement of the servicing division concerns it's locality in relation to these same features but also in relation to the dealership, it is part of the same complex which improves accessibility.

  2. Business Studies - Project

    Promotion is itself a mix of lots of methods. The main methods are: * Advertising on TV, Radio, Internet or posters * Sales Promotion-Discounts, Free Offers, Competitions, Demonstrations Coupons and Displays * Direct Marketing - through personally addressed mailing, telephone sales, teletext and email.

  1. Telemarketing Project

    Such customers can frequently be turned into profitable accounts with Telemarketing. It can also be used with almost equal efficiency no matter what the customer's geographical location might be. Thus, penetration of new markets and major shifts in market geography can be accomplished soon with Telemarketing.

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

    If I charge the same as the competition then people may stick with their original product, if I charge too little for my product then I may waste the opportunity to make a profit from the new product. The advantages of charging more than the competition is that you are

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