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.

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