FINAL PAPER: MARKETING SIMULATION The marketing simulation allows us to develop a solid knowledge in the marketing. It permits executing a solid marketing strategy. We were able to implement all aspects of the marketing strategy including target market, product design, pricing, marketing communication mix, pricing media selection, promotion, and place. Throughout the simulation, all 4ps marketing elements have been developed. The aim of this paper is to cover how each area of the simulation relates to what we have discussed in the class. We are going to discuss target market, 4p’s of marketing, performance metrics and research data. TARGET MARKET Figure out the typical customers is the first marketing strategy. Business should find the right customers who would by your product and tailor and focus its marketing effort toward them. Thus, this target market represents the group of customer offering greatest opportunity. The simulation marketing game helped me develop a great solid knowledge and skills on how to define the target market. The Various target markets have different demographic, psychographic characteristics, products use demands, price sensitivity and other preferences. Knowing different characteristics that differentiate the market segments was helpful in choosing the right target market. During this simulation, we came up with several characteristics that make the particular target market to be unique. These segments vary in size and demographics, price sensitivity, and the backpack features they are looking for. The simulation game together with the class material provide with useful insight on how to define and select a target market. They both provide the bases for segmenting consumer markets. As state in the ... ... middle of paper ... ...ormance trend over time relative to the units sold net profit cost of goods sold gross profit, account balance, market share and advertising spending. The positioning map provided us information on the competitive positioning on price and product attributes. Those metrics were useful in the way that they allowed us to figure out how to position our product according to the image we needed to portray in the market. Our research team did wonderful job in providing us information relative to the market trend, product positioning and so much more. Their finding allowed us to update and upgrade our marketing efforts in the way that is desirable and beneficial for the company. CONCLUSION The simulation game empower me with great marketing skills. Many things were learned during the simulation. The game allowed me to apply basic marketing concept in realistic environment.
The company has already participated in several shows to promote the product and obtained valuable feedback buyers, consumers, professionals and media.
The first step is to (1) determine which kinds of customers exist, then (2) select which ones we are best off trying to serve and, finally, (3) implement our segmentation by optimizing our products/services for that segment and communicating that we have made the choice to distinguish ourselves that way (Consumer Psychologist, n.d.). •
Delivering the requested number of products successfully matching different market segments, consumers, and their expectations in terms of price, age, reliability and ideal positioning on market perceptual map (graph above).
For my marketing principles class, we had to work through a simulation on a market share website. In this simulation, we had to choose our product, decide on how much to charge for the product, and to work through the obstacles that the simulation threw our way. You start out as a member of the brand management team for Allround. Allround is a brand for cold medicine and you decide what some of the ingredients are, where to supply your product, which benefits that are listed on the product, and many more things. There were a couple practice rounds and about six rounds right after the practice rounds. Each round is different from the last when it comes to the market conditions.
d) Enlarging new customers. Research on the consumer purchase behavior is an essential need. The analysis data will provide more information on who, how, and why to buy, and also understanding the competitors marketing strategic plan. Secondly, by analyzing the majority of subscribers age group, gender, preference items. Sending regular email on current promotion items and offer them with the 1st trial discount voucher to convert the subscribers into customers.
“A market segment consists of a group of customers who share a similar set of needs and wants. The marketer’s task is to identify the appropriate number and nature of market segment and decide ...
The market for Frigidaire's front-loading washing machine should be divided into single segments which can then identify groups of consumers who share commonalities that have the potential to drive demand for the new product. Each segment of the market will have similar needs in quality and performance; they have a semi-uniform response to the marketing mix. The target of Frigidaire's marketing campaign will rely on the hierarchy of each segment's priorities. Typically, a market is segmented to include demographics combined with other behavioral attributes as previously demonstrated in the VALS survey. The information obtained in data collection from these market segments is crucial because the behaviors behinds these groups combined with the presentation of the product are the driving forced behind sales. One technique frequently used is a perceptual map that discerns which features are important to consumers, often called determinant attributes (Business).
Robson, K., Pitt, K., and Wallstrom, A (2013) 'Creative Market Segmentation: Understanding The Bugs In Consumer Behavior', Journal of Public Affairs, 13(2), pp. 218-233 [Online]. Available at: www.swinburnedb.librarynet.com.my (Accessed: 17 May 2014).
Conclusion Companies are better able to market their products to consumers if they have a good Understanding of the consumers and the basic purchase decision process. By understanding the consumer and the type of purchasing behavior associated with different products, marketers are more likely to create a marketing campaign that positively impacts the consumer’s purchasing decision.
Primarily, strategic marketing initiates its process through market research, thereby inculcating the optimal target customers throughout the development phase of the product or service. Market research enables the firm to identify trends from the horizon, especially by studying major competitors in the market that eventually informs the firm’s product designs and development. Strategic marketing does thus enable the company to use to researched information to differentiate products for individual client niches, which provides the firm with a competitive
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
b. Marketers can explore what each customer wants and tailor the marketing processes to meet those needs.
Market segmentation means dividing the market into distinct groups that have common needs and will respond similarly to marketing action. Each segment must be unique, have common needs, and respond in a similar manner to marketing efforts. Target market is the group of potential customer that has been selected by business to focus its marketing efforts towards. This is the group the business wants to sell its products/services to. Positioning refers to the image created in the minds of customer of its product or brand. It is a perception created in the minds of the consumer relative to that of its competitors.
The premise behind marketing research helps provide a company’s decision makers the information intelligence needed to make daily decisions (McDaniel & Gates, 2006). The data obtained gives insight to the performance of the current marketing mix while also providing insights to potential changes to future programs (McDaniel & Gates, 2006). Marketing research is a key driver to help define new ideas and initiatives that could improve company or product performance.
Nevertheless, one of the most important constants among all of us, regardless of our differences, is that, above all, we are buyers. We use or consume on a regular basis food, clothing, shelter, transportation, education, equipment, vacations, necessities, luxuries, services, and even ideas. As consumers, we play an essential role in the health of the economy; local, national and international. The purchase decision we make affect the requirement for basic raw materials, for transportation, for production, for banking; they affect the employment of employees and the growth of resources, the successfulness of some industries and the failure of others. In order to be successful in any business and specifically in today’s dynamic and rapidly evolving marketplace, marketers need to know everything they can about consumers; what they are want, what they are think, how they are work, how they are spend their leisure time. They have to find out the personal and group influences that affect consumer decisions and how these decisions are made. In these days of ever-widening media choices, they need to not only identify their target audiences, but they have to know where and how to reach