Final Simulation Analysis
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Jun 8, 2024
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Final Simulation Analysis
Hailey D’Angelo
12-16-2023
1.
I started the simulation by selecting Outdoor Enthusiasts as my target market. I felt confident in my ability to work around the segment’s preferences and the market events. I
started off strong, however I realized after the first turn that I would struggle to continue in this segment. Due to being unable to look back on events during the simulation, I do not recall the exact information regarding the event that took place after Turn 1, however I remember a “10% sales decrease” from the Discount Retail Chain distributor. This event made me look into switching target segments. I chose the Urban Commuters for the
remainder of the simulation and was able to better my marketing strategy throughout.
2.
In between my selection of Outdoor Enthusiasts and Urban Commuters as my targeted segments, I chose school children because I thought it was a safe route that I could “lay low” in. However, I ended up losing the most profit with this target segment and struggled to find ways to effectively reach that market with advertising and promotional messaging. 3.
While I anticipated creating an advertising campaign to be the most fun part of marketing, I continuously proved myself wrong this semester. The Final Simulation (and Mini-Sims) demonstrated the struggle of selecting limited media vehicles and creating an effective promotional message to reach the desired target market. I had to pay attention to
the total cost and the percentage (amount) it was taking from my bank balance and past quarter revenue. Overall, the most important part when developing a product is deciding who it’s for. With a product as broad as a backpack, the Final and Mini Simulation/s allowed the opportunity to explore some popular segment groups that we as students might encounter in our future business endeavors. The segments behaved and had information (backpack design, average purchase cost, etc.) relevant to reality. Lurking competitors played a factor in the target segments’ purchase behavior during the Final Simulation, too.
4.
As someone looking to own a small business in the near future, I know I can’t rely simply
on word of mouth and civilian observation. I believe I have already decided my target market, though I know I must learn how to effectively communicate my product/s to them. Marketing makes it possible for businesses to grow and expand beyond what the consumers’ eyes can see. Any competition in any industry doesn’t make the challenge easy, but marketing breaks it down into various steps (product development, advertising campaign, etc.) and sections (demographics, geographics, etc.), thus making the process a
little bit easier and organized.
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