Anmol_Basnet _Maven Solo Assignment

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Fanshawe College *

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STRATEGIC

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Marketing

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Feb 20, 2024

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1 MKTG-5006-(02)-23F Marketing Management Maven - Assignment 1 Individual SOLO Reflection Submitted by: Anmol Basnet Submitted to : Professor Leo DeSumma

2 Part A – Answer the questions in Part A for Product 1 in Region 1 only . 1. For Quarter 1, describe your target customer in terms of their needs/preferences such as level of quality, service and features desired, price sensitivity, and the media that they pay attention to. Ans . As described in mavelandia The customers from region 1 are portrayed to be relatively wealthy and open to new ideas and adapt according to the quality and features of the product. They are more flexible with prices as a buyer and the quality, features and services are something that they prioritize much more over anything else . Also product 1 has been in the market for a longer period of time in comparison to other product it has built a strong presence in the market and a lot more people are very familiar with it. 2. Describe the tactical changes/decisions you made in Quarter 1 that reflect the target customer you described in Question 1 above. Ans . Therefore keeping all relative aspects in mind I decided to raise the price of product 1 by 50 cents in the 1 st Quarter to analyze the market response. Having not invested in product development yet I decided not to change my ad message to quality from service. However, Since region 1 has 40% of the total population I decided to increase the sales promotion by $5000 and invested a total of $40,000 for product 1 in the very first quarter. I also invested a total of $1000 each in all the digital marketing aspects such as SEO, Facebook ads, YouTube ads etcetera in order to have an idea of an industrial trend. Since region 2 is relatively smaller than region 1 , I think it does not require 3 sales reps yet. Hence, I transferred one of the Sales Reps from region 2 to region 1 in order to see if the strategies works in the favor of overall sales. Since the forecast report was short in cash balance, I also took a loan of $1.2 million as a short term loan and invested a little amount in market research as well apart from that I did not change other variables for product 1 until Quarter 2 to be able to analyze the profitability in the 1 st quarter and then make decisions accordingly.

3 3. Did you manage inventory successfully throughout the 4 quarters for Product 1 in Region 1? Explain your answer. Ans . I always had a good margin of stocks left for the next quarter making sure that I do not lose any potential sales. Therefore, I’d say yes I was able to manage inventory successfully throughout the 4 quarters for product 1 in region 1. However I had to bear a certain inventory cost that affected the business net income which I believe could have been reduced and analyzed upfront. Part B – Answer the questions in Part B based on your results for Product 2 in Region 2 only . 1. Describe how you used your market research to help you differentiate and position Product 2 as the game progressed. Ans. I spent a considerable amount of money on market research since quarter 2, as I noticed a dip in my sales compared to my competitors. Therefore analyzing the summary of market research in the excel sheet for product 2 in region 2 I noticed team 6 was doing incredibly well among all the competitors. Diving deep into research I found out that team 6 decreased the product price for product 2 in region 2 by almost $4 with huge investment in sales promotion, magazine ads and Trade publications which I believe is not that of a good strategy cause they will end up burning so much cash with very little margin that will affect their net income in the following quarters. Therefore I progressed with my own strategy and worked on quality and feature of the product rather than price for region 2. 2. Explain how the advertising tactics and number of salespeople you selected represent a push strategy, a pull strategy, or a combination push-pull strategy. Justify your chosen strategy. (Refer to Maven Participant Manual for information on Push/Pull) Ans . The advertisement tactics including the number of salesperson that I used for product 2 in region 2 is a push strategy considering that the product is very new in the market it does not have a brand awareness and customer trust. Therefore, I invested good amount of money in sales promotion and trade publication to be able to reach out to the potential customers and improve sales. Also since the region 2 is comparatively smaller I decreased the number of sales representative from 5 to 4 in the very first quarter to see if that would be enough for the market but apparently it was not since my sales dropped significantly so I had to increase the sales rep back to 5 to push the new product into the market.

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4 Part C – Answer the questions in Part C based on your results for Product 1 in Region 3 in Quarter 4 only . 1. Do you think your Product 1 was priced appropriately in Region 3? Explain your answer and be specific. Ans Yes I believe the price for product 1 in region 3 was priced properly in comparison to the market trend and the given region where the people are more about bargains and cheaper prices I believe the drop in the price by a dolor and bringing it down to $18 would give me an advantage of potentially increasing my sales. 2. Based on the Product Perception Charts provided in the Maven Solo Exam interface for Product 1, Region 3 in Quarter 4, how could you change your marketing support to improve your positioning? Ans Based on the Product Perception Charts provided in the Maven Solo Exam interface for Product 1, Region 3 in Quarter 4. I believe that I could spend a little less on product quality and focus more towards features development following the industrial trend. I also analyzed that I had been spending a little too much on digital marketing such as SEO, Facebook ads and Social media presence comparatively. Working on these aspects while strategizing my marketing plan I could improve my positioning in the industry. Part D - Answer the Part D questions based on both products in Quarter 4 . 1. Based on your sales revenue, costs and profit after tax, which product do you think was more successful for you in Quarter 4? Explain your answer. Ans If we look at the totals sales for product 1 in quarter 4 it was $1,818,693 and product 2 in quarter 4 was $ 1,127,169. However after deducting “costs of goods sold” the gross profit for product 1 was $ 684,459 and product 2 was $ 665,777 which seems very close. Moving forward with the income statement after deducting administration cost and inventory carrying cost the overall operating profit for product 1 was $133,829 and product 2 was $115,620 respectively. However, the net income after taxes for product 2 was $51,944 and product 1 was $32,579. Therefore I think overall product 2 was more successful for me in quarter 4.

5 2. Using the decisions you saved for Quarter 4, provide an example of how the sales efficiency curve could be used to improve your profits. Ans . Looks at the decision that I made for quarter 4 I believe that I should be spending a lesser amount on digital marketing such as SEO and YouTube ads since the sales wasn’t going any higher and focus more on product quality, feature development and price point based on different targeted audience from different region that way I could potentially improve my sales and incline my profits. Part E - Answer the questions in Part E based on your overall experience with Maven Solo Exam 1. What would you do differently in Maven Solo Exam if you could start over again? Ans . The first and foremost thing that I would do differently if I could start all over again is go easy on sales promotion in the beginning and improvise according to the business need. I would also try to reduce my inventory bearing cost by forecasting the potential sales more precisely for the upcoming quarters based on the decisions that I make and not on what I expect. I would definitely try to invest more time and effort on analyzing market research in evaluating company’s position within the market and proceeding accordingly. 2. What is the main recommendation you will make to your group in order to place high in the standings in the Team version of Maven. Be specific. Ans . I would definitely recommend my group to properly analyze the market research with every minute details regarding the price points and sales representatives in different region that could potentially help in improving the company’s positioning . I would also suggest them to invest more time in understanding the Income statement and cash flow as it is critical to be taking emergency loans therefore I’d recommend them to keep a good margin on short- term loans to not run out of cash or be in negative cash flow. The other prominent recommendation I’d suggest is to forecast on sales precisely based on the money invested in sales promotion such as trade publication and consumer magazines which have a carry-over effect on the upcoming quarters as well.

Anmol_Basnet _Maven Solo Assignment

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