Marketing simulation summary
Marketing Simulation Summary
Name of the Institution
Marketing simulation is a sophisticated, competitive and team based services management solution. Introduction to market simulation is meant for marketing courses and principles with particular emphasis on introducing the leaner to the principles of marketing (Marketplace Business Simulations, 2010). Marketing analysis is an important when launching a new product or business. It determines how the new product of business will be received in the market. Development of new products and services should therefore relay on information on current market needs (Onkvist & Shae, 2008). It would be needles to spend a lot of money coming up with a new product or services and only realizes that the market is congested when the development process is over. Proper use of data will make sure that the company wins the marketing game and this takes the largest share of the market.
I am working for an internationally acknowledged motor vehicle company which wants to venture into motorbike market, to produce high quality motor bikes. Several other companies are also planning to venture into the same business, while some have already venture and seem to be doing well.
Marketing teams should be created and placed in the scenario above whereby they have the start operating a new market division. As Onkvist & Shae (2008) advices opposition can be created from other student team or computer generated competitor. The main objective of the team participating will be to capture and maintain a dominant position in the market.
At the start of every quarter every team must be issued with information regarding the prevailing market situation (Marketplace Business Simulations, 2010). Each team evaluates the prevailing market condition and formulates a suitable marketing strategy as well as tactics that will help them survive the market place.
When the strategy has been transformed into executable tactics, the tactical decisions are feed into the market place simulator together with the tactical decisions of other teams or the opponents. The business simulator then generates results or feedback based on the tactical decision fed in it.
Marketing components addressed in the simulation
The relationship between differentiation and positioning of products or services
Differentiation makes a product attracting through making it unique characteristics distinguish it from the other competing products. If product differentiation is successful, it creates a competitive advantage as the customers consider it superior. This becomes the position of the product. According to Gold Sim (2010) the positioning in this regard is the rank it enjoys or holds against other products which may be a result of the differentiation.
The repositioning of the product in the simulation
Repositioning of the product in the simulation is a product of analysis of the tactical decisions of all team that participate in the described market condition. The simulator analyses these decisional tactics of the teams and positions the products according to the tactics employed to launch the product in the market (Onkvist & Shae, 2008). The product positioning produced by the simulation was similar to the positioning expected for the product. This is because every aspect of the market conditions provided by the simulator was taken into consideration while developing the tactics. Every aspect of the market into consideration means that tactical decision was designed to earn the product the best positioning in the market.
Effect of the product life cycle on marketing in the simulation
The product life cycle of a product normally of any given product greatly influence the marketing strategy. At the introduction stage, extensive strategic marketing is necessary to get the attention of customer to the product and get them to try it. In the growth stage the popularity of a product is on the increase and extensive marketing is still necessary to improve its positioning while in the maturity stage the popularity is at the maximum and no amount of marketing can improve it. The product reaches the decline stage and more ambitious marketing is necessary to keep the popularity, market positioning and profitability.
Market simulation is instrumental in helping the learners to learn various concepts of marketing such as marketing analysis and strategy. It depicts a given market condition in which learners can try to market products. Learners come up with strategies, tactics that simulator uses to rate their teams.
Gold Sim. (2010). Using Simulation to Support Design of Marketing Campaigns. Retrieved form http://www.goldsim.com/Web/Solutions/BusinessSystems/Marketing/
Marketplace Business Simulations. (2010). Introduction to Marketing simulation. Retrieved from http://marketplace-simulation.com/products/intro-to-marketing.php
Onkvist, S., & Shaw, J. (2008). International Marketing: Analysis and strategy. London: Rutledge
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