The module also helps students in cultivating a sense of team spirit through teamwork, time management and creativity through the development of a unique business.
Honestly speaking, this game is very interesting and helps me to enhance my understanding and knowledge I got from the lectures. My analysis is comprised of four parts, concrete experience, reflection, my reflection outcome and my future application. At the beginning of the game, we set our targeting segment, university students, and for this particular group, we designed the backpack from its product features, distribution, promotion and price in the first turn.
We were happy to see the second turn going better and hoped a much better performance in the next four turns. We were shocked to see the result but we changed the strategies quickly and finally saw an increase of the total sold units in the following two turns and reached a peak at the end of the game with a figure of units.
After the game, I thought a lot about our success of the first two turns and the failure in the third turn. I believe our initial strategies were in the right directions.
Finally, our pricing strategies were based on cost. Solomon et al wrote in their book that cost-plus pricing totals all the costs for the backpack and adding as amount to arrive at the selling price. From this perspective, we closely followed the marketing mix strategies.
Although we did not make much profits in the first two turns, at least we did not rank the last. Before the third turn, we found that we were still losing money. So we simply believed that higher price may soon cover the cost and make profit.
So we repositioned to luxury trend- followers. We removed almost all the product attributes pointing against the university students and added others focusing on luxury, like luxurious material and audio bundle and replaced our original advertisement message with cutting edge, classic and fashionable features.
We thought that our customers would not be sensitive with money, as is written by Solomon et althe demand would not increase as price increase or decrease. However, the fact was that we lost more profit than the second turn.
The reasons why we only sold 49 units in the third turn were as follows. We targeted the wrong segment. The features score was lower than our competitors, which means the product attributes of luxurious materials and audio bundle were not attractive enough for our customers.
Even, the product feature of waterproofing we added was for outdoor enthusiasts instead of luxury trend-followers. Contrary to us, our competitors chose the fashion boutique as one of their distribution outlet and made a success.
We also made mistake in advertising message because no luxurious message was added. In one word, wo chose the wrong targeting segment and made wrong marketing mix strategies.
This experience tells me that segmenting, targeting and positioning strategies and the marketing mix strategies must be closely relevant and respond to each other.Published: Mon, 5 Dec Motor vehicle industry is growing industries in the world. Demand for vehicles is so high globally which makes the industry to be innovative and creative to meet the changing needs and wants of the people.
BUS Individual Reflective Report Matthew Richardson 2 I would like to start this reflective report by saying that I am extremely grateful for being given the opportunity to take part in this module because it was completely different to all my other modules and provided a new, exciting and practical approach to learning.
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