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Review of Final Simulation Report - Edited

Group C's marketing simulation was more successful than Group D's due to their use of management skills. Group C evaluated market trends, reports, promotions and advertisements to understand the market climate. They showed professionalism in promoting their product and justifying ingredients and pricing. While Group D relied solely on trial and error, which led to a lower net income. For future success, simulations should incorporate both management skills and trial and error to navigate risks while understanding market factors. Clear product promotion and advertising is also important to increase sales by informing customers.

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158 views3 pages

Review of Final Simulation Report - Edited

Group C's marketing simulation was more successful than Group D's due to their use of management skills. Group C evaluated market trends, reports, promotions and advertisements to understand the market climate. They showed professionalism in promoting their product and justifying ingredients and pricing. While Group D relied solely on trial and error, which led to a lower net income. For future success, simulations should incorporate both management skills and trial and error to navigate risks while understanding market factors. Clear product promotion and advertising is also important to increase sales by informing customers.

Uploaded by

Paul Wahome
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Running Head: REVIEW OF FINAL SIMULATION REPORT 1

Review of Final Simulation Report


Student’s Name
Institutional Affiliation

 
REVIEW OF FINAL SIMULATION REPORT 2

Review of Final Simulation Report


Strategies
Marketing is an essential skill in the thriving of a particular product. Thus, an
organization should seek to act with professionalism when it comes to issues with understanding
the market trends to be competent. Group C based enhanced competence through the evaluation
of the market climate, reports, line extensions, promotions, and advertisement. Taking the role of
a management team is essential in that the team will have to invest in areas that have limited
promising outcomes. Through promotions, the team initiated the approach of accessing more
potential clients by creating motivation. Motivations can work better when the potential client
can connect the professionalism portrayed and the product. Thus, Group C worked to show the
necessary professionalism when dealing with promoting the product. Additionally, since
Allround is an OTC cold and allergy medicine, the demand may be much higher. However, the
success in marketing the drug will rely on the ability of the team to express the real need and the
quality attached to the product. Thus, according to Kinnear, James, and Deighan (2019), the
success of the simulation depends on the ability of the team to justify the ingredients and the
pricing through advertising, promoting, and enhancing the distribution of the product.
Conversely, group D applied the trial and error technique to determine the best allocations
(Corporate Finance Institute, 2020). Incorporation of trial and error after evaluation of the market
climate could have contributed to the success of Group C’s simulation. However, still, group C
had the advantage of applying the management skills to show professionalism and create a good
rapport for the organization.
Conclusions
Group D recorded uncommendable due to the decision they had made of relying solely
on the trails and errors. The approach led to a lower net income. However, consideration of the
time taken for the simulation is an indication of the necessity of applying the management skills
when utilizing the trial and error approach. Management skills contribute to the promotion and
advertising of the product. When the potential clients have a clear understanding of the
ingredients, pricing, and the effectiveness of the OTC drug, they ought to turn out in higher
numbers. Thus, it is the failure to employ management skills that contributed to the failure of
group D. Conversely; group C succeeded in the simulation due to the enhanced approach they
applied. The achievement in the final stock price was relatively higher, though it did not achieve
the set goal of attaining $119, 000. It is evident that the results could have been much higher if
the group since incorporated the trial and error technique alongside the management skills. Most
of the ventures in management have some accrued risks. Thus, trial and error imply that one may
fail or succeed. However, before settling for such an approach, the organization should ensure
that it has a clear view of the factors in the market. The view can be enhanced by evaluating the
market trends and the environment in which the business operates. The conclusion from group C
was that increased promotion and advertisement would work in pursuit of excelling more. The
promotion will make the product to be known while advertisement will endorse the purchasing
willingness of the clients in that they will have a better understanding of the product. Most of the
clients may fail to purchase a particular product based on less knowledge of the product.
REVIEW OF FINAL SIMULATION REPORT 3

References
Corporate Finance Institute. (2020, n.d. n.d.). Manufacturer’s Suggested Retail Price (MSRP).
Retrieved
from https://corporatefinanceinstitute.com/resources/knowledge/other/manufacturers-
suggested- retail-price-MSRP/ 
Kinnear, T. C., James, S. W., & Deighan, M. (2019). PharmaSim: The marketing
management simulation. Charlottesville, VA: Interpretive Software, Inc.

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