Marketing Simulation Essay

1111 Words Dec 1st, 2012 5 Pages
Marketing Strategy for Decision Making
Final Individual Assignment

Reporting on the lessons learned from the simulation exercise

2012
Marketing Strategy for Decision Making
Final Individual Assignment

Reporting on the lessons learned from the simulation exercise

What have I learned…?
About marketing strategy: segmentation and positioning
Sometimes it’s not so important that your product fits the exact needs of the segment you target; rather, it’s vital that customers perceive that you do, even if it’s not true. In order to achieve this, the proper amount of advertising and sending the appropriate message are both vital.
When dealing with several segments, a product can target one segment to specifically to exactly what
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About managing distribution channels both for existing and new products
Customers’ shopping habits are not static. It’s very important to be aware of trends in this area, particularly which shopping channels are gaining preference with each segment and which are decreasing in importance. This allows for better targeting advertisements, vital to ensuring customers’ brand awareness is high.
New products always require more expenditures and need more investing in research for optimal targeting. It’s important to make sure the right segment perceives a new product as exactly what it wants; even if they didn’t know they wanted or needed it. Still, they are riskier because it’s impossible to predict how customers’ needs and preferences have shifted by the time the product gets released. A product could be obsolete by then, and would have to be shelved. In this regard, a portion of R&D will always be a sunk cost, and the products don’t have an opportunity to earn back this initial investment.
About advertising brands in different levels of their life cycle.
When advertising a product, it is important to be aware of what your segment wants in an ideal offering, how your product is perceived, and what needs to be addressed to reduce any gaps between the two. In the beginning of a product’s lifecycle, it is important to make sure your product achieves excellent brand awareness and is well perceived.

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