Marketing Analysis On How The Marketplace Live Simulations

Marketing concept is defined as “is the philosophy that firms should analyze the needs of their customers and then make decisions to satisfy those needs”. This was a very important factor within the Marketplace Live simulations, if you don’t know what your customers want it is hard to make a profit and keep your company alive. In the beginning of the game my group and I had to decide what type of computer would satisfy the needs of customers. So we analyzed which groups of people went with each type of computer. Then were able to decide which computer we were going to create which was the work horse. The marketing concept was a big part in creating our company and our products, if we know what the customer wants then our company was able to …show more content…
These analyses were helpful to the simulation because they were able to keep us on our toes and also continue with new ideas from people in our team. I don’t believe that there is a marketing analysis that would not help out in the stimulation. The information over what the consumer wanted and needed in a computer was very important. Without that knowledge we wouldn’t be able to fix or upgrade our computers to what the consumer would want to buy. We started off with a very low maintenance computer and when we went back to the second quarter it was not selling well at all. So we went and looked at the what the customers were wanting and we were able to fix the computer and come back into the 3rd quarter selling more computers than we were in the beginning.
The main ethical and legal issue within the simulation were the advertising checks at the end of each quarter. The team would go through the final check and if there were any sort of lie within your advertising you’d have to go back and change it. This made you always be honest with what you were putting on your advertising for your products. If you tried to override it, it wouldn’t let you because you cannot lie about what your product does or doesn’t …show more content…
The game has shown me what it takes to be able to run a business, and also know which principals are important. The principals are very influential towards the simulation and the process of trying to keep your business alive. One thing that I did learn that wasn’t related to the learning outcomes was how to work in a group, it might sound simple but it is a lot harder when most of the members don’t know much about marketing principals or marketing in general. I now look at the market place differently; I have a better understanding on how businesses run and what it takes behind the scenes as well. Also that every principal that goes into a business are all interrelated to each other. You have to be able to understand all parts of a problem before you can solve