Understanding the manufacturer’s suggested retail price (MSRP) allowed our team to market our products against our competitor’s products. Moreover, ensuring that we established a manufacturer retail price that was competitive provided our retailers with a product that was favorable with our target market. Additionally, the MSRP aided in the success of our salesforce by targeting those channels that would purchase our products for consumers use.
Through the progression of the PharmaSim application we learned that the sales price of our products impacted our overall income that we generated after each period. Moreover, at the end of each decision we had to adjust our MRSP due to slow pace of our overall income. In period one we set our MSRP …show more content…
By doing so we decided to provide our whole sale distributors with a volume discount of 40% which resulted in a price of $3.29 based on the MSRP of $5.49. Throughout this simulation we learned that it was important to ensure that our MRSP and promotional allowances contributed to the effectiveness with our overall marketing approach. As we analyzed our previous periods and the reports provided we learned that the prices and the discounts that were provided was extremely important to us in order for our net sales to reach the desired objective that we established prior to beginning the simulation.
The allowances that we provided were based on the reports that we analyzed to determine which distribution channel would be the most effective. As the consumer and competition changed we understood that we too had to adjust our allowances to ensure that we maintained the brand reputation within our markets which help to increase our overall net sales.
Additionally, we had to take into consideration that the product life cycle must include the volume discount and allowances in order to process through the various phases on the product life
Through the progression of the PharmaSim application we learned that the sales price of our products impacted our overall income that we generated after each period. Moreover, at the end of each decision we had to adjust our MRSP due to slow pace of our overall income. In period one we set our MSRP …show more content…
By doing so we decided to provide our whole sale distributors with a volume discount of 40% which resulted in a price of $3.29 based on the MSRP of $5.49. Throughout this simulation we learned that it was important to ensure that our MRSP and promotional allowances contributed to the effectiveness with our overall marketing approach. As we analyzed our previous periods and the reports provided we learned that the prices and the discounts that were provided was extremely important to us in order for our net sales to reach the desired objective that we established prior to beginning the simulation.
The allowances that we provided were based on the reports that we analyzed to determine which distribution channel would be the most effective. As the consumer and competition changed we understood that we too had to adjust our allowances to ensure that we maintained the brand reputation within our markets which help to increase our overall net sales.
Additionally, we had to take into consideration that the product life cycle must include the volume discount and allowances in order to process through the various phases on the product life