The Marketing Concept In The Marketplace Live Simulations

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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…
Other principles that were included within the plan were target marketing and marketing segment which aided in dividing our customers into specific groups based off of what computer they were interested in and also deciding which market to much our product in. The product aspect of the plan is important because it was what we were going to sell to the public. The right price for our product would attract the customers because it was in the price range, thus meaning more products would be sold. Place and promotion go hand in hand with each other. We put the product in the right areas where they would sell the most, and keeping them out of areas where they wouldn’t be popular. Promotion was also an important aspect of the marketing plan, advertising is key to getting your brand out to the public. The development of our plan was different than what I was expecting, we had to go through a couple …show more content…
We were having to go back and change the prices of our products to meet consumer needs. Not only with price, but mainly with product. We had to go back and create new products and also upgrade our older models. This way we could keep up with what customers wanted and also what they needed. Also we realized that the more products we create the more places we needed to be located in order to make a profit. My participation in this simulation has really given me a different perspective on how marketing principals can be used to solve a business problem. You have to really look into depth on what the underlying problem is and how can you solve it. You can think just fixing the price would solve it, but you need also look at the other aspects of the issue before blaming it all on one part when there are multiple

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