Essay about Tmg Report
For the marketing game simulation our team was assigned to be a Firm of Industry B. The following report explains our team’s marketing strategy throughout the gaming period, as well as final recommendations for the future based on the results each period.
As a firm, our priority is to create a successful and profitable company, defined through a positive income flow throughout each period. Secondly, our firm believed the success in profits would aid our competitive advantage and greater share of the market. In order to accomplish this we needed to complete a detailed analysis of the industry, potential consumers, and competition. This combination with the evaluation of potential strengths, weaknesses, opportunities …show more content…
The initial success of the product continued throughout the first four periods which resulted in high market share and contribution margin. During the final four periods, the market became filled with fierce competition and slight decline in sales from period to period. After realizing that our sales force was being overworked and that we were being outspent in advertising, we hired more workers and increased the budgeted amount for each product. Overall we believe we succeeded in creating a high quality product that met the needs of our target segments.
Our recommendations to the President of our company would be to make sure that our advertising strategy be consistent and competitive at all times. That the labor force be sustainable and have non-selling time in order to not feel overworked. We also would recommend continuous market research to maintain our focus and keep up with the changing trends of the marketplace.
The following examines the strengths, weaknesses, opportunities and threats of the industry:
Strengths - In terms of our targeted consumer, the strengths of this industry include the variety of available features and options. In addition there was value created through the convenience and