Hey
guys! So throughout this blog I have
mentioned different projects that we have completed in class that have helped
me better understand the concept of marketing.
One of those projects is the McGraw Hill Practice Marketing
simulation. This simulation is conducted
by forming teams and working together to create a certain product. The products the groups in our class created
were backpacks. The simulation allows
each group to create the backpack starting essentially from scratch by choosing
the material, the features and so on and essentially forming a company. Below is a picture of the backpack created by
my team; CityPack
ProductàAs with any product that a business creates they must choose
a target market for that product. The
simulation allows each group to pick a target market and switch that market at
any time. The simulation gives facts
about each market so each group can tailor their backpack to the specific
needs/wants of the market. For example
our target market was “university students.”
They desired a backpack that was durable and environmentally friendly,
so we took this into consideration and made our backpack from hemp, which is an
environmentally sustainable material. We
also incorporated a university logo on our backpack to grab the attention of
the students.
MarketingàIn the simulation it allows the groups to choose how they
want to market their backpack. Whether
it is through social media, television, magazines, radio shows, and more, a
team can choose which route they would like to take. Different ways prove profitable for different
groups so it was good to play around with it and see which method worked the
best. Teams could also choose how they
sold their product. Teams could choose
between online retailers, discount stores, outdoor stores, again it was like
the marketing methods because teams had to figure out what worked best for
their product and which method brought in the most profit.
The Numbersà The most interesting
application that I found within this simulation were the financial
numbers. I thought that this gave the
simulation more realistic approach because most of our decisions were based off
of these numbers. We looked at our total
revenue, profit, total sales, market share, etc in order to see what we needed
to do. For example in our first turn we
would have made more money if we did not spend so much money on marketing. The numbers allowed is to notice this and we
changed the amount we spent on advertising.
To me this is the foundation of selling a product because a company
wants to make the most money they can while keeping total costs as low as
possible. By looking at financial
statements a company can make decisions to maximize profits
Overall
I found the Practice Marketing simulation to be a very helpful tool in my
understanding of marketing. It gave me a
more realistic approach to marketing and made us work together as a group. In the real world on will most likely have to
work with others so by doing projects like this it sets us up for conducting
business in the future. The simulation
allowed us to utilize certain techniques we did in class and see how they would
actually work in real time. I found this
simulation helpful and useful to my knowledge of marketing in business.
CP
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