Class recap 12/9

This week we dove head first into out simulations. These simulations are about a company named Blue that sells products including laundry detergent. The company has many competitors within the market that vary in value. The point of the simulation is so be able to use the skills we learned about market segmentation and tactics to create an approach for the company that would better its business in the future. The first thing we had to do was create a target market based on income, ethnicity, age, household size, and location. In doing so we had to run the simulation many times in order to look at certain aspect of each segment such as market share, revenue, operating profit, brand demand, and trade channels. After sorting through them to find which segment best summarizes who the company wants to sell to, we then had to gather facts and generate insights in order to figure out how to approach the production. After generating theses insights and forecasting sales we were able to come up with goals to reach as a company. The next step was to run the 'making decisions' aspect of the simulation to compare to our goals. In doing so we were able to find which approach and what tactics would fit best in the upcoming years. This simulation is a great way to use out marketing analytics strategies that we gained throughout the year. We were able to put to the test our creative thinking as well as how to solve a problem on our own.

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