Individual Reflection on Marketing Simulation Game - Assignment Example

Individual Reflection on Marketing Simulation Game Individual Reflection on Marketing Simulation Game This individual reflection provides insights into the marketing simulation game assignment that required us to develop and present a marketing plan for our business based on the simulation game. We developed a marketing plan based on the simulation game report by applying the theory and concepts of marketing planning in practice. The company in the simulation is MYPHONE. The first task was to provide some background information about the phone industry and the smartphones sold by MYPHONE Company in the simulation game. We also explored the business mission statement and the objectives of the company with a bid of understanding the company better. Effective marketing of the smartphones of MYPHONE Company required us to undertake comprehensive situational analysis of the business using the SWOT analysis in order to understand the internal and external environment that will affect the productivity of the company. Another important area explored in the marketing plan was marketing strategies, target market strategies and marketing mix decision. The three concepts were aimed at identifying the best methods and approaches that will enhance the company’s sales in the midst of stiff competition. The last part of the marketing plan was the implementation, evaluation and control of the company’s smartphones in order to focus the smartphones effectively to the needs of the target market. Our group had three members; Ibrahim Al Hosani, Mohamed Sultan and Saeed Alkhasouni. The parts handled by the members are broken down as follows; Ibrahim Al Hosani - Mohamed Sultan - Saeed Alkhasouni - The goal we were trying to accomplish was to develop and present a marketing plan for our business based on the simulation game. The goal was effectively achieved as all the objectives of the company we set out were achieved. Through internal and external analysis, the company was able to achieve the following objectives; •Penetration into European and Asian market successfully and retention of a huge market share. •Increased earning of the company by at least 50% annually. •Introduction of more products into the market through expansion. •Conducting accurate sales forecasts. •Decreased risk of products becoming obsolete by investing in R & D. •Revolutionizing the processing speed, size and power usage of the devices. The skills we brought to the experience that helped us meet our goals was organization skills. The skills helped us divide the tasks effectively without experiencing stiff relationship or task conflicts. We also had good conflict resolution skills that enabled us to solve all our conflicts as they arise to avoid wasting time and diverting from the goals of the marketing plan. Furthermore, the leadership skills were very evident which increased the efficiency of the group work as well as coordination of tasks between us members. While working on this simulation game, academic concepts become apparent during this experience as we were able to experience practically the process of linking theory to practice by using the marketing concepts we had learned in class to implement them in the developing the marketing plan for MYPHONE company for sale of its smartphones. This assignment was very inspiring as it was a learning experience for us. Personally, I learned that segmentation of the target market is a very effective approach to be applied when analyzing the market strategies of the company. When a market is segmented to different brands or regions, the company benefits more by increasing its market share and growing its sales. Segmentation of the market for market phones was effective as the different smartphones were made with different features so as to appeal to different segments of the company. As a result, every needs of the market was catered for. The new knowledge gave me insights into the market strategies and the strategies applied in the exploration of the target market. This is because it proved that the analysis of the target market requires the knowledge of the different needs the market in order to equip marketers with the information required to respond to market needs. As such, market segmentation provides a way through which a company targets a large share of the market by seeking to satisfy several customer needs simultaneously through product differentiation. The new knowledge helped me understand marketing better. While before I knew about marketing and the different strategies of effective market penetration and growth, learning about segmentation opened a new perspective for me as it is a promising approach with the ability to help any business achieve a wide market share at the slightest time possible. While strategies like lowering prices and product differentiation, coupons, discounts and offers are also effective, they seem to reduce the revenue generated from the sales of the company products. As such, market segmentation is a very effective tool as it does not reduce the revenue generated by the government in order to increase sales. The simulation will be very helpful both in my career development and also in the practical side of life. It will improve my studies as I have learned how to improve my strategies and reform them accordingly as to to achieve my goals in a timely manner. I will also apply the knowledge I gained in the development of this simulation by thinking things in different perspectives before engaging and undertaking the path that promises the achievement of results effectively. The whole simulation experience was very emotional for me. I felt as if it was real and I gave it all my dedication. The experience triggered me to think in more abstract ways in order to achieve the goals of the company. The fact that the company mimicked a real company marketing real products in a real market, where competition is stiff made the inspiration even more. This is because it felt like I needed to work harder, analyze both the internal and external needs of the company in order to offer the best in the market. Competition yields a lot of emotions as it can be very difficult to fail in a company that has just been set up due to competition from the already established companies. As such, it is imperative to note that there were mixed emotions of motivation, fear of failure, and love for the success of the company. What I likes best in the simulation game was decision making. This is because it is a very challenging things as you take responsibility for the fate of the company. Decision making in company is a tool through which different changes, reforms and strategies are implemented due to the dynamism of the business world. As such, they affect the outcome of the results an can therefore make or break the company. Although this is such a huge responsibility, I learned that having competency in decision making will make me a better entrepreneur and business man in the future. The part I disliked the most was doing market research. The target market for MYPHONE company is as a wide as two continents. As such, it required extensive market research by ensuring that the market is able to respond to the needs of the market as it is already equipped with the relevant information. This part was very rigorous and involving that it can lead to loss of concentration. Marketing Mix Decisions were very easy to understand. This is because the only thing that mattered so much in this particular analysis required only observation of the company’s activities in relation to product, promotion, price and place. However, I found the part of implementation, evaluation and control to be very difficult as it required practical knowledge about starting and running a company when I did not have any experience at that. Although this part was challenging, I reflected on what I had learned in class and I was able to come up with very insightful developments. I plan to apply the knowledge I gathered from the simulation game in my future businesses in order to ensure that I have the best results from my investment. I have a strong feeling for entrepreneurship and I hope to start my new venture immediately when I finish my studies. I realize that being in this class has equipped me with adequate theoretical perspectives of starting and running a successful business. As such, I only needed the practical side of it which has been fulfilled through the practical exploration of a business from the basics of market analysis to implementation of the market plan into real markets. Getting the practical experience from the simulation game was very helpful as it will shape my future decision making process when running my businesses. I did not experience a strong gap in the information I had from class. This is because the implementation of the simulation game was a new learning experience for me and it was very easy to operate. I definitely require more investigation and research into this topic. This is because I believe that practice of the already acquired knowledge and more information will increase my proficiency and competence in running a successful business. I would like to operate a company that produces and markets it products by itself. As such, I need to understand the relationship between production and marketing and how production affects the potential earnings of the company. I would also require more research on the strategies that are more effective in accelerating the cusses of a business that is established locally as I hope to operate my business in a local market as opposed to a global market. It is imperative to conclude by noting that this individual reflection provides insights into the marketing simulation game assignment that required us to develop and present a marketing plan for our business based on the simulation game. As a group of three members, our goal was to develop and present a marketing plan for our business based on the simulation game. The goal was effectively achieved as all the objectives of the company we set out were achieved by incorporating different skills such as organization skills, conflict resolution skills and leadership skills. The simulation game opened my world into what I concern the most effective marketing approach which is segmentation. Although I learned a lot through this simulation, believe that I need more research on marketing so that I can be successful in my future undertaking as businessperson. References Booms, B.H. and Bitner, M.J. (1981), Marketing strategies and organization structures for service firms, in Marketing of Services, J. Donnelly and W.R. George (eds), American Marketing Association Kotler, P, Armstrong, G, Saunders, J and Wong, V, (2001), Principles of Marketing: Third European Edition, Prentice Hall, Harlow Read More