The End of the Simulation
My teammates and I implemented our revised plans for periods 8-10. Just like our plans for previous periods these too had to be modified to adapt to the changing situations. I've come to realize that there is no need to call the plan of the future a revised plan as the revisions should be implied. While I suppose its not impossible to never have to make any adjustments I would tend to think its quite the rarity in most businesses. I'd likely believe that if you're never revising your plans than you're doing something wrong. The appropriate changing occurred and decisions were made that ultimately landed team 4 at the top of the balanced scorecard rankings for the class. Just to brag a bit more, we held that number one spot for 5 out of the 10 periods and held strong in second place for another 4. And that one remaining period I'm quite certain was some sort of technical error on the part of interpretative simulations.
Our team had worried about whether or not we would be able to resurrect our struggling Allround product. Finally in the latter periods we were able to do so and end with the product on an upswing. A change in pricing strategy due to consumer demands and an increase in promotions were the key contributors to this success. At the same time, the success for Allround+ continued to grow and we had the company moving forward and increasing unit sales, contribution after marketing, profitability, and net income.
My experience in the simulation was a pretty positive one. While the practice sessions were certainly plentiful and helpful, it really took some time in the "real" simulation until I finally got used to the simulation and the consequences of my decisions. For the most part, I think the reactions that were generated seemed pretty realistic to what should be anticipated in the real world. The simulation is definitely a great tool for getting your hands dirty in the marketing world, without running the risk of running a real company into the ground. Hopefully, any future endeavors will be even more successful than my experience with Pharmasim.
Final Thoughts
Without rehashing everything that was discussed and learned about throughout the past 11 weeks, I'll give some of my final thoughts on the subject matter. For starters, I now see the relevance that marketing has throughout the entirety of the company. I understand the importance of researching before hand and the concept of letting a product sell itself. I grasp the difference between knowing and understanding competitors at various levels and basing your marketing strategy on what your competition is doing. I see that companies should always be aware of any competitive advantages they have and operate according to those advantages. Knowing the strengths and weaknesses of your organization and the opportunities and threats that are present is crucial for moving your business forward. That good old SWOT Analysis from way back in freshman year of undergrad at WNEC is still important and should always be in mind. I have cemented all of these things in my mind.
The most important takeaway that I have from this course and that I think is most beneficial to anyone taking this course and to those outside of it as well can be summed up in one word: consumers. Business is consumer driven. Products and services are developed based on the wants and needs of consumers. These are established by doing your research, identifying opportunities, and seeking out attractive market segments. A company must know exactly who it is that they are targeting and what need they are fulfilling. Consumers will always have different needs or wants and often times these will be changing. It is vital that the company adapts to these changes. The success of any organization no matter the size, industry, product/service being offered, location, or any other characteristic is ultimately based on knowing, understanding, and catering to the consumers.
This is the consumers' world and we're all just operating in it.
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