Stukent Simulation Round 3
.docx
keyboard_arrow_up
School
Utah Valley University *
*We aren’t endorsed by this school
Course
3600
Subject
Economics
Date
Apr 3, 2024
Type
docx
Pages
4
Uploaded by DoctorSnowRabbit23
page 1 of 4
Stukent Simulation Round 3 Worksheet
Name: Reed Knecht Student ID: 10836048 In Round 3, you have the opportunity to adjust the price of your tote bag, create a promotion plan, and allocate ad spend in different channel to help drive sales with your target market. The key is to look at the data from the previous round and make a decision based on your sales and profit margin.
Part I: Please document your decision in the simulation and provide your rationale. Note: Please refer to the data/number (from which report/survey question) or other simulation information to support your claims under the rationale column.
Your Decision
Rationale
Pricing
Paste the price of your product here:
149
I decided to up the price 20
dollars. I had the price listed at
129, because the key findings
said the average price is 100-
150 so I did the middle of that. I
decide to go towards the higher
side to get as much revenue as
possible while still staying
within the key findings
research.
Promotion Plan
Paste the three promo items here:
1.
10
dollars
to
Ronald
McDonald House
2.
15 dollars off
3.
Wallet 5 Dollars
I did this because in the key
findings it had these promotions
as the most likely to effect my
target audience in a positive
way.
Ad Spending
Paste ALL
your selected ad channels
(along with the budget for
EACH
)
here:
This is the one mistake I made
in this simulation. I did this
because I knew facebook and
Instagram would do the best,
page 2 of 4
Instagram: 5,000
XTwitter: 1700
Youtube: 4000
Pinterest: 2100
Facebook: 5000
TikToc: 1100
Spotify: 200
Magazine: 600
Billboard: 200
Television:100
but instead of just putting as
much as I could in each of the
best scenarios, I let curiosity get
the best of me and I put small
amounts in the other platforms.
I am glad I did this though so I
can see exactly how much
revenue each platform makes
by
simply
finding
the
percentage of profit to how
much I put in. Part II: Please provide four screenshots below after the simulation is run.
Screenshot 1:
Total Revenue of the Product in Q2 (i.e., the 2
nd
block on the result page)
Screenshot 2:
Promotion Performance ( (i.e., the 3
rd
block on the result page)
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
You are the product development manager of a company that is going to launch a new detergent against its competitors Ariel, Surf excel and Brite.
How will you segment your product mention the classification & explain.
arrow_forward
Evaluate the key marketing issues and their implications.
arrow_forward
Market Entry Strategy
Thinking Through Marketing Strategy
Pretend that you are the Chief Marketing Officer at Alibaba.
Thus far, Ali Baba has grown there business throughout most of the world, but
they have not yet penetrated the US market.
Assignment:
Outline a detailed marketing strategy for Alibaba that will help them penetrate
the US market.
Be sure to cover the following:
I.
Target market and why.
I.
A single product category you think is most appropriate, and why.
II.
Pricing strategy (skimming, status quo or penetration) and why.
IV.
Promotion strategy: How you will convince an American consumer
to buy from Alibaba
V.
Distribution (you do not need to cover)
arrow_forward
Choose a current news item about a company enduring a difficult situation
such as layoffs, misconduct, bankruptcy, or a CEO being fired. From this
article, please write an internal memo as if you aré VP of communications
to employees explaining what happened in the best light possible including
consequences. An example might be that because this particular situation
occurred, i.e., bankruptcy, 50% of the company's workforce will be
terminated immediately. Remember to communicate in a professional,
factual manner.
arrow_forward
Please do fast ASAP fast
arrow_forward
It is estimated that during the Eid week the sales increase by three folds in Lahore. As
an HR manager of Carrefour plan how you will cater to capture the increased demand.
Identify goals, strategy and plans.
arrow_forward
Question:
Your marketing department has identified the following customer demographics in the following table. Construct a demand
curve and determine the profit maximizing price as well as the expected profit if MC-$1. The number of customers in the
target population is 10,000. Analyze the challenges that the marketing firm will be facing to evaluate customer demand.
Group
Value Frequency
Baby boomers $5
20%
Generation X $4
10%
Generation Y $3
10%
Tweeners
$2
10%
Seniors
$2
10%
Others
$0
40%
arrow_forward
Please do not give solution in image format thanku
arrow_forward
Discuss how your priorities would affect the underlying interests ofbothyour team and the other team.
arrow_forward
PowerPoint about Principles of Marketing
arrow_forward
Please solve it by yourself with proper explanation and calculation don't use ai
arrow_forward
Research topic: How leadership can positively influence organizational performance.
arrow_forward
Please see the image below and help answer the question.
arrow_forward
Profit Maximization/Loss Minimization
arrow_forward
what are fundamental factors considered when making decisions to achieve various goals of a firm
arrow_forward
O all of the above
A good idea when delaing with a company you've never heard of before
would be to *
O study its advertising or other marketing materials carefully
expect that it will confirm to teh same standards of reliability as companies you do
know
O recognize that new companies come along all the time
check it's reputation through family, friends, or agencies such as Better Business
Bureau
A wise plan for budgeting your money is to *
1pc
avoid writing a budget down because it will change
O allow no money for entertainment or recreation
O plan to save a given percentage of your income first
buy things that you want first so that you can afford them
arrow_forward
Question 20 of 20
Reggie owns and operates a cheese shop in the village of Somerset. Although Reggie has a degree in mechanical engineering
and could easily go to work for his brother's company earning $76000 a year, his true passion is for cheese. Consider the list of
Reggie's revenue and expenses from last year. Please use the information provided to answer the questions.
Revenue from 2010
$90000
Rent
$18000
Equipment
$6000
Supplies
$3000
What is Reggie's accounting profit?
What is Reggie's economic profit?
-$13000
$63000
$3000
O -$13000
-$63000
$3000
$63000
-$63000
arrow_forward
Home - Netflix
C
T
connect
Rachel
Rachel
https://newconnect.mheducation.com
Pricing Fundamentals
ADIVISIV
LIVIN MI
consider in addition to PRODUCTION
COST that affects PRICE. There is one
other COMPETITOR focused on the
OUTDOOR ENTHUSIAST market, so
this COMPETITOR will be directly
challenging your efforts.
In addition, your MARGIN PER UNIT
must cover another set of important but
potentially large costs. To investigate
these additional costs, click on the
other tabs in the top navigational bar
and explore further. What are the major
elements of those other costs?
Channels and Segmentation
Channels and Advertising
Advertising and Segmentation
Cos
F
M
Distr
ODIO
H
arrow_forward
Solve it correctly all subparts. I upvote you
arrow_forward
Plzzz do not copy and type the answer briefly
Many students come into this class and think that
advertising and sales promotions are the only way
to attract customers to buy products. Since you
have learned that there is more to marketing than
just these two things, what current promotional
techniques would you consider using to promote
the products for a company.
Use examples to demonstrate how companies are
using promotional techniques to market to
customers differently and will continue to innovate
promotions for the future.
Since the old model of selling product traditionally
is still important to understand, how are
companies using this model to improve the
employees' ability to sell products at different
points in the consumer acquisition process. Use
examples to demonstrate how companies are
evolving this model.
Lastly, where do you see the future of marketing
going? You can finally share your opinion of
marketing and your ideas of how it will change in
the future.
arrow_forward
Explain unsolicited mails and communication with children (Ecommerce) in brief. I need to prepare 5-10 minutes presentation for it.
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co
Related Questions
- You are the product development manager of a company that is going to launch a new detergent against its competitors Ariel, Surf excel and Brite. How will you segment your product mention the classification & explain.arrow_forwardEvaluate the key marketing issues and their implications.arrow_forwardMarket Entry Strategy Thinking Through Marketing Strategy Pretend that you are the Chief Marketing Officer at Alibaba. Thus far, Ali Baba has grown there business throughout most of the world, but they have not yet penetrated the US market. Assignment: Outline a detailed marketing strategy for Alibaba that will help them penetrate the US market. Be sure to cover the following: I. Target market and why. I. A single product category you think is most appropriate, and why. II. Pricing strategy (skimming, status quo or penetration) and why. IV. Promotion strategy: How you will convince an American consumer to buy from Alibaba V. Distribution (you do not need to cover)arrow_forward
- Choose a current news item about a company enduring a difficult situation such as layoffs, misconduct, bankruptcy, or a CEO being fired. From this article, please write an internal memo as if you aré VP of communications to employees explaining what happened in the best light possible including consequences. An example might be that because this particular situation occurred, i.e., bankruptcy, 50% of the company's workforce will be terminated immediately. Remember to communicate in a professional, factual manner.arrow_forwardPlease do fast ASAP fastarrow_forwardIt is estimated that during the Eid week the sales increase by three folds in Lahore. As an HR manager of Carrefour plan how you will cater to capture the increased demand. Identify goals, strategy and plans.arrow_forward
- Question: Your marketing department has identified the following customer demographics in the following table. Construct a demand curve and determine the profit maximizing price as well as the expected profit if MC-$1. The number of customers in the target population is 10,000. Analyze the challenges that the marketing firm will be facing to evaluate customer demand. Group Value Frequency Baby boomers $5 20% Generation X $4 10% Generation Y $3 10% Tweeners $2 10% Seniors $2 10% Others $0 40%arrow_forwardPlease do not give solution in image format thankuarrow_forwardDiscuss how your priorities would affect the underlying interests ofbothyour team and the other team.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co