Stukent Simulation Round 3

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Utah Valley University *

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3600

Subject

Economics

Date

Apr 3, 2024

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docx

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4

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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)
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