Marketing Simulation : Target Market, 4p's Of Marketing, Performance Metrics And Research Data
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The marketing simulation allows us to develop a solid knowledge in the field of marketing. It helped to implement the marketing strategy in a lifelike environment and enhance our skills. We were able to implement all aspects of the marketing strategy including target market, product design, pricing, marketing communication mix, media selection, promotion, and place. Throughout the simulation, all 4ps marketing elements have been developed.
The aim of this paper is to cover how each area of the simulation relates to what we have discussed in the class. We are going to discuss target market, 4p’s of marketing, performance metrics and research data.
Figure out the typical customers is the first marketing strategy. Business should find the right customers who would by your product and tailor and focus its marketing effort toward them. Thus, this target market represents the group of customer offering greatest opportunity.
The simulation marketing game helped me develop a great solid knowledge and skills on how to define the target market. The Various target markets have different demographic, psychographic characteristics, products use demands, price sensitivity and other preferences. Knowing different characteristics that differentiate the market segments was helpful in choosing the right target market.
During this simulation, we came up with several characteristics that make the particular target market to be unique. These segments vary in size and