Risk Management Trends and Developments Paper

“When the simulation began, we felt confident in our team’s vision, goals, and strategic plan. After the first rollover, we quickly became aware that the success of a company relies heavily on the dynamics of the market. The strategic decisions of competitors weigh heavily on the overall direction of a company. Our original plan quickly became obsolete in the tumultuous bike industry, and we were forced to re-evaluate our competitive positioning. To this end, we learned

The purpose of this paper is assessing my strategy and decisions in the simulation Biz Café. Then, I will give my results and explain how I got there. However, there were many factors involved creating these results. In this simulation, everything was left up to me to decide how to run my new coffee shop. There were big decisions at the beginning you had to make to create the overall theme of your business. Then, I was to hire employees, buy goods, and act on specials decisions or react to good or bad customer reactions. This, I will explain more in the following paragraphs.

The quality of engineering and the safety are other essential points that the marketing plan should include. These parameters are important for both age groups. Having certain extra safety features on the motorcycles can contribute to the need of the younger buyers. Because there funds are low there has to be consideration toward what is affordable. There are possibilities that parents might help to purchase. Within seeing the extra safety features on the car. Quality of engineering is important to the life of the motorcycle. Indeed this will assure the long lifespan and the quality put into all products sold by this organization.

It also was a creative way into a real company, let me deeper understand what a company are and how does it work. However, it aroused my burning desire to enjoy this compete, because it aroused my competitive mind. Also New Shoes is a place to practice our knowledges from the marketing class. Overall, this is a great learning experience, through virtual team when we don’t know each other to working together on this simulation project. We have our company logo, mission, goals and objectives, and I am proud of our

Since quarter one was the first quarter of this simulation, I was unaware of how difficult it was going to be to make all the different decisions. Firstly, I had to choose a Company name. Because I was selling computers, I thought that the name “Dev-Tech” was a perfect fit being that this simulation was about development and technology. Next, I had to choose a target segment. I knew going into this simulation that it would be better to invest in the more expensive goods as it would benefit me in the end. The segment that didn’t care about price was Mercedes, so that is the segment that I made my first priority.

The Cruiser Thorr was rated a nine in lifestyle image because initially this was rated very high. A nine is most appropriate. For price a rate of four was chosen because consumers saw this particular motorcycle as pricey compared to other brands. A rating of four or five would be appropriate. Services offered are rated at a seven because services for the Cruiser Thorr is limited compared to competitors but were revamped because of consumer response. A rating of seven is most appropriate. Quality engineering was rated at eight because

The strategy I chose for the simulation is “Niche Cost Leader." First, with the key focus being value, this strategy will challenge me to keep costs at a minimum and force me to streamline overall costs to produce a valuable commodity that, in turn, will generate financial success that can be shared with internal and external stakeholders. Second, as the success of this strategy primarily relies on the existing product line being prosperous, I will be able to practice and hone my forecasting skills based on one product. Though I eventually will produce more than one product, most of the simulation will be conducting under making the primary product as successful as it can be, and reliable forecasts are

Initially, our firm’s business position was at a healthy position. In the beginning of the simulation, our overall market share for the automobile industry was 28.2%; the highest in the market. We realized that our primary strength from product contribution came from our economy car Alec with 63.5% market share for economy cars, and from our utility car, awesome with a 48.5% market share for its vehicle class. Thus, it was evident what we needed to do; maintain high market share of our leading cars while conforming our least profitable vehicle class sustainably to coordinate to customer demand.

The promotional strategies that I chose included sponsoring events such as Daytona, offer free test rides, hire celebrity’s for endorsements, and publicize through Hollywood films. Sponsoring events would show a dedication by the company to support related sports that consumers can relate to. Celebrity endorsements offer the company a graphic image by having a relatable name fastened to the product. Offering free test rides provides a connection between the consumer and the product. It bonds the two together and allows the consumer to “feel the thunder”. The places that the business will market the Cruiser Thorr are on Manufacturer's Web Site via the Internet and various sellers. The World Wide Web will allow for a better chance for the product to be noticed on a broader level versus only having showroom viewings. Service promotions that will be added to the advertising chart are customization alternatives and financial services. Adhering to a financial plan with a limit of $13,000, the options that I chose kept the expenditures to $12,612. The final simulation included interpreting the market research findings. This would allow me to plot Cruiser Thorr's brand attributes on a perceptual map. I gave Lifestyle Image a rating of ten because it is what the customers appreciate most about the product. I gave Quality Engineering an eight because a large majority of the surveyed consumers indicated that Cruiser Thorr's engine build was stronger than the

The relationship between differentiation and positioning of products and services are that both relate to the features of the product and the services that is being offered. The repositioning of the product will allow the company to increase their sales. Differentiation goes beyond segmentation and more into the other important factors of packaging, price, service, and delivery that creates extra-perceived value for customers and establishes the uniqueness. The challenge is to ensure that the repositioning benefits the company’s growth and increases sales. One of the important issues for Thorr Motorcycles is to introduce their product to a younger audience. Once this audience is interested, the marketing must revolve around

According to me, the motorcycle industry is very attractive. The main reason to back my claim is the level of competition in the industry. There is a very high level of completion between all the companies present in this particular segment. The main factors that drive this rivalry are different positions of different players within the industry, differences in technical know-how, different marketing campaigns, differences in core nature of the products and differences in strategies. The players in this particular industry don’t fight over price of their products, they rather compete with each other in terms quality of their products and the nature of their services to different segments of customers. Each player had its own unique strategy and nature of the product for a particular segment of customers, this tends to intensify the competition amongst companies in the industry.

The customer simulation exercise of Minnesota Micromotors Inc, was a very intriguing one. It exposed me to a variety of moving pieces that enable a successful business performance across different objectives and parameters.

These riders choose the bike based on performance, lifestyle, function and comfort. A motorcycle is a highly differentiated product that is used for transport and has lots of alternatives or competitors, and for this reason buyer power is high. Customers have myriad of choices ranging from different styles of bikes such as sports, super sports, off-road/dual purpose, cruisers, naked bikes, etc. to different brands including high end names such as BMW, Harley Davidson, Ducati, and low price options from Honda, Kawasaki, Suzuki, etc.

Historically Harley-Davidson to be a Niche Marketer, which is they had focused in on one particular aspect of the market. Kotler and Keller identified the following characteristics of niche marketing; customers have a distinct set of needs, they are willing to pay more to the firm that best suits their needs, it is not likely to attract competitors, gains economies through specialized products and it has a size, profit and to grow. Almost all of these hold true for the “heavyweight” segment of motor cycles that Harley-Davidson produced.

Harley Davidson is known as one of the main motorcycle manufacturers and sellers in the United States. The company had good business and great market share in the early 1960s when it commanded a total of about 70% 0f the motorcycle market, before the invasion or the intrusion of a small Japanese firm that manufactured lighter motorcycles, known as the Honda. The case study as identifies that Harley Davidson assumed the invasion by the Japanese firm and instead of tackling the competition, it waited for a long time which resulted in the company losing its command in the motorcycle market in the United States. Lack of action by the management of Harley Davidson resulted in the failure of the company