VIEWS: 30 PAGES: 2 POSTED ON: 8/16/2009
Prerit J. Patel Marketing Management MAY09 - Sec N Simulation Paper Week 2 This simulation was primarily concentrating on market segmentation and consumer behavior. The first exercise demonstrates focusing on target markets, the second concerns market segmentation to peak revenues while the third studies consumer behavior of these markets affected by trends. Personally, the proper decisions were made for the type of business Stonewall should start and, even though a more financially conservative approach for the franchise exercise was taken, the objective of creating the Lords locations in the three designated counties was correct. The final test was about retaining the affluent clientele while adhering to the new BAM trend. Keeping current customers helped the business stay afloat while the new trend was a counterpart of the original business theme. The information presented to BAM groups showed a concern for the growing trend, but the tattoo services would create much dissonance since it could deter a majority of the clientele. The main analytical tools that were used were stats that described the group needs and financial capabilities. Ascertaining which group preferred which type of salon and the size of the group would determine the highest residual sales. During the franchising expansion, the Lords style proved to be most promising since the demographics should a heavier concentration in the desired age groups coupled with income stature. Finally, the allocation of promotions for the consumer behavior trends was made by using the extrapolating charts on the right to see which methods provided the most income without sacrificing current income, but being able to meet BAM demands. On a personal note, the decisions made were a bit conservative mainly because of not being able to comprehend the business. However, using the statistics provided a quantitative analysis which helped to prove the most profit efficient method from an outside perspective. Qualitative analysis was already provided and the resulting numbers geared the proper decisions to be made towards the goal of maximizing profits while staying within budget costs. (For my word count I considered the fact that on average 10% of words do not count in a word count – words such as “a” “the” “of”) Something I learned back in NYU and if you wish for me to adhere strictly to a word count I will do so for future assignments.
Pages to are hidden for
"Simulation"Please download to view full document