Practice Marketing Simulation

Topics: Advertising, Marketing, Target market Pages: 4 (1162 words) Published: March 26, 2014
QUEENSLAND UNIVERSITY OF TECHNOLOGY
Assessment 2 BSB126
Practice Marketing Simulation
An Individual Analysis of Team 45F Advertising Decisions

An individual analysis of the marketing decisions made by Team 45F throughout turns 1 to 2 in the practice marketing simulation. In particular this report will focus on the selection of advertising mediums throughout the initial phase of product launch.

What Were the Implications of the Advertising choices for Team 45F from Turn 1 to 2?

Introduction
This report analyses the advertising decisions made by Marketing Team 45F. In particular it will focus on the choice in advertising mediums throughout steps 1 to 2 during the initial phase of product launch as these are often deemed the most critical when launching a new product into any chosen market.

Background
Team 45F had an initial key focus on the advertising aspect in the launch of our product. The team had a trial and error approach to the early stages of our marketing. Due to the changes made in the design throughout the simulation combined with the little research conducted into our target market it proved to be a crucial mistake in the overall simulation which left the team with less than 20% of the market costs to begin turn 2 (See Appendix, Page 1, Turn 1: Market Costs & Media Spending). Whilst our target market was school children few have the funds to purchase products on their own, thus an important factor overlooked when marketing to school children was the importance of also targeting ‘Stay at home Mum’s’ as a second target demographic. When reviewing the simulation advertising decisions the Team should have recognized ‘Luxury Target Market’ as a secondary audience and in turn reached a larger portion of the overall influencing target market. Further to this an understanding of the associated costs and reach of chosen advertising mediums would have assisted in the decision making process from Turn 1 to 2.

....


References: 1. Baker, M. J. (2012). The marketing mix. London: Henry Stewart Talks.
2. Barrow, P. (1990). Does your advertising direct or intrude? The Canadian Manager, 15(1), 26-27. Retrieved from http://search.proquest.com/docview/213654210?accountid=13380
3. Calvert, S
4. Kerin, R. A., & McDonnell, J. (2008). Marketing: The Core. North Ryde, N.S.W: McGraw Hill Education.
5. Mohammed Rafiq, & Pervaiz K. Ahmed. (1995). Using the 7Ps as a generic marketing mix. Marketing Intelligence & Planning, 13(9), 4-15. doi:10.1108/02634509510097793
6. Plummer, J
7. Tebbutt, J. (2006). Imaginative demographics: The emergence of a radio talkback audience in Australia. Media, Culture & Society, 28(6), 857-882. doi:10.1177/0163443706068920
8. Warner, C
9. Wray Ellis. (1998, ). Frequency the key to radio advertising: Final edition. The Spectator, pp. B.2.
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay on Marketing
  • Essay about Using Perceptual Maps in Marketing Simulation
  • Essay on marketing
  • Essay on marketing research
  • marketing Essay
  • Marketing Essay
  • Marketing Essay
  • Marketing Essay

Become a StudyMode Member

Sign Up - It's Free