Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Mcgraw hill connect marketing simulation answers backpack

26/10/2021 Client: muhammad11 Deadline: 2 Day

Marketing Simulation Strategy Assignment- McGraw Hill Simulation Game

Abdullah Muhammad

Team Strategy

Serpents Backpack Co. is a high end backpack company, boasting elegant, and eye-catching product designs and features. We at Serpents strive to deliver the best possible product for our targeted market of luxury-trend followers. With a strong commitment and organizational culture founded on the implication that luxury trends aren’t simply a hobby or side interest, but rather a lifestyle. We deliver a classic and luxurious backpack at a price that’ll make you say “the price is right!”

Segment

In the simulation there are five market segments available to choose from. In no specific order they are: university, luxury-trend followers, outdoor enthusiasts, school children, and urban commuters.

· Segment

· Luxury-trend followers

· Highest % growth rate (7%)

· Niche market

· Really narrow and hammer down what they want and monopolise the segment

· Less risk of competition - many will turn away as they are the smallest segment group

· Can afford an expensive backpack

· Increase margin/unit

· Ensure we rank high in terms of profit

· Ensure we are able to retain significant profit post distributor cut(s)

· Product features

· Segment needs and wants:

· 62% comfort

· 31% capacity

· 31% durability

· 16% waterproof

· 16% eco-friendly

· Teardrop rucksack shape

· Pleasantly tapered, stylish pack

· Appeals to the segment as they care for their appearance and aesthetic

· Ranks highest for comfort at “6”

· Comfort is the main prerequisite for our chosen segment

· Basic straps

· They are inexpensive straps to help boost profit margins

· Provide even support and basic comfort

· Purchasing a more comfortable strap means doubling, even tripling the price of this one

· Instead boost comfort in other areas and keep costs down

· Features designer tag

· Luxury-trend followers will be able to do exactly that - follow a luxury trend

· “Appeal to the fashion forward by licensing a designer tag”

· Luxury material

· Provides extremely high levels of comfort and durability - boosts overall score and aligns our product with the needs of our segment

· Appeals to the luxury-trend followers as the name of the material itself is “luxury”

· “Finest quality high-grained soft leather provides a comfortable feel and long-lasting durability”

· Tan colour

· Upon research during the persona assignment, it was revealed that neutral colours take the cake for luxury-trend followers

· Tan is a neutral and popular color choice for those aiming to boost their aesthetic in a high-class manner

· Overall segment needs and wants fulfilled

· In the demo mode, we went in and tested how our segment would like or dislike our product design by viewing their feedback

· “Exactly the kind of pack I need”

· “Has many of the special features I am looking for”

· “I love the colour of this pack!”

· “It’s the perfect size”

· All feedback received from our target segment

· It was important to keep the price of the product as low as possible, considering the retail price certain distributors might decide to put up (lower than our MSRP)

· Pricing strategy, actual price and margin

· With our current product design, the price of production equated to $44

· The average purchase price listed for the segment states “$70” however, this figure seems awfully low for a luxury-trend follower segment

· By comparing the average purchase prices, it only made sense for the luxury-trend followers to be willing to spend the most amount of money on a product, this is a part of the experience of being a luxury-trend follower after all

· Because the “outdoor enthusiast” segments average purchase price is listed as $90, we priced ourselves so that we were above that figure

· The unit price we arrived at is $110 MSRP

· This allows for a significant margin per unit, specifically, $66 per unit

· This means our profit scale is 150% greater than the production cost, a fair position to be in

· This number also means we can make agreements with many distributors without fear of being unprofitable, or significantly lowering our profit margins

· Upon feedback in demo mode from our target segment, we determined an MSRP of $110 is the perfect price as the segment responded with “the price is right!”

· Distribution decisions

· With the end goal of this simulation being the team who has made the most money, mass distribution would help ensure our product is able to reach its full sales potential

· As a result of our high MSRP, the Discount Retail Chain, as well as the University Store were made unavailable to us as distributors

· However, this was of little concern to us as only 0.36% and 1.1% of our target segment, respectively, falls under those distributors customer reach

· The main distributor we seeked to employ was the Fashion Boutique, as they are a luxury retailer, with 27% of their customer reach being luxury-trend followers: the highest of any distributor

· Ensuring our profit margins were high as aforementioned played a fundamental role in accepting Fashion Boutiques terms as a distributor as they take the highest cut: 55% which is $60.50

· Once the production cost ($44) and the distributor cut ($60.50) is taken out of the retail price ($110), we are left with a profit margin of $5.50

· This number is unfortunately low however, it allows us to maintain Fashion Boutique as a distributor

· In keeping with our mass distribution strategy, we employed every other available distributor available to us

· Online discount retailer

· Online shopping retailer which offers a plethora of products at discounted rates

· Allows for luxury-trend followers who might not have the financial means to continue their luxury-trend venture the opportunity to continue doing so

· 5.4% of their customer reach is our target segment

· Retail price $82.50

· $27.5 lower than our MSRP

· Distributor cut 40% = $44

· Profit margin = $22

· Department Store

· Mid-level chain of stores

· Opens up our product to more purchasing opportunities

· 7.3% of customer reach is our target segment

· Retail price $99

· $11 lower than our MSRP

· Distributor cut 45% = $49.50

· Profit margin = $16.50

Conclusion

In summary, we believe this initial marketing strategy will create the largest profit for Serpent Backpack Co. The organizations profit will come through a high end luxury backpack, that is fashionable, and up to standards with the latest trends.

(Goldston, 2017)

(Hetrick, 2014)

References
(n.d.).

Goldston, N. (2017, December 29). Forbes. Retrieved November 13, 2018, from What You Need To Know About Luxury Consumer Trends For 2018: https://www.forbes.com/sites/njgoldston/2017/12/29/what-you-need-to-know-about-luxury-consumer-trends-for-2018/#538d5fce21eb

Hetrick, R. (2014, June 09). Kelley Indianapolis Hub. Retrieved November 13, 2018, from Luxury Trend Followers: Every Marketer's Best Friend: https://hub.kelley.iupui.edu/blog/_blog/luxury-trend-followers-every-marketers-best-friend.html

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Top Essay Tutor
Quick Finance Master
Engineering Mentor
High Quality Assignments
Accounting & Finance Mentor
Helping Hand
Writer Writer Name Offer Chat
Top Essay Tutor

ONLINE

Top Essay Tutor

I am a PhD writer with 10 years of experience. I will be delivering high-quality, plagiarism-free work to you in the minimum amount of time. Waiting for your message.

$40 Chat With Writer
Quick Finance Master

ONLINE

Quick Finance Master

I am a PhD writer with 10 years of experience. I will be delivering high-quality, plagiarism-free work to you in the minimum amount of time. Waiting for your message.

$31 Chat With Writer
Engineering Mentor

ONLINE

Engineering Mentor

I have read your project details and I can provide you QUALITY WORK within your given timeline and budget.

$40 Chat With Writer
High Quality Assignments

ONLINE

High Quality Assignments

I have written research reports, assignments, thesis, research proposals, and dissertations for different level students and on different subjects.

$40 Chat With Writer
Accounting & Finance Mentor

ONLINE

Accounting & Finance Mentor

I reckon that I can perfectly carry this project for you! I am a research writer and have been writing academic papers, business reports, plans, literature review, reports and others for the past 1 decade.

$26 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am a professional and experienced writer and I have written research reports, proposals, essays, thesis and dissertations on a variety of topics.

$28 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Lead - Algebra properties worksheet 1 27 answers - 120 point inspection checklist - What is w5 shoe size - Energy skate park lab worksheet - Powerbuilding 4 day split - 15week4 - Information technology project management revised - What is intuition tok - Civil Rights Act... - Professional Capstone and Practicum Reflective Journal - Gel electrophoresis virtual lab utah answers - Readiness for enhanced spiritual well being care plan - The other civil war howard zinn - Walmart china supply chain transformation ppt - Graduate management admission council v raju - Holiday lock on centurion gate motor - A company's relevant range of production is - Octavia hill association inc philadelphia pa - 300 words - Filtomat m100 1500 manual - Find the following values assuming a regular or ordinary annuity - Week 2 emarketing - Functional level strategy of amazon - In the zzzz best case, barry minkow was charged with: - A total asset turnover ratio of 3.5 indicates that - Who wants to be a mathionaire - Adaptation worksheet answer key - Mathematics vision project answers module 1 - Diagram of science equipment - Nikki catsouras death photos reddit - Chapter Ten: Baroque: Piety and Extravagance - Tag heuer brand positioning statement - Vce english sample responses - Morganton company makes one product - Speech about recycling plastic - Effect of temperature and ph on enzyme activity lab report - SHORT SYNTHESIS ESSAY - Galvanic spa scalp conductor - Td - Experiment 5 physical skeleton the axial skeleton - Detroit diesel series 60 parts manual pdf - Assignment - Zoneff v the queen - Managerial practices executive summary - Forensic accounting case study series deloitte - Sky Air, Inc Case Study Essay - How to calculate evpi based on decision tree - Data Mining - John deere material handler - Dione goddess of the oak - Determination of cu2+ by titration - Presentation samsung company - Cliftonville integrated primary school - Induction training record template - Professional Ethics - IT - Anthropology exam - Carl hart ted talk - 2004 3u hsc solutions - Strong uncogent inductive argument examples - Project - Rotabond 2000 data sheet - Phd IT in Data analytics and analysis - Oracle ebs 12.2 certification matrix - Internal public relations definition - Urgent 2- 7 hours - Help me do my homework for free - Deliverable 6 - Successful Change Management - Philosophy 347/ Critical Thinking, Reasoning/ Argumentative paper - Pore size distribution bjh - Discussion5 - Is sunita williams dead - Vicki brasel state farm insurance - 12 angry men study guide answers - Problem 6 3a accounting - Public Health Surveillance Systems and Knowledge Management - What is a 7 line stanza called - Verbs of like and dislike - Uts issues in corporate finance - Rtba bond return form - A rose for emily summary shmoop - Adirondack white pine cabins - Eassy 3 pages excluding citations - How much was a gallon of milk in - Molecular models of neutral molecules - What is fanfold in bed making - Industrial transformers save the world - Amp flexible lifetime usi - Hot rod turn signal wiring diagram - 10 common components of a diversity plan - Fuck drugs and fuck straight edge - Unlike its competitors in the online air travel industry - I need 13 descriptions and for each description in which 400 words you are are a mid sized CA based pest control company - Write in 500 words the disaster recovery plan and who is responsible at your place of employment. Consider the critical business functions and your recovery point objectives and recovery time objectives. - Area of equilateral triangle using apothem - Data structures and algorithms using java william mcallister pdf - Am i to be blamed declamation script - Danske bank card blocked - Monroe's motivated sequence outline pdf