Assignment on HBP Simulation and Debrief for market simulation by the company to improve its performance

HBP Simulation and Debrief Assignment

Kelsey-White (K-W) Simulation Case

Kelsey-White (K-W) is a US detergent company that operates under the brand name Blues. The Blues are produced in several forms such as single-use pods, liquid, and powder. The products of the company are seen to be traditional and this has reduced its market share as people prefer more modern commodities. The company prefers using data simulation as its marketing strategy to improve its economies of scale. Therefore, the work focuses on the market simulation by the company to improve its performance. 

1. The running of the K-W simulation involves a number of steps to derive the data that will be used in evaluating its marketing strategy. The first step is to analyze various matrices such as market share, competitor pricing, profitability, and demand by geographic area. The market share of the company is important in determining the number of clients that a company has compared to those of its competitors. Also, the profitability will enable a firm to predict its going concern assumption to estimate whether it will continue with its operations in the foreseeable future. Additionally, the prices charged by its rivals relative to its own prices should be considered. Finally, the company will consider the demands of its consumers based on geographical location. Ideally, live in groups depending on their social class that determines their levels of income. Further, the cultural beliefs of people differ according to their location. Hence, the location of customers should be considered to help in determining the kind of goods to be supplied and the prices to be charged. 

2. The past data of the company needs to be evaluated and the data are based on age, income, region, ethnicity, and household size. The firm should consider the age group of most of its customers by considering the kind of people who have greatly purchased its products in the past. Generally, detergent products are purchased by people of all ages. However, the type of the detergent purchased will depend by the age of the consumer. For instance, the elderly will prefer power products while the young people love using pod because they consider it to be more modern. Also, the company will consider the location of the consumers and how easily they can be reached whether through the internet or advertisement campaigns. Further, the race of the people and what they prefer based on their traditions is an important factor that needs to be put into consideration. Finally, the size of the household and their income level will determine the kind of products that they can afford which will help in pricing the commodities appropriately. 

3. There are several filters that changed my decision regarding adapting data simulation as a marketing technique for the company. The first filter is promotional spending where K-W takes advantage of the internet to advertise its products cheaply. The new marketing technique through the social media has given the firms a competitive edge over their rivals. Also, the traditional communications channels are considered ineffective as companies have recently have adapted better methods of communication that enables them to reach a large number of consumers. Moreover, the communication strategies such as bottom-up approach help in resolving internal conflicts easily. Another filter is product positioning and pricing which helps consumers to be more informed about the goods values and attributes. Firms have abandoned the traditional approach of estimating the products prices without considering any factor. Currently, companies use the market information that determines the demand and supply and this helps them to value their products and determine the volume to produce based on the action of their rivals. Hence, the production level will also be determined by the market equilibrium quantity and price. Finally, the demand of consumers depends on their levels of income and test and preference in addition to other factors. Hence, the filters might change my decision of using data simulation marketing method. 

4. The overall strategy of the company is to major on producing Pod with young and wealthy users as its target market. The reason for the strategy is that people currently prefer more modern products that are marketed through the internet. Hence, my overall strategy is to use the internet as the best marketing technique by opening a website where the products of the company can be accessed easily by consumers from all over the world. Data simulation is a traditional approach of designing a marketing technique because it only helps the company to design its strategies by collecting adequate data to analyze and correct its ineffective operations. However, it does not consider how fast the information about the company’s commodities will reach the consumers. Hence, the method should be abandoned and the company needs to use adequate data that is available on the internet to make fast and rational decisions. Moreover, the method analyzes the collected data using graphs and picture to summarize the information easily to allow faster decision making. However, the decision made will not involve the opinion of various consumers of the products as it will only be used by the people whom the information has been summarized for to make decisions. 

5. I have learned that the method will improve the profitability of the company as it will increase its market share. Also, there will be improved decision making, reduced cost of production, and better forecasting. The faster decision making summarizes large data and enables a person to view the information in a summarized way. Secondly, the method can is cheaper as it reduces the costs of moving in various locations and employing more people to derive the information needed. Finally, the method is good for conducting forecasting under uncertainty as it use summarized data to make decision. However, the method has negative lessons including the fact that it can only be used literate persons. The summary of data cannot be done by illiterate individuals. Also, the values that have been summarized cannot be understood by illiterate individuals. Additionally, the method involve a lot of skepticism as the figures cannot be trusted fully by those who use them as it is not based on solid and valid evidence. Lastly, the method requires good theories to be used to support the data and it is difficult to validate. The information must be supported by evidence which is difficult to prove using the technique.   

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