Thursday was easily one of the best classes in the entire marketing semester (three week semester, that is). Thursday was a class full of anxiety, stress, depression and unbelievable happiness. Thursday is the day that Jonny, Ryan and I got a stock price of $30.89!! I was actually so excited that we got such a high stock price, that I called my mom and told her. So exciting! On Thursday, we did 3 more periods, spending probably twice the amount of time on each period than every other group did. As overwhelming as it was, we were actually having a fun time doing it. Over the periods, we found out that we need to even out the amount of people we have in our sales force, maximize shelf space, spend less money on promoting and advertising Allround, and spend more on advertising and promoting Allright (with Prof. Spotts' help, of course), keep the MSRP the same, and so much more. We learned that the price quality pricing strategy worked the best, as long as we prove that the high cost is a fair cost for the benefits.
I also really liked the idea of splitting us up using the whiteboards because the whiteboards were crucial, at least for our group, especially during the last few periods. We used up all three of the whiteboards, writing down our ideas, what we think would work, what we think wouldn't work, everything, and I think it overall helped us because we were able to look back and see what we wrote down and work off of it.
I still find it hilarious how we screamed when our stock price increased by $10 for the last period (our bad!); but it was awesome. We really got into the simulation, and I think that is what helped us grasp the concepts a little better.
Overall, I really enjoyed the simulation; I was able to learn so much through it, and it was extremely enjoyable.
I also really liked the idea of splitting us up using the whiteboards because the whiteboards were crucial, at least for our group, especially during the last few periods. We used up all three of the whiteboards, writing down our ideas, what we think would work, what we think wouldn't work, everything, and I think it overall helped us because we were able to look back and see what we wrote down and work off of it.
I still find it hilarious how we screamed when our stock price increased by $10 for the last period (our bad!); but it was awesome. We really got into the simulation, and I think that is what helped us grasp the concepts a little better.
Overall, I really enjoyed the simulation; I was able to learn so much through it, and it was extremely enjoyable.
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