Analyzing Results of a Marketing Strategy

7 Oct No Comments

Marketing Simulation for Minnesota Micromotors, Inc. (MM)

Name

School

Introduction

Minnesota Micromotors, Inc. is located in Minneapolis which is a product manufacturer of brushless, the direct current (BLDC) motors which is commonly used in orthopedic medical devices. As the marketing manager of the Minnesota Micromotors, Inc., it’s my due mandate to take into control the marketing strategy of the company. Some of my obligation as a marketing manager is to define marketing approach of the company which includes the primary sales force deployment and a distribution channel strategy, involved characteristics of the product policy which includes the price and market parameters of the company medical device line of motors (Marketing Simulation) (GUPTA, 2012).

This paper critically analyzed the idea of professional competencies in defining the quantitative data, active listening and marketing simulations. The company is known to produce brushless, direct current motors which are utilized in medical devices. The paper further describes the significance of quantitative data whereby the company is recorded to sell more or less 97,000 motors in a year alone which is seen to have a 9% share of $137M medical more market share for neurosurgery and orthopedic devices.

Marketing Strategy

Considering entering into market simulations game, my market strategy will enter quarter 2 which critically describes and formulate decisions on various resources like market research and sales force is allocated through issuing all quarters a completely different share. In my strategy, a desire to increase the market share of the MM is evident together with initiating incomes of the current market through a targeted segment (Cramer, 2003). Formally, the Orthopower Micro Motors was priced at $142 and had an approximate discount of 4-16 percent for a large volume of purchases. Regarding this kind of purchases, I decided to begin a list of pricing of the same amount in this second quarter and issued at relative 13 percent discount for distributors discount.

Analysis of Professional Competencies

Then I transferred to the area of large lower price rates depending on sections A, B, C, and D. When it came to section A, Choice to give them a 12% lower price since they needed an enormous level of product sales was to take effect. On section B an allocated a 10 %. For Segment C, I allocated an 8% Discount and for Segment D, I allocated a 12%discount. For this one-quarter, a choice to mix some misconception a bit when it came to the lower price rates was necessary. The last one-quarter I allocated Segment A 12%, Segment B a 10%, Segment C a 5% and Segment D a 10%. I wished to see how factors would end up by increasing lower price rates to Segment C and D.

So last quarter, Then I chose to change my revenue staff from 50% on Sections A and for Segment B I choose 30%. I also decrease the revenue staff on Sections C and D to 10% and increase Sections C and D from 24% to 25%. This quarter I decided that I was going give all segments the same revenue staff percentage, which would be 25%. I also decided to keep working with the same numbers of revenue Power that was 11, which are the number of revenue reps I will employ next quarter. “Roughly 70% of Minnesota Micromotors, earnings were produced by clients that placed huge quantity purchases. The balance was produced by clients that requested in smaller amounts from distributors” (Zhang and Meng, 2006). So this time, I moved my amount to 90%, and the other 10% converted to paying for small clients. In the other hand as well, Choice to stay with the same 80% of investing to maintain huge clients and 20% of investing in acquiring huge clients.

Currently, my staying price range was restricted, so I knew I had to make important choices when it came to deciding where to invest my staying $100,000. For Areas 2, I chose to invest $50,000 on Incorporated Marketing Interaction and Training and the other $50,000 on Power-to-Size Rate Function Investing. I generally had no money left to invest in Production Performance Enhancement and on Heat Level of resistance Function Investing.

The first outcomes that I got from 2013, Q1 where that my last one quarter revenue from current clients improved by a 31%, and the revenue from potential clients improved also by 17%. Then when it came to the suppliers, on average they were trying to achieve a 7%. I did saw a change from my outcomes as compared from last areas, for example, the revenue from current clients improved and the revenue from potential clients also improved. The suppliers also got a higher profit edge. Then later in 2013 One-quarter 2, I made the decision to keep with the same plan but I observed different quantitative results (Jolson and Hise, 1973). First of all, last quarter revenue from current clients improved by an 8%, and the revenue from new clients improved also by 4%. Then when it came to the suppliers, on regular they were trying to achieve a 7%. As an overall, I observed that my revenue from clients reduced in contrast to last quarter and the revenue from new clients reduced too. Distributors on regular benefit edge remained the same though (GUPTA, 2012).

Then in 2013 Q3, I made a decision to keep things the same giving all areas an similar discuss, remaining with the same $50,000 on Incorporated Marketing Interaction and Training and the other $50,000 on Power-to-Size Rate Function Investing, but I observed I had some price range available. So I made a decision to spend $50,000 on Production Performance Enhancement, and I saw a change. I observed that my last one-quarter revenue from current clients improved by a 9%, and the revenue from potential clients improved also by 11%. Then when it came to the suppliers, generally they were trying to accomplish a 10%.

After examining the outcomes in conditions of achievements and failing, I consider that now I dropped brief on the price range. There were factors that could have been better, although I believe providing all areas similar discuss was a better technique now. I think that maybe for upcoming areas, I need to operate more on providing better the lower price rates to Sections A-D. I don’t know if improving the lower price for Section A little bit would are making factors different. I also need to be aware of how I invest my price range, now I didn’t make a good use of them, and I hardly had a cash to invest on. I consider that in purchase to research better and understand the general opponents for this supplement; an extra analysis needs to be applied. “Secondary analysis is the most common analysis method applied in the market today” (Cramer, 2003).

It includes handling data that has already been gathered by another party” (Market Research World). By using an extra analysis, I can find out about the general opponents for this supplement. This type of analysis will help me to check on past research and results such as reviews, information, articles, and past researching the market tasks in purchase to come to a summary. The additional analysis uses outside details constructed by government departments, market and business organizations, work labor unions, press resources, compartments of business, and so on. It’s usually released in leaflets, updates, business journals, publications, and newspapers” (Entrepreneurs). This implies that I can explore the Internet, use community and professional resources. I can also get together with the people that work in the same market as I am, to get a better knowing of my competitors. Moreover, this type of analysis not only helps you to save money but also times. It is also a technique that may be used to ensure and decline a disagreement and also used to set the image of the analysis and its quantitative results (Østergaard and Fitchett, 2012).

I do consider that activity concept has some restrictions when it comes to knowing the technique. Finally, activity concept “focuses on rationally drawing forecasts of activities that are logical for all gamers and seem likely to occur” (Østergaard and Fitchett, 2012) The restrictions of activity concept are that the personal isn’t really conscious of their activities and by this I mean that they can just put whatever response they want. Game concept concentrates mainly on the participant’s personal contribution.

I don’t see there is actually a right response that is provided when it comes to each one-quarter or each activity situation. Also, members, most of the periods create choices and get the outcomes, but with an obvious knowledge of the presumptions that went with their choice. Finally, “This issue is especially problematic because alternatives that search for a worldwide stability among gamers in a string understand of the preliminary circumstances provided and to the presumptions used in drawing an answer”.

The Minnesota Micromotor’s Conventional Commercial Category is Department D: Production, Team 38. Under Department D there are other significant categories, which are part of different types of products, but everything is produced. Minnesota Small motor connected to significant group 38, which contains Calculating, Examining, And Managing Instruments; Photography, Medical And Visual Goods; Timepieces And Cl. This significant group contains businesses involved in manufacturing equipment for measuring, examining, analyzing, and controlling, and their associated receptors and accessories; optical equipment and lenses; assessing and creating instruments; hydrological, hydrographic, meteorological, and geophysical equipment (Østergaard and Fitchett, 2012).

Conclusion

In summary, creating an approach is important because it looks at all of the areas of the selling activities in a business. It also helps a manager to be aware of how each division is doing. In this quarter I found out that having an approach really helped to increase the profits. I also pointed out that part of an approach is putting the right prices.

References

Cramer, D. (2003). Advanced quantitative data analysis. Philadelpha, PA: Open University Press.

GUPTA, D. (2012). Simulation & Marketing. International Journal of Scientific Research, 3(1), pp.201-203.

Jolson, M. and Hise, R. (1973). Quantitative techniques for marketing decisions. New York: Macmillan.

Kotler, P. and Keller, K. (n.d.). A framework for marketing management.

Østergaard, P. and Fitchett, J. (2012). Relationship marketing and the order of simulation. Marketing Theory, 12(3), pp.233-249.

Zhang, W. and Meng, G. (2006). Numerical simulation of sliding wear between the rotor bushing and ground plane in micromotors. Sensors and Actuators A: Physical, 126(1), pp.15-24.




Click following link to download this document

Analyzing Results of a Marketing Strategy.docx

Would you like your assignment done free from plagiarism by an expert? Place your order now and it shall be done within the timeframe you indicate.

To view and download a complete answer, scroll down to the bottom to pay Pay to view