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New Shoes Presentation
Transcript of New Shoes Presentation
Stephanie Falvo Results Profits In Each Period $9,462,801.88 Strategies Used Initially Had a loss of 468,000 after period 2.
Focused on: Pricing (Decreased from average of $100 to $87.5 in Period 3)
Advertising (Increased 100,000 to 3,600,000 in Period 4)
Promotions (Decreased by half to 2,000,000 in Period 3)
Product Development Period 5 Developed our strategy: Increased Product Development
Continued to increase advertising to 3,800,000
Lowered Personal Selling by 12.5% to 1,120,000
Other teams' decisions on pricing. Periods 8-10 Focused on balancing our expenses and maximizing profit. Key Decision Periods Period 3: decreased R&D- Thought we could make more profit
Period 4: raised R&D by 100,000 to 700,000- Lost money: Realized our shoes were significantly less developed
Period 5: raised R&D by 200,000 to 800,000
Period 7: Raised R&D by 800,000 to 1,8000,000-Finally a level 2 product
Period 8: Raised R&D to 2,000,000
Period 9: R&D is at 1,500,000-Level 3 product
Period 10: Zero Challenges Understanding how to successfully budget our money:
Whether to expand to foreign or not: - How advertising affects sales and profits
- Consumer and dealer promotions
- The affect of sales people; spending paid off because we are no. 2 in overall customer satisfaction. - We noticed that other firms made a loss in the first period of expanding to foreign.
- We did not make enough profit in Period 6 to afford losing more money.
- Decided to focus on home, domestic, and product development. Overall Learning Purchased marketing research in the first session.
Realized we could view other team’s decisions on New Shoes' main page. Suggests that other factors, such as price, advertising, and promotion have a stronger relationship to profit.
Despite this, we have learned from the simulation that a more developed shoe allows us to sell at a higher retail price, thus increasing profit margin. No strong correlation between product development and profit: What We Would Do Differently Develop our product earlier
Use our profit to expand to foreign
Budget our advertising money Questions?