I think one of the biggest changes was going from an individual assignment review of the market to a team strategy. The original strategy as a team seemed much more difficult than the revision. I think since we were just getting to know what each person found in their individual assignment and making a whole overview of where we wanted to go that it took quite a long time to decide as a group. For the revision, it seemed to go faster as we had the original starting point. The overall process was time consuming and there was so much information to look at; as a team everyone really looked at all sorts of various things so compiling it made it easier since one person didn't have to do every analysis.
Most Important Pharmasim Decision
There were so many decisions that all compounded on each other so it is definitely difficult to determine one most important one. I know my teammates originally said Allround+, but I think Allright has been a better one for us. I think it was so important as it extended our brand outside of simply cold medicine and into a whole new category.Market Attractiveness/Competitive Advantage
This analysis came into play during both the implementation of Allround+ and Allright. We discussed this as a team originally and decided that both Children's cold and Allergy would be good markets to break into based on our individual assessments. The individual analysis was very helpful in looking into all the markets from new ones to the original markets. For the original Allround market, we did not use the analysis as much in our strategy since it was the more generic product (all demographics).Special Incidents
Throughout the team version of Pharmasim we have encountered 'special' decisions in each round. One of my favorite ones so far has been the social media incident where there were negative postings on our social media page. I liked this one because it is such a common thing today where most companies are on Facebook or Twitter or review sites and of course customers are going to go to these places to complain. Personally, I like to see when a company responds to negative comments on sites. Just that they are checking them and care enough to address them makes me feel better so we followed that theory in our decision. I later asked one of my marketing friends (after we decided!) who agreed that would have been the best move.
The other good special decisions have been related to the site and internet. I like that the simulation takes this into consideration because social media is everywhere now. It was nice to make decisions on working with Pharmacists through the website and running an interest ad contest. Those are serious campaigns and ideas that companies face today.
Most Important Thing Learned
I remember at the beginning of class, our professor addressed that marketing was not just advertising and really was a lot of numbers and analysis. I learned that marketing is actually not all that different from accounting. I have an accounting degree and always looked at marketing as a more creative design type of business degree, but now I can see how much they are related. It was eye-opening to understand how marketing is using some of the same types of analysis I'm looking at in the accounting world. It makes me feel like that is something I can use at work and potentially work closer with on our marketing team.
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