MarkStrat Results

Our MarkStrat simulation ended last week. Each of our 5 teams started out with 2 products in the Sonite market, with the option to go into the new Vodite market. It ended with 13 Sonite products and 5 Vodite products.

Our team decided on a strategy that would benefit us in the last few years. We did a few rounds of R&D on both of our Sonite products because they were pretty bad to start out with. We had a good idea of what our target audience was looking for, however they did change preferences slightly each period. We also made the decision to enter the Vodite market as soon as we could. This was fairly risky because in picking the specs of the product, we had absolutely nothing to go on and it was pretty much just picking numbers out of a hat.

We started out as last in stock price, last in Sonite with only 16% of the market share, and the first couple years in the Vodite market our product was getting crushed by our 1 competitor.

The end was slightly different. We were #1 in stock price by over 750, #1 in Sonite market share at 40% and #2 in Vodite at 46.1% (only #2 by 1%).

We took everyone by surprise because of our presence in the top 3 highest growing areas. They might not have been the biggest the first few years, however they grew at a ridiculous rate in the last few years so our stock price, market share and net contribution numbers soared.

MarkStrat

With marketing as my concentration, I take more of a vested interest in the projects and topics we go over in class. MarkStrat is our big project this semester. It is similar to our BSG simulation last semester, but this time around I have more of an idea what to do and how to achieve our goals.

Our class was split into 2 Industries: Wolf and Pack. We are Team I in the Wolf Industry, so we are competing again 4 other teams. Each team started out with two products in the Sonite market, all of varying market shares and profitability. The Vodite market is completely new, and there was no information on any of the segments involved. By sheer bad luck, we ended up with the two worst products in the entire game. I took this as an opportunity to use the targeting/positioning skills we learned the first few weeks of class and to prove that we could turn these awful products around.

We also are able to introduce new products into both markets as well as update current products. The first period we were not able to do any updates or new product introductions so naturally we ended up in last place after the first decision. We changed around our cost allocations with our research, production, advertising and sales force and after the 2nd decision we moved up to 4th place. In the third period we introduced 1 updated Sonite product and a brand new Vodite product. After these decisions were finalized, we moved into 3rd place.

Today we just entered our period 4 decisions, and we are anxiously awaiting the results. We introduced our second updated Sonite product and are hoping the new specifications hit our targeted segment directly. We also had to develop a Marketing Plan based on our decisions thus far, and our goals and plans for the second half of the game.

At the half way point, we currently have 2 products in the Sonite market and 1 in the Vodite market. I can't give away any secrets for our future plans, but we are hoping to make a big impression in both markets!

Second Year Classes

Tomorrow is the first day to sign up for classes. I think I have my schedule picked out:

Global Strategy

Marketing Research

Consumer Behavior

& Business Relationship Management

 

 

 However, I also have an alternative plan.

My main focus is Marketing and I want to take any and every class dealing with consumers, brand management, channel marketing and advertising that I can.

NC schools have a program called the Inter-Institutional Agreement where students can take classes at NC State, UNC or Duke to count towards their degree. The great this is that the costs to take classes at another university are covered under our GA. The classes have to be approved by our MBA department to make sure there isn’t a similar one offered at NCSU.

 The 2 I am strongly considering are Retail & Channel Marketing Management (a follow up class to Brand Management which I am currently taking) and Advertising Research. Tentatively I’d like to take Retail & Channel Marketing in the Fall and Advertising Research (to be more in depth after Marketing Research) in the Spring of my second year. The only kicker is that students at the school where the class is offered have first choice, and we have to wait until all students have signed up to see if there is room. I’m keeping my fingers crossed that it works out!