Simulations Reflection Paper

... Simulations Reflection Paper University of Phoenix MKT 551 June 22, 2006 Introduction Three important concepts and tools used in marketing are forecasting market demand, service added differentiation, and channel development and pricing. These are all reviewed in three simulations: forecasting market demand simulation, service added based differentiation simulation, and channel development and pricing simulation. The results, concepts and principles, and lessons learned will be presented in this reflection paper. Results Obtained The results obtain by the individual team members differ in each simulation. The marketing demand simulation teaches the importance of predicting or forecasting the demand for products or services. However, accurately forecasting market demand is not easy but it is important and is something that needs to be done, as a marketing success may be partially dependent on this forecasting. The forecasting can be based on various sources such as expectations, opinions, statements, historical patterns/forecasts, and various

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