Some attributes of marketing mix such as prices and promotion were embraced by every member. Since the products were similar in terms of features and quality, the above strategy was selected to support the marketing process. The next move was to identify specific segments in every region. This was achieved by identifying the most profitable or attractive regions. During the simulation, a marketing model characterized by targeting, segmentation, and positioning was adopted to support the process. The second management function that captured my attention was that of marketing. Since the cameras had similar features, it would be easier to attract customers and record profits. This tactic made it possible for the company to deliver its products at lower prices. Some members of the team were required to monitor the strategies employed by different competitors during the exercise. Throughout the marketing process, the best-cost strategy was implemented by reducing prices for every camera. This aim was achieved through the use of upscale difference and reduced operational cost.

This approach focuses on the ability to maximize customers’ value for money (“Financial Ratios Used in Glo-Bus”). The best-cost strategy was considered by the company to pursue its objectives and compete with the other players in the four regions. The ultimate aim was to record positive financial performance.

The approach resulted in a competitive strategy that would ensure every potential buyer was informed about the nature of the brand. The individuals in my team made timely decisions in an attempt to come up with the best marketing practices and business strategies. These areas included North America, Latin America, Europe-Africa, and Asia-Pacific (Thompson et al. The ultimate aim was to compete in the virtual market by selling cameras lucratively in the presented geographic regions. The success of my company was possible because several functions were taken seriously throughout the simulation exercise. Learn more Personal Reflection on Globus Strategy Management Functions of My Company

Globus simulation answers