Was there anything in particular you did that you think helped to prepare yourself? Had I known this, I wouldn’t have ended the simulation with all 4 products in the decline phase of the product lifecycle, and would have been able to sustain my growth. I knew I could discontinue products during the simulation, but didn’t understand that I could launch a new one in their place. I wasn’t able to overcome this, but after speaking with a classmate after the course I learned that I could have discontinued old product and launched new ones the next year. The second challenge I faced was maintaining growth towards the end of the simulation. To overcome this I was much more aggressive in my projections for the next year and gained a majority of the youth segment. I lost a lot of sales because I didn’t order enough product. I thought I was a little aggressive with my projections, but they ended up being quite conservative. My first challenge was when I launched my first youth product. What challenges did you face? How did you overcome these? This was incredibly useful as a quick reference to maximize the amount of people my advertising reached in each product segment. In addition, I created my own resource by making an excel spreadsheet that multiplied the reach of the different advertising channels per dollar by the percentage of each segment that used the different channels.
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I relied on information I had gained from previous marketing courses I had taken, and like I mentioned before, the manual was a critical resource to my success. What resources did you pull on to develop your winning strategy which led you to the top of your course and then top in the Hall of Fame? It really helped me get a better idea of how it all connected. When I didn’t fully understand how a part of the simulation worked, like salesforce management for instance, I would play with different numbers in the single player mode. In addition to that, practicing in the single player simulation gives instant feedback on how different decisions affect growth in the industry.
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At first, I just read the quick guide, but when I decided to read the full manual, my growth escalated rapidly.
Reading the manual is critical to understanding the market in this simulation. How did you familiarize yourself with the simulation?
By studying the statistics and graphs in the manual, I was able to determine how much of the budget to allocate to both of these categories, and customize the distribution of funds going to the different channels within advertising and sales promotion. I focused the majority of my budget on advertising and sales promotion. How did you begin implementing that strategy? I also knew I needed to launch a youth focused product before a sports focused product because early in the simulation, the standard product is able to capture some of the sports segment, but it doesn’t capture any of the youth segment. I wanted to gain as much of the market share as I could, as quickly as I could, because I figured it would be more difficult to gain market share as time went on. Going into the simulation, my strategy was to increase awareness of my products as much as possible.
What was your strategy going into the simulation? By making fewer changes, I was able to reduce variability and know more precisely which changes were affecting my growth. From there, I would typically make one or two changes per product each year. It was critical to gather as much information as I could so I could see which decisions were the most successful, and which areas of my strategy required revision. My decision making process began by analyzing the market from the previous year, comparing growth of all the companies in my world, and studying as much as I could about the industry. What is your decision making process within the simulation?
The Smartsims team reached out and interviewed Logun to speak on his experiences, the lessons he learned and advice he would give future students. He landed 10th place in the Music2Go Multi-Player (All Time) Hall of Fame. This week, we’re featuring one of the latest Hall of Fame entrants, Logun Williamson from the University of Utah. Before everything else, getting ready is the secret of success.
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