...Marketing Simulation: Managing Segments and Customers Prepare Tab Video Transcripts How to Play Video and Initial Customer Interview Videos “How to Play” Audio Script In this simulation, you are the newly appointed CEO for Minnesota Micromotors, a medical motors device manufacturer. You must determine the company’s overall marketing strategy and make critical decisions around Minnesota Micromotors positioning relative to ever-changing market segment needs and behaviors. These include setting the list price and segment discounts, determining sales force allocation, setting the marketing budget and allocating money to product development. When you first log-in, the “Prepare” section provides you with basic information on Minnesota Micromotors and how the simulation works, including specific information regarding your scenario. Note, that there is a downloadable PDF file you can print if you’d like a reference guide on how to play. Make sure to review the Foreground Reading and view all of the Customer Interview videos contained on this page before beginning the simulation as they provide crucial background information on company and industry trends and data. The “Analyze” section presents numerous sources of information to help you make your marketing strategy decisions every quarter. The simulation begins in quarter 4 of 2012. You will begin with three quarters of historical data to analyze and, as CEO, you need to make quarterly decisions affecting company marketing over the next...
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...Minnesota Micromotors, Inc. Marketing Simulation 2015 Q2 Kaplan University Marketing Management MT450-01 Minnesota Micromotors, Inc. Marketing Simulation 2015 Q2 As I get further and further along in this simulation, I have noticed that I am beginning to understand what it takes as a marketing manager in order to be successful. Careful considerations must be made to be sure that the right decisions benefit both Minnesota Micromotors, Inc., and our customers. Our success comes from our customers’ success and loyalty that they have with this company. In finding ways to incorporate the important factors that matter most to our customers is what will bring in new customers and keep our existing ones around for the long hall. My strategy for Minnesota Micromotors, Inc. that I have entered into the simulation game for 2015 Q2 were based on similar factors that I had used in the previous quarters. Like in prior quarters, I tend to base my decision strategy on the customers satisfaction of the overall product and pricing. I also find that it is important to base my decisions on the income statement from prior quarters as well to see where I could adjust things to work in my favor. I am still having issues discovering what needs to change in order to increase the weak areas and to find what is lacking to get this issue resolved. In 2015 Q2, I chose to change my sales force from 26% on Segments A and B down to 25% and increase Segments C and D from 24% to 25%. I think...
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...When taking in consideration the future selling strategy of Minnesota Motors we decided to choose between the two aspects we considered to be the more important ones: Price or Quality. In a general way we observed that the segments that preferred quality over price (less price-sensitive) were segment A, B and C and the ones that preferred price over quality (very price-sensitive) were segment D and small-Volume customers. We decided to go for a business perspective focused on a quality premium product, which means that we will target mainly the segments A, B and C. Segment A is one that pays particular attention to the size of the motor, department in which MM is already very strong, having a 19% market share here. Our strategy is to, when selling to this segment, increase a little bit the motors’ price, since they are not very price-sensitive, wanting to still maintain a good position in this segment. In terms of investment we will try to invest in designing a motor with higher thermal resistance, so that we can improve our market share both in segment B (thermal resistance very important) and C (thermal resistance and power-to-size combined). We predict that this investment would improve significantly our market share in the segment C and in a lower way on segment B. In terms of pricing here we would maintain a similar one in segment B and increase it in the segment C. Since this is the less price-sensitive segment, we could increase the price to compensate our investment. Regarding...
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...MKT 230 – Marketing Simulation – Hints Dr. Melton Fall 2014 As the newly appointed CEO of Minnesota Micromotors, you are now responsible for designing and executing the company’s marketing strategy. This is an opportunity for you to integrate and apply concepts learned throughout the course. As a start, you may want to go back to Chapter 2 in the textbook and review the steps of the strategic planning process. We learned that a marketing strategy is: “the selection of a target market and creation of a marketing mix that will satisfy the needs of target market members.” (Pride and Ferrell, 2014, p. 42). So before beginning the simulation you will want to thoroughly analyze the current marketing situation and develop an overall marketing strategy. 1. What are MM’s core competences? What competitive advantages does MM possess (core competences matched to market opportunities)? What are MM’s internal strengths and weaknesses, and external opportunities and threats (SWOT)? How can internal strengths be matched to external opportunities going forward to create or strengthen competitive advantages for MM? 2. Next, understand what are MM’s marketing objectives in the simulation. Your goals are to maximize cumulative profit, average customer satisfaction, cumulative revenue and market share. Keep in mind that customer satisfaction can be an important driver of customer purchase behavior and can potentially lead to higher revenue and profit. When attempting...
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...Over the past three years Minnesota Micromotors’ strategic focus has included: – Concentrate sales on large current customers (70% vs. small/65% focus on customer retention) – Customer segment prioritization: • A&C: 30-35% • D: 20-25% • B: 11-13% – Pricing Strategy • Maximize margins to segments A, B, &C recognizing we are price limited because our motors do not fully meet their demanding specifications – R&D strategy has led us to slowly lose Power-Size advantage against Segment A requirements • Maximize discounts for Segment D and Small customers—sacrifice margin for volume – R&D Strategy • Focused on manufacturing efficiency to decrease manufacturing cost to allow lower pricing to segment D and small customers • Balanced between power-to-size and thermal components 1 Total revenue grew 18%; but saw declines in gross (-0.5%) and net revenue (-2.5%) Sales Across all large segments increased while small customer sales decreased Market Share Segment A B C D Small 2012 19% 4% 4% 7% 11% 2015 17% 4% 6% 11% 5% 2 Trend O Large Segment Sales Growth a function of customer retention; new sales remained flat Gains in segment C good for margins while gains in segment D hurt margins; losing market share in segment A very problematic • Our products to high margin customers are not good enough in terms of Power-to-Size and/or Thermal Resistance to allow us to charge them truly premium pricing A P-t-S Requirement TR Requirement Pricing Comparison...
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...1. Introduction The marketing simulation requires our team to assume the role of Chief Executive Officer of Minnesota Micromotors, Inc. (MM) and design the company’s marketing strategy. MM manufactures the Orthopower Micromotor™ used in orthopaedic medical devices. MM had just turned a modest profit after several years of losses. However, it faced challenges in recent potential market share loss and a decline in revenue in the most recent quarter. 2. Market Assessment The segment of the motor industry in which MM operated was highly competitive, with over 100 participants. With MM’s significant investment in the product line’s power-to-size and efficiency — the two features cited most often by original equipment manufacturers (OEMs) as sources of differentiation for MM’s medical motors – MM’s motors delivered the highest efficiency among all miniature direct current motors. Over 70% of MM’s revenues were generated from customers that placed large-volume orders. In particular, Segment A placed a premium on the motor’s power-to-size ratio and contributed to approximately 33% of MM’s revenues. However, MM’s market share of Segment A had fallen from 24% to 19% over the three quarters preceding the simulation. The relationship between MM and its customers was a close one, involving a constant dialogue between many participants. The quality of these relationships and the benefits gained by both sides were critically important to MM. However, customer interviews suggested...
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.../Manufacturing / Enterprise Systems – The Past, Present, and Future (An outline) By SaketPundlik Introduction The automobile industry has changed drastically over the past century. We have come a long way from the craft manufacturing days of P&L to flexible manufacturing applied by BMW. The journey from the days of skilled workers who used to handle making the whole car on their own to automated robots who assemble the car in less than a minute is a fascinating one. The foundation of this transition was laid down by Henry Ford in 1908 when he achieved complete interchangeability and the introduction of the moving assembly line in 1913. These concepts were taken even further by Alfred Sloan of General Motors. After combining Ford’s factory policies and Sloan’s marketing techniques we get mass production in its final mature form. However after decades of churning out millions of vehicles per year, Eiji Toyoda found faults in the system considered by many as the ultimate production system. He along with his production genius TaiichiOhno, soon developed the system which would once again revolutionize the automobile production system as the world would see it. By applying lean manufacturing in their home country of Japan, they and their company, Toyota, they were able to match the production volumes of GM with a workforce of almost half. Now, around the turn of the millennium there is considerable research going on in the field of flexible and reconfigurable manufacturing systems...
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...In brief: This chapter gives an overview of the selection process, testing concepts, types of tests, and selection techniques. It also addresses legal and ethical questions surrounding the area of testing and selection. Interesting issues: Most companies desire reference and background information to make employment decisions, however, most companies also have policies against giving out any information on current or past employees beyond basic job titles and dates of employement. Students need to see the tug-of-war between privacy rights and employer needs for background and predictive information. Lecture Outline I. The Selection Process A. Why the Careful Selection is Important 1. Performance 2. Costs 3. Legal Implications and Negligent Hiring II. Basic Testing Concepts A. Validity 1. Criterion Validity 2. Content Validity B. Reliability 1. Retest Estimate 2. Equivalent Form Estimate 3. Internal Consistency C. Sources of Unreliability 1. Poor Sampling of the Material 2. Chance Response Tendencies 3. Testing Conditions 4. Changes in the Person D. How to Validate a Test 1. Analyze the Job 2. Choose your Tests 3. Administer the Test a. concurrent validation b. predictive validation 4. Relate Test Scores and Criteria Figure 5-3 on page 178 shows a sample expectancy chart. 5. Cross-validation and Revalidation E. Testing Guidelines 1. Use Tests as Supplements 2. Validate the Tests 3. Analyze...
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...New Medical Devices in the US August 13 2010 Table of Contents 1. Introduction……………………………………………………………………………………………………………………………………2 2. Background and Framework……………………………………………………………………………………………………………4 2.1 Priority Medical Devices for the Netherlands…..……………………………………………………………………4 2.2 The US Vision: From see and treat to predict and prevent……………………………………………………6 2.3 Conclusions…………………………………………………………………………………………………………………………..7 3. Medical device sector in the US………………………………………………………………………………………………………8 3.1 Economic Impact…..………………………………………………………………………………………………………………8 3.2 The Sector by State…..…………………………………………………………………………………………………………10 3.3 Key Institutes: Patent Applications in the Cluster Areas…..………………………………………………….13 3.4 Conclusions…..…………………………………………………………………………………………………………………….20 4. Turning research into novel medical devices………………………………………………………………………………….22 4.1 The Medical Device Development Process…..……………………………………………………………………..22 4.2 CIMIT: A Structure for Medical Device Innovation…..………………………………………………………….23 4.3 Stanford Biodesign: Innovation as a Discipline…..………………………………………………………………..26 4.4 Conclusions and Recommendations…..……………………………………………………………………………….28 5. Summary and Conclusions…………………………………………………………………………………………………………….30 6. Acknowledgements……………………………………………………………………………………………………………………….32 7. References…………………………………………………………………………………………………………………………………….33 Appendices A1 Selection of Key Institutes A2 Results Patent Analysis A3 Research...
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...In brief: This chapter gives an overview of the selection process, testing concepts, types of tests, and selection techniques. It also addresses legal and ethical questions surrounding the area of testing and selection. Interesting issues: Most companies desire reference and background information to make employment decisions, however, most companies also have policies against giving out any information on current or past employees beyond basic job titles and dates of employement. Students need to see the tug-of-war between privacy rights and employer needs for background and predictive information. Lecture Outline I. The Selection Process A. Why the Careful Selection is Important 1. Performance 2. Costs 3. Legal Implications and Negligent Hiring II. Basic Testing Concepts A. Validity 1. Criterion Validity 2. Content Validity B. Reliability 1. Retest Estimate 2. Equivalent Form Estimate 3. Internal Consistency C. Sources of Unreliability 1. Poor Sampling of the Material 2. Chance Response Tendencies 3. Testing Conditions 4. Changes in the Person D. How to Validate a Test 1. Analyze the Job 2. Choose your Tests 3. Administer the Test a. concurrent validation b. predictive validation 4. Relate Test Scores and Criteria Figure 5-3 on page 178 shows a sample expectancy chart. 5. Cross-validation and Revalidation E. Testing Guidelines 1. Use...
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...* Chapter Introduction * 7-1Recruiting Employees * 7-1aInternal Recruiting * 7-1bExternal Recruiting * 7-1cMethods for External Recruiting * 7-1dInternships: A Mixed Model * 7-1eRealistic Job Previews * 7-2The Selection Process * 7-2aSteps in Selection * 7-2bBasic Selection Criteria * 7-3Popular Selection Techniques * 7-3aApplications and Background Checks * 7-3bEmployment Tests * 7-3cWork Simulations * 7-3dPersonal Interviews * 7-3eOther Selection Techniques * 7-4The Selection Decision * 7-4aMultiple Indicators * 7-4bSelection Errors * 7-4cReliability and Validity * 7-4dLegal and Effectiveness Issues in Recruiting and Selection * 7-5Training and Development * 7-5aManagement Development * 7-5bOrganizational Development * 7-5cEvaluating Training and Development * Chapter Review * Chapter Summary * Learning Objectives * Key Terms * Key Points for Future Managers The Coaching Carousel It’s called the coaching carousel. Every year when football season ends, coaches get fired and new coaches get hired. And because every team needs a head coach, there is precisely one job at each team and that job has to be filled—quickly. Consider the National Football League. Every team wants to make the playoffs, so that becomes the critical measure of success. The day after the regular season ends is known as Black...
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...Introduction: Banking is known as the backbone of the national economy. Banks play an important role in the business sector & promoting industrialization & economic development of the country. Banks provide necessary funds for the executing various program underway in the process of economic development. All sorts of economy & financial activities revolve around the bank. As the industry produces goods & commodities, bank creates & controls money market & promotes formation of capital. Bank is a powerful medium to bring socio-economic changes in a developing country like Bangladesh. The three important sectors in Bangladesh like Agriculture, Commerce & Industry provide the bulk of the country’s wealth. So the nourishment of these sectors is only possible through satisfactory banking facility. Development of banking system can provide the necessary boost for the rapid economy growth of a country. Basically, Bank collects deposit from the customers at a lower rate of interest & lends it to the borrowers at a higher rate of interest considering the cost of fund. The difference amount indicates the operating profit for a bank. Banks provide different services, credits to the customers. The customer comes from all walks of life, from a small business to a multi-national corporation having its business activities all around the worlds. The bank has to satisfy the requirements of different customers belonging to various social groups. The banking...
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...CONNECT FEATURES Interactive Applications Interactive Applications offer a variety of automatically graded exercises that require students to apply key concepts. Whether the assignment includes a click and drag, video case, or decision generator, these applications provide instant feedback and progress tracking for students and detailed results for the instructor. Case Exercises The Connect platform also includes author-developed case exercises for all 12 cases in this edition that require students to work through answers to assignment questions for each case. These exercises have multiple components and can include: calculating assorted financial ratios to assess a company’s financial performance and balance sheet strength, identifying a company’s strategy, doing five-forces and driving-forces analysis, doing a SWOT analysis, and recommending actions to improve company performance. The content of these case exercises is tailored to match the circumstances presented in each case, calling upon students to do whatever strategic thinking and strategic analysis is called for to arrive at a pragmatic, analysis-based action recommendation for improving company performance. eBook Connect Plus includes a media-rich eBook that allows you to share your notes with your students. Your students can insert and review their own notes, highlight the text, search for specific information, and interact with media resources. Using an eBook with Connect Plus gives your...
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...An Analysis of Small Business Patents by Industry and Firm Size by Anthony Breitzman, Ph.D. and Diana Hicks, Ph.D. Haddonfield, NJ 08033 for Under contract no. SBAHQ-07-Q-0010 Release Date: November 2008 This report was developed under a contract with the Small Business Administration, Office of Advocacy, and contains information and analysis that was reviewed and edited by officials of the Office of Advocacy. However, the final conclusions of the report do not necessarily reflect the views of the Office of Advocacy. Office of Advocacy ww w.sba.gov/advo Small Business Research Summary Advocacy: the voice of small business in government No. 335 November 2008 An Analysis of Small Business Patents by Industry and Firm Size Anthony Breitzman and Diana Hicks., Haddonfield, NJ 08033 2008 [60] pages. Under contract no. SBAHQ-07-Q-0010 Background This study is the third in a series that examines small business patent activity. The authors created a database of 1,293 technology firms with 15 or more patents issued between 2002 and 2006. These firms are designated as innovative firms because of their high level of patent activity. Using this database, the authors analyze the relative strengths of small and large technology businesses, including information such as the industry and technology within which the firm patents and the importance of the patent. The results demonstrate that small businesses that innovate are indeed special and that the technology...
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...Leadership Development Seminars and ECQ-based Readings The success or failure of any endeavor depends on leadership. Now, more than ever before, we need leaders in our organizations and in our world. Great leaders create and communicate a vision and move people into action to achieve it. They ignite our passion and inspire us to do our best. Government leaders in the 21st century are experiencing change at a more rapid pace than previous generations. Rapid advances in technology have expanded the quantity of work we are capable of accomplishing, and also where it’s accomplished. We have a more highly educated workforce, yet face diminishing resources with an increased demand for productivity, and the essential services we provide to the American public. To be successful at navigating these challenges leaders must develop the essential skills to motivate their employees, effectively communicate with others, fine-tune critical thinking skills, and build and leverage partnerships. Future leaders must also be visionary; i.e., possess the ability to identify trends and the courage to be innovative. Being technically adept in your field will no longer be enough. In response to these demands on senior executives, the U.S. Office of Personnel Management identified five Executive Core Qualifications (ECQs) that all aspiring government leaders and executives must possess. These ECQs and Fundamental Competencies were developed by OPM after extensive research on the attributes...
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