Minnesota Micromotors, Inc. Marketing Simulation is a business simulation game that puts players in the shoes of a marketing manager at Minnesota Micromotors, Inc., a company that manufactures and sells micro motors. The goal of the game is to grow Minnesota Micromotors’ market share and profits by making decisions about pricing, advertising, research and development, and product design.
I was responsible for developing Minnesota Micromotors’ marketing plan as a newly named CEO of the firm. This included determining all aspects of the company’s go-to-market approach and associated elements of product policy, such as pricing and market positioning, for the orthopedic motor line (Harvard Business Publishing, 2014).
In order to make Minnesota Micromotors, Inc. a successful company again, I will go over the different marketing mix strategies and how each one applies to our company and our product.
Product:
Minnesota Micromotors, Inc produces small electric motors that are used in a variety of orthopedic applications.
Price:
Minnesota Micromotors, Inc.’s pricing strategy is based on a combination of quality and price. We want to be known as a company that produces high-quality products, but we also want to be competitively priced.
Promotion:
Minnesota Micromotors, Inc.’s promotion strategy is focused on creating awareness of our brand and products through targeted marketing campaigns. We will use a mix of traditional and digital marketing channels to reach our target customers.
Place:
Minnesota Micromotors, Inc.’s distribution strategy is focused on making our products available to orthopedic professionals through a network of distributors. We will also sell direct to customers through our website and catalog.
Positioning:
Minnesota Micromotors, Inc.’s positioning strategy is based on providing high-quality, innovative products that meet the needs of orthopedic professionals. Our goal is to be the preferred supplier oforthopedic motors and solutions.
In fact, considering the fact that it is a mature, saturated, and highly competitive Orthopedic Motor market in which every choice must be intentional and sensible, carefully analyze the company’s competitive position against its competitors and gain long-term competitive advantage while offering exceptional customer value.
The Minnesota Micromotors, Inc. Marketing Simulation challenges students to apply principles of marketing management in a realistic and interactive business environment.
Minnesota Micromotors (MM) is a company that manufactures and sells orthopedic motors. The company is facing stiff competition from other companies in the same industry, such as Johnson & Johnson and Smith & Nephew. As a result, MM needs to carefully assess its competitive position and develop strategies to gain a sustainable competitive advantage.
The Minnesota Micromotors, Inc. Marketing Simulation provides students with an opportunity to apply marketing management principles in a realistic and interactive business environment. Through this simulation, students will learn how to conduct market analysis, identify target markets, develop marketing mix strategies, and measure and manage marketing performance. In addition, students will also have the opportunity to experience how different marketing decisions can impact a company’s bottom line.
Minnesota Micromotors, Inc. Marketing Simulation is a great way for students to learn about marketing management in a real-world setting. By playing this simulation, students will develop essential skills that they can use in their future careers.
This paper will utilize a single marketing decision as an example, going through the resources reallocation and analyzing the outcome.
Before making any marketing strategic decision, it is always important to review the company’s current go-to-market strategy and collect data from past and present performance in order to identify opportunities and threats. This will also help develop an action plan that is achievable, measurable, relevant and time-bound.
After the Minnesota Micromotors (MM) company had elected to enter into the industrial market segment and review its current go-to-market strategy, the management team decided that a change in marketing mix was needed in order to increase sales and grow market share within this segment. The main objectives for MM’s new marketing strategy were to: attract new customers, penetrate the market quickly, build brand awareness and create customer loyalty.
In order to achieve these objectives, Minnesota Micromotors plans to use a combination of advertising, personal selling and public relations as their primary promotion tools. In terms of advertising, Minnesota Micromotors plans to use a mix of print, radio and television ads in order to reach their target market of industrial buyers.
As for personal selling, Minnesota Micromotors plans to train their sales force on the features and benefits of their products so that they can effectively sell to potential customers. Lastly, Minnesota Micromotors also plans to use public relations as a way to build brand awareness and create positive customer sentiment.
Minnesota Micromotors plans to allocate the majority of its marketing budget towards advertising and personal selling, as these are the two promotion tools that they believe will be most effective in achieving their objectives. The company has allocated $600,000 for advertising and $1 million for personal selling for the upcoming fiscal year.
My first quarter marketing plan concentrated on increasing sales, market share, and unit sales for existing and new small clients. This strategy was chosen because around 70% of Minnesota Micromotors, Inc.’s income came from customers who placed big-volume orders. The tiny consumers segment accounted for almost 29% of MM’s revenue, and the company’s market share in that area was just 11%.
I’d like to Minnesota Micromotors, Inc. to be the top manufacturer of tiny electric motors in North America. Currently, we are the second-ranked company in market share and sales. Our main competition is TECO Electric & Machinery Co., Ltd., which has a market share of 33%.
Minnesota Micromotors needs to focus on advertising and promotion to increase our brand awareness among potential customers who may not know about us. Additionally, we need to offer incentives to encourage current customers to buy more from us, and finally, we need to expand our distribution network so that we’re available in more places.
Minnesota Micromotors’ marketing budget for this quarter is $1 million. I have allocated $500,000 for advertising and promotion, $250,000 for incentives, and $250,000 for distribution.
Minnesota Micromotors’ target market is North America, specifically the United States and Canada. Our products are tiny electric motors that are used in a variety of applications, including medical devices, drones, and toys.