Final Report - Millennium Micros[1]

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Final Report Millennium micros:

Final Report Millennium micros Heather Barnard Adrian Flint Kelly Franks Cyrus Johnson

Performance Review :

Performance Review Financial Performance: -24.41 Market Performance: 0.39 Marketing Effectiveness: 0.59 Investment in Future: 7.66 Wealth: 0.02 As the quarters went on we began to loose market share and our numbers continuously decreased. We continued to cater to our target markets however our operational costs continued to increase which caused our total revenue to be negative.

Assessment of Strategy:

Assessment of Strategy Millennium Micros as a whole felt as if we continued to follow our marketing plan as the simulation progressed however we were unable to get ourselves out from under our tremendous operational costs. We took advantage of checking on our competition and following their lead in order to cater to our target markets effectively. Although this was a good strategy at first our operational costs continued to be higher than our revenue we were bringing in.

Assessment of current situation:

Assessment of current situation Weaknesses Operational Costs Opening two many offices in the beginning Having two many features on our computers in the beginning Future Improvements : In the future, we plan to seek out ways to reduce our operational costs and bring in more revenue. We do not plan to open any more offices until we are more financially stable. Millennium Micros product’s features will remain as is going forward.

Assessment of current situation :

Assessment of current situation Strengths Good Market Share Catered Appropriately to our Target Markets Good Quality Products Future Improvements: We will continue to be a market share leader in our target markets as well as continuing to cater to the consumers needs and wants.

Investments in the future:

Investments in the future Purchasing Market Research Competitive Benchmarking End User Feedback R & D Investment Ultra High Performance Processor Windows Upgrade for Professionals We will continue to purchase market research in the future. This will enable us to remain competitive against our competition. We realized later on in the simulation that what we invested in R&D cost the company too much money. In order to gain our money back we will resort back to investing in our original product. R&D Investment is something that could be a possibility for us to inquire on in the future.

Recommendations for moving forward:

Recommendations for moving forward Reevaluate our target markets’ needs and wants. Focus on reducing operating costs by possibly lowering our work force in our offices. Focus more on the consumers rather than continually adding features to our products. Reevaluate our pricing for our products in order to increase future revenue and attract more customers. Focus more on globalization.

Lessons learned:

Lessons learned Our main lesson that we at Millennium Micros will take from this simulation is not to invest everything all at once in the beginning. In the future we would watch the market more and be more cautious of where our money goes. We learned how to collaborate our team members’ individual strengths in order to gain knowledge of different aspects of the company. By reviewing the competitors products and advertisements we were able to improve our knowledge of what the consumers were expecting out of our products.

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