Expert answer:paraphrase

Expert answer:Hello please paraphrase the answers in the attachment without change the meaning, also please try to use this word (interaction) because my prof loves this word.thank you
b_test_2.docx

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1) How did you use available information to infer patterns in overall demand across the
number?of periods of the game? How did it impact inventory decisions/capacity
utilization? Please useinformation from Price History and Unit sales screens (please
provide graphical and “view data” (screenshots) to support your answers.
Forecast on market demand and available data helped me easily comprehend the patterns
and price elasticity for the market segments. The prices directly impacted the market size and share
in the car rental market. From the available information, I noted that the rise in price produces a
decrease in demand for cars in Orlando and hence sales go down. I also used compared the
information of demand and noted that demand is generally higher in Orlando and hence sales
inferring that prices for rent of cars are lower than in Miami. The demand of cars consequently
had a direct impact on the prices and called for periodic inventory adjustments to match the
demands among the two locations.
2) How would you characterize the behavior of each type of customer’s
(business/leisure) responses to changes in price over the year? How does this vary
across the three cities? Which city was the most challenging to manage?
Each type has different behavior to the price change. The leisure’s responses were more sensitive
to change in the price than business travelers. At some points, the demand was higher than the
supply which resulted in an increase on the prices especially in Miami. However, business travelers
were not affected by that change and they rented with us. As of business travelers, they usually get
paid from their companies for all the expenses so they are not sensitive to price change because
they are not going to pay from their pocket. From the market research we can see that the
percentage of the market share for business travelers went one percentage up and maintained the
same percentage throughout the rest of the months. The city that I found most challenging and not
easy to manage was Miami. It is more relatively easier to manage surplus than a shortfall, due to
the variance in the number of unit sales on weekdays varies greatly with that of weekends.
3) What pricing strategy did you use as you played the game? Why? How did it impact
your? performance? In selecting the objective of your pricing strategy, what were you
trying to maximize? (i.e., profit maximization, market share maximization, meet
competition, status quo,etc.). Please use screenshots from your simulation to support
your answers.
At the beginning, I started with an aggressive pricing strategy to maximize profit but the market
share went dramatically down. I did run the simulation for many times to understand consumers’
reaction to the price. I found out that the prices can be increased if there was high demand in one
of the two cities. In most of the runs I also paid attention to the interaction between the per car
profits and income so I would move cars accordingly, sometimes bankrupting a city to raise
capital in another city that was making more money per vehicle. I mostly increased the prices for
both weekdays and weekends in the two cities. I decreased the price in Miami over the weekend
in February due to lower demand which also helped me capturing more market share due to the
use of penetration strategy. When it comes to fleet size, I had to reduce it every three months due
to the decrease in the orders. There was a little bit of drop in my profitability in Jul,Aug and Seo
because of decreasing the price to $31 on all three monthes in Orlando for the weekend and ($49
Jul),($48 Aug) and ($47 Sep) in for the weekday. My pricing game strategy resulted in a high
profit of $66,9 million and a market share of 45% which is a reasonable balance. I sacrificed for
some of my market share to gain more profits by always having higher prices than competitors.
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