Expert answer:How did you use available information to infer pat
Expert answer:Three short questions need to paraphraseThe file is attached
ma_33.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?
The behavior of the customer towards change in price depended on the type of customer.
The leisure travelers are more sensitive to price than business traveler since the money to be spent
is out of pocket or personal budget. When the demand was higher than the supply higher prices
were paid for cars especially by business travelers than by leisure travelers. Miami is the most
challenging to manage. This is because 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.
My pricing game strategy resulted in a high profit of $66.00 million. I tried many different
strategies, for example, price wars, and price penetration. In my strategy, I priced Miami to 59 in
the weekday which higher than our competitors, as well as Tampa to 56 and Orlando to 52. Also,
I priced our cars in Orlando, Tampa, and Miami in the weekend higher than competitors. Also, I
had reduced my fleet size every three months. This strategy proved the most effective for me
because I was able to capture more margin through both segments, leisure, and business, during
both time periods: weekend and weekdays.
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