WEEK 2 Business Simulation Information WEEK 2 Consulting Advice - Know your customer Assuming that you are running Business Simulation Information There is a saying in busincss, "Know your customer?" Some pcople say the Customer is always right. However you look at it, knowing and connecting with the needs, wants and concerns of your Customers is essential to business success. Go to your Market Overview and report back on the following: At least 50 words each A. What are the categories of how to differentiate your product? Just talk about categories, not what kind of product you actually plan to create. B. How does this tie into the Consumer Psychographics section? Purchase a Consumer Profiles Report and further talk about the following: At least 50 words each C. How many consumer groups make up your market? How do you define a consumer group? D. Do you see certain groups favoring certain product characteristics? What are the top 2-3 features that you see being a concern for Customers across the various groups? Go into Sales and Marketing on the simulation interface and review the "Advertising" settings. Think about the best mix of media to use to get the word out about your product. Be careful not to reveal the strategy you plan to use here. This is simply meant to get you thinking. Summarize by recapping the following: At least 50 words each E. Why connecting with your target audience is important early on. F. Why this is important for success