The seven Ps are price, place, people, physical environment, and process (Kerin & Hartley, 2022). One challenge we are facing in the simulation is evenly applying all of the Ps in the process. In the simulation, the price model, if we had more freedom, could be different in each region. Since each country has different cost of living and incomes, there may be a different price each region is willing to pay. Customizing the price of the product based on region would allow us to better maximize profits. Additionally, the pricing model and research could be applied more broadly if we were able to have a selection of more regions. Some countries may provide better margins or higher sales based on the market.

In my current industry, banking, place and physical environment are not important factors. Location can be important for banks focusing on retail banking, but many banks have expanded their online and ATM services so there isn't as high of a need for locations or environment. Price, for banking, relates most closely to interest. Having the best interest rate will draw more customers to take out loans and continuously do business with the bank based on their experience. Process and people are very important factors as who we do business with may affect overall profits and poor processes can cause frustration for customers, which will cause them to leave and take their investments to a competitor.

Reference:

Innovative Learning Solutions. (2016).Conscious capitalism [Marketing simulation].

ISBN-13: 9780984928279. Retrieved from:https://game.ilsworld.com/mpl/web7/engine.php?tpl=student&quarter=4&language=en-us&resource=welcome-to-marketplace&tab=task

Kerin, R. A., &; Hartley, S. W. (2022). Marketing: The Core. McGraw-Hill. October 9, 2023, https://bibliu.com/app/#/view/books/9781264209323/epub/OPS/s9ml/chapter01/chapter01.html#page_59

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