- #Knowledge matters virtual business hotel mogul cheats how to
- #Knowledge matters virtual business hotel mogul cheats series
The observe greatly increased volume, but profits remain low due to slim margins. They then intentionally set prices quite high and observe that volume and profits drop. They begin by reviewing the concepts of price, cost and margin. In this lesson, students see how prices interact with the law of supply and demand to determine sales levels. Choose a store location that will yield a profit.Assess potential locations given competitor locations.Assess the types of customers around a given location.Be able to compare amount and cost of space at different locations.Understand the concept of cost per square foot.If they are not successful, they try relocating their store. They run the simulation to try to reach a specific profit goal. Finally, students are asked to choose a location for their store. Students also scout competitor locations within the city. Students next study what types of customers are near each location. They compare costs per square foot for downtown versus suburban locations. They identify the available square footage of buildings and the cost per square foot for the space. Students begin by looking around their city. In this lesson, students learn about location.location, location. Manage product selection to achieve profit goals.Be able to change product mix and interpret sales results.Use surveys to determine most popular products.Explain the importance of product choices in retailing.Finally, students take over an electronics store with similar problems and work to change the product offerings in pursuit of a specific weekly profit goal. Students then add a display to carry another popular product and and see an additional increase in sales. They replace a non-popular product with a popular one and see sales rise. Unfortunately, those aren’t the products their store is currently stocking. Next, students use surveys to discover what products these customers want. They look at their location and surrounding customers. In this lesson, students begin as managers of a grocery store that is performing poorly. Student progress and grades may be tracked from the Instructor page. Students click Run SIM and follow the lesson instructions. Students take the reading quiz (optional). Students complete the reading assignment (optional). Use market research to make smart advertising decisions for a business.Use segmentation to analyze survey results.Determine an adequate sample size for a survey.Explain the difference between primary and secondary research.They run the simulation to try to achieve a specific profit goal. Finally, students use market research information to book radio advertising on a radio station that matches the demographic of their target customers.
Students then explore the more sophisticated technique of analyzing survey data through segmentation. They are introduced to the mathematical concept of decreasing reliability of a survey as the sample size decreases. Students then try to save some money by taking a similar survey but with reduced sample size. They begin by taking a survey of prospective customers to learn both product preferences and time of day preferences. In this lesson, students learn that market research is critical to the success of a retail business. To their account at vb. and watch the Tutorial Prior to beginning work with RETAILING, students should sign in
#Knowledge matters virtual business hotel mogul cheats series
To access a series of videos to help you get your classroom up and running with Virtual Business.
#Knowledge matters virtual business hotel mogul cheats how to
For instructions on how to configure your course, click Reading assignments (3.7 hours), reading quizzes (1.8 hours) and math quizzes You can configure your course to include or exclude (simulation exercises only) to 35 hours (simulation exercises, readings assignments, Lesson: Extra Credit: Retailing Mega Mogul Lesson: Staffing, Selling & Customer Service
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