PharmaSim

This week I tried PharmaSim for the first time.The program is very detailed and there are quite a few decision to make as the marketer. For the fist period I did not make adjustments to the pricing or sales force. I switched advertisers to increase the budget and allow for more promotional items. I did not use all of the budget. Also, in the first period I did not buy any market reports, we were give a lot of data in the PharmaSim manual. After the first period, the sales, net income and stock price all rose.                                                                                                 I played through a couple more periods, marking various changes to the sales force, advertising budget, pricing and promotions. I also bought and reviewed the market update, pricing report and brand formulations report. The reports were full of valuable information, I could have spent a lot more time reviewing them then I did. After the second period I noticed my sales had increased but my net income decreased. I used the pricing report to evaluate my price with my competitors. I raised my price in period 3. Sales numbers diminished slightly by revenues increase by 5% and net income by 20%. I have not changed the formula of the product or introduced a new product yet. I will try these next week.