Virtual Business Project

I think that I was a successful business owner because i had the best record of all teams on my first try ad the second best record of all teams on my second try. Also, I managed to make money on my first try, and I came close to making money on my second try. The primary purpose of this simulation was to apply all of the knowledge that we have learned by completing the documents, and put it to the test. The two primary reasons for not making more money was because of fans not getting through the gates in time, and being fined for fans throwing trash. What I think that I did the best was planning my licensing deals. I spent a lot of time doing the equations to figure out which deal was the best. My biggest weakness while running this simulation was that I didn't want to spend a lot of money. I managed yield management pricing by making the better seats more expensive and the worse seats less expensive. I used market research to find out which promotional item people liked the best and to find out how much people would pay for a ticket. If there are a lot of parking lots near your stadium, then more people will come. Also, if there are buildings nearby that will support your team, you will do better. Its important to find out which city is willing to spend the most on a ticket and how devoted each city is when determining your city. If I went to one of my games, I would like to receive a team hat.