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Universal Rental Car Simulation Please answer the four questions below based on your experience running the simulation.
Universal Rental Car Simulation
Please answer the four questions below based on your experience running the simulation. Your answers should be restricted to a maximum of 4 pages, single-spaced, 12- point font. Please use MS Word format.
- How would you characterize the behavior of each city and each type of customer's (business/leisure)?
- How would you characterize the elasticity of demand in each market and overall? Which factor of demand heterogeneity (causes of variance in demand) played the most critical role in your overall performance?
- What pricing strategy did you use as you played the game? Did you change strategies or maintain the same strategy throughout? If you changed strategy, what caused you to do so? In selecting the objective of your pricing strategy, what were you trying to maximize? (i.e., profit maximization, market share maximization, meet competition, status quo, etc.)
- Make 3 strategic recommendations on how a specific car rental firm could gain market share and remain profitable in these markets going forward.