marketing stimulation practice

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Macomb Community College *

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1010

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Marketing

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Feb 20, 2024

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docx

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MKTG 1010 Online Marketing Simulation – Practice Analysis Please note that you can access the material needed to complete this written assignment by clicking on the Marketing Simulation - Practice assignment in Canvas, which should take you into CONNECT. There, you should be able to click on VIEW ATTEMPT for that assignment. Then, click on REVIEW ATTEMPT and that should take you back into your completed simulation. If you have trouble finding this, review the GETTING BACK TO YOUR RESULTS section at the bottom of this page. Please answer the following questions based on your performance and decision-making in the Marketing Simulation - Practice Assignment that you completed in Connect. You should answer the questions asked below based on your best attempt (of the 3 possible attempts) on this assignment. PART 1 – THE LEADERBOARD After completing the 4 turns in the Marketing Simulation - Practice Assignment, you will want to click on the LEADERBOARD button on the bottom right-hand side of the simulation. A pop-up screen will be visible, and on that screen, click on the CUMULATIVE tab and answer the following: ACCOUNT BALANCE First, look at your final account balance (or bank balance ) This will tell you how much money is in the bank (or revenues – costs – advertising and promotion expenses) for your company after 4 quarters You may have to click on the column header (ACCOUNT BALANCE) to sort these from high to low What is your FINAL ACCOUNT BALANCE (in dollars)?50,000 What “place” are you in for this measurement compared to your competitors? Last place

MARKET SHARE Next, look at your market share This will tell you the percentage of TOTAL backpack sales you had in this simulation after 4 quarters (or turns) You may have to click on the column header (MARKET SHARE) to sort these from high to low What is your overall market share (in %)? 70% --In this CUMULATIVE tab, this score is an average of all 4 turns What “place” are you in for this measurement compared to your competitors? CUMULATIVE CUSTOMER SATISFACTION Now, look at your cumulative customer satisfaction This will tell you how happy your specific TARGET MARKET was with your marketing strategy decisions in comparison to your competitors You may have to click on the column header (CUSTOMER SATISFACTION) to sort these from high to low What is your cumulative customer satisfaction score (in %) 29% --In this CUMULATIVE tab, this score is an average of all 4 turns What “place” are you in for this measurement compared to your competitors? First place PART 2 – THE KPI REPORT Now, click on the REPORTS button on the lower right-hand side of the screen. Once the pop-up screen appears, you will need to click on the KPI (which stands for Key Performance Indicators ) menu along the top of this pop-up window. This data will tell you more about the decisions you made in each turn of the simulation – AND how those

decisions were perceived by your chosen target market. In most cases, the higher the score, the better. You can hover over each measurement’s title to see what it is measuring. Please note, you will see a dropdown menu where you can choose to look at results for each of your 4 turns – to complete the following chart, you will need to enter your company’s KPI date for TURN 4 of your simulation: Your Company’s Name ML BACKPACKS Target Segment University students Characteristics Score 80 Features Score 23 Average Appeal Score 50 Price Score 4 Message Score 19 Interest Level 24 Media Spending 4000 Average Margin Distributor Deficit Profit 699 Profit Rank Market Share 9 Market Share Rank Largest Distributor Product Satisfaction Customer Satisfaction 29 Return on Marketing To help you better understand and interpret the information in these reports, please review the Marketing Simulation – Reading the Reports page in Canvas. You can also check out this YouTube video for more helpful hints as well: https://www.youtube.com/watch? v=t1nCFTnXn38&t=602s Taking the KPI data to another level, let’s look at some of your decision-making in different TURNS in the simulation. You will want to compare your KPI scores between each turn (make sure to use the dropdown menu to look at each turn, and answer the following:

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NET PROFIT In which turn did you make the most net profit ? Why do you think this is? (Please use data from the KPI Report or Simulation to support your answer) CUSTOMER SATISFACTION In which turn did you have the lowest customer satisfaction score ? 1 st turn Why do you think this is? I believe because I rushed thru instead of taking my time and actually reading carefully, (Please use data from the KPI Report or Simulation to support your answer) PART 3 – REFLECTION AND NEXT STEPS Your "Final" in this class will be an 8-Turn Simulation which will be run just like the Marketing Simulation - Practice Assignment. This Simulation will be a complete re-start where you will have to make ALL of your initial strategic decisions (target market, product, price, placement/distribution in retailers and promotion) again in Turn 1 and then press END TURN. You will then review results, analyze your competition, make strategic changes and end the turn 7 more times, giving you 8 turns (or quarters) worth of sales data. Please note that you will be graded on your FINAL BANK BALANCE and CUMULATIVE CUSTOMER SATISFACTION SCORE results – and how well you did in comparison to your competition (you can read more about this in the Marketing Simulation - Final Instructions document in Canvas - which will be available for you, along with the Marketing Simulation - Final Assignment – once you submit this Marketing Simulation - Practice Analysis Assignment.) Focusing on the crucial marketing decisions that you will have to make in the first turn of the Marketing Simulation - Final Assignment in Connect - and drawing on what you learned in the Mini-Sims throughout the semester and the Marketing Simulation - Practice Assignment - please answer the following about your initial strategic marketing plan for that assignment: TARGET MARKET STRATEGY

Who do you intend to choose as your target market in Turn 1 of the Marketing Simulation - Final assignment? Why? Do not support your answer here by saying, "because it worked in the Practice Simulation." While you may have done well in the Practice, the Final Simulation may be a much different competitive field and what worked in a previous attempt may not work in this Final Simulation. Please use facts and data about your target market to support your decision here. PRODUCT STRATEGY What is the most important characteristic desired by the target market you plan to choose for the Marketing Simulation – Final assignment? PRICING STRATEGY What is the average purchase price paid by your selected target market? DISTRIBUTION/RETAIL STRATEGY What store has the most people from your target market shopping in it? INTEGRATED MARKETING COMMUNICATIONS/PROMOTION STRATEGY What do you think is a "good" amount to spend in advertising in Turn 1? Remember that while you have $10,000 in the bank to start, that's not your advertising budget. Why are you choosing that amount?

marketing stimulation practice

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