Marketplace Business Simulation, Decisions by Quarter, Strategic Marketing

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Decisions by Quarter

Quarter 1: Organize team to do the job.
• Focus on process of working as a team to achieve goals
- Assess team members' skills, personalities, and work styles - Set organizational and personal goals
- Organize the work
- Determine how to manage the organization
- Establish leadership
• Determine desired image of company
- Designate a company name

Quarter 2: Evaluate market opportunities, setup operations, and prepare for test market. • Analyze market opportunities—evaluate segments, geographic markets, and potential competition • Establish corporate goals and strategic direction

- Specify and rank order corporate goals
- Write mission statement
- Select target segments
- Establish strategic direction
• Create customer value—design initial brands for test market - Match components to benefits desired (Quality Function Deployment (QFD)) • Select test markets—setup sales offices

Quarter 3: Go to market to test strategy, and market assumptions. • Marketing strategy—evaluate tactical options and choose marketing mix - Pricing and price promotions
- Sales force management—number employed, training, and incentives - Advertising—ad copy design, media placement, and ad frequency • Market research—budget collection of information

Quarter 4: Evaluate test market performance and revise strategy, become a learning organization. • Evaluate performance
- Financial performance—profitability analysis
- Market performance—customer opinion of brand designs, prices, advertising, and sales force - Competitor tactics—segments targeted and selection of marketing tactics • Revise marketing tactics as needed, and continue test marketing

Quarter 5: Seek external funding—prepare marketing plan.
• Evaluate performance—financial, marketing, and competitive • Develop two year marketing plan
- Goals—marketing and financial
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