In teams of 3-4 we will play the McGraw Hill Marketing Practice Simulation that was included with your book purchase. There are many benefits to using a simulation including:
· the ability to learn through performing an action in order to get to a certain outcome,
· the improved retention of knowledge and its applications with experience of integrating the concepts learned in class and applying them in a strategically consistent manner,
· the benefit of consistent, constant, and immediate feedback,
· It is really fun!
There are three elements to your completion of this project:
1. 2 page document outlining your team’s original strategy and the reasoning behind your decisions, this is worth 15 points. To complete this it is important to read the guides and play the tutorial games provided to you.
2. Playing the simulation for at least 15 rounds this represents 10 points dependent on your placing. The ultimate goal is to make the most money.
3. Final Presentation where you will create the promotional campaign for your product and provide an overview of your final position. This is worth 75 points of your final grade.
The document outlining your initial strategy for the simulation will include the following:
(Hint: approx. 1 paragraph for each point)
· Introduction and conclusion
· Discussion of each strategic decision including:
· Segment chosen and why
· Product features and how they meet the needs of the segment
· Pricing strategy, actual price and margin
· Distribution decisions with reasoning
· Communications decisions both message and media
· Approximately 2 pages, organized, edited, single spaced, 12 point font, stapled with a cover page with first and last names of all contributing group members.
This document is due at the beginning of class on the day we start the game. It is essentially your first set of decisions so it is important that everyone on the team agrees. You will have opportunity to practice before the simulation begins!
Game on! We will play about 15 rounds as per the class schedule. The top team based on the Total Net Profit over the course of the game. Top team gets 10, second team 9 and so on. Everyone in the group must be in class on the days that we are playing the game.
Missing class and not supporting your team will result in a reduced grade of 10% per occurrence, this includes game and project preparation classes.
This is where we put together all that we have learned and apply the concepts learned during the course and simulation. A 10 minute presentation will be created and practiced that illustrates your final results from the simulation and your creative department’s work on creating an effective promotional campaign. Your group will create an integrated marketing communication strategy, decide upon the elements required (see text), develop an appeal, and design and produce the creative elements (actual ads, social media, public relations, sponsorship, sales promotions and direct pieces). It is important that you make clear the goals of your plan and explain how success will be measured.
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