MKT 450 Topic 4 Benchmark Marketplace GCU
MKT 450 Topic 4 Benchmark Marketplace Simulation Quarter 4 Summary GCU
The purpose of this assignment is to evaluate current marketing strategies to determine a marketing mix that drive sales and maximize long-term profits.
At this point in the Marketplace Simulation, your team has assessed marketing opportunities and completed a test strategy for marketing the product. The results attained from the test strategy should be used to guide revisions for the successful marketing of the product. In a 500-750 word individual paper, evaluate the marketing strategies currently in place and address the following.
- Report objectives, marketing decisions, and strategies for your team’s brands, pricing, advertising, and selling based upon what has been completed in the simulation through Quarter 4.
- Define specific product positioning for all brands and explain why the positioning appeals to selected target markets.
- Recommend comprehensive marketing strategies for each brand, including pricing, advertising, and selling strategies. Justify the recommendation based on the sales and profits of the product within the simulation.
- Evaluate the importance of brand equity and brand management for the team’s success in Quarters 5-8.
- Show specific prices for each brand and estimate demand (number of units sold) for each quarter. Use the prices and demand estimates to forecast sales for each quarter. Display the resulting data on a pro forma profit and loss statement for Quarters 5-8.
- Estimate costs for every category and display the resulting data on a pro forma profit and loss statement for Quarters 5-8. Project financial outcomes (gross profit, operating profit, net profit, and cumulative net profit) for Quarters 5-8 and display the results on a pro forma profit and loss statement for each quarter.
You are expected to complete items 1-6 above on your own without collaborating with your CLC group. This individual assessment will serve as your input prior to developing the marketing plan as a group. It is important to clearly articulate your stance for the future of the product prior to developing the marketing plan. In Topic 5 your group will evaluate the Benchmark – Marketplace Simulation: Quarter 4 Summary assignment submissions made by each group member and use them as a basis for developing the marketing plan for the product.
Submit the paper and pro forma profit and loss statement to the instructor.
Prepare this assignment according to the APA guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
You are required to submit this assignment to LopesWrite. Refer to the LopesWrite Technical Support articles for assistance.
This benchmark assignment assesses the following programmatic competencies:
5.1: Formulate objectives and manage marketing decisions and strategies for product and services markets.
5.3: Determine marketing mix strategies that drive sales and maximize long-term profitability in the marketplace.