Question: Write a Marketing Plan
The name of my company is Extreme tunes INC.
You should now have an understanding of the MP3 Player market, your company and your product. The next step is for you to write your Marketing Plan which will guide your company to achieve the highest Total Marketing Contribution (TMC) over five decision periods.
To complete this written assignment you will need to be logged into your Music2Go company (through the Smartsims website) and the prescribed textbook may also be helpful. Your Marketing Plan should be one page in length.
What is your company's Mission Statement?
Your mission statement should be brief and include the purpose of your company, your target market and how you intend to differentiate yourself from competitors. The mission statement will guide your decisions and provide a method of achieving your goals.
Write at least three Goals for your company's Goals.
Company Goals are the overall targets your marketing campaign seeks to achieve. Your Goals should be realistic, clearly defined and accompanied by a time frame.
Describe your company's Implementation Strategy to achieve these Goals? You should at least include the following (with justification for each):
- Your Pricing strategy for Sonic1;
- How you intend to manage your Retail Margin for Sonic1;
- Your Advertising Budget for Sonic1 for the coming year;
- How you intend to spend this Advertising Budget for Sonic1 across the four media channels;
- Your Sales Forecast for Sonic1 in units;
- Your Product Development strategy for Sonic1;
- Your Target Markets for New Product launches over the length of the simulation;
- Your Marketing Contribution forecast for year one and your Total Marketing Contribution forecast by the end of the simulation.
C. Submission of LP2.2 Assignment: Music2Go Decisions before Rollover #1
In Music2Go there will be a total of 5 weekly rollovers (decision deadlines) over the duration of the course. All students must participate in the simulation each week to receive this grade. Weekly participation is also required to complete the other Music2Go written assignments and your final Total Marketing Contribution (TMC) will be graded at the end of the simulation.
Music2Go Rollover #1 (10 pts) Decision Deadline Sunday Midnight (MST)
This week you must have logged into your Music2Go company through the Smartsims website and entered your decisions prior to the Sunday midnight (MST) deadline. The ten-point grade will only be awarded to students who have entered their decisions for their Music2Go company prior to the deadline. Submission is completed through the Music2Go simulation.
The first decision round will be completed in the Smartsims Music2Go simulation. The written portion of this assignment (Situation Analysis and Marketing Plan) must be submitted to your instructor via the dropbox "LP2.1 Assignment: Music2Go Situation Analysis and Marketing Plan" This assignment is worth 100 points and will be graded according to the following Scoring Guide.
Scoring Guide (100 Points) Rating Scale
20-18 Work meets or exceeds criterion at a high level of competence.
17-16 Work reflects an understanding of criterion with minor misunderstandings/misconceptions.
15-14 Criterion partially met, but one or more important concepts/skills are missing or flawed.
13-12 Work reflects an attempt to meet criterion, but significant misunderstandings/misconceptions are apparent.
11-0 Criterion not met or work is absent.
Criteria
1. A brief description is given of the three market segments in the Music2Go MP3 Player Market and this reflects the information in chapter 2 of the Player's Manual.
2. Completed the situation analysis questions on their company. Points should be allocated based on the number of correct answers.
3. The Marketing Plan identifies an overall strategy from the Mission Statement and the Company Goals. Specific detail has been given on the planned decisions relating to Price, Retail Margin, Advertising, Product Development and New Products with justification. The Marketing Plan is consistent with the Situation Analysis.
4. Paper is well presented, communicates its points clearly and consistently within the answer length requirements, with correct punctuation, spelling, and grammar.