Simulation Homework
Part A: Simulation Naming Your Business Homework
After you decide on a name for your simulation clothing store, enter your start-up decisions in the simulation and respond to the following questions.
Answer the following questions. There is no minimum word count, but be detailed.
I. What clothing product line do you intend to offer? What other kinds of products can you envision selling at your store?
II. Describe your "target market" (the customer segment you want to serve):
III. List some advertising mottos, jingles, or lines to which your target market might relate to:
IV. Which name did you choose? Why? Enter the name in the start-up decisions in the simulation once the simulation is open for play.
Part B: Simulation Business Plan Homework
This homework is based on the Simulation, not on your own business idea.
Planning is essential in any business. This homework is designed to help you develop a basic "game plan" that can help you make decisions as well as to reflect on the decision-making process for your retail store in the Simulation. Use the guide questions below to write a business plan to describe who you are, what market your business will serve, and how you will ensure success. Use the context of the simulation for your plan, and be sure to address all major decision areas.
Limit your plan to 600-800 words total. Use proper spelling and grammar. Refer to the rubric for grading. Llearn more about business plans.
Answer the following questions in paragraph format.
I. Company Description - Who are we?
II. Market Analysis - What market are we serving?
III. Marketing - How will we market our business?
IV. Projections - Where do we expect the company to be in two years?
Part C: Simulation Marketing Homework
Marketing is the process by which a company creates and distributes something of value to its customers. It encompasses a wide range of activities in your business. The 4P's of marketing - product, price, promotion, and place - provide a framework for understanding the process of creating and distributing value to customers.
Complete the following questions as it relates to your Simulation.
I. Who is your target customer? Be specific! It should not be everyone.
II. How would you define the product offered at your store? Is it just clothing, or something more than that?
III. What methods can you use for setting the price? What tools are available for measuring the impact on your price decision?
IV. What is the role of advertising/promotion in your marketing mix? How might you measure the effectiveness of your decisions?
Format your homework according to the give formatting requirements:
1. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.