Reference no: EM132376231
Participate in an interactive simulated environment to make real-world marketing decisions, and then develop a formal marketing plan (15 pages).
Introduction Completion of this portfolio work project will help you understand the key components of a marketing plan.
Scenario The Vice President of Marketing at Allstar Brands has assigned you to the over-the-counter (OTC) cold medicine group for the company. Allstar Brands is one of five companies competing in the OTC cold medicine market. Using the PharmaSim simulation, you will make decisions regarding promotion, pricing, distribution, advertising, and product mix for Allstar Brand's OTC cold medicine.
Your Role You will start out as a Brand Assistant and, if all goes well, will complete the simulation by making additional decisions at the level of Brand Manager at Allstar Brands. The decisions made regarding the OTC cold medicine market during the simulation will become the basis of a marketing plan.
Requirements Log into the PharmaSim simulation using the access credentials you received when you registered for the simulation. Go to the "Simulation" tab. The "Simulation" tab gives you two different ways to access the simulation (Simulation Access). The first way, Individual Simulation, gives you the chance to practice two periods of the simulation.
These practice periods give you the chance to learn how to input decisions and see how different decisions impact outcomes. Complete your two practice periods as soon as possible.
After you have completed the practice periods, you can access the live simulation from the "Team Simulation" tab. No, you are not working in a team, but this is how the simulation differentiates between practice and the "real" simulation.
You will prepare your marketing plan based upon the results of the six "real" simulation periods.
The results of one simulation period build off the results of the previous simulation period. Document your decisions so you know what causes lead to what effects.
Use the Marketing Plan Template [DOC] to develop your situation analysis, marketing strategy, and marketing mix plan elements. Be sure to interpret each figure and table used in your plan and to summarize the data results.
Include the following in your marketing plan: Business context. Situation analysis. Incorporate a rationale for changes in the situation as you progressed through the simulation.
Marketing strategy.
Incorporate a rationale for changes in the strategy as you progressed through the simulation. Marketing mix. Incorporate a rationale for changes in the mix as you progressed through the simulation. Social media and technology strategy.
Recommend how social media and technology can be incorporated into your strategies. Include at least three specific recommendations that outline an implementation plan and expected results.