I’m trying to study for my Marketing course and I need some help to understand this question.
- 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.
Deliverable Format
Requirements:
- Marketing plan is 15 pages (in addition to the title, reference, and appendix pages).
- Use at least two different types of figures and two tables to present the data. At least one figure should present data at a single point-in-time, and at least one figure should present data over time. Be sure to correctly label all elements of your figures and tables in the plan and appendix.
Related company standards:
- The marketing plan is a professional document and should therefore follow the corresponding MBA Academic and Professional Document Guidelines (located in MBA Program Resources), including single-spaced paragraphs.
- In addition, include the following in your marketing plan:
- Title page/slide.
- References page/slide. Use at least three scholarly resources, one of which must come from the Wall Street Journal, Forbes, or MIT Sloan Management Review.
- APA-formatted references.
Evaluation
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:
- Competency 1: Apply marketing theories and models to develop marketing strategies.
- Articulate the context of the business.
- Competency 2: Evaluate the effectiveness of marketing strategies and methods.
- Evaluate the effectiveness of marketing strategies.
- Competency 3: Use data to support evidence-based marketing decisions.
- Evaluate the competitive environment of the business.
- Evaluate the marketing mix for a product.
- Competency 4: Analyze the role of technology and social media in effective marketing strategies.
- Analyze the expected effectiveness of social media and technology strategies.
- Competency 5: Communicate marketing needs, opportunities, and strategies with multiple stakeholders.
- Write coherently to support a central idea with correct grammar, usage, and mechanics as expected of a business professional.
Faculty will provide feedback as they were the recipient of your deliverables in the workplace, using the scoring guide. Refer to the assessment scoring guide to ensure you meet the grading criteria before submission.
ePortfolio
This portfolio work project demonstrates your competency in applying knowledge and skills required of a MBA learner in the workplace. Save this activity to your ePortfolio for future reference in the workplace.
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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.
Registration and Requirements
Register for the course simulation:
- Visit the PharmaSim Registration page.
- Follow the instructions in the PharmaSim Registration Instructions [PDF] document.
Proceed to 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.
Deliverable Format
Requirements:
- Marketing plan is 15 pages (in addition to the title, reference, and appendix pages).
- Use at least two different types of figures and two tables to present the data. At least one figure should present data at a single point-in-time, and at least one figure should present data over time. Be sure to correctly label all elements of your figures and tables in the plan and appendix.
Related company standards:
- The marketing plan is a professional document and should therefore follow the corresponding MBA Academic and Professional Document Guidelines (located in MBA Program Resources), including single-spaced paragraphs.
- In addition, include the following in your marketing plan:
- Title page/slide.
- References page/slide. Use at least three scholarly resources, one of which must come from the Wall Street Journal, Forbes, or MIT Sloan Management Review.
- APA-formatted references.
Evaluation
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:
- Competency 1: Apply marketing theories and models to develop marketing strategies.
- Articulate the context of the business.
- Competency 2: Evaluate the effectiveness of marketing strategies and methods.
- Evaluate the effectiveness of marketing strategies.
- Competency 3: Use data to support evidence-based marketing decisions.
- Evaluate the competitive environment of the business.
- Evaluate the marketing mix for a product.
- Competency 4: Analyze the role of technology and social media in effective marketing strategies.
- Analyze the expected effectiveness of social media and technology strategies.
- Competency 5: Communicate marketing needs, opportunities, and strategies with multiple stakeholders.
- Write coherently to support a central idea with correct grammar, usage, and mechanics as expected of a business professional.
Faculty will provide feedback as they were the recipient of your deliverables in the workplace, using the scoring guide. Refer to the assessment scoring guide to ensure you meet the grading criteria before submission.
ePortfolio
This portfolio work project demonstrates your competency in applying knowledge and skills required of a MBA learner in the workplace. Save this activity to your ePortfolio for future reference in the workplace.
