You should now have an understanding of the MP3 Player market, your company, and your product. What was your Awareness index last year and how does this compare to the other products in this market segment?.How much are you currently spending on Advertising in total and how has your Advertising budget been allocated across the four media channels?.How many units did you sell last year and how does this compare to other products in this market segment?.What is the Retail Price of your product and how does this compare to other products in this market segment?.How many other products are competing in this market segment?.Which market segment is your product positioned in?.Evaluate the performance of your only current product (Sonic1) by answering the short answer questions below (hint: see Some Product Details Report and Product Contribution Report):.Of the four media channels which is the most expensive to reach 20% of the viewing audience? (Hint: see Advertising Media Reach graph on the Market Information Report).For the Standard segment, what are the two media channels that consumers in this segment view the most?.For the Standard segment, which attributes of the product are most desirable and least desirable to customers in this segment?.What are the recommended retail prices for the Sports, Standard and Youth markets?.What are the estimated potential market sizes of the Sports, Standard and Youth markets at the start of the simulation?.Using the Market Information Report answer the following short answer questions on your target audience:.Based on Total Marketing Contribution (TMC) where is your company ranked in the industry? (Hint: see the Industry Benchmark Report).What was your Original Base Marketing Budget Limit last year and how much was not spent? (Hint: see the Budgeted Expenditure Report).What was your Sales Revenue, Gross Margin and Marketing Contribution last year? (Hint: see the Industry Benchmark Report).Complete a short analysis of your company by answering the short answer questions below:.Your answer should be half a page in length.
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Initially, you will have responsibility over Price, Retail Margin, Sales Forecast, and Advertising decisions for a single product. Concepts are introduced as the simulation progresses. Through market reports you�ll develop an understating of consumers, competitors and their own company in order to make both marketing strategy and marketing mix decisions.
This simulation provides realistic consumer segments featuring unique media preferences, shopping behaviors and product attributes, which vary over the simulation. Available as an optional bundle item for MKTG with MindTap Marketing, Music2Go provides a platform for instructors to explain and illustrate the core marketing terms and concepts. Read or listen to textbooks and study with the aid of instructor notifications, flashcards, and practice quizzes. With a single login for MindTap, you can connect with your instructor, organize coursework, and have access to a range of study tools, including e-book and apps all in one place! MindTap helps you learn on your terms. This bundle contains a softbound version of MKTG, 12th Edition, with access to MindTap Marketing and Music2Go. Students save money when purchasing bundled products.
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