Grand Canyon MKT 450 Week 4 Benchmark Assignment Market Simulator Quarter 4 Summary
(Marketing Management, Product/Brand/Communication Strategy and Management)
At this point in the Market Simulation your team has assessed marketing opportunities and completed a test strategy for the success of your product. The results attained from the test strategy should guide any revisions required for the future of the product. Evaluate the marketing strategies currently in place. Individually, address the following in your description (500-750 words):
- Recommend a comprehensive marketing strategy for the future of the product. Justify your recommendations based on the progression of your product within the simulation.
- Project financial outcomes for the following year. Include marginal costs and marginal profits for your product.
- Determine competitive pricing strategies that support the growth of your product.
- Define specific product positioning that appeals to a selected target market.
This individual assessment will serve as your position of the product prior to developing the marketing plan as a group. It is important to clearly articulate your stance for the future of the product prior to developing the marketing plan. In the next topic, your group will evaluate all “Quarter 4 Summary” documents and develop a marketing plan for the product.
APA format is required for essays only. Solid academic writing is expected for all presentation formats, and in-text citations and references should be presented using APA guidelines, which can be found in the APA Style Guide, located in the Student Success Center.