Marketing Sim

MARKETING SIM

BMK413: Marketing Management

1 ASSESS

Review Company metrics to understand current strengths & weaknesses.

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2 IDENTIFY

Review Market and Consumer trends that present an opportunity or threat to growth.

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3 EVALUATE

Consider specific marketing Decisions and how each will impact company performance.

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4 DECIDE

Review all of your marketing Decisions to ensure a wholistic strategy that adheres to the Budget.

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5 ADVANCE

Review as a team and Advance to the next simulated year. Teams are responsible for advancing two (2) years each week.

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Assess

Take a look at the environment.

Imagine you are a Marketing Executive. You start your day with a report on your desk. This Company Dashboard includes performance metrics, industry changes, and advice from internal teams (HR, Finance). This will help to determine:

• What are the current company strengths,
• Where are current company weaknesses,
• Monitoring these changes year over year is critical.

Example: In the dashboard you notice net income has decreased. From the market update you see the inflation rate was higher than last years price. You believe Price could be a weakness in company growth.

Decide

Review for cohesion.

Finance sets the annual Budget allowing your team to manage the distrubition. You are looking to grow the business with a positive return on investment (ROI). The Decision Summary provides a comprehensive cost review of each marketing initiative. Annual Budget is based on previous years' earnings (i.e., high profit- high budget, low profit-low budget). There is no incentive to save monies, look to balance your priorities and spend the entire marketing budget.

Example: Each decision impacts the budget and can be viewed collectively on the Decisions Summary. Reporting is considered an expense and needs to be purchased each year. Available reports are denoted by a yellow dollar sign ($). Investment in reporting is critical to understanding the environment.

EXAMINE

Consider different strategies.

Now that you have a complete SWOT analysis you are ready to strategize. Decisions represent:

• Product (Brand, Advertising, Digital Marketing)
• Price (Manufacturer Suggested Retail)
• Promotion (Trade, Consumer)
• Place (Sales Force)
• Special (Yearly situations)

Decisions can include an increase, decrease, or remain constant. Analysis provides a view of how specific changes could impact performance.

Example: A strategic investment could be to increase the MSRP Suggested/ Retail Price of the products. To help determine the potential success we can use the Pricing Analysis tool.

Identify

Look for risks and opportunities

Once you understand the internal company, we can shift our view to the external market. Routine analysis includes:

• How is the pharmaceutical Market changing,
• What are Consumers needs, wants, and buying habits.

Example: In the Market: Pricing report we can see how price compares to the competition. To gain deeper insights, the Consumer: Trade-Offs graph demonstrates the balance between percieved price and effectiveness. By combining both Market & Consumer analysis we gain a complete view of how price is impacting the company's net income.

Advance

From strategy to execution!

Now that you have a framework of decisions that reflect your marketing strategy it is time to invest.

• Review the Decisions Summary,
• Make adjustments as needed,

• Advance (permissioned to Team Lead only).

Advance will lock in your team decisions and move the yearly indicator. This step will calculate and create a new scenario based on your investments.

Example: The decision summary may also include any oversights/ errors such as over budget. Make adjustments prior to selecting Advance as there is no ability to replay or restart.