Assignment: Marketing Strategy
You must e-mail your instructor (one per group) with your strategy (short- and long-term). Since you have "practiced" the simulation for an entire week and read the manual, your report should be very specific. Creating a sound strategy is the most important process your firm will undertake because your strategy is the framework for all decision making and firm organization. The strategy should be a long-term vision for your firm that every member of your team can reference when making decisions and analyzing data. Strategy is defining segments served and creating a sustainable competitive advantage. It is your road map. It is where and how your firm chooses to compete. It is essential. (Interpretive.com, 2011) The paper should address the following elements:
- Business definition: Who do you want to serve and why? Be sure to include customers/segments to be targeted and customer needs satisfied. What is the rationale for these choices (e.g., segment attractiveness, market gaps, fit with resources, synergies)?
- Competitive advantage: What competitors will you compete against and how?
- Performance objectives: What are your firm's performance goals (e.g., cumulative profit, stock price, market share, intermediary metrics)?
- Key success factors: What is required of your firm to execute this strategy successfully (e.g., product development, outspend competition, first in market)? In essence, your marketing strategy defines your team. How aggressive is its decision making? How much risk is it comfortable with? Is it proactive or reactive to the marketplace? How patient is it with its decision(s)?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.