![]() ![]() The mission statement will guide your decisions and provide a method of achieving your goals. Your mission statement should be brief and include the purpose of your company, your target market and how you intend to differentiate yourself from competitors. What is your company’s Mission Statement?.Your Marketing Plan should be one page in length. To complete this written assignment you will need to be logged into your Music2Go company (through the Smartsimswebsite) and the prescribed textbook may also be helpful. The next step is for you to write your Marketing Plan which will guide your company to achieve the highest Total Marketing Contribution (TMC) over five decision periods. You should now have an understanding of the MP3 Player market, your company, and your product. What was your Awareness index last year?.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). ![]()
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