Part 1: Simulation Naming Your Business Assignment
After you decide on a name for your simulation clothing store, enter your start-up decisions in the simulation and respond to the following questions.
Answer the following questions. There is no minimum word count, but be detailed.
1. What clothing product line do you intend to offer? What other kinds of products can you envision selling at your store?
2. Describe your “target market” (the customer segment you want to serve):
3. List some advertising mottos, jingles, or lines to which your target market might relate to:
4. Which name did you choose? Why? Enter the name in the start-up decisions in the simulation once the simulation is open for play.
Part 2:Simulation Business Plan Assignment
***This assignment is based on the Simulation, not on your own business idea.***
Planning is essential in any business. This assignment is designed to help you develop a basic “game plan” that can help you make decisions as well as to reflect on the decision-making process for your retail store in the Simulation. Use the guide questions below to write a business plan to describe who you are, what market your business will serve, and how you will ensure success. Use the context of the simulation for your plan, and be sure to address all major decision areas.
Limit your plan to 600-800 words total. Use proper spelling and grammar. Refer to the rubric for grading. Click here to learn more about business plans. (Links to an external site.)Links to an external site.
Answer the following questions in paragraph format.
1. Company Description – Who are we?
2. Market Analysis – What market are we serving?
3. Marketing – How will we market our business?
4. Projections – Where do we expect the company to be in two years?
Part 3: Simulation Marketing Assignment
Marketing is the process by which a company creates and distributes something of value to its customers. It encompasses a wide range of activities in your business. The 4P’s of marketing – product, price, promotion, and place – provide a framework for understanding the process of creating and distributing value to customers.
Complete the following questions as it relates to your Simulation.
1. Who is your target customer? Be specific! It should not be everyone.
2. How would you define the product offered at your store? Is it just clothing, or something more than that?
3. What methods can you use for setting the price? What tools are available for measuring the impact on your price decision? (hint: refer to page 11 in the student case manual
Actions for more about pricing, and look at possible tools you could use to measure impact – i.e. Breakeven Analysis)
4. What is the role of advertising/promotion in your marketing mix? How might you measure the effectiveness of your decisions?
Please use correct spelling and grammar in paragraph format. The word count should be between 500-700 in total (not per question). Refer to the rubric for grading. Click here to view a sample assignment.