TUTORIAL: http://smallbusiness.goventure.me/Shared/Video.asp (It is recommended that you watch the tutorial before beginning the simulation, as it will provide guidance in properly starting your business and how to effectively use the simulation.)
HELPFUL RESOURCE: The following link is also a helpful resource for completing the assignments (and in general): https://www.sba.gov/.
ASSIGNMENT 3 INSTRUCTIONS:
Please provide your answers in thought-out, coherent paragraphs and use complete sentences.
- Develop a marketing strategy for your company. How will your plan help you succeed in the competitive environment? How would investing in sales and marketing research and programs help in the development of a marketing strategy and in the running of your business? Bring examples from decisions you have made in the simulation.
- Understanding how consumers make purchase decisions allows you to know how to best position your business to serve their needs. Some consumers are price conscious, some are brand conscious, some are feature conscious, while others are concerned about a combination of these factors. What did you observe about consumers in the simulation? Did you choose to target one or more consumer needs? Explain.
- Did you advertise your business? Why or why not? How would understanding your consumer profiles impact you advertising decisions? Explain. How would opening a website impact your business? What should you consider before doing so?