***THIS ASSIGNMENT IS BASED ON YOUR ENTREPRENEUR SIMULATION (RETAIL STORE)*** 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 4Ps of marketing product, price, promotion, and place provide a framework for understanding the process of creating and distributing value to customers. Watch the following video on the 4 P’s of Marketing https://www.youtube.com/watch?v=Mco8vBAwOmA&feature=emb_title Complete the following questions as it relates to your Simulation. 1. Who is your target customer? (hint: it is not “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 the Chapter 14 slides and to page 11 in the simulation student case manual for more about pricing) Click here to read more about pricing products. (Links to an external site.) 4. What is the role of advertising/promotion in your marketing mix? How might you measure the effectiveness of your decisions? Total word count (all answers combined) should be 500 words. Please use correct spelling and grammar. Refer to the rubric for grading.
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