Marketing strategy and market repositioning for The Marketing Game

¶ … hypothetical board meeting, we will identify the following issues and questions regarding them that will come up during the meeting (or more than one meeting if necessary) regarding the marketing of the marketing game

Firms overall objectives

Target segment(s) to date

Marketing mix for your target segment(s)

Assessment of competitors

Overall industry trends

F. Successes and failures

G. Key learning experiences

H. Future plans in Level 2 of TMG (e.g., overall positioning, target segments, marketing mix, sample Level 2 plan, and etc.)

Firms Marketing Objectives

The Marketing Game's marketing strategy is to reposition itself to sell to a broader market. This will involve repositioning the market orientation to accept the broader market and to deposition the competitors of the product who are consuming the products of the competitors. This will include an expanded discussion of the company's marketing responsibilities till today in an attempt to leverage more market share by expanding into the business market. The board feels that we have been relying too much upon the student/academic market in the past and need to diversify the marketing campaigns.

Target segment(s) to date

Presently, the company markets almost exclusively to university business students who will apply their marketing knowledge in an interesting and way. Therefore, the market is mainly academic, although private marketing companies might also make use of the game in teaching basic skills to employees, hence the need for position marketing to reposition the marketing of the game to a non-student audience in private companies who conduct the marketing of products and services.

Marketing Mix for the New Target Segments

In this part of the meeting, we will discuss the classification of potential private or corporate customers by one or more characteristics which have similar needs and demand similar products and/or services concerning the recognized qualities of these products, e.g. functionality, price, design, etc. An ideal market segment will be internally homogeneous (potential customers in the same segment prefer the same product qualities), externally heterogeneous (potential customers from different segments have basically different quality preferences), will respond similarly to a market stimulus and can be cost-efficiently reached by market intervention. This will include market research reports, including market share by segment or brand, consumer preference studies, marketing effectiveness reports, sales by segment by channel, a consumer shipping habits study and also a product positioning report. This analysis will help determine which channels to emphasize in the future.

Key learning experiences

The committee will examine the key learning experiences (good and bad that we have encountered over the time that we have marketed our marketing game. This discussion will included such critical features as the retail price of the item. After all, it is not how much the company sells that matter, but rather how much we sell it for that will spell marketing success or failure and the customary markup in the channel. For this reason, it will be critical to determine the maximum price that the market will bear to sell each unit at. In order for company strategies to work successfully, one of the major factors is the product and to perfect our product we need to keep matching it to the consumer preferences.

We feel that if we could offer what consumers want, then the perceived value of the product may be higher and consumers who may choose our product over our competitors, allowing the repositioning of the item with our customers.

Future plans in Level 2 of TMG

In this segment of the meeting, we will discuss the above factors, but focusing upon future positioning strategies, market segmentation, marketing mixes and marketing plans for level 2 and other options as well as other marketing options for the marketing game. Previous analyses have dealt with as much as the marketing of level 1 as with level 2. In this phase, we will be looking exclusively at level 2. A variant future plan being discussed is to augment the product with relatively high-margin accessories/extra features and thus will likely provide a higher perceived value to our customer

s.

Conclusion

It is the opinion of the majority of the board members that market positioning and segmentation are major issues. To increase sales, market research will have to be done on these issues so that the Marketing Game Level 2 can expand its market share and compete on a more even footing with our competitors in the marketing game board market.