Access the Marketplace Business Fundamentals simulation

Access the Marketplace Business Fundamentals simulation
Refer to the task list on the left side of the Marketplace Business Fundamentals simulation screen. Click on and perform each step in order. It is important that you take the time to read the instructions and explanations carefully before you make a decision.
As you make each type of decision, check the “Professor Help” feature to gain additional understanding of how to make more informed decisions. Use your study notebook to organize your thoughts and keep track of your decisions and their subsequent results.
Complete your first quarter and sign off. Now read through the
Task 1 instructions again.
Go back to the simulation and complete three more quarters (for a total of four quarters). Reflect on the questions in the task, on your decisions, and on the results of those decisions. What went right, and what did not work out as well as you hoped?
The simulation decisions by quarter are detailed below:
Quarter 1: Organize the firm and set up shop.
1. Name your company.
2. Decide on corporate responsibilities.
3. Review the market research.
4. Design two brands, one for each segment targeted.
5. Establish corporate goals and strategic direction.
6. Open one or two sales offices.
7. Build a plant.
Quarter 2: Go to a test market.
1. Set compensation packages for your sales people and workers.
2. Hire sales and service personnel.
3. Open new sales outlet for the third quarter (optional).
4. Set the selling price of each brand.
5. Design an advertisement for each brand.
6. Schedule the ads in the media.
7. Schedule the production of your brands.
8. Purchase market research.
Quarter 3: Make skillful adjustments and expand your market.
1. Review performance during the test market and adjust strategy and tactics.
2. Improve current brands (if necessary).
3. Hire additional salespeople and service staff.
4. Open one or two new sales offices for the fourth quarter.
5. Set the selling price of each brand.
6. Design an advertisement for each brand.
7. Schedule the ads in the media.
8. Schedule the production of your brands.
9. Expand production capacity to handle the projected increase in demand in the fourth quarter.
10. Purchase market research.
Quarter 4: Invest in the future.
1. Evaluate your performance in the third quarter by function and for the organization as a whole.
2. Review and revise your strategy in light of your assessment.
3. Evaluate and adjust your firm’s compensation packages.
4. Expand or revise your assortment of brands based on the new R&D features.
5. Set the selling price of each brand.
6. Design an advertisement for each brand.
7. Schedule the ads in the major media.
8. Plan the production of your brands.
9. Expand plant capacity to prepare the firm for your second year in business.
10. Purchase market research.
11. Check pro forma cash flow.