What are Marketplace Simulations?
Let your students experiment with entrepreneurship strategies in an engaging game-like exercise. They launch new products to the market and manage the entire product life cycle, from introduction to growth to maturity. Learning content is gradually and purposefully introduced as the market evolves.
Core Learning Content
|Strategy||Students live and breathe strategic analysis, strategy formulation, tactical execution, and the strategic management of resources to achieve their business goals. A pitch to outside investors and a formal business plan can be added to further contribute to strategy insights.|
|Marketing||Develop, price, and promote a portfolio of brands to target market segments.|
|Sales||Create global expansion strategy based on market potential, costs, and available resources.|
|Manufacturing||Project demand, schedule production, and invest in capacity expansions. Manage inventory, lost sales, and excess capacity.|
|Accounting/Finance||Review financial statements, brand profitability reports, and industry financial ratios in order to manage operations, cash, and profits relative to stated goals. Plan the firm’s finances with pro forma accounting and investing and lending options.|
|Human Resources||Create compensation packages, including employee benefits, that affect employee productivity.|
|Business Negotiations||Negotiate R&D license agreements.|
|Entrepreneurship||Start up and run a new venture. Students face new issues, decisions, and information as they naturally unfold over the lifecycle of the company/product.|
Key Differences Between Strategy Simulations
Introduction to Business and Strategy - Bikes
Strategy and Business Policy
Advanced Strategic Corporate Management
|Description||Focuses on the development and management of business strategy across all functional areas and over time. Establishes the need for strategic planning without a formal template. Instructor can add a mental model to guide student work.||Builds on Introduction to Business and Strategy with a bit more functional complexity. The major focus is on formal strategic planning based on the OST (objective-strategy-tactic) mental framework. Templates are provided for strategic analysis, strategy specification, tactical execution, and real-time tactical control.||Provides a deep understanding of the entire business enterprise in the global market. Students must deal with complex strategic and tactical issues across all functional areas. Success requires the use of a wide variety of business concepts and analytics. Includes formal strategic planning templates based on the OST (objective-strategy-tactic) mental framework.|
|Typical courses||First course in strategy and policy||Capstone business course with a strong strategy focus|
|Educational level||Second or third year undergraduate students||Fourth year undergraduate students. Introductory courses at the master’s level are also viable.||MBA, EMBA and possibly advanced undergraduate students|
|Decision rounds||6 decision rounds of 60 to 75 minutes||6 decision rounds of 2 to 2.5 hours||8 decision rounds of 4 to 4-1/2 hours|
|Class size||20 to 40 students. The optimal game size is 4-6 teams of 3-5 students, up to 8 teams are possible. Parallel games work well with larger classes; as many as 30 games of 30 students have been played simultaneously.|
|Languages||English•, Spanish•, Polish•, Portuguese (Brazil)•, Lithuanian•||English|
|• Compete against classmates or computer (all games playable against classmates)|
Instructor/student interaction is encouraged. Students are highly receptive to coaching, targeted lectures, and exercises that enhance their strategic planning and management skills. A variety of these resources are provided to help instructors. In contrast, little effort is required to help students with Marketplace Live. Student work is self-guided with an intuitive interface, lectures, contextualizing videos, and detailed help files. A Balanced Scorecard is used for student feedback, management by the numbers, and grading.