A few weeks ago Cohort 10 experienced a highly interactive simulation, in which students define and execute a business-to-business marketing strategy. The aim of this group exercise was to develop an understanding of the link between marketing strategy formulation and effective execution, and using segment and customer needs analysis to make product marketing and design decisions. “The simulation helped students experience the interconnectivity of each of the marketing mix elements in making strategic business decisions.” according to the course professor Dr. Michelle DeMoss, Ph.D.
Successful marketing strategies require consideration of a variety of factors, which may impact realization of goals. In this simulation, the students need to identify market segmentations, set a product price and discounts. They then allocate sales and marketing resources for each targeted segment including setting the level of spending on marketing communications and market research. Customer feedback is then provided by the program through dynamic video interviews so that students can gain important insights into the effectiveness of their marketing strategies. The simulation can be relayed a number of times, adjusting factors such as price and marketing investment to see changes in the results.
Dr. DeMoss was thrilled with the outcome of the exercise, stating that “the class performed very well, with one group achieving the highest simulation score yet! Students were so engaged in the exercise that they requested that the simulation be available to play for the rest of the semester on their own time.”