1. TEACHING MARKETING USING THE MARKSTRAT SIMULATION
College of Business
TEACHING MARKETING USING THE MARKSTRAT SIMULATION
Dr. Jeffrey P. Radighieri
Background
Assignment Summary
Experiential learning is a successful method for learning key course material (e.g. Diamond, Koering, and Iqbal 2016)
The marketing simulation is an important tool for delivering experiential learning (e.g. Laverie , Condon, Humphrey, and Mitchell 2018)
Goal of the simulation is to acquire hands on application of marketing activities that are undertaken in the “real world”
Markstrat is the world’s most popular marketing simulation, founded in 1977.
Taught at both the undergraduate and graduate levels.
Students serve as the marketing team for a company operating in a fictitious high-tech industry.
Teams make decisions about products, prices, advertising, and distribution of a set of products.
The process is conducted 6-8 times, with teams evaluated based on increases in stock prices and ROI.
Ongoing feedback from the simulation and the professor help teams continuously improve their performance.