APPLIES TO ACADEMIC YEAR 2013/2014

ELE 3746 Marketing decision-making simulation

Responsible for the course
Ragnhild Silkoset, Matilda Dorotic

Department
Department of Marketing

Term
According to study plan

ECTS Credits
7,5

Language of instruction
English

Introduction
This marketing decision-making simulation course provides students with an opportunity to learn how to evaluate prospects in the marketplace, set up a competitive strategy and make strategic entrepreneurial decisions. Drawing on the premise that the best learning is by doing, this course provides students with hands-on experience in marketing decision-making, through the engaging game in which students run their company (or market-division of a larger company) and compete against each other in the simulation of the realistic marketplace.

This course aim to provide students with an understanding of what it takes for a success in the fast-paced, competitive market where customers are demanding and the competition is working hard to take away your business.

In the simulation, the students start up and run their own marketing division, deciding on various elements of business strategy which affects customer value creation: the product, price, place/distribution channels, promotion, budgets, human resources and financial planning. The students are given control over their businesses and in the competition with other they are responsible for the success or the failure of their virtual companies/divisions. Repeatedly, the students must analyze the situation, plan a marketing strategy to improve it, select the tactical options to implement that strategy and then execute their strategy and tactics. Incrementally, they learn to skillfully adjust their strategy as they discover the nature of their real-life decisions, including the available options, linkages to other parts of the business, conflicts, tradeoffs and potential outcomes.

Learning outcome
Acquired knowledge
After finishing the course the students will be able to understand the important concepts, principles and strategies in marketing which are relevant in any managerial post.

Acquired skills
After finishing the course the students will be able to

• develop their marketing management skills by giving them an integrated perspective of the entire marketing operation.
• develop their strategic planning and execution skills within a rapidly changing environment
• analyze and follow their company’s market share and various other performance metrics
• analyze competitors, read and understand what is happening in the marketplace and plan preemptive moves against competitors’ decisions
• promote better decision-making by helping team-mates see how their decisions can affect the performance of others and organization as a whole.
• develop teamwork across functions, and open up new communication links
• internalize how important it is to use market data and competitive signals to adjust the strategic plan and more tightly focus marketing tactics
• instill a bottom line focus and the simultaneous need to deliver customer value.
• crystallize the linkages between marketing decisions and financial performance.

Prerequisites
Marketing management or other corresponding courses

Compulsory reading

Other:
Cadotte, E. R. and Bruce, H. J. 2008. The Management of Strategy in the Marketplace, Innovative Learning Solutions, Knoxwille. Selected Chapters: 2, 3, 4, 5, 6 & 9. N.B. Electronic version of the book or its hard copy can be purchased directly from this link http://www.marketplace-simulation.com/products/textbook-purchase-info.php


Recommended reading

Course outline

• Analyze market research data;
• Design brands to appeal to different market segments;
• Devise advertising campaigns, sales force incentives, and price option;
• Allocate scarce funds to R&D, advertising, and distribution;
• Select and prioritize R&D projects, leading to new product features;
• Plan and roll out a marketing campaign;
• Manage cash;
• Compete head-to-head with other business teams;
• Adjust strategy and tactics in response to financial performance, competitive tactics, and customer needs.

Recommended workload in hours