Business Simulation

The simulation allows for the students to devise and implement an integrated set of choices, including the overall strategy of the company, and see how the company performs in a mock setting. Learning outcomes include learning important business concepts, principles, and ways of thinking. Additionally, promoting better decision-making by learning to manage a totally integrated company in a rapidly changing environment. Furthermore, students learn the importance of using market data and competitive signals to adjust tactics, and lastly, they develop leadership, teamwork, and interpersonal skills.

The simulation is followed by a group strategic plan, worth 85% of the module marks. The plan is meant to highlight the key achievements and messages the company from the simulation would like to impart to the marketplace.

The `real-life’ electronic simulation in Marketplace Live allows for a fun, engaging competitive nature in the assessment. The electronic delivery mode offers the students a very wide range of support throughout the assessment, including 24-hour support offered by the software team, as well as lecturer support offered during the allocated time of course sessions.

Students are briefed in a kick-off session, which is a separate session typically in the week prior to the commencement of the simulation. Furthermore, each quarter begins with a briefing by the software providers about the task for the quarter (e.g., expand production capacity, open sales office abroad, introduce new brands, etc.). The lecturer also offered additional briefing via email to all teams.

In organising the group work, students self-select into groups of 5 or 6 ‘executives’. Students suggest the team of people they would like to be part of. Once in groups, students decide amongst themselves who will take on a primary area of responsibility, based on attitudes and proficiency. All students in a team get the same mark for the assessment.

There are 8 quarters to the assessment that centre on the following: 1) organize the firm, 2) set up show, 3) test market, 4) adjustment, 5) invest in the future, 6) expand market offering, 7) refine, 8) end of game.

The ranking from the simulation software scorecard is utilised for group marking for the assessment. The ranking in the simulation (100-0) is weighted by 15%. The main report (final strategic plan) is marked by the instructor and accounts for an additional 85% of the module marks.

All team members receive the same mark as it is a team effort. The report is marked by the instructor and then second-marked by a second marker. The assessment criteria for the report include ability to produce a highly professional business report, comprehensiveness, coherence and rigour, and ability to be convincing. Importantly, the report must show the team’s ability to manage by numbers.

The software offers detailed feedback at the end of each round of the game, including position in the marketplace, and outcomes in the balanced scorecard. The lecturer writes detailed feedback in a report on the criteria reported above.