Upon studying the fundamentals of strategic marketing theory and framework thinking, students of i3L Master’s Program in Management for Life Sciences Business (MBM) will automatically be recruited to manage the marketing department of the cosmetics division at a large corporation in the Markstrat World. There, they will immediately assume the role of marketing manager and encounter fierce business competitions with four other companies in this Markstrat Challenge.
Markstrat is a highly-recognized Strategic Marketing simulation used in most of the top business schools in over 60 countries. It is one of the business simulations used by i3L School of Business, a school which offers MBA students and professionals a risk-free business simulation in order to test theories and make decisions. This number one marketing simulation will give MBA students a way to apply their knowledge in real market situations. Thus, this simulation can equip students with hands-on marketing strategy experiences.
Solving the Markstrat Challenge is not only about case study analysis, students will also see the effects of what they do as they will be competing against other companies. Their performance will be measured from their sales, market share gain, profit, growth and product development. So, students will not only devote more energy, but also learn from their mistakes and successes alike. Students will be asked to present their marketing plan to justify their marketing strategy planning & budget spending, just like an actual marketing manager.
This number one marketing simulation from StratX can help turn MBA students and professionals into effective strategic marketers as they are able to learn about “Brand Portfolio Management”, “Segmentation”, and “Positioning strategies” through it. They need to come up with a 4P Strategy (Product, Price, Place/Distribution, Promotion) for 7 executive rounds, which is equivalent to 7 actual professional years.
Students will be asked to conduct comprehensive market & competitor analyses which could be obtained by purchasing research projects: Markstrat is beyond just reading market share and distribution coverage data. Students need to analyze brand awareness, purchase intentions and shopping habits of each segment and utilize all these insights to make their strategic marketing decision.
They also will be asked to do portfolio analyses by reading through Multidimensional Scaling Studies which is a powerful marketing tool to understand consumer needs and a guid to do proper communication projects. Not to mention, students will also gain the ability to use Semantic Scales study to analyze ideal and perceived characteristics of products which is the key information for R&D Projects.
For over 30 years, StratX business simulation games have helped world-renowned institutions and organizations engage, inspire and help students to become the successful marketers they are today. Now, listen to what i3L Master’s Program in Management for Life Sciences Business says about this simulation after engaging in this Markstrat Challenge.