Strategist Simulation

Question 1

Cons of simulation

Answer 1

• Not same as real life situation (e.g. stock improving)
• Groups/students not taking it seriously (careless, risky, myopic decisions)
• Hard to work with some students
• Harder to have everyone work at same pace (real-time element)

Question 2

Pros of simulation

Answer 2

• Explore interrelationships between company, its competitors and customers
• More interactive/first-hand experience (participation, commitment, passion) vs case studies
• Easier to learn from experiences rather than reading about it (sharing failures/successes)
• Good teamwork experience

Question 3

Key learnings of simulation (innovation)

Answer 3

• Innovation plays essential role in the introduction of products (attract innovators and spread awareness to imitators)
• Innovation renews and extends the PLC (design and quality)

Question 4

Key learnings of simulation (competition)

Answer 4

• Trends that winning companies start are followed by competitors
• Need for considering competitor perspectives to come up with solutions to counter their moves
• Decisions are not as easy/straightforward as portrayed in textbooks and case studies (competitor moves)

Question 5

Key learnings of simulation (marketing strategy)

Answer 5

• Every element plays important role in orchestration of marketing strategy
• Marketing mix should adapt on market conditions/PLC stage
• Think long-term when making marketing/pricing strategy, not just launching strategy
• Pricing is a very important element in any marketing strategy