For students, simulations offer the opportunity to experience much
of the realism of making business decisions without ever leaving
the classroom. "MarketSim" is a computer simulation based on the
over-the-counter cold medicine industry. The exercise focuses
primarily on marketing activities and is designed to teach
marketing concepts in an active and stimulating environment. As a
member of a marketing management team, participants make decisions
regarding the product mix, pricing, distribution, advertising and
promotion. These decisions are them incorporated into a computer
simulated market to reveal how both the firm and its competition
performed. Decisions cover a time-span of 10 simulated years,
allowing participants to observe both the short term and long term
effects of their decisions.
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