MARKSTRAT: NEW VERSION OF THE BUSINESS SIMULATION
31 May 2022
Business simulations are widely used in MIM-Kyiv’s programs. MarkStrat is one of them that integrates strategic marketing management skills.
As the part of the simulations the students should:
- Maximize share prices;
- Expand market share;
- Boost sales;
- Increase net profit; and
- Invest in R&D.
“We are using the seventh version of the simulation. It has a lot of visualization, graphs, etc. The students should analyze more data, especially as a part of the market research. Besides, the students can work from anywhere rather than from MIM-Kyiv’s computer class. Group work promotes teambuilding skills, allows more discussions and more independent decision-making,” Myroslava Grozinska, Head of the academic administration department and MarkStrat instructor.
“Any simulation allows practicing managerial decision making and risk-taking in a safe environment. It is the best place to try creative strategies, learn from mistakes and analyze the strengths and weaknesses of the decisions,” Myroslava explained.