Marketing Simulations in Education: A Brief Overview for the Markstrat Simulator

Abstract

Worldwide, there is a strong need to extend the multiple layers of learning techniques in order to improve the entire educational system, the experiences of the stakeholders involved in the process in order to be able to generate competent knowledge workers and to have a healthy and competitive knowledge environment. Experiential learning is one of the important methods used by educational units and companies as it provides an immersive, hands-on approach to the process. Since marketing is a vital pillar for institutional and business success, marketing simulations are often used to (eventually) contribute to gaining a competitive edge over others. Used in education, a marketing simulation assists the transition from student, to employee and to employer in the current digitalized knowledge society. The aim of the paper is to provide a brief overview on an international and wellrecognized marketing simulation entitled Markstrat (by StratX). The used methodology is quantitative and based on sources of secondary data such as books and articles. The findings of the paper show the structure of the online marketing simulation Markstrat by StratX, highlighting its key components.

Keywords

• marketing
• marketing simulations
• strategic marketing
• markstrat
• education