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A marketing simulation game usually contains a number of scenarios and provides participants with results in response to their decisions. The games can be played either by individuals or teams. The learning environment is usually a collaborative and/or competitive market in which participants represent companies which need to take decisions in ...
Markstrat is a multiplayer business market simulation game developed by Jean-Claude Larréché and Professor Hubert Gatignon in which players take control of a virtual corporation. [1] Players make a number of decisions in marketing, finance, research and development, and other areas in order to achieve a better performance than competing ...
In most cases, the terms business (simulation) game and management (simulation) game can be used interchangeably and there is no well-established difference between these two terms. Greenlaw et al. [ 11 ] determine a business game (or business simulation) as a sequential decision-making exercise structure around a model of a business operation ...
Because business simulations simulate real-world systems, they are often used in management, marketing, economics and hospitality education. [11] [12] Some benefits of business simulations are that they permit students to experience and test themselves in situations before encountering them in real life, [13] they permit students to experiment and test hypotheses, [13] [14] and that subjects ...
Marketing mix modeling (MMM) is an analytical approach that uses historic information to quantify impact of marketing activities on sales. Example information that can be used are syndicated point-of-sale data (aggregated collection of product retail sales activity across a chosen set of parameters, like category of product or geographic market) and companies’ internal data.
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In a virtual test market, new products or marketing and distribution strategies can be tested without the risk and time constraints discussed above. Another advantage is the ability to test many different products in one Virtual Test Market as the computer simulation can always be reset to the original situation before the introduction of a new ...
Virtual store research is an extension of the traditional methods of marketing research. [1] While marketing research employs techniques like focus groups, surveys and observation to better understand consumer decision-making, virtual store research uses these standard research techniques within a simulated store setting, delivered via computer.