Our Thoughts On Markstrat
After experiencing the Markstrat world and playing the game in a team of three for seven weeks, we had an in-depth understanding of the importance of analyzing and interpreting data using various reports in Markstrat. We feel that some features in Markstrat were useful and some features that could use major improvement. Areas to improve as a simulation evolve around simplicity and clarification. One recommendation is to make Markstrat simple and straightforward. For instance, when we first started playing the game, many of us felt uneasy and confused about all the functions that Markstrat offered. We were unsure where to begin, thus we always had to refer to the long Markstrat manual. A simple solution to this problem is to create a YouTube video of instructions on playing the game instead of making students read 74 pages, which demotivates students to play the game. Take the logistics and operations of the Benihana simulation for example. The simulation had a simple short video to show students how to play the game and even included a manual. The game also had endless trial runs for students to practice before the actual game. If Markstrat had a similar design, students will be more inclined to adapt to the system quicker. Having a save and submit decision feature would also be helpful to lock in decisions.
Another recommendation to improve the simulation is to make the Sonite and Vodite product realistic rather than “invisible.” For example, if the products were clearly identified as a mobile phone instead of using a broad term, “playing in the electronics world”, students would think of the product as an iPhone or android and have a more rational and realistic feel during the game. Lastly, providing a Markstrat tips section would benefit students to learn on mistakes on previous periods. We had little idea why we did so poorly, particularly in production and inventory, so having improvement tips would help improve on strategies. For example, provide a description of why we did not sell enough inventory in the last period or why we had too much inventory.
Various tools and reports were found useful in making future decisions. For example, having multiple market research studies options allowed teams to think of which studies to purchase and which were useful to analyze next period. We decided to purchase six studies at the beginning of the game and did not purchase anymore until halfway through. We realized we needed to purchase the market forecast study to analyze the growth rate of the five segments. Looking at reports and utilizing tools in Markstrat were very important to beat competitors and to improve performance each period. Overall, the simulation tools used in Markstrat were helpful in gaining a better understanding of a competitive marketing environment.
Learning Outcome:
By not having our recommended improvements as part of the simulation, we were able to experience all the simulation tools and tactics of the game. Some tools were found interesting and helpful, whereas some were irrational and frustrating. After playing four rounds and testing our strategy, we learned to be more aggressive by allocating our budgets into advertising and commercial team. However, after seven weeks of the game, a major regret was to not launch a new Sonite product in the middle of the game to target another segment for a maximized stock price index. We realized the shoppers segment had the largest target segment in the market and we missed the opportunity to target this segment.
If Markstrat incorporates our improvements in the simulation, students will be able to adapt faster to the game and learn quickly in the first and second round if features were simple and straightforward to use. By having Markstrat tips, students will be able to learn from their mistakes and improve their performance in future rounds. These recommendations will reduce student stress level, frustration, and confusion if implemented.
Connecting Our Learning To Experiences:
After our experience in the Markstrat world, there is a variety of applications that we can apply into real world situations. For example, we learned that we could not make random guesses; we had to look at various reports to make important decisions and compare reports to previous periods to see how competitors played. Another key concept that we learned was the importance of marketing trends. The marketplace in the real world is constantly changing; the same applies in Markstrat. Consumer preferences are always changing, so as marketers, we need to adapt to these ongoing and quick changes. We also learned to target a specific segment to focus on their specific needs and wants. This concept is important if marketers design an advertising campaign for a new product for a firm. Most importantly, teamwork was the primary success of our simulation. We understood the weaknesses and strengths of each other that benefited us to make better decisions.
Working Together
In the initial stages of this journey, we found it difficult to make decisions as the three of us did not previously know each other. We did not know anything about one another except for the fact that we all had busy schedules. After the first five minutes of our first meeting, it was evident that we all had passive personalities and did not want to offend anyone in the group. Thus, when it came down to making the decisions, it took a lot of time and passive negotiations to come up with a conclusion. Moreover, with our busy schedules, it was incredibly hard for us to find a perfect time outside of the given class time to meet up with each other.
Soon after, we came to the conclusion that because we all lived so far away from each other that we would arrange skype meetings each week outside of class time to discuss. We also set an afternoon aside for us to get to know each other, which assisted in improving our team dynamics. Overall, we worked well with each other and after a couple sessions we were able to be much more decisive.
