Creating Value in Marketing and Business Simulations: An Author's Viewpoint

Marketplace Simulations
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Key Takeaways

  • Summarize the process used by Dr. Cadotte in developing the latest edition of the award-winning Marketplace simulation. 

  • Illustrate how a valued pedagogy can be enhanced through careful planning and thoughtful consideration of the goals, strategy, features, and benefits of the learning experience.

  • ​Consider the adoption or development of a marketing simulation. It lays out the criteria for maximizing the learning potential of any simulation or serious game.

​Serious games and business simulations are inherently transformational learning experiences. Students can experiment with marketing strategies, test ideas, and experience the consequences in a virtual marketing environment. They cycle through this test–evaluate–revise sequence of knowledge acquisition, generally improving their outcomes, and reinforcing knowledge retention and skill development. Taken all together, these conditions help students develop their competence in marketing and business. 

Dr. Ernest R. Cadotte is the author of the Marketplace Live family of simulations that have been used by over 600,000 students across 600 colleges in 55 countries around the world. For more than twenty years, he has been studying and refining the learning process.

The purpose of this article is to summarize the process used by Dr. Cadotte in developing the latest edition of the award-winning Marketplace simulation. It illustrates how a valued pedagogy can be enhanced through careful planning and thoughtful consideration of the goals, strategy, features, and benefits of the learning experience.

The article would be of interest to anyone considering the adoption or development of a marketing simulation. It lays out the criteria for maximizing the learning potential of any simulation or serious game.

Dr. Cadotte is the Fisher Professor of Innovative Learning at the University of Tennessee.

To request a Personal Tour of Marketplace® Simulations, call 1-865-522-1946 or go to www.marketplace-simulation.com





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