Business Strategy Simulation
The Business Strategy simulation expertly combines the theory and practice of strategic decision-making in a realistic, controlled environment of a dynamic organisation and industry. Designed and developed by Learning Dynamics, this simulation is sold by Pearson Education in Europe as My Strategy Experience (MSX). The simulation puts students on the board of directors WRSX, a global advertising agency. Working in teams within class groups, teams compete against each other to make a strategic analysis of the business, put together a business plan and then make decisions on the future strategy of the company.
It’s no coincidence that the Business Strategy simulation fits so well into different learning environments and courses – it was carefully developed by simulation experts at Learning Dynamics, with input from authors of the Exploring Strategy, now the world’s top strategy textbook https://on.ft.com/3vDm07l
The simulation enables students to work through the 3 key phases of the strategy process:
- Understanding the Strategic Position (this is concerned with the impact on strategy of the external environment, the organisation’s strategic capability in terms of resources and competencies, the organisation’s goals and culture)
- Evaluating Strategic Choices (looking at the methods to help move strategy forward)
- Strategy in Action (how strategies are formed, implemented and evaluated).
The Business Strategy simulation is designed to:
- Teach / practice strategy
- Improve student engagement
- Enable large student cohorts to be taught online, globally
- Provide the link between understanding strategy theory and being able to implement strategy
The simulation is run as a curricular or extra-curricular activity at both Undergraduate and Masters level and has been designed to be flexible so that it can be integrated into modules for course credits or used as a capstone for a strategy course or as an engaging Executive Education event.
Lecturers can personally assign the phases, enabling students to work through the parts of the simulation in the correct order and speed in relation to the strategy course. Teams can work through the simulation on campus or participate virtually enabling students to join the simulation from anywhere in the world and across time zones. There is no limit on numbers participating so the My Strategy Experience simulation is ideal for teaching large student cohorts.
The advertising industry has undergone significant strategic change in recent years and has seen the emergence of major new competitors as well as driving change in long-established global advertising agencies. Being a service business and working with some of the top global brands means that WRSX, the simulated agency, must position itself in line with global trends and issues that are important to its clients such as environmental responsibility, ethical standards and embracing diversity as well as making profits and delivering shareholder value. The simulation is updated regularly to reflect changes in the industry and business environment.
Each phase of the simulation requires teams to produce documents or make presentations that demonstrate their clarity of strategic thinking and their ability to apply theory, models and frameworks to a real business. In the third phase, Strategy in Action, teams must attend a series of board meetings where they are faced with a range of strategic challenges and decisions. Each decision that they make impacts on financial performance and on a series of Non-financial Performance Indicators: Management of Growth, Management of Risk, Leadership Capability, Corporate Social Responsibility, Client Attraction & Retention, Procurement & Supplier Management. The combination of Financial and Non-financial Performance Indicators delivers shareholder value.
Extensive Educator resources are built into the simulation including a Lecturer Guide to the simulation, suggested timetables, an optional pre-simulation exercise on the industry, teaching notes for the advertising industry case study, lecturer-only feedback for each agenda item in the board meetings, suggested learning reviews etc. In addition, our User Community is keen to support lecturers using the simulation for the first time.
Students are encouraged to keep a learning review throughout the simulation. A scoring system is built into all phases of the simulation so that it can be run competitively, where appropriate, with teams working together to produce the best scores for each individual phase and best combined score.
My Strategy Experience: Run online or on campus
Academic research based on My Strategy Experience:
An Action Research Enquiry of Third-Level Student Employability Competences through the Implementation of a Business Strategy Software Simulation
Anne Crowley, BSc, HDip, MBA, MAMunster Institute of Technology, PhD https://doras.dcu.ie/25338/
Strategic Management Simulation as a Blended Learning Dimension: Campus based student’s perspectives
Jason Evans, Clive Kerridge , Mark Loon, James Carr and Denise Kendry
Delivered on The Simulation Space Platform
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