PharmaSim is a marketing management simulation that gives students experience with brand management using the over-the-counter cold medicine industry. Students will explore and analyze rich customer and competitor data, wrestle with their marketing mix, and strive to create awareness for their products.
Company: Interpretive Simulations
Approximate price: $30-$50/user
Playtime: 10 * 90-120 minutes
Learning objectives: PLANNING & ANALYSIS: Write a marketing plan, Monitor implementation of plan, Use market research effectively MARKET SEGMENTATION: Define “segment” in marketing terms, Identify segments in PharmaSim, Match target segments with products CONSUMER BEHAVIOR: Describe the purchase process, Identify problems with purchase process, Adjust marketing mix to influence behavior MARKETING MIX: Identify the 4Ps of marketing, Describe push/pull promotion strategies, Use appropriate mix for target markets, Measure efficiency of decisions CHANNEL MANAGEMENT: Flow of goods from manufacturer to consumer, Explain impact of discounts and promotions, Choose appropriate mix for channel, Communicate problems and plans PRODUCT MANAGEMENT: Explain product life cycle, Choose portfolio of products, Adjust marketing for each product, Allocate resources among products
Link to simulation home page: https://www.interpretive.com/business-simulations/pharmasim/