Triggered by waves of wide-ranging, functional transformations the pace of change is constantly increasing in marketing. Digital migration and the explosion of business data has fundamentally altered the manner we collect, process, analyse and disseminate market intelligence. The increased volume, variety and velocity of information enables marketers to respond with much greater speed, to changes in the marketplace. Market intelligence is timelier, less expensive, and more accurate and more actionable.
The transformation in marketing practice is driven by the spread of analytics. As every element of the marketing mix is sensed, tracked and measured, marketers must be trained in the interpretation of marketing data, and the application of marketing analytics and marketing research methods.
To cope with the new norms of marketing, professionals need is a training program that speeds up their revival.
While platforms like MarketingMind provide the right blend of modern-day art and science, and while they impart the knowledge required by today’s marketers, they need to be supplemented with tools that impart experience in the interpretation and the application of marketing analytics.
This is where marketing simulators like Destiny© play a vital role. By telescoping time, they speed up the process of retraining marketing professional.
A key issue is the need to distinguish authentic simulators from the vast number of games that are masquerading as simulators. What you need is a genuine simulator that accurately replicates the marketplace and responds authentically to market dynamics.
Destiny© is an apt example of an authentic experiential learning facility. By replicating consumer behaviours, this highly advanced FMCG (CPG) marketing simulator offers a holistic learning experience for marketing and retailing professionals. Pitted against one another (or the computer), participants learn to implement effective marketing and business strategies, and develop an understanding of what drives store choice and brand choice. They become proficient in the use of market knowledge and financial data for day-to-day business decisions, and acquire an appreciation of supplier-retailer relationships.
To learn more about marketing simulators and what must be considered when evaluating them, check out these articles:
The author, Ashok Charan, is the developer of the Destiny© marketing simulator. He has over 26 years’ industry experience, working at companies like Unilever and Nielsen, and is currently teaching at the NUS Business School.
Note: To find content on MarketingMind type the acronym ‘MM’ followed by your query into the search bar. For example, if you enter ‘mm consumer analytics’ into Chrome’s search bar, relevant pages from MarketingMind will appear in Google’s result pages.
Is marketing education fluffy too?
Marketing simulators impart much needed combat experiences, equipping practitioners with the skills to succeed in the consumer market battleground. They combine theory with practice, linking the classroom with the consumer marketplace.