The purpose of this exercise is for students to consider the financial consequences of various strategic decisions. Their goal is to increase overall profitability of this music festival event, while ensuring the foundation of a logical marketing strategy.
The spreadsheet is very easy to use and only allows students to enter future values, while providing historical information to assist with the case.
Type of Material:
Simulation
Recommended Uses:
This could be an in-class or outside-of-class project, and lends itself to both individual or group work.
Technical Requirements:
Excel to use the accompanying interactive spreadsheet.
Identify Major Learning Goals:
Students will learn how to synthesize many marketing and introductory financial concepts to solve a true-to-life marketing problem. The exercise not only supports planning and analytical skills, but also those involved in preparing and discussing reports.
Target Student Population:
This exercise could apply to both high-school or college-level marketing courses, as it can easily be modified to the students’ level of understanding.
Prerequisite Knowledge or Skills:
A basic marketing course, along with general strategic decision concepts would be helpful.
Content Quality
Rating:
Strengths:
This exercise is very well-designed, incorporating marketing analytical thought tied to financial outcomes. It allows the student to not only brainstorm effective solutions to the dilemma, but to see the impact of those decisions on the financial bottom-line. By providing a spreadsheet with historical data, students can clearly see the situation’s trends, and can work to project outcomes. As such, this exercise is much more comprehensive than what is available in many introductory marketing textbooks. The site is pretty clean in design. Instructions are clear and concise. The interactive spreadsheet allows students to easily see the impact decisions and data can have on profitability.
Concerns:
None
Potential Effectiveness as a Teaching Tool
Rating:
Strengths:
The exercise is very relatable for students, and can easily be reinvented in another music genre if preferred. The information is self-contained, requiring no additional development, though it can be tweaked to incorporate other student decision-making, prepared materials (i.e. promotional items) or presentations as a final component. It would be ideal to use as a concluding project for an introductory marketing course, as it encapsulates a great deal of content and synthesis of thought. If utilized as a group project with presentations, students would further benefit from observing how various solutions can solve the same dilemma. The site is pretty clean in design. Instructions are clear and concise. The interactive spreadsheet allows students to easily see the impact decisions and data can have on profitability.
Concerns:
None
Ease of Use for Both Students and Faculty
Rating:
Strengths:
The exercise is well-developed, understandable, and engaging. Students are provided with a relatable marketing problem, and are asked to solve it. The inclusion of the spreadsheet affords the chance to see the financial outcome of those decisions in a split-second, thus allowing enhanced analysis. Due to the discussion elements, this exercise may lend itself best to an outside-of-class group project. If doing in-class, several time blocks will be needed. There are good discussion and analysis questions provided which should provide students with some foundational understanding of strategic decisions and the impact they have on business results.
Concerns:
None
Creative Commons:
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