MarketSim
This one-of-a-kind replica of a retail bank marketplace leverages a simulation to deepen your understanding of the risk/reward trade-offs in developing a retail strategy, integrating customer segmentation, product offerings, pricing, delivery channels, marketing and branding.
Program Learning
Objectives
- Have greater insight into the interplay between key retail strategies in product lines, delivery channels, and customer segmentation
- Understand the cross-departmental teamwork and integration necessary for retail bankers to achieve their goals
- Evaluate trade-offs in decision-making while solving to a business plan and balanced scorecard
Program Overview
The Scenario
Participants are divided into teams responsible for the operation of a $2+ billion retail division of a large community bank operating in a hyper-competitive, dynamic marketing environment. A set of decisions is made with a focus on desired customer segment mix, marketing, products, and delivery channels based on a business plan crafted by the team. After each decision, results are compiled, facilitated discussions of learnings are completed, and new concepts are introduced prior to the next set of decisions.
The Simulation
The simulation illustrates how customers are likely to react to simultaneous and various changes in Marketing strategies, Product pricing and setting features, and Distribution configuration. Each team is responsible for making decisions in the following areas:
- Marketing – Budget Development and Allocation; Brand Strategy; Segment Targeting
- Product Management – Product Selection, Pricing and Design
- Delivery – Customer Preferences for Distribution, including Branch Locations and service Level; ATMs Locations and Service Level; Contact/Care Center Services; and Mobile and Online Banking.
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