Advanced Education

MarketSim

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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

MarketSim participants are responsible for the operation of a $2+ billion retail division of a large community bank operating in a hyper-competitive, dynamic marketing environment. Seminar participants are divided into teams with each team managing one of several banks in a community. A set of decisions are 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 and facilitated discussions of learnings are completed and new concepts introduced prior to the next set of decisions. The customer preferences and buying patterns in MarketSim are based on actual consumer behavior and demand elasticity factors that have been identified and documented through extensive client work and research.

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 able to make operating decisions, in turn impacting the customer, in the following areas:

  • Marketing – Budget Development and Allocation; Brand Strategy; Segment &  Product Targeting
  • Product Management – Product Selection, Pricing, and Design
  • Delivery – Customer Preferences of Physical v. Virtual Distribution, including Branch Locations and Service Level; ATMs Locations and Service Level; Contact/Care Center Services; and Mobile and Online Banking.
  • Channel Economics

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