Marketing Management: Exploring dynamic business decisions in UIC’s MKTG 560 course

Marketing management plays a pivotal role in business success, encompassing the analysis, planning and execution of marketing strategies to achieve organizational goals.

In the University of Illinois Chicago’s (UIC) MKTG 560: Marketing Management course, which is part of the online Master of Science (MS) in Marketing program, students acquire the knowledge, skills and experience essential for excelling in marketing roles. Developed by Dr. Alan Malter, this course emphasizes the imperative of data-driven decision-making.

Sharing insights into the course’s evolution, he discusses the integration of a strategic simulation game that provides students with an immersive experience in realistic business scenarios. As students navigate a virtual competitive marketplace, they analyze, strategize, and experience firsthand the consequences of their decisions. Students confront the challenges of data overload, and explore trending topics, like generative AI, which are increasingly prevalent in marketing today.

Learn more about the MKTG 560 course from Dr. Malter.

How did you approach the development of the MKTG 560: Marketing Management course? Any technologies or tools used to enhance the learning experience?

The MKTG 560 course is my favorite. I’ve been teaching it for quite some time, and I’m now in the process of adapting it for the online environment. I strongly believe in experiential learning, and while traditional methods like textbooks and lectures have their place, they often lack the practical application aspect. That’s where simulation games come into play.

In this course, students will engage in a simulation game that offers firsthand experience in dynamic business scenarios. Students will analyze, formulate and implement marketing strategies over a simulated decade. After completing the course, students really find this immersive experience valuable to their careers. They get the opportunity to roll up their sleeves and try different strategies in a low-risk environment (playing for grades, not real money). The simulation incorporates a lot of data, tools and performance metrics which equip students with valuable analytical skills essential for applying marketing research to strategic decisions. Graduate marketing students tend to be competitive by nature, so they also enjoy competing against their classmates to see whose marketing strategy will attract more customers and achieve the best firm performance.

How do you ensure that the MKTG 560 course content stays relevant?

The simulation exercises undergo regular updates annually, and I complement them by also discussing current trends and developments within marketing. For example, topics like generative AI and ChatGPT, which were unknown just a short time ago, are discussed. It’s important to address these emerging topics in our curriculum as they directly influence the future of marketing strategies and decisions, and how firms and customers interact with one another.

We also discuss brands that have experienced recent success and/or success followed by a big failure. This provides valuable insights into the dynamic nature of brand management. My course objective is to instill in students the skill of self-directed learning, since the field of marketing is a moving target and will continue to evolve throughout their careers. Lessons from the course will empower them to navigate future challenges with confidence.

What are the valuable skills and/or knowledge that students will develop in your MKTG 560: Marketing Management course?

We focus on dynamic decision-making, which is when you’re navigating management choices within an environment that is always changing. The world, and the marketplace, never stand still. When a decision is made and implemented, your own actions (and your competitors’ actions) further change the environment, so the demand for data is substantial. Data is needed to understand the current situation and is essential for effective decision-making.

Another element we explore in the course involves ‘data overload.’ This concept is experienced firsthand in the simulation, which mimics the influx of information students will encounter in real-world marketing roles. They’ll face challenges such as large flows of data, conflicting opinions within the management team on the best course of action, and looming deadlines. A graduate marketing program is a great opportunity for students to acquire this type of training and be prepared for future workplace challenges.

How will UIC’s MS in Marketing program prepare students for the current workplace climate?

Our courses cover what we think are the most essential areas of marketing, equipping new or mid-career marketers with the updated skills needed by today’s marketing professionals. Many of our MS in Marketing students come from non-marketing backgrounds. What we are particularly proud of is our program’s ability to equip students with the necessary knowledge and skills to transition into the field of marketing within a short timeframe. In just one year of full-time study, students can progress from having minimal marketing experience to being well-prepared to succeed in a variety of marketing roles.

Our online MS in Marketing program caters to individuals at various stages of their careers and provides them with the necessary tools and knowledge to thrive in an exciting industry.