The application of structural equation modelling indicates several significant relationships experimentation/experience has a strong impact on conceptual understanding value, and both of them have medium to high direct impacts on professional skills development. In addition, the model includes a fourth factor, related with the overall impression of participants regarding the simulation exercise. Three types of generated educational values are identified: experimentation/experience with strategic marketing, understanding of relevant concepts, and the development of skills applicable in real-life professional situations. Considering the research frameworks proposed by previous studies, an educational value generation model is developed and validated for the specific case of the Markstrat simulation, using primary data collected from 305 UK-based students. The article addresses the educational validity of business simulations used in management education.
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June 2023
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