To enhance students’ capabilities in financial services marketing, the Financial Services Marketing class of the MA Marketing Strategy programme at the University of Ghana Business School (UGBS), on Friday, 23rd June, 2017, held a practical financial services marketing simulation session at the graduate building of the UGBS. The session, moderated by Dr. Kobby Mensah, was intended to equip the students with a near-practical knowledge of financial services marketing through the use of the BANCSIM software.
In the practice session, the class was divided into four companies; Bank IQ, Team Politico, Formula 1 and Team Shakers, competing to solve practical marketing situations facing them as financial institutions. The interactive software (BANCSIM), offered the groups the opportunity to think and make decisions on their feet in difficult situations to meet organisational and customer expectations.
At the end of the 4-quarter simulations, teams were asked to explain the rationale behind their marketing decisions in group presentations. Team Bank IQ emerged winners with the highest profit and market share growth, quarter on quarter, followed by Team Politico, Team Shakers and Formula 1 respectively. Group members shared their experiences, noting some fundamental mistakes that they have learnt to avoid in decision making at their respective workplaces.
Addressing the class after the presentations, Dr. Kobby Mensah expressed his contentment for the startling performances put up by the teams within the short period of time that they were introduced to the BANCSIM software. The quality of rationale behind their decisions and the questioning during the presentations demonstrated the depth of their understanding of the software and its application to real life situations. He encouraged the students to continue practising with BANCSIM and other related software which has the tendency to develop students’ analytical, quick and deep thinking competencies. This, he added, will retool the students and prepare them for improved and innovative organisational crisis management.