Effects of participation in a simulation game on students’ numeracy and financial skills

1. Effects of participation in a simulation game on students’ numeracy and financial skills Ross Brennan Lynn Vos The authors gratefully acknowledge funding support from the Academy of Marketing

2. Overview • A tiny bit of background • The essence of the argument • Hypotheses • The study • Findings • Limitations • Questions & discussion

3. Student perceptions of enjoyment of the game FROM A PRIOR STUDY BY THE SAME RESEARCHERS Did not enjoy .................. Absolutely great!

4. Student Comments (Gathered from Student Reflective Statements) FROM A PRIOR STUDY BY THE SAME RESEARCHERS • “the game was educational and fun” • “I gained more practical experience than I could have gained in other modules” • “perfect opportunity to put theory into practice” • “importance of target marketing and using market research” • “applying strategic marketing theory to a real life situation” • “This real life situation was the best way to see how all elements of the marketing strategy mix are related to each other” • “really improved my financial analysis and budgeting skills” • “learned to communicate and work successfully in a group” • “importance of budgeting in marketing which I didn’t learn elsewhere” • “how important it is to meet target market needs” • “learned about distribution, dealers and role of sales reps” • “learned how dependent each element of the mix is on the others”

5. 2. Essence of the argument

6. 3. Hypotheses • Hypothesis 1: Marketing students’ scores in a standard test of numeracy skills will rise following their participation in a simulation game that requires them to engage in numerical analysis. • Hypothesis 2: Marketing students’ scores in a standard test of financial skills will rise following their participation in a simulation game that requires them to engage in financial analysis. • Hypothesis 3: Marketing students’ self-efficacy in handling numerical and financial issues will improve following their participation in a simulation game that requires them to engage in numerical and financial analysis.

7. 4. The study Pre- and post-test quasi-experimental design without control group Demographics Self-efficacy (5 questions, 8 point scale) Numeracy (10 questions, right/wrong) Financial (5 questions, right/wrong) PRE-TEST (WEEK 2) INTERVENTION (WEEKS 3-10) POST-TEST (WEEK 11) PLAY SIMBRAND (8 ROUNDS) WITH TUTORIAL SUPPORT Demographics Self-efficacy (5 questions, 8 point scale) Numeracy (10 questions, right/wrong) Financial (5 questions, right/wrong)

8. CESIM SIMBRAND: SCREENSHOT

9. CESIM SIMBRAND: SCREENSHOT

10. 5. Findings • 127 respondents pre-test • 88 respondents post-test • 76 fully paired-up responses used for analysis • Description of the 76 • 33male, 43 female • Characteristically mixed ethnic origin • 29 A levels; 22 UK vocational; 19 overseas qual. • Mean age 21.7 years

11. 5. Findings

12. 5. Findings Table 2: Mean Scores Before and After Participation in the Simulation Game

13. 6. Limitations • Single institution, small sample • No control group used • Only short-term effects measured • Tutorial support provided – the game was a learning environment, not the only pedagogic tool

14. 7. Questions & discussion Slides illustrating research instrument available if desired The authors gratefully acknowledge funding support from the Academy of Marketing

15. Self-efficacy

16. Numeracy (marketing math)

17. Basic accounting