Immersion in the digital simulation of international business

10:03, June 19, 2023

Students of "International Economics and Business" tried themselves in the role of CEO of a virtual international company

Students of the bachelor’s programme " International Economics and Business" within the framework of the course "International Business" have a unique opportunity to become CEO of a company and try themselves in different industries and business processes. Within a month, the 3rd year students of the programme under the guidance of Prof Zhanna Belyaeva and Prof. Yana Alekseevna Lopatkova, lecturers of the course, built their own international corporation in the simulator of the global economic space. Students managed offices, shops, factories, mines and other types of units, and also solved a whole range of business tasks on a daily basis: they developed competitive market strategies for their company, tested various products and services, engaged in personnel development, launched advertising campaigns, made decisions within a given time frame, built communications with partners on an open international constantly monitoring the changing market trends.

"The training business simulator provides an opportunity to work out theoretical knowledge of the course, apply it in practice in a digital format and gain real experience in managing key business processes. The guys learn how to manage an international company, build global value chains, interact with various business partners, while analyzing macro- and microeconomic indicators to implement the strategy and achieve maximum profit," Zhanna Belyaeva said.

The winners of the simulation were determined by the rating:

• 1st place - Rebyatki Kotyatki Company (Nguyen Phuc-Lam, Maria Konysheva and Denis Turutin);
• 2nd place - "NIPTech" (Matvey Vasheka, Ulyana Bogdanova, Vladislav Kachesov);
• 3rd place - "SRF IBC" (Anna Rozanova, Kirill Falaleev, Elizaveta Shmakova).

The students of the program shared their impressions:

  "When we heard about the business simulator, we thought it was just a game or just part of a course that needs to be completed. But no! This is an ingenious decision of our teachers to include a simulation game in the course, proving the enthusiasm and concern for the practical training of students. The way you play the game reflects the way you do business! You can spend hours learning the rules and how the simulation works and adapt to it, or you can play randomly depending on your preferences. You can study the market and find out where you can do business on your own without being influenced by competitors, or you can build your business based on successful models. It all depends on your decisions and whether you are successful or not also depends on the decisions you make during the simulation. Always be the first, be unique, keep an eye on your competitors and always think outside the box! If you are in trouble, ask your friends for help, because partnership and friendship are very powerful weapons!", - shared Nguyen Phuc–Lam, captain of the Rebyatki Kotyatki team.

"We chose the field of grocery B2C stores and provided high-quality products at average prices, paying attention to achieving a high level of service. At the same time, we sold high-margin goods, which allowed us to achieve high profit margins. We liked the competitive spirit of the game, all team members eagerly tracked the changes in our indicators and position in the rating," added the guys from the NIPTech team.

"An amazing platform that allowed you to build a business with your own hands. It is as similar as possible to real life - there is a chance to try your startups in simulation. We gained planning skills, the ability to negotiate and distribute money, not to be afraid to try again, developed managerial competencies, formed strategic thinking. Well, the most wonderful thing is that the practice of the game takes place in such an interactive game form, which could be cooler!", commented the students from the SRF IBC team.