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MARK 1009

The business laboratory is a computer model of an operating industry. The course is the first of two designed to be as "real life" as possible. Teams of students assume control of a firm in an industrial simulation, competing against other firms. They must analyse the firm's current situation, identify its numerous problems, develop market plans and general strategy and formulate a mission statement. They must deal with internal technical problems and external competitive problems as they arise. They must manage the firm through two years of operation, adjusting to a varying economy which is in recession. The students learn by doing, receiving a direct response for each action taken, adding reality to theory. They become more aware of other disciplines, learning to rely on each other and to use a team approach.