Experiential learning is an effective way to involve students in learning by doing. By using marketing simulations, a dynamic learning experience is created where students develop rich knowledge and skills. While there is strong anecdotal evidence simulations develop knowledge and that involvement in simulations is important, the empirical evidence is mixed. This article presents two studies examining the use of simulations as a pedagogical tool. In the first study, we explore how involvement is related to a positive learning experience, the achievement of course student learning outcomes, effectiveness as a learning tool, and student satisfaction with the simulation. With the knowledge that students perceive the simulation as a positive and effective learning experience, we explore the marketing content knowledge students develop from the simulation in the second study. Knowledge frameworks constructed from the qualitative data provide evidence that students gain marketing content knowledge and cognitively engage with marketing content through higher-order thinking. Students moved beyond conceptual knowledge to gain marketing content knowledge at the procedural and metacognitive levels. The findings of study two suggest that using a marketing simulation helps students develop marketing content knowledge and develop higher-order thinking skills. Additionally, our results demonstrate that involvement positively influences several student outcomes when using a simulation as a pedagogical tool.