Virtual-reality business simulation games (VRBSGs) have garnered attention in management education. However, investigating the design of efficient VRBSGs from an integrated perspective of social cognitive, self-determination, and cognitive load theories is crucial but under-addressed. Therefore, this study developed a VRBSG learning system to enhance students' learning of retailing management in pet nutrition. Specifically, this study investigated the impact of technological and instructional support and how the VRBSG can affect students' psychological needs and cognitive load, improving their learning achievement. A total of 214 undergraduate students were recruited as research participants, and the data collected were analyzed using the partial least squares method. The results showed that the learning achievement of the experimental group playing the VRBSG improved significantly. Surprisingly, technological and instructional support did not significantly influence learning anxiety. The VRBSG design considered pet nutrition knowledge, the prompt of the VRBSG mechanism, and students' successful feelings about the learning materials and content. This design can provide students with good feelings in a situated learning environment. These findings have significant implications for the use of VRBSGs in management education, particularly in the field of retailing management.