Introduction - Business Simulation Work Assignment Sample
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Business strategy game is a management game that takes a lead to provide a virtual reality to business theory. Therefore, it creates an effect that provides some strategies. It also can be used to generate profits, revenues and productivity. Therefore, the organization mainly uses this game to get a good exposure. Here I joined a team and started playing this business strategy game to get more exposure. As I am in a team and if anyone makes any decisions without consulting then it will create an effect. Here an Indian company named company-I have taken part in this strategy game.
Mission
In the business strategy game, we are divided into two different groups. The main vision is to face the challenges that will arise in the outside world. Therefore, my Company-I also competes with their competitors in the world market. Through that way I can also make strategic plans that relate to the workforce building, warehouse operations and distribution network. Therefore, we can also create a brand image to maintain stability in the world market. It also helps us to generate good financial performance that can be measured through stock price appreciation, earnings per share and credit rating and return on investment.
Vision
The company-I’s main vision is to create a low-cost leadership strategy that helps to create competitive advantages. Therefore, it also improves the market positions and helps to create brand recognition. After setting the vision we also can focus on the revenues, costs, brand recognition, product quality and performance and international market share. Therefore, it will help us to improve performance and set a strategic position. With the help of a low-cost leadership strategy we will be able to set a product price at a low rate. We can also set a differentiation strategy to set our business. Therefore, customers also get the products at an affordable range.
Values
Our company is mainly focused on improving the product quality. Therefore, we will be focusing on the customer's decision making behaviors. Then, we will focus on our employees. Therefore, employees also get the salary on time and also are able to create a good performance. We also will be providing the improvement, developing to create good performance and to build a sustainable growth. The company also creates products that will be environment friendly. Therefore, we also can give training that will be related to recycling the packaging and boxing and also be able to create a diversity in the workforce. Employees are also able to work in a flexible environment.
Corporate objectives
We build corporate objects based on the company-I. We also use SMART objectives that can be measurable, time-bound, specific, relevant and attainable.
To create a target market for the company-I through social media campaigns.
To get a measurement about the monthly followers in the social media sites to promote our new products.
To increase the sales of the product we had to focus on the social media platforms.
To generate more profits from the online customers.
Within a year of 2021 the company-I’s market share will be 20%.
Strategic decisions
There are few key components that we can use as corporate strategies. Those are mission, vision and potential corporate values to set a future for our company. Our company also needs to get resources that will help us to get more profits. The resources also depend on managing, assessing and planning the other strategic goals. Therefore, our company also makes decisions that will be helpful to reduce the risks. Then, we also will be able to check the trade returns and develop risk management. These innovations also help to stay away from the negative responses. Therefore, we need to set a strategic plan that will help to maintain six years future plans (Abston and Soter, 2020). Then, we also need to make a commitment with our employees and also develop teamwork among them. Here we take one years strategic plan and make decisions as per our need. We take the year of 2018 to develop a strategic plan. In the year highest share is INR 6.08k per share that will be beyond the exception. The investors are also invested in our business. Therefore, it helps them to get a profit from the share. Our company manager takes care of the social media sectors and other internet related segments. As a result, it will assist us in improving performance and establishing a strategic position. We will be able to set a low-cost product price with the help of a low-cost leadership strategy. We can also develop a differentiation strategy to help us establish our company. As a result, customers can purchase the products at a reasonable price. Then we will concentrate on our employees. It also helps them to remove the private level segments. Therefore, it also gives a concentration on the whole sale segments that also come under the social media sectors and other internet related segments. Through that way we earn the highest revenue in India and the nearby countries. It also generates some revenue that will help us to invest more in the stock market (Asiri et al. 2017). As stock market rates fluctuate then the investors’ expectations also can be limited. Therefore, our company’s credit rating will also stay at A+. It will be good for us to have stability in the market. For example, if the investors invest INR 110k per share in the stock market then the investors will be expecting to get the amount of INR 50k. Sometimes A+ ratings also cannot be up to the mark. Therefore, in the Asia pacific regions it can be profitable for our company. If we low the manufacturing cost of the product and also makes around 400 products. It also will increase the operational cost. That also helps to generate an indirect cost as per the sales. Therefore, it also helps us to get overall operating costs that will be a profitable area for our company. Therefore, It increases the revenue as well as production cost. As a result, employees receive their pay on time and are able to produce good results. We will also provide development and improvement in order to achieve high performance and long-term growth. The company also creates environmentally friendly products. The product costs will be 2.23 per product. It also creates a segment that helps to maintain the advertising cost. Therefore, our manager also needs to focus on the cash flow that will create 80 percent of the production. That also generates high profits and also focuses on the advertising costs (Annsoor, 2020). Therefore, we need to raise funds that are energy efficient and also help to gain profits. It also helps to create a demand forecast that can be high in the future. Therefore, the rate will increase by 7 or 8 percent. That will depend on the present year. We also need to focus on our company’s liquidity positions that can be used to check the net cash in the current year. Therefore, our company will be focused on the customer service responsibilities to manage the customers and also maintain the warehouse expenses. Our managers also agreed to raise the money to generate more profits. Sometimes the credit rating also can fall and it also helps to create a value stock in the market. Our company delivered worldwide.
Theoretical framework
Microenvironment
The micro environment mainly refers to that type of environment. In that way our company is also able to connect directly and be able to set business activities. There are various types of factors that can influence the performance and firm activities. The six components will be suppliers, general public, company, competitors and customers and marketing intermediaries.
The company
Our company mainly generates marketing plans that set a finance, human resource and top management. It also helps to generate some marketing strategies that help manufacturers, legal and human resources (Buil et al. 2020). That also helps to understand the customers' needs. It also helps to create customer value.
Marketing intermediaries
It also helps us to generate sales and distribution channels and promotional activities to create a delivery network. Therefore, our company-I also focus on the physical distribution channel like transportation, warehouses that also help to create marketing services in the advertising firms and market research.
Suppliers
We also focus on the customer's value through the delivery channel. Therefore, the vendors are also adding some cutting tools, parts and raw materials and equipment. It also maintains the reliability and quality to generate smooth functions in our organizations.
Competitors
Our company also needs to focus on the competitors that can come under resources and markets. It also creates a customer's value and sets a satisfaction level.
General public
We have to generate potential interest about our products among the customers. There are various types of public interest that create a marketing environment like local public, media publics, citizen-action publics, general public, internal public. It also creates an impact in our company and sets some objectives to achieve it.
Customers
We also try to create a relationship among the customers. Through the micro environment it is very important to set a delivery channel to engage with the target customers. Customers are mainly included with the government markets, international markets, consumer market and business markets. The distribution channel mainly creates a whole value that helps to engage with our customer.
Meso-environment
The meso-environment is mainly based on the business related factors. That can create some new threats and also opportunities. This environment also can be defined by the porter's five forces environment. Those we can also follow to check the market.
The threat of new entrants
Our company is new so there will be a lot of competitors and also there will be new companies entering the market. Those new companies will be given lots of money that creates a new future in theory (Halpin, 2020). Therefore, our company also needs to invest capital to make stability in the market.
The threat of substitute products
We have to remember that there will be a lot of products that are available in the market. We also can find out the threat. We also found that threats can come in different forms. Therefore, we need to overcome it through maintaining the quality and low cost and create unique products.
Bargaining power of suppliers
In the market there are various types of buyers in the market. Therefore, we need to keep our product’s price affordable. The customers also will create a friendly environment to encourage the customers to buy the products.
Bargaining power of the suppliers
We also have to focus on the suppliers or the distribution network. Therefore, we have to maintain a low rate to keep the suppliers on our hands. Our company also will maintain some low cost suppliers to get raw materials and other resources at an affordable rate.
Intensity of competition
After growing in the market our company also gained various types of competitors in the market. Therefore, we also need to make innovative plans to make more useful products. Also it will help them to maintain sustainability. Then, also gain a share market that will be available in the market.
Micro-environment
We also check the micro environment for our company. Therefore, we found pestle analysis. There are various types of factors that can harm our company. Those are economical, technological, environmental, legal, political and social.
Political
Political factors can differ based on the specific regions. As our company-I is an Indian company (Lin et al. 2018). Then we need to give business taxes to our governments. Therefore, a lot of issues will come like trade barriers, labors law and tax policies that also can create some issues.
Economic
Our company also needs to take care of the economic stability. Therefore, our company also needs to maintain the inflation rates, exchange rates and the interest rate. It also creates an effect to assess the company’s development.
Social
Our company also creates a value that helps to build a customer service relationship. That also creates a value to advance socialization in our company. Therefore, our company is also able to join various types of factors.
Technology
There are other types of factors that help to maintain a stability in the market. Therefore, our company also needs to focus on the technology part. That generates different types of reliance to generate new techniques.
Environment
Our company needs to focus on sustainability to stay stable in the market. Therefore, we need to focus on the different types of sustainable gaming products. We also need to follow the trends that can create an effect on the market. Environment wise we need to make games. Therefore, lots of customers will buy our products and generate sales.
Legal
There will be a lot of rules and regulations that come under the Indian government. In the India there are various types of laws like antitrust law, consumer law and discrimination law (Schmuck, 2021). For our company also there are various laws like legal law, health and safety law and employment law.
Recommendations and Future Scope
Here our company-I a gaming company’s recommendation and also future scope has been conducted. Our company faces so many losses and profits that it sets a lot of effective strategies. Here we also use cloud-base technologies to keep a track record about the products (Mammadova, 2021). Therefore, our management team also needs to set some competitive pricing strategies to gain success in future. Then, our company also makes two different types of teams to generate ideas and is also able to make a combined strategy to reduce the price. It also helps to set a price reduction structure and also expand a portfolio to generate an alternative procedure to maintain a stability in the market. We also need to focus on the market demand to get an idea about the product requirements. Therefore, we will be able to make those types of games. Therefore, the management team is also able to gain experience to set the comparative strategies with other employees. Our company also needs to check the e-logistics part that also makes the delivery process easy and able to make it more convenient. Therefore, it also boosts sales and also reduces the price. Then, we also check the various types of competitive strategies to find out the competitors in the market.
Conclusion
A company's strategic game is a management game that takes the lead in bringing business theory to life through virtual reality. As a result, it produces an effect that provides some strategies. It can also be used to increase profits, revenues, and productivity. As a result, our company primarily uses this game to gain exposure. Following the establishment of the vision, we can concentrate on revenues, costs, brand recognition, product quality and performance, and international market share. As a result, it will assist us in improving performance and establishing a strategic position. To remain competitive, our company must prioritise sustainability. As a result, we must concentrate on the various types of sustainable gaming products. As our company expanded in the market, we attracted a variety of competitors. As a result, we must devise novel strategies in order to create more useful products. As a result, our company will concentrate on customer service responsibilities in order to manage customers while also keeping warehouse expenses low. Our executives also agreed to raise the funds in order to increase profits. Sometimes the credit rating falls, helps to create a value stock in the market. Our company delivered all over the world.
Reference lists
Journals
Abston, K.A. and Soter, H.A., 2020. A Professionalism Conundrum: Development of Business Students. In Developments in Business Simulation and Experiential Learning: Proceedings of the Annual ABSEL conference (Vol. 47).
Aichinger, C., Docherty, M., Kronawettleitner, D. and Mühlböck, S., SUCCESS FACTORS FOR LEARNING WITH BUSINESS SIMULATION GAMES–A LITERATURE REVIEW.
Annsoor, B.H., 2020. The Effects of Business Simulation and Virtual Education on the University Education Quality in al-Balqa Electronic Academy for E-Learning: An Experimental Study. Palestinian Journal for Open Learning & e-Learning, 8(14), p.3.
Asiri, A., Greasley, A. and Bocij, P., 2017. A review of the use of business simulation to enhance students' employability (WIP).
Buil, I., Catalán, S. and Martínez, E., 2020. Engagement in business simulation games: A self?system model of motivational development. British Journal of Educational Technology, 51(1), pp.297-311.
Costa Oliveira, H., Sá, M., Barros, T. and Arantes, V., 2017. Teaching and learning accounting in an innovative business simulation: portuguese case study. TOJET: The Turkish Online Journal of Educational Technology, Special Issue for IETC, ITEC, IDEC, ITICAM, pp.533-538.
Halpin, A., 2020, March. Content Analysis of CEO Letters to Shareholders Authored by Business Simulation Participants. In Developments in Business Simulation and Experiential Learning: Proceedings of the Annual ABSEL conference (Vol. 47).
Hernández-Lara, A.B. and Serradell-López, E., 2018. Student interactions in online discussion forums: their perception on learning with business simulation games. Behaviour & Information Technology, 37(4), pp.419-429.
Lin, H.H., Yen, W.C. and Wang, Y.S., 2018. Investigating the effect of learning method and motivation on learning performance in a business simulation system context: An experimental study. Computers & Education, 127, pp.30-40.
Mammadova, P.D.S., 2021. Lifelong Education in Business: Role of Simulation Games in the Teaching Process. Turkish Journal of Computer and Mathematics Education (TURCOMAT), 12(6), pp.1834-1839.
Matute-Vallejo, J. and Melero-Polo, I., 2019. Understanding online business simulation games: The role of flow experience, perceived enjoyment and personal innovativeness. Australasian Journal of Educational Technology, 35(3).
Mustata, I.C., Alexe, C.G. and Alexe, C.M., 2017. Developing competencies with the general management II business simulation game. International journal of simulation modelling, 16(3), pp.412-421.
Newbery, R., Lean, J., Moizer, J. and Haddoud, M., 2018. Entrepreneurial identity formation during the initial entrepreneurial experience: The influence of simulation feedback and existing identity. Journal of Business Research, 85, pp.51-59.
Rosenthal, K., Ternes, B. and Strecker, S., 2018, June. Business Process Simulation: A Systematic Literature Review. In ECIS (p. 199).
Schmuck, R., 2021. Education and training of manufacturing and supply chain processes using business simulation games. Procedia Manufacturing, 55, pp.555-562.
