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Business Simulation Game Report Assignment Sample

Pages Pages: 13

Words Words: 3288

Business Simulation Game Report Assignment Sample

Introduction to the team

The team is made out of three people who have aligned with their roles and responsibilities which they need to pursue during the project. There are presented two figures providing the details regarding the scope of business as well as accountability of the tasks to each member. During this project, Anwar Hussain is provided with the responsibility of the sales and marketing department. The second member of team Faredoon Kan is provided with the responsibility of handling the financial considerations and the last memberSafeen Kasei is provided with the task of operations management. The responsibility of the organizational tasks is divided among these 3 equally.

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Figure 1: Scope of Business

Accountabilityof team members

Figure 2: Team member’s accountability

In the project, the roles are aligned to each and every team member on the basis of their skills, experience as well as their choice so that they can give their best efforts in completing their tasks with complete efficiency and can also make the business decisions effectively. Considering the operations management, Safeen out of all the team members is specialized in this task and her experience will help in reducing the costs of operations as there will be eliminated the repetitiveoperations in the process. On the other hand, Faredoon has a keen interest in accounting and finance activities. He likes to make the calculations and he is good at managing the funds. He has the responsibility to manage the financial accounts and cash flow statements for the project and preparing a path to arrange the money from the financial institutions as well as any other external sources. Talking about the last team member Anwar, he has specialization and experience in the marketing and sales activities. He has knowledge regarding the pricing strategies, promotional activities, as well as different other sales and marketing, approaches in order to promote the product and selling it to the targeted market.

Justification for the new start-up

There has been used the B2B approach for the new start-up named as Annie’s Computer after making deep market study. It has been identified that there is aggressive competition in such a segment which has compelled the company to focus on its quality and making it better than its competitors. It is also required to focus on the prices of the products that the customers can find them worth it as well as affordable. Anwar has made the research on the market and it has identified the preference of the customers,size of the market as well as the market segmentation. The research has identified that the preference is given to better characteristics, unique designs, exclusive quality as well as best performance. These are the approaches used by the company to achieve a competitive advantage:

  • Strategic Alliance
  • Product Differentiation
  • Cost leadership
  • Amplifying the average value of order

Figure 3: Strategic Justification

Business Plan

The business plan has been prepared by the complete team together for the new start-up Annie’s Computers (Appendix 1). This business plan has been prepared for a time period of the upcoming 3 years which is completely dependentupon the simulations. There have been involved in the mission statement of the organization along with its KPIs. The important activities are shown in the business scope which supports the strategic concentration of the company.

Strategy

Competitive Edge

Differentiation technique

High value of orders

Consumer-Centric

 

Timescales and a detailed plan for production

 

Market Research

Assessment of distributors

High incentives on maximum numbers of orders

amplification ofRelationships with suppliers

Re-Designing

integrated Market Research

Quality Products

Production method: Just-in-time

Promotions

Promotion of the Value Proposition

Website development

 

Skills development and training to staff

 

Innovative redesigning technique

 

Figure 4: Annie’s Computer’s initial prioritiesDecision making in monthly team meetings

There will be made a review of each past decision made at the start of each month's meeting that was the decision right or wrong. It has been identified that whether the essential resources were used effectively in order to meet the demands of the customers and satisfying them through the concept of order conversion. The main agenda was the criteria for strategic decision making (Figure 3)of Annie’s Computers.With the help of a review of the pastperformance, we were provided the opportunity to conduct an analysis of the potential gaps identified. It helped us in treating those gaps by taking immediate action so that the future risks can be minimized.

Figure 5: Decision making of Annie’s Computers

Meeting decisions evaluation

1stmonth

It was the starting phaseof our project in which we went through the concept of market study and for which we also hired a professional who provided us with useful information and outcomes regarding the market. An accountant was also hired for some time in order to keep the procedure of the credit controlling on the check. We were aimed to give minimum 14 to 16 hours every week for this module. In this phase, we developed a website for the start-up. After that, we made a plan for the activities to be carried out and also started the training for getting the knowledge and specialization into the marketing & sales activities. We receive our very first order by the ending of this first month. We realized that it is very important to formulate website for the business to establish a market in the initial phase.

This month, we also got to know about our customer's preferences and their perceptions after getting the market research report. We also got an idea of working on the redesigning of the product as well as working more on quality according to the demands of customers. There was an increase in the production costs so we collected £800 from team member’s personal resources.

2nd Month

Firstly, we identified the potential gaps in the past month's performance and then we realized that we need to input more of our time which might be 20 to 22 hours in a week. Thenwe started working on making improvements in the unique selling proposition of the product. This month, we realized that we are lacking in analyzing the market segmentation which resulted in us low inquiries on the orders. In order to ensure the accomplishment of our start-up, we made a partnership with Max Performa, a famousdistributor of our area and it has a wider network to serve including the overseas. The company focused on the redesigning of the products and also focused on the selling period.

3rd Month

As planned, we reviewed the past month's performance before carrying out any other activities. In the 3rd month, we carried out the research on the reaction of the customers for the new designing of the products which led us to decide the final price of our product to make it saleable in the market. Wearranged a marketing campaign which was helpful for us in developing leads for the conversion. We identified that we had decided higher selling prices for our products which made us least competitive in the market. The advertisements helped us in bringing brand awareness and increasing the sales of our products.

4th Month

This month, we identified the requirement of making improvements in the features of our new product. Customer research was also made which helped us in creating an effective pricing policy. In order to reduce the timescale of the redesigning, 5 products were also pulled out.There were received the highest 12 orders this month which were accounted for approximately £50,200. The team took decision to carry on the discount rate at 10% for 5th month also as there was a gross profit of 35%. These decisions made by the team were proved to be beneficial.

5th Month

There were identified the increment in the orders so the team members took the decision to increase their production ours to 25 hours in a week. The sales training proved to be very effective which helped in the skills development of the team members. There was generated cash flow for £35,500through 5 new sales orders. There was identified that there was an unpaid balance of £10,590 after the 20 days credit limit. It was calculated that there is a requirement of 45 hours for the team to work that week to complete the production. The production was outsourced in order to meet the deadline which resulted in the negative downfall of the profits.

6th Month

In order to set the benchmarking of the produce, the industry standards were decidedby the complete team. There were certain factors such as high quality, strong features which helped the company in raising the profits and the company received 15 orders for a bunch of 100 units in total.

All the decisions made to increase the product and making the quality of the products better helped us in achieving our goals and these were also helpful in maintaining the overall performance of the company. The credit-control period of 20 days was proven to be very effective for the management of the production.

Assessment of achievements against the business strategy

The decisions made in these months for the company were proven to be very effective for identifying the best suitable factors of the company as well as an interesting approach for marketing. The main decisions were regarding the advertisements, industry standards, redesigning of features as well as the discounts which helped in improving the performance of the company. They helped in increasing the gross profit of the company. It ultimately resulted in gaining a competitive benefit in market. There was also the credit payback time of 20 days which helped us in the management of the cost base of the company. The KPIs were met with the help of these important decisions made during this time period. Following is given the key summary of the financial implications:

Section 2

Anwar Hussain’s role and contribution

I was given the responsibility of managing the sales and marketing activities for this new business start-up and I was responsible for making effective decisions after conducting the market research. Following are my responsibilities:

  • Conducting primary market research
  • Analyzing the market segment and consumer preferences
  • Conducting marketing campaigns
  • Making effective pricing strategies for the products

I was able to help my team in making effective decisions regarding pricing strategies. I helped them in identifying the demands of our customers and then accordingly changes were made in the product.

Lessons learned regarding business strategies and working with a team

During this project, I learned the importance of teamwork. It is very necessary to assigning the job roles among the team members and the joint efforts made by the team members can help in the effective implementation of any plan. It is very necessary for a business to have coordination among all the departments. Business strategies play an important role in achieving organizational goals. These strategies are made in order to make an organization achieve what it wants. The decisions were made effectively by the joint team members regarding the business strategies to be undertaken. I have learned that these two aspects are very necessary for a successful business plan.

Understanding regarding SimVenture

After conducting the analysis on the SimVenture, I have got to understand that there are certain factors that are very important for the evaluation and effective implementation of the business activities. I developed my understanding regarding the SimVenture that there is a requirement of different departments such as finance, operations as well as marketing and sales. The software is very important for business people in order to assess business performance regularly. I have my perspective that this tool can be helpful in conducting market research and understanding the consumer's perspectives. The complete analysis of the SimVenture hashelpedme in building my understanding regarding the business tool which is quite useful for the entrepreneurs. 

Appendix

Business Plan and accountability of team

There will be used the next-generation technology by Annie's Computers in order to make use of the technical innovations for the consumers and considering their demands. The main aim of the company is to lead the niche market segment with the help of research, development, gaining the competitive edge as well as making the changes in the product design as per the consumer’s preferences.

Annie’s Computer’sObjectives

  • Maintain a competitive edge in the niche market with the help of effective pricing strategies and providing attractive discounts to establish the market for the business.
  • To achieve higher sales through the high-value orders and effective marketing
  • To differentiate the outcomes with the help of benchmarking and setting the standards for the products in the market

Mission Statement

LONG-TERM ORGANIZATIONAL OBJECTIVES (0-4 Years)

Person Responsible

Organization Scope/Objectives

Required skills as well as resources

Faredoon Khan

Due to the increment in the production, relocating the business into a larger premise

Funds, workers, transpiration, relevant location, Network

Faredoon Khan

Recruiting human resources for high production

Training and development programs set a plan for the hiring

Anwar Hussain

Achieving the objectives of marketing and sales through making effective moves

Relationship with customers, relationship with distributors and suppliers, market research

Safeen Kasei

Assessment of the high-quality products offered by competitors

Redesigning of the products,

Assessing the requirements of customers, identifying the per-unit cost of production

Faredoon Khan

Making the investment for the business development

New workforce, skill development, and personal savings

 

SHORT-TERM ORGANIZATIONALOBJECTIVES (0-6 Months)

Responsible authority

Organization Scope/Objectives

Development areas and required resources

Safeen Kasei

·         Manufacturing the required units in each of the quarter

·         Hiring the necessary professionals

·         Evaluating the designing of the products according to customer’s demand

·         Maintaining good relationships with the suppliers

·         Outsource the necessary agencies for the timely production

·         Funds for providing consultation charges

·         Analysis of micro and macro environment

Faredoon Khan

·         Recruiting an accountant

·         Keeping all the records of funds

·         Arrangement of money for business growth

·         Reviewing and modifying the cash flow every month

 

·         Keeping and maintaining the financial books in an appropriate manner

·         Arranging the funds from family and friends

·         Management of the cash inflow and outflow

 

Anwar Hussain

·         Monthly research on the niche market segment

·         Considering the feedbacks from customers for necessary changes in products

·         Selection of the target consumer segment

·         Development of the website of the company

·         Market research reports, market campaigns, advertisementfunds as well as effective tools for pricing

·         Report of customers feedbacks

 

Faredoon, Anwar and Safeen

·         Creating a balance between personal life and professional life

·         Personal skills evaluation and development

·         Training and development programs for business

·         Review of the costs associated with the project

·         Data related to expenses made on operations

·         Necessary learning modules and books for training

·         individual performance benchmarking

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