Business simulation reflective report. Business Simulation Reflection Report Assignment (Scott).docx 2022-10-11
Business simulation reflective report Rating:
A business simulation is an interactive tool that allows individuals or teams to experience the complexities and challenges of running a business in a simulated environment. It provides a hands-on learning experience that allows participants to apply their knowledge, skills, and strategies in a realistic setting.
As part of my business course, I had the opportunity to participate in a business simulation where I was responsible for managing a virtual company. The simulation was designed to replicate the real-world challenges and opportunities that businesses face on a daily basis.
Throughout the simulation, I had to make a variety of decisions related to marketing, sales, production, finance, and human resources. I had to consider the short-term and long-term impacts of these decisions on the performance of my company.
One of the most challenging aspects of the simulation was managing the finances of my company. I had to allocate resources wisely and make strategic investments to ensure that my company was financially viable. This required a careful balance between short-term gains and long-term growth.
Another key aspect of the simulation was managing the marketing and sales efforts of my company. I had to identify target markets and develop strategies to reach these markets effectively. I also had to make decisions related to pricing, promotion, and product development to drive sales.
The experience of participating in a business simulation was incredibly valuable. It allowed me to apply the concepts and theories I had learned in the classroom to a realistic business setting. It also helped me to develop my critical thinking and problem-solving skills, as I had to constantly adapt to new challenges and opportunities.
Overall, the business simulation was a highly rewarding experience. It not only enhanced my understanding of business concepts, but also helped me to develop practical skills that will be invaluable in my future career.
Communication in Business: Individual Reflective Report: [Essay Example], 1224 words GradesFixer
I felt satisfied by the active members. At some instances, the two disagreeing members showed lack of cooperation, and, therefore, this affected the group to some extent. It facilitates Bravo Shoe Company to build better brand image which is beneficial for the advanced opportunities in competitive market scenario. Both leading company B and Nike Inc are part of global companies that try to improve their competitive advantage by strategically managing and using their competitive advantage. Constant efforts to improve HRM, aided the productivity to persistently increase. Download file to see next pages Read More McDonald 2011 asserts that exporting is one of the important elements of global business strategy that plays a significant role in making globalization a success. In the governance of a business may take a few strategies such as for launching a new product needs some backup strategy, it is necessary whenever the initial strategy does not show results in maximum then we still have some alternative backup strategy, so it does not require a long time to take any action appropriate in market penetration.
Business Simulation Report 3 Final Review of Performance and Recommendations
One of the crucial theories learnt in class applicable in any business environment is the Porters 5 forces of industrial analysis. However, at the same time trying to fix our problem with eco-friendly and image cars due to the fact that no cars were being sold in that sector. In this simulation project, there will be a project description provided in the start of every round. . Understanding each other is the first step of breaking the communication barrier. Boston: Harvard Business School Press.
In order to reduce the timescale of the redesigning, 5 products were also pulled out. I noticed due to the diversity in the group, there was no effective communication and there were issues when it came to sense of responsibility. Nike stock market picks to the next level of Online personalization. Personally, I believe am a natural leader who takes the mantle of leadership in any situation. Make sure we all knew how to fill in the decision document. .
First of all, my realizing is about myself. By this means I can assure to gain relevant and precise skills attributed to good communication and negotiation that can eventually help me in further grooming myself for future corporate and professional world. We are in the market to offer what they want at competitive rates. PR Newswire May 23, 2000. However, lecture topics and schedules are set by the college.
Business Simulation: Example of a reflection report of a business simulation
Critical performance of company performance I Over the four rounds company has the following key performance measures. We failed to draft the group rules due to the absence of a specific group leader, and this is the reason some members ended up leaving earlier while others overworked. There was a clash in personalities which was affecting some decisions. Growth of our company in this game very interesting and gave many valuable lessons. Individual reflection is one important way to portray regarding ones experience in working in the groups and gives ideas for a better outcome and ways with which difficulties can be overcome.
We allocated various sections of the funding proposal to different team members to complete ready to merge together when we returned after the holidays. Evaluation On the first meeting at the board room, we announced our Capstone Reflection have requested more information on the "reflection paper" so I am providing more explicit instructions below: 1. 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. The two companies have strong financial base. Initially, when the counter party came to meet us, one of the direct stood up and started the introduction, whereas it was the job of juniors, or the managers to do so, as directors are bosses and this particular act does not suit their designation. .
Business Simulation Reflection Report Assignment (Scott).docx
During the last week, we experienced a major group difference in what way to end the simulation. Template, Example from the year 2010 in the subject Business economics - Operations Research, The University of Surrey School of Management , language: English, abstract: Abstract Business simulation is simulation used for business training or analysis. After the learning experience, our team chose to follow the path of competitive price strategy from that moment henceforth. The credit-control period of 20 days was proven to be very effective for the management of the production. The article gives a brief introduction and an outline of the conclusions of the game and the relevant strategies associated with the same game.
We must be willing to hear opinions of all members of the team in making changes in strategy or action for operasinal company. Our main objective of the activity used in the assessment centre session was to make it as relevant to the job opportunity as possible. During this project, Anwar Hussain is provided with the responsibility of the sales and marketing department. Nevertheless, the team made an autonomous decision. We have identified our major competitors to include Reeboks, Fila, puma and leanings.
Brockbank, Anne, and Ian McGill. Our markets cover or divided into four geographical regions for ease of doing business; North America, Latin America, Asia-Pacific, and Europe-Africa. In the start of this simulation, we were divided into the teams. These geographic areas are covered and managed from divisional headquarters located in each. It is because; number of choices is available to the customers thus, they can switch to any product in the market. EaseBasic was rated the second highest brand for the workhorse segment.