SimVenture Software Business - Case Study Example

Reflective Writing Reflection on SimVenture Software SimVenture Software lesson served as a platform from which I could get in-depth understanding of various issues associated with business management. Primarily, the impact of the course was on the ways that an entrepreneur can achieve maximum benefits. In other words, understanding of SimVenture as part of a business course has changed how I perceive the manner in which a business is operated. This is because; the software served as an important resource that can be used in supporting a number of delivery structure and different contents of the course for example; you can use the software as the main part of the lesson to enhance the knowledge in the business discipline. Primarily, SimVenture software covers a number of elements associated with operation of a business and therefore, this served as an opportunity to integrate within the business management coursework and use the software in different ways in order to enhance my understanding of business management. However, the main business area that was impacted by the learning about the software was marketing. Under the SimVenture software, we learned about ‘the virtual environment’. During the lesson, I learned that, the software was able to generate a unique set of data that can be used in defining a virtual environment for the period of that simulation. Furthermore, it is possible to change various settings in order to change the challenge level in each game. For example; in the virtual market, there are several potential customers and are grouped into different market segments such as; service companies, professional services, corporations, and others. Since in each customer segment customers have unique set of feature, a market report can be created to provide data for all the segments (McClean, n.d.: 370). That is, data on market size, order frequency, typical price, product preferences, and order size are all indicated. As a result, such information can be used in marketing such that, a person can identify the market segment that has potential for attracting more customers and in turn offer those products or services. In addition, the SimVenture software offers information about virtual competitors so that, key competitors are identified in the market segment and the information can be used to improve marketing strategy for the company. The software can be used to commission competition research and businesses can view a report in order to see the design product and selling price of the market leader in all the market segments (McClean, n.d.: 370). Furthermore, the understanding of the market segments also contribute to enhanced understanding of cash flow because; the selling prices can be measured in relation to expenses used on the product. Competition in the market is also better understood using the software. This is because; the designs of the products remain the same all through the game and competitors only tend to adjust their prices when the market share has been threatened. Evidently, SimVenture software business game has been designed in order to respond to the best principles and practices. Therefore, it is possible for marketers, for customers and competitors to keenly analyze the data and to implement the most appropriate strategies so as to perform better in comparison to the groups that depend on guesswork in their decision making. At the same time, since a virtual company is usually managed on a monthly basis, I learned, I could develop a business issue such as marketing from a start-up for about one half years. This is possible because of the existence of the Run Month application that can be used to click on a given virtual environment and since it gives responses to the decisions made, feedback is provided in different formats. The information provided can be interpreted and be analyzed so that it can be used in drawing a marketing plan to be implemented in the coming months. Putting into consideration the fact that SimVenture software informs about the different levels of simulation- from those that are easy to those that are difficult- the software has been important in meeting the needs of people depending on the different expertise and knowledge. In other words, it is possible to learn progressively on what to be done to improve learning on issues such as starting up a business and successfully growing it, and even marketing it to ensure the growth of the business. Therefore, SimVenture software has the potential of being a game changer in the manner in which entrepreneurship is understood and that theory is applied in practice. Although it required a lot of attention, the inclusion of case studies in the course made it possible for me to understand the significance of being interactive and dynamic. That is, the course was a challenger for me so that I could not only seek to offer solutions to problems in the business environment, but to implement those solutions and evaluate on their effectiveness. This was because; every element of the business game has been covered in the lesson to help in enhancing understanding of the software in detail. In essence, I can mention that, SimVenture software as provided a platform from which as learners, we can engage in e-learning in way that we can share knowledge through a worldwide forum. I have also come to appreciate the authenticity of SimVenture due to the fact that there is an interaction of different variables with various algorithms that perform calculations as every month is being run. While it may be easy to work using the software without immense knowledge in technical skills, I found that gaining insights about the functioning of simulation was fundamental. This is because; after learning about the SimVenture software game, I realized that, the decisions that I make should not be based on guesswork as I used to do in the past. The tool provides an assurance about the effectiveness of the decisions that we make in our business lives. Therefore, I have learned to pay attention to my decision making process to avoid possible failure of my business venture. Generally, learning about SimVenture software has been intriguing and has helped to learn to take risks and learn from mistakes made in simulation and to avoid repeating the same mistakes in the future. After I have figured out how I can effectively apply simulation in practice, I can use the different scenarios to identify the wrong decisions and the right decisions for the benefit of the business. That is, SimVenture software caused me to re-think about every decision that I make so that I could get the best results for each decision made. SimVenture software knowledge is a tool that can even use in the future in my own businesses in order to make the best decisions for my business and to ensure high level of productivity for my business. Works Cited McClean, R. (n.d.) Proceedings of the 11th European Conference on Research Methods. London: Routledge publishers Read More