Business Game and Using Game Simulation Website - Coursework Example

Keywords: Business Game, Game Simulations, Marketing Strategy

Introduction

Business games have been defined as “games with business environments that often tends to lead to a single or double results of either training players in business skills (hard or soft) or to evaluate the player’s performances (quantitatively or qualitatively).” Most business simulations are often employed for business acumen training as well as development. The learning objectives embrace strategic thinking, decision-making, problem-solving, as well as financial analysis, market analysis, in addition to operations, teamwork and leadership (Teach and Govahi 2016).

Business games are played where one or more players appear to compete and cooperate for payoffs, conferring to an established set of rules. Hence, the players often behave as themselves; however, they can well display exceptional behaviour. Business games are usually social systems as well as also includes players, rules as well as resources that are the core edifice blocks of the social systems. In every game, the players appear to interact with each other, while applying altered rules, as well as utilising different resources (Teach and Govahi 2016).

Marketing Analysis

Practice Round 1

Considering our target markets the USA, Asia and Europe for the products with the market prices at USD 280, USD 2000, and USD 150, the anticipated market growth varies at 17%, 22% and 10% respectively (Cesim 2016). Product 1 is expected to hold a market share of 20 in the USA, 20 in Asia and 10 in Europe, whereas the initial introduction of product 2 will currently hold no share within the market (Cesim 2016).

Round 1

Increasing Product 1 market prices in the USA to USD 400, Asia to USD 2500, and Europe to USD 300, the market growth within the regions are expected to grow at 15%, 28% and 10% respectively (Cesim 2016). Subsequently, product 1 market share is also expected to portray a decrease value of 15 in the USA, an increased value of 40 in Asia, as well as a decreasing market share value of 8 in Europe. Introducing Tech 1 and Tech 2 in this given round increases our product’s demand estimates to 2000 and 5000 respectively (Cesim 2016). However, the next rounds’ demand estimates after the initial adoption of Tech 1 and Tech 2 reduces these estimates to 1000 and 2800 (Cesim 2016).

Round 2 and 3

Assuming that the organisation, as well as its competitors, hold their market prices within the market regions at a constant, then all other marketing factors are also expected to exhibit regular rates. Thus, the predicted market growth remains constant, as well as the product’s market shares (Cesim 2016). As such, the market’s demand estimates or predictions also shows ongoing results at the initial adoption of Tech 1 as well as the subsequent rounds after the tech’s acknowledgement.

Round 4

From this given round, our organisation assumes to holding their marketing aspects constant as other competitors try to manipulate as well as alter some of their marketing issues to try holding a significant position in the market (Cesim 2016). Thus, failing to modify the organisation’s marketing factors exhibits similar results in regards to the organisation’s predicted market growth, market shares as well as the demand estimates (Cesim 2016).

The Business Game Explained

The object of the given business game is to meet consumer demand for the cases of product 1 with minimal expenditures on the organisation’s operations or decisions. Consumers anticipate on certain things and aspects when they often walk into a business, as well as those with the absolute levels of service, will often know how to recognise these expectations in addition to meeting them to the consumer’s satisfaction. Customer expectations are dynamic features that ebb as well as flows regularly in accord with a broad range of features. Nonetheless, when prospects are not met by performances of the organisation’s customer service agents, customer dissatisfaction is the outcome (Cesim 2016).

Therefore, in a market that is fast-changing, businesses need to know and understand their customers as well as their altering needs in addition to requirements. The biggest risk for any organisation is to nose-dive to adjust to modifications within the marketplace. Thus, in an increasingly multifaceted trade environment, it also becomes apparent that not all consumer requirements, as well as purchasing habits, are the same. Hence, considering the business game, it is significant to understand the potential customers as well as any likely developments within the buying patterns (Cesim 2016). By emerging a vivid direction that responds to these alterations using an acquisitive strategy, further developing the market not just via the nature of the product as well as the services it provides, but also via the improved dissemination opportunities it creates (Teach and Govahi 2016).

The Benefits of Meeting Customer Expectations

When an organisation can precisely identify as well as adequately meet their clients' expectations, their customer service status will inevitably be enhanced (Teach and Govahi 2016). Thus, some of the given benefits of achieving the customers’ expectations embrace:

• Consumers that transform from the first-time visitors to the loyal clients.
• Increasing sales as consumers feel more contented doing business with the organisation.
• More recommendations from the satisfied users who bring in additional business opportunities by word of mouth.

No uncertainty sufficiently meeting consumer expectations is an indispensable part of an active customer service department. Hence, by accurately recognising the customers’ expectations, as well as meeting and exceeding them consistently, the organisation is likely to enjoy gladder customers as well as healthier bottom lines (Teach and Govahi 2016).

The Strategic Decision

To decide on the right marketing mix, the simulated related business has to meet some given conditions that will embrace among others, the following:

• The product is to possess the right features - for instance, it ought to look good as well as work well.
• The price also ought to be right. The customer will need to purchase in large numbers to yield healthy profits.
• The product must be in the correct place at the precise time by making sure that the product arrives when as well as where they are needed as a critical operation.
• The target groups need to be done cognisant of the existence as well as the availability of the product via promotion. Hence, successful promotions will aid the simulated firm to spread its costs over larger outputs (Cesim 2016).

The strategic decision taken in the given scenario involves focusing on a single brand that would the place the chains in about each other. This means the associated benefits of every chain of stores to attain the requirements of the consumer, by-product in addition to the competitive attributes. The belief is that this given strategy can be employed to craft a broad range of retail prospects, each of which will serve diverse customer requirements. Thus, the service will underpin every retail brands’ strategies (Teach and Govahi 2016).

Of all the facets of the marketing mix strategy, the price is the one that generates sales returns - all the others are considered as costs. The price of the product is clearly a crucial determinant of the values of sales made. Nonetheless, in theory, the price is indomitable by the encounter of what consumers recognise the value of the product on sale. Researching the consumers' views about pricing is essential as it designates how the simulated organisation values what they are searching for in addition to what the customers want to pay (Teach and Govahi 2016). Thus, every institution's pricing policy often appear to vary conferring to time as well as circumstances.

Subsequently, the proposed strategy decision involves taking promotion into consideration. Development and promotion include the business of maintaining communication with customers (Teach and Govahi 2016). The belief is that advertising will tend to provide information and data that will assist in making decisions regarding the purchases of the product in focus. In the model simulation business, pace, as well as the creativity of some given promotional activities, appear to be almost alien to the ordinary business undertakings. The cost concomitant to promotion and advertising products often represent the sizeable proportions of the general costs of producing items. Conversely, the successful development will incline to increase the sales so that advertising, as well as other expenses, are blown out over a larger output. However, an increased promotional motion is usually a sign of response to a particular problem, for instance, competitive activity that enables the simulated organisation to develop as well as build up a succession of messages plus can be exceedingly cost-effective (Teach and Govahi 2016).

Conclusion

An essential set of decisions a given organisation can make is those concerning selection of the products the company will provide, of the consumers for whom it will deliver them as well as of the channels via which it will appear to market them. Since most organisations have only limited assets to organise (in people, time as well as dollars), selection verdicts can make as well as break a business. Thus, in the preeminent of all possible realms, the organisation will often target those consumers who sanction it to generate the returns it needs to grow as well as thrive. The best fit transpires when the targeted customers' needs as well as the way in which they often want to purchase align reliably with the product delivery the firm proposes.

Therefore, from those mentioned above, when making strategy selections, one ought to keep in mind an additional variable; that is, the return on every consumer. Hence, as marketers, it is fiduciary to responsibility invest in the customers in direct proportions to the estimated returns that they will afford the organisation. Under the mentioned assumption, targeted customer segmentation to endorse selectivity within the existing user file becomes a more valuable application for the organisation’s CRM as well as marketing database efforts.