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Management in context - Essay Example

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Simventure Table of Contents Simventure 1 Table of Contents 2 Introduction 3 Part A 3 Overview of Decisions & Outcomes of the Business Simulation 3 Part B 5 Summary of Personal Capabilities to be successful in SimVenture 5 Personal Capabilities 6 Strengths 6 Weakness 7 Decision Making Reflection 7 References 9 Introduction The simulation game was a part of the academic curriculum that was designed with the aim to correlate practical aspects with the theories learnt in the coursework…
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Management in context
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Download file to see previous pages The simulation game required framing the marketing, financial as well as human resource strategies for the organization or the new venture. The simulation game involved actual applicability of the business strategies that also involved financial implication for each of the decisions. The simulation game also involved running promotional activities including cost and benefit analysis. The game also showed financial results for each of the strategies that also included profit and loss figures indicating the implications of the strategies on the financial health of the company. The business selected was that of a billboard advertising agency. Part A Overview of Decisions & Outcomes of the Business Simulation The initial decisions in the simulation game involved a market research which formed the basis for forecasting demand and sales targets. The next stage involved initial book keeping activities as well as adoption of the marketing mix that included design of the product and other specifications. This phase also created the strategy with regards to the suppliers. Considering the initial phase and the overall costs of the activities the company suffered a net loss of 696 pounds in Feb 2011. In the nest month marketing and sales activities which included the design of a web page. These activities also led to a loss of 3097 pounds. Realising the importance of the market conditions the next step involved a detailed market analysis as well as training and development activities. Losses amounted to 1793 pounds in this month. The next stage was crucial as it involved setting up a limited liability firm to ensure further expansion. Nine out of the total orders were contracted as manpower seemed to be less as compared to the total task. The next significant step involved an overdraft facility as well as increasing the price of the product. This led to a net profit of 2502 pounds which represented an increased from 2106 pounds profit of the previous month. The nest stage involves increasing discounts on products, salary hike, price hike which resulted in an overall cumulative profit of 12569 pounds. The nest quarter focussed on business enhancement which mainly included participation in exhibitions, and increased focus on marketing especially the online channels. These activities again led to a loss of 3581 pounds which resulted in salary cuts and database management. The next significant phase included an overhaul of the distribution strategy as well as giving advertisements on television. The firm also entered into a strategic tie up with RAD. This coupled with contracting of orders and increasing the upscale selling activities led to a jump in the overall cumulative profit margins to 51799 pounds. The company’s strategies of dealing with the suppliers as well as promotional activities helped in generating good orders for the firm. This was significant as it was largely realised that long term sustainability required generation of large scale profits for the organization. Part B Summary of Personal Capabilities to be successful in SimVenture SimVenture is a popular online business simulation game that helps an individual to test his/her entrepreneurial and decision making skills in real life situations. The game basically creates a situation in ...Download file to see next pagesRead More
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