Strategic Planning and Control - Assignment Example

Table of Contents List of References 13 Reflection In the assignment, we were given a task to play a game called "run a company and make more profit". Every member of the group played this game, and their goal was to run a company and earn high profits. Each member of the group played this game and learned a lot about the accounting techniques as the game informative in accounting and management terms. In this game, every member was given a company in which that individual had to take decisions to perform various tasks of the company in order to achieve the goals of that company. Every company performs operational activities to earn profit that was also the main motive of the game. The game, we were given to play, was very informative as we had to apply various accounting techniques and skills to win the game. Winning the game was not the main task of playing the game but the main objective of this game was to learn various strategies of accounting and accounting policies. It is agreed that the game was very important from the learning aspect as the game taught our many essentials of the accounting concepts. The game was not given to us to play and win it, but it was given to enhancing our learning and implies it practically through the game. My Learning’s The game has changed the mind as we can understand the different concepts of accounting while playing the game. We have learned the importance of different concepts of accounting and under what circumstances the concepts are much helpful. The concept about selling goods and services at higher rate (by increasing profit) is not very helpful and the reducing the cost is more effective in earning more profits and grabbing a market share. Reducing the cost can give the competitors a tough time. The subject has also met our expectations and we are totally satisfied with the course as complete knowledge was given to us about the accounting concepts and we knew how to carry on with the game with the help of the course of the subject. Implication of Theories As it is explained earlier the main reason of playing the game is to learn from the game. We were given an opportunity to play the game and understand the different concepts of accounting through this game. We have learned the different methods in which a company can maximize its profits and the ways through which a company can suffer losses. We have learned to analyze the financial statements of the company and the ways in which the financial statements can help in taking decisions for the future benefits of the company. There were many theories that we learned in our course outline which were very helpful for us to play the game and make as much profit as we can. We learned different accounting theories while studying the subject, and all of them helped us in making the best decision that were required in making decision that are more profitable for the company. The concepts minimizing the cost in accounting were very helpful in earning more profits. Through this concept, we were able to understand the importance of reducing the cost of the goods which will be supplied in the market. The concept of minimizing the cost gives an edge to the company over other competitors and even makes the company capable enough to capture the market share of other companies in the industry (Elearn, 2009). There are several other concepts which have also been learned while conducting the course as the methods of increasing the sales by various methods, purchasing cheap raw material, etc. From the concept of purchasing cheap raw material, a company can reduce its cost and earn more profit that is beneficial for the organization. In addition to it, we have learned that more profit can be earned through increasing the sales by advertising more about the products of the company. Every company must advertize their product so that the customers are attracted towards it. It is learned through this concept that the more customers are aware of the product, the more sales a company will make and earn high profits. It is an essential part of the business, and the companies must advertize their product to increase their sales (Longenecker, et al., 2013). There are different types of management concepts that are also very helpful in conducting the business. Every business must focus on such concepts to gain an advantage over their competitors. The SWOT Analysis, PESTLE, and Porter’s Five Forces are compulsory to carry out for every company. With the help of the above-mentioned analysis, the company can have a view of the external factors which can affect the business of the company. These forces are not only limited to the external factors, but they also determine various internal information which if analyzed will help the company in improving (Pahl & Richter, 2007). The SWOT Analysis helps a company determine its strengths, weaknesses, opportunities and threats. If the work on this analysis is done the company can identify its strengths and work on it to improve itself or find its weaknesses and overcome them. The company can also determine the various opportunities at its option and prevent itself from the threats of the industry. Similarly, the PESTLE and Porter’s Five Forces also determine various factors that can help a company in taking the right decisions. From these management concepts, we have learned different aspects that are very helpful in taking the right decision for the business. All the group members have learnt a lot about the importance of these concepts as to why they important for the business and how they help in taking those decisions which are best for the company (Samson & Daft, 2011). My Approach The problem, we faced while playing the game, was to increase the profits of the company, and different concepts could be applied to overcome these problems. More than one concept could be implemented to do so, but I only concentrated on a single concept. The approach I used in playing the game to earn more profit was the approach of reducing the cost. By reducing the cost, I thought it was the best decision to increase the profit. As the main aim of the game to earn high profit, I was determined in reducing the cost of the products but it was only effective to some extent. I was not able to reduce the cost effectively as there are many ways to reduce the cost. I option I chose was helpful for the company in the beginning but it caused serious problems after some time (Pahl & Richter, 2007; Longenecker, et al., 2013). Impact of Team Playing the game with team was very beneficial as it helped a lot in taking many crucial decisions. Every member was given some job that they had to do, and all of them were good at completing their tasks. All the members of the group helped each other and gave good ideas to each other to help them complete their tasks. The team members helped me a lot in playing the game and take good decisions that could help the company earn more profits. If I had played the game alone, it would have been difficult for me to take the decision and help the company in earning more profit (Zimmerman, 2011; Greenlees, 2008). If I play the game again, I will imply other policies in the game. I chose to reduce the cost of the product by purchasing cheap raw material which affected the quality of the product. The method I chose caused our loss in the long run. Next time I will try to reduce the labor cost by replacing the labor with machinery. Investing in a latest machinery will help us in the long run and will also reduce the cost of the product. In addition to it, I will also focus on the external environments before taking such decision as these factors are equally important for the business (Bonner, 2008). From this game, the whole group and I have learned a lot about the accounting world and many accounting concepts, as well as concepts of management, has been clarified to us. The understandings from the game are very beneficial as it will help me in the future. In practical life, the future learning’s of the game will help me in taking crucial decision that can be beneficial for the company. I have the lot about the concepts of accounting, and it will also give me an upper hand in taking right decision. It is like an experience that is very beneficial and has taught me what decisions should be taken at certain times. At difficult times that factors must be kept in mind to overcome the problem is a part of my experience (Samson & Daft, 2011). Appendix Strategies of Game The strategies of the game were inclusive of enable the company to increase their profits, make investments in less risky securities and to expand the market of the business. The compile goal of the company was to increase the profits and credibility in the industry. Accounting and economic policies could be included in it to achieve the goal (Bruner, 2004). Played on Individual Basis The players were instructed to play the game individually. They can adopt any idea or way to play the game. They can choose any method or policies in order to win this game. Accounting and economic policies provided in the game were the options given to them to adopt anyone of them. Individual basic game could provide perception of different people for achieving the objectives (Bruner, 2004). Strategies Adopted By the Players The players adopted different strategies in the game. Some had minimized the cost of the company through using economies of scale. Few had tried to increase the sales through advertisement and other tools. Rest of them had decrease the expenditure of the company by various selections (Greenlees, 2008). Feedback of the players Players were allowed to give feedback to the game. They were also asked about the amendments to be made in the policies and method of the game. The feedbacks given by the players were very important because it helps in making the game more interesting. The suggestions of the players were also significance for determining the view that the aim of this game had been achieved (Christensen & Feltham, 2004). Learning from Playing The game provided learning the lessons to the players. The player became to know that what way they have to choose in the particular situation. They used to put themselves in the position of the owner or key employee who has to put effort to come out of the situation. The game gave the lesson to the players about increasing the credibility of the company (Kimmel et al., 2010). Discussions with Players The organizers of the game discussed the strategies of the game with the players as if there is a need of any change in the strategies mentioned in the game. Their suggestion seemed to be very important because the organizers have to make the game to be played by every person. The players can get the knowledge about the professional measures taken by the company to enter into their professional life (Greenlees, 2008). Development of skills It is often true that interest in playing the game help to sharp the mind. The skills of the players come out while playing the game. The players were asked about the new skills that they have developed from a game. Many of the player's reply was positive that they came to know about their unidentified skills which were then developed (Kimmel et al., 2010). Learning of Accounting Techniques The game involved many accounting techniques which were helpful to the players when they need any help during the game. The usual accounting techniques, to increase the profits, were being utilized by the players while enjoying the game (Kimmel et al., 2010). PESTLE Analysis Political Factor Mobile phone devices are easy in bullying because it could be carry 24 hours. The smartphones could be used at every place, and it is easy to carry. Schools should prohibit the cyber bullying to protect the students from using social websites and play games every time. Roaming fees of the phones are not liked by the abroad countries because it creates the burden on them. Taxes and tariffs will decrease the demands and usage of the smart phones games. The retaliation is also possible which is not beneficial for the relation of two countries (Longenecker, et al., 2013). Economic Factor Smart phones are economical to the people because the cost occurred to use it is very reasonable. The price of the phone is low that most of the people can afford it. The phones could provide various facilities in order to keep in touch with the entire world. Recession in the country will affect the sales of the phones. The sales and demand for the products will become down if the people of that area are suffering from the lack of necessities of life. The smart phones game should be economical so that less credit would require in acquiring the strategies of the game. Social Factor Smartphone industry seems to introduce new inventions and innovations to bring the change in the market. The trends of the people are required to know the requirement of the people. Although the smartphones are manufactured for a global market, but there is a need to made according to the social and culture environment of the people. The status of the Smartphone is high, but there are others that can afford and easily used by the common people. Teenagers are usually involved in purchasing of new models. They should have the facility to avail it (Elearn, 2009). Technological Factor Technological factor is important to point in the marketing of smartphones. The Smartphone technology should not be outdated. The technologies in the smart phones should be changed step by step so to survive in the industry. The technologies adopted by the rivals will make the company or organization to introduce upgrade technologies in the smartphones. The upgrading of the technology will help in making the customer to purchase new accessories of the phone. Every new piece of the phone should look different from existing model in order to set the price according to the new technology (Longenecker, et al., 2013). Environmental and Legal Factors The mobile phones are seemed to be given special attention towards this factor. The wastage of the phones e.g. batteries and other accessories are disposed of off where ever the people like to them. Some companies are involved in this practice to avoid pollutions and other terrific situations. They collect the waste and other things related to this product and use them in the recycling process to make the new thing of it. The wastage should be disposed of off clearly because it is the duty of every individual as well as organizations to solve the problem of increment in the environmental pollution. Porter’s Five Forces Threat of New Entrants The company has to realize that the market is open to everyone and they have to be mentally prepared for the entrance of new rivals in the market who will come with a strong market analysis and will adopt strategies to compete in the existing market (Samson & Daft, 2011). Threats of substitute products It often happens that the substitute is available in the market. The company should be ready to tackle the reasons of the stability of the substitute in the market. The company has to adopt technologies and strategies to fulfill the demands of the consumers while the substitutes are available in the market. Bargaining Power of Customers The customers of the product have the option to bargain on the products. The availability of bargaining power will attract more customers to low the price of the product along with the quality of the product (Pahl & Richter, 2007). Bargaining Power of Supplier The suppliers are available in the market at large numbers. The company has the option to purchase the raw materials in low price because of the competition in the supplier market. The company could low the price of the raw material in order to use the option of bargaining. Intensity of Competitive Rivalry The company is specialized in taking step to measure the intensity of competition prevailing in the market. The knowledge will help the company to survive in the market by taking needful measures towards the threat caused by the strategies of rivals. Action Plan for Future Development The learning’s I have made from playing the game is very important for me as it will help me in the future. I have understood various concepts of accounting and have realized that the different concepts and techniques can be used to play the game and earn more profits by running the company. As the plan, we used while playing the game could be improved a lot. Therefore, we have to consider the main aspects of the game and apply the accounting concepts correctly where they are needed. The action plan for future will be a bit different from the current plan we used in playing the game. While playing the game, we used the strategy of reducing the cost of the product to increase the profit margin and earn more through this technique to run the business. In the beginning, this plan worked well but it was a short-term plan and the company had to suffer losses in the long run. As during the game we chose to reduce the cost of the products by purchasing cheaper raw material, we had to suffer loss in the long run. The new action plan will be quite similar but this time we will plan to reduce the cost of the products by purchasing machinery and reducing the labor force. With the help of new machinery, it will be easier to make goods at a lower cost without an impact on the quality of the goods. It is a long-term investment and will help the company in the long run to earn more profits. List of References Read More