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7 pages/≈1925 words
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APA
Subject:
Business & Marketing
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English (U.S.)
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Topic:

Business Game: Strategy Selection, Planning And Execution (Essay Sample)

Instructions:

the essay is write about the business game i playing online, called Simulation, http://www(dot)links-simulations(dot)com/, this is the website for the game, you can take a look, you need to read the excel result and write the essay related to the questions (the questions are inside the word doc). There's two customer inside this game, high value customers in the Major accounts, and i attach one doc. " Simulation Round 1" it will help you to write it, but the doc is only incluing things from Quarter 1-4, so you need to read the excel to get the information from Quarter 5-9

source..
Content:

Business Game
(Student’s name)
Business and Marketing
(Institutional affiliation)
Business Game
The game simulation game is all about business and it is important that the developers successfully apply the main concepts of strategic management and goals in the organization. Strategic management is how an organization will create and implement plans that lead to the goals and objectives they want to reach. It is an ongoing process that shifts as organizational goals and the evolution of objectives. The small-scale businesses become linked with strategic management to make sure they are able to go with trends and extrinsic changes like globalization.
In terms of goal setting, the simulation game gives a lesson on strategy selection, planning and execution. These are the initial steps in the process of strategic management that they follow in reaching their quarterly goals. For instance, the net income revenue in quarter 1 was 2.17 and it went up to 4.57 in the 2nd quarter. It continued to increase in the 3rd quarter which was 7.51, 10.9 on the 4th, and it went slight down to 8.88 in the 5th quarter but the company is still not at a loss. Their fill rate also remains constant implying that they continue to follow the mission, objectives, values, and organizational guidance provided from the start. As long as they stay on track to reach their goal, they have also planned their strategy against competitors to continue succeeding. The strategy formation is also taught in the game because it includes risk management and uncertainty which happens in any type of business. Based on the given statistics, the strategy formation includes use of information analyzing, prioritizing, and decision-making to address issues. The consistency of the numbers in the report show that this concept is also well-implemented and adapted.
In every company, it is important that they are aware of what needs to be improved so they stay on top of the market or have the potential to beat their competitors. For strategy implementation, they should be able to match the demand and supply of the market to meet the needs of consumers and that is one of the concepts included in the simulation game. Based on the decision history shown in the chart, it remains constant all throughout the quarters because not a lot of changes had to be made since the % of income remains consistent and stable. Furthermore, the salary of the employees is all the same and their firing rate does not change. It can be said that they do not always experience having to lay off employees. The hired experienced employees is only ¼ of the hiring and firing rate which means that they hire more than they let go of employees. This is a good record for any company because it is an indication that they have the capability to keep their employees at the average monthly salary they pay them.
The last concept of strategic management is monitoring after implementation, which is crucial because if it is not executed, all the planning will go to waste. When the strategy is implemented, it entails the evaluation of the strategy to know if it leads to the expected results according to the goals. This is when the organization finds out how to plan and measure the methods on how to determine these areas. After which, there is a comparison of the results and it can be said that the results almost do not change in every quarter. The players of the game were able to apply the concepts because the numbers on the chart are proof that they did not lose in the game. The revenue increase in the next quarters are proof that they were able to use the concepts properly to battle against competitors.
The 5 forces of Porter were applied to play the game and win. The supplier power is the concept of assessing how simple it is for suppliers to increase prices. This is caused by how m...
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