BUS 303 Business Project Individual Reflection Report
Summary
This report is designed to reflect the various actions that were taken throughout the simulation program to gain maximum profit in the market via MikesBike simulation program. MikesBike is a simulation program that helped me to develop certain business skills in practical world. While using this program, I got to know the difficulties behind the successful implementation of a business and how to overcome those to attain your goals. During this we took several decisions for the well being of our company. Each and every member played a unique role and assigned a particular task to focus on individually and definitely as a team too. I, as a marketing manager took decisions to gain and maintain a position in the market. We took effective decisions to settle the budget for the different sectors under the market to earn profit as well as customer satisfaction and Despite, this game limits the players actions as comparison to the real life. But we can learn from many situations and challenges that may arise in the same. This program helps me to improve number of business skills that are necessary for a successful business.
- Logical/judicious skills
The primary skill in the business is the logical skills. While playing the game, I have learned that every decision that we made must have a logic so as to obtain the profitable outcomes. To analyse the situations effectively is the key role and it was quiet demanding because every index was inter-related with each other and to figure out such variables were the challenge. To tackle with that I analysed the theoretical work that was taught to us during the lecture. The practical experience and theoretical knowledge are interdependent of each other (Saunders et al. 2009). so to implement the practical work successfully you must have knowledge of each and every stage during the project.and made a list of such variables that were depending on each other. for example, efficiency index relies on the capacity of the products. the second thing that I analysed is how to set the price at certain value to increase the Share holder value. A company's success is measured by the increased SHV which ultimately reflects the customers satisfaction. Moreover, customer satisfaction always leads to repurchases of the product ( Anderson & Sullivan, 1993; Fornell, 1992; Rust et al., 1995) and this repurchase of the products helps to maintain a relation between the customer and company.
To accomplish this, by working as a team we kept an eye on the others companies performance and took logical decisions that would increase our SHV. During every rollover, we analyzed each and every report and as a marketing manager; I started analyzing marketing report to invest appropriate amount in every sector of marketing to aware people about our products and as a result we got success and our SHV increased after every rollover. I have noticed that if you achieve and maintained a good share holder value then your business will definitely achieve success and will boosts up their profit from the various products.
- Communication skills
All members in my group belong to different regions. This project provide me a chance to explore my cultural and communication skills. A good healthy communication is required in a team to achieve the targets and for that the ist thing is you must understand each other. As we all belong to different backgrounds, this makes me an adaptable person such as to adapt yourself according to the need of the situations. During decision making process, each of us were discuss with each other regarding every possible decisions and as a team we used to appreciate each other ideas, creativity regarding products and budgeting. I learned that by keeping our ego aside one must think critically and respect the decisions of others for the betterment of business. In order to achieve a goal it is essential that teams work cooperatively (Sullivan & Garland, 2010). The cooperation in team can be achieve with healthy communication which will lead to low misunderstandings and conflicts in the team. This helped each and every member to stay focus towards their goal and establish a positive environment at workplace. This taught me that in such kind of environment one could take more effective decisions for the well being of a company.
In this multicultural world this skill is essential. Because a team is nothing without its members and I managed to achieve my every target by taking every efficient decision for the successful marketing of products whether through television or through magazines.
I think there is much more to learn about these such as:
- Respect each other decisions and take the decisions that are good for the well being of a company.
- Secondly to share the information and ideas with each other , analyse each of them logically with a healthy communication.
- Last but not least, whether the situations are in favour or not, person must have adaptable nature to learn from the mistakes and to keep yourself motivated to achieve targets further.
- Decision Making
Decision making is the essential part of a business success. As we all belong to different regions we have difference in thinking. a small wrong decision whether it is long term or a short term can affect our business success so every decision is important. As we were investing a big chunk of money for marketing one wrong step of mine can drag the position of the company in the market. Moreover customers and suppliers always keep an eye over the company's decisions and this can affect the Share holder value of the company. Throughout the rollovers I kept studying everyone's performance to analyse their investments in the certain sector that is how much they will spend for the branding of the product and what would be their branding index so that I can predict How much should i need to budget to make more profit. As a marketing manager, it is necessary to forecast the decisions because marketing is the very first step towards the launch of the product and your public relation value directly depends on this decision.
Further, the other duty that I hold was to research about the market needs and development of new strategies. After some rollovers I have realised that we can launch a new product in the market as our companies profit was on peak and so is the SHV. I Consult this with other team member who was serving the role of production manager. I have learned that there are number of factors to check upon while launching a new product in the market such as to evaluate the profile of other competitors who were producing the same product and their price of the product so that we can launch our new product with a good profit in the market to maintain the trust of the customers.
- Social Relation:
Apart from above stated skills, in real life of a technological globalised world, I have studied in entire subject is that having a good social relation is required. this can be obtained by being active over the social media such as twitter, facebook or even by making videos and uploading your videos regarding various products launched by your company. As a marketing manager this was my key duty. To create a healthy public relation I proposed a decision for making a facebook page on the name of our company and a website that will hold the information regarding our various products and people from all around the globe can get to know about those products. All our team members were satisfied with the idea. So we made the website and a facebook page. Along with that we managed to receive feedback of our customer or a "moment of truth" through these channels so that we get to know what customers are expecting from our company and what are their views about our products. With the help of this we can take the effective decisions to flourish our decision and also can do changes in the product as per the requirement of the suppliers and the customers in the market.
Final rollover:
The decisions took by our company were proven successful adn Bravo leather holds the second highest value for the Share Holder which is $219.09 followed by Sagarmatha those hold the highest value. This result shows Our company's strong performance among other competitors.
In the Ist three years(2017,18,19) we were facing the wastage of the product because we were producing more products as compare to the requirement in the market and effects the demand forecast accuracy. To overcome this, we develop marketing strategies and till the last rollover we achieved 97% demand accuracy which was a great achievement. In the production process company invested a big amount on the quality improvement and efficiency index was 0.95 till the last year and same in the case of quality index It shows company were producing quality and efficient products
Apart from this, the "shoes" product manufactured by the company holds the same awareness value as by the top leading competitors sagarmatha i.e. of 0.31 and same in the case of Public relation which is 0.64. and this helps the company to make their position strong in the market. Also Adv4 holds the maximum value over the awareness chart of 0.59 and second by the leather bags of 0.56. The company sold the maximum unit of leatherbag among three with low PR value of 0.42.
As a marketing manager we spend great amount in the Branding of products to make it more attractive in the market. The branding index was of 0.56 as compare to last year by spending $900,000 on th branding of the products and achieve the brand awareness index value of 53% by spending $700,000 on the advertisement of brand. Moreover to stronger the position in the market team spend a big chunk on the advertisement of product which is $6,365,000 till the last year.
The product demand forecast accuracy was high for the "Adv4" which was nearly 98% but shows a great fluctuation in the production of shoes and Leather bag. some time value reaches the peak and some time touches the ground field where the company is facing lack of proper marekting strategies. Also our team took effective decisions to hold the efficiency of 93% that shows we were efficient in the production of the products.
As already said company manufactured the maximum unit of Leather bag with the unit price of $383 only followed by the Adv4 and then by the shoes. The product "shoes" is sold on high rate as compare to other products on the retail price of $2,380 and manufactured only 8000 units as this was the new product in the category. But spend a highest money for the advertisement of Adv4 and Leather bag.
The media decisions took by the company effects the profit made by the company. A single wrong decision in the marketing can lead to great loss in the marketing. Our team decided to spend highest budget for the advertisement and Public relation of the "Leather bag" followed by Adv4 in the field of to marketing channels which were TV and Internet. with the gross margin of 81% for Adv4, 74% holds by the Shoes and 75% were hold by the Leatherbag.
To achieve the highest quality company decided to spend $150,000 on it so that company could produce a quality product and the Quality index was of (94.5%) which was again a noticeable achievement.
All the decision made above by all the team members helps the company to hold second highest value of the market share which is 23.5% and it is quite close to our strong competitors which shows if in future wee took more accurate decisions then our company will hold the top position in the market.
Conclusion.
Our company hold the second position in the class which shows our decision were satisfactory and proven successful to gain profit in the market. Also the global ranking of our team was at *84 position with the global percentile of 96.6%. All these achievements shows the success made by the company "bravo leather".
BUS 303 Business Project
BUS 303 Business Project Individual Reflection Report
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