New England College Individual Simulation Report Worksheet

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Business Finance

New England College

Description

Each student, independently of the team will prepare a brief summary for the week’s simulation efforts. This report will include the following information:

  1. What was your one corporate generic strategy as reviewed from our text for the week?  Break this down by your target market and your competitive advantage.  Why?  Did your overall strategy change since week 1?  Why?
  2. What was your strategic action plan going into the rounds detailed in Blackboard including the reasons for the moves and how it relates to your overall strategy?  What are your objective and measurable goals for the moves?  Did you have to make operationally reactive moves not related to your strategy?  Why?
  3. What was the objective, fact-based results compared to your intended moves and the reasons of these moves generally? How did your moves advance your one Generic Strategy?  Be specific.  Did you get the objective results you expected?  Why/why not?  Share any objective measures from the simulation program that are pertinent to the strategic implementation results and note any purely operational moves.  How did your competition and the external environment impact your moves?  What is your analysis of this data results compared to your intended results?
  4. What do you think the next set of objective and measurable moves you will have to consider, and what will you suggest to your partners regarding next week’s moves?
  5. What have you learned and how does this relate to other lessons in this course and to your career?
  6. Provide a log regarding the specific dates and times that you accessed the simulation system including specifically when and how you and your teammate reviewed and discussed the simulation system data and decided on your moves to make.  A sample is provided in week 1.

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Simulation Report 1 Simulation report 1 Generic Strategy As we reviewed in the text this week, product differentiation is one of the generic corporate strategies. The strategy aims to distinguish a company's products from those of competitors and involves identifying and communicating the unique qualities of a product or company and its competitors (Arshad, 2020). This strategy is linked to a strong value proposition that makes a product attractive to the target market. The target area for differentiation for AEV was safety. The product is designed to meet the maximum threshold on safety, which is four points out of the 5 potential points. The marketing and advertising efforts for the product focused on safety as the sole product differentiation strategy to the segmented targets. This strategy seeks to enable the company to refine the target audience and facilitate product customization to meet and exceed the demands of this market. It is a competitive advantage that would allow the brand to gain a competitive advantage in the market. Despite evolutions in business needs, the competitive advantage did not change from the week I. Safety withstands the most fundamental principles in designing an automobile, which explains consistency. It is among the critical selling points for automobiles, which means a unique competitive advantage for the company. Strategic Action Plan The strategic action plan going round detailed in Blackboard was to identify the industry performance regarding net incomes, stock prices, and the market share of different companies concerning the company in question. These factors relate directly to the overall strategy of product differentiation by supporting the location of a company's position relative to competitors in the industry. The process was ideal for identifying potential threats and opportunities that offer Simulation Report 2 a strong idea of the present and future scenario of the industry (Wei et al., 2022). This resulted in identifying specific attributes in the industry: product quality, safety, interior design, and styling. Other notable competitive advantages include horsepower and the size and class of an automobile. One of the specific, measurable goals for the move was to identify the income dollar value for the players in the three years. The other goal was to the trends in stock prices for the industry players. I made operationally reactive moves unrelated to the strategy to create a comprehensive picture of the industry before re-launching the new product with improved safety standards. For example, I evaluated the manufacturing for the industry players like Eurom Estruck and Efizz. The review involved previous sales records, current inventory, and scheduled production. The information is necessary for scheduling the product's production costs to include the safety standards. Fact-Based Results The next set of objectives and measurable moves that will be considered are the specifics of implementing the differentiation strategy. Most of the information necessary, like the industry performance and market trends, is already at hand. The next big thing would be focusing on issues related to safety standards as the targeted differentiation strategy (Wei et al., 2022). For example, the next move should consider the cost of developing products that meet the maximum safety scores, which is four points for AEV. The consideration should also include the cost of constructing a new center, opening and closing a dealership, and all other overhead estimates. I wish to suggest production costs for different AEV categories based on class. An example includes the cost of improving the safety standards and the attached dollar value. Another suggestion to the partners in the next week’s moves is the cost of marketing the improved Simulation Report 3 product. The suggestion is necessary for determining the benefits of emphasizing differentiation strategy as the competitive advantage for the product. Lessons from the Course My greatest lesson from this lesson is to create a bigger mental picture in solving complex problems. The activity is designed to support a holistic understanding of diverse business disciplines by bringing together different departments like production, marketing, and finance. The approach allows learners to envision the relationship between departments and how their decisions influence the bottom line performance (Barnaby et al., 2020). This enabled me to illustrate theoretical business concepts better. It offers diverse ways to introduce practical elements like board games, case studies, and internships. The simulation activity offered an interactive and dynamic learning environment that enabled me to learn during the process and test my mettle against peers regardless of location and time. The process allowed me to learn from my mistakes by experimenting freely with various business strategies without cost repercussions. This allowed me to pay close attention to the likely development of the market in which my target brand operates and explore innovative means for managing competition. In this case, the intervention was deploying market differentiation. The activities from this lesson are superior to other learning processes since they have a wide potential for connecting the outcomes to interdependent subjects in many ways. This value is instrumental in my course and career by allowing me to gain first-hand experience in the interrelationships between management decisions. An example is how marketing decisions can influence production and financial decisions. The course equipped me with skills like performing Simulation Report 4 under pressure, analyzing environments to develop and implement a business plan, and collaborating with teammates in conflict management. These skills are desirable in shaping my course and career goals to become a competent professional in the business. Log for Accessing the Simulation System The meetings with my teammate are every Sunday between three and four in the evening. The last access to the simulation system was yesterday at the said time. We reviewed and discussed the simulation system data by reviewing the industry performance based on various metrics. Examples include total distribution for major industry players in different markets, the estimated costs of establishing and closing a dealership, and the estimated expenses for product development based on various metrics such as quality, safety standards, and a class of an automobile. Based on industry analysis, we settled on product differentiation as the strategic move to bolster the automobile's reputation, create value for the products, maximize profit margin, and build a network of brand loyalty. Simulation Report 5 References Arshad, M. (2020). Artificial intelligence in business simulation analysis. European Journal of Technology, 5(2020):16-33. Retrieved from file:///C:/Users/USER/Downloads/629Article%20Text-2441-1-10-20210105.pdf Barnaby, J., Devins, D. & Beech, N. (2020). Using simulation to develop business strategy skills of entrepreneurs - Some reflections on a pilot. SAGE Journal, 35(3): 270-275. Retrieved from https://journals.sagepub.com/doi/epub/10.1177/0950422220945672 Wei, C., Wang, M.Y., Lin, H., Wang, Y., & Huang, J. (2022). Developing and validating a business simulation systems success model in the context of management education. The International Journal of Management Education, 20(2): 100634. Retrieved from https://www.sciencedirect.com/science/article/pii/S1472811722000362 Simulation Report 6 Simulation report 2 Corporate Generic Strategy Generally, a company that implements and executes a better strategy is well placed in the market to generate profits and maintain its place in a competitive market. I know that strategies are a set of processes geared to a given business to access more profitability and attain ambitious goals. In this case, based on the weekly textual review, product differentiation remains to be one of the corporate strategies. The strategy aims to differentiate the company's products from those of the competitors by identifying and communicating the unique qualities of the product or company and its competitors (Surono et al., 2020). The strategy is associated with a strong value proposition that enhances the product's appeal to the target market. Safety is one of the critical selling points in the AEV product differentiation. For this reason, the product is designed to meet the maximum safety threshold, four out of five possible points. Advertising and marketing plans for the product concentrate on safety as the single generic differentiation strategy to segmented targets (Surono et al., 2020). The strategy works by enabling the company to refine the target audience and enable product customization to realize and attain market demands. The plan gives the company a competitive edge in the market (Surono et al., 2020). Regardless of the business growth needs, the competitive advantage did not change from the first week. Safety is one of the most crucial selling points for automobiles since it can endure the fundamental principles of automobile design and, thus, consistency. Simulation Report 7 Blackboard Strategic Action Plan The generic corporate strategy in the strategic action plan is focused on two critical factors. Firstly, focusing on the company's cost is geared toward realizing the cost advantage in the target market segment (Min & Kim, 2021). Secondly, the focus is on differentiating the services and products offered in the market niche. These factors are directly connected to the product’s overall differentiation strategy by recognizing the company's position compared to industry competitors. The generic corporate strategy deal with costs and product prices sold in the market. The differentiation focus strategy exploits the buyers' needs in the market niche of the customer and product (Min & Kim, 2021). In our case, the strategic action plan involved reviewing detailed industry performance regarding stock prices, net incomes, and market share of various organizations. It is an ideal process for detecting possible opportunities and threats that offer a distinct picture of the present and future industry scenarios. It has resulted in examining specific features in the industry, such as product quality, styling, safety, and interior design. Other prominent competitive advantages include automobile class and size. One of the goals is to identify the competitors' revenues in the past three years. The other goal is to monitor the trends in share prices of the industry players. I took a reactive approach concerning the strategy to generate a comprehensive look at the industry before relaunching the new product with enhanced safety standards. For instance, we evaluated and examined the manufacturing for industry players such as Euro, EcoStar Estruck, and Efizz. The assessment included inventory, a preceding sales record, and planned production. The data is essential for planning product production, including safety standards. Fact Based Results Compared to Intended Moves Simulation Report 8 Measurable moves and objectives to be considered in the next phase are ways of implementing the differentiation strategy. The information at hand includes trends in the market and industry performance. The next thing would be concentrating on the issues associated with safety standards, such as target differentiation strategy. For instance, the initiative considers the expenses of developing products that satisfy the minimum safety threshold. The consideration should consider the cost of upgrading, setting up a new center, opening and closing a dealership, and all other expenditure estimates. We suggest that the production costs for various AEV be based on class. For instance, the cost of improving safety standards and its associated dollar value. In addition, I suggest to the partners the cost of marketing the enhanced product. The suggestion is necessary for determining the benefits of emphasizing product differentiation strategy as a competitive advantage (Mitropoulos, 2012). Lesson Learned I learned the criticality of combining diverse cognitive skills in handling complex issues. The exercise supports a holistic understanding of various disciplines by integrating marketing, production, and finance departments (Xu & Yang, 2010). The strategic approach allows the student to envisage between departments and how critical decisions impact the bottom line performance. For this reason, it has improved the illustration of business concepts. Also, it offered various ways to introduce practical elements such as case studies, board games, and internships (Xu & Yang, 2010). This simulation exercise provides a dynamic and interactive learning environment that has allowed me to learn during the process while evaluating my ability against my friends in regards to solving complex business problems. Mistakes made during the process served as a stepping stone, freely experimenting with various business approaches without cost consequences (Xu & Simulation Report 9 Yang, 2010). It also allowed me to focus on the possible growth of the market in which the target brand works and discover inventive ways of managing competition. In this case, the intervention is the deployment of market differentiation. The lesson activities are distinct from any other processes since they have a way of widening the potential for linking the outcomes to interdependent subjects in many ways (Clarke, 2009). The value is instrumental in my career and course by allowing me to gain insights into management decisions and interrelationships. For instance, determining how marketing decisions affect financial and production decisions (Xu & Yang, 2010). The course is equipped with skills such as performing under pressure, analyzing environments to implement and develop a business plan, and collaborating with teammates to resolve conflicting issues. These skills are critical in shaping the career trajectory of becoming a competent professional in the business (Clarke, 2009). Figure 1: Decision timeline Simulation Report 10 Simulation System Access Log The group members assembled every Saturday between two and three in the afternoon. The most recent system access was today at the same time. We extracted data followed by discussions on the best course of action based on an analysis of different performance matrices. For instance, the total distribution for major industry players in various market segments cost estimates of establishing and closing dealerships and estimated product expenses when considering multiple metrics such as safety, quality, standards, and a class of an automobile. Based on industry Simulation Report 11 review, product differentiation was deemed a suitable strategic move to boost automobile brand reputation, generate product value, create a network of brand loyalty, and maximize income margin. Simulation Report 12 References Clarke, E. (2009). Learning outcomes from business simulation exercises. Education And Training, 51(5/6), 448–459. https://doi.org/10.1108/00400910910987246 Min, S., & Kim, N. (2021). Competitive Imitation Strategy for New Product-Market Success. Australasian Marketing Journal, 183933492110479. https://doi.org/10.1177/18393349211047929 Mitropoulos, S. (2012). A simulation-based approach for IT and business strategy alignment and evaluation. International Journal of Business Information Systems, 10(4), 369. https://doi.org/10.1504/ijbis.2012.048334 Surono, S., Suryanto, T., & Anggraini, E. (2020). Comparing Cost Leadership Strategy with Differentiation Strategy towards Firm Performance on Jakarta Islamic Index. The Winners, 21(1), 35. https://doi.org/10.21512/tw.v21i1.5963 Xu, Y., & Yang, Y. (2010). Student Learning in Business Simulation: An Empirical Investigation. Journal of Education For Business, 85(4), 223-228. https://doi.org/10.1080/08832320903449469 Decisions for 6TH YEAR.
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Simulation Report 3

Details
Name
Institutional Affiliation
Date

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Corporate Generic Strategy
For the decision made in the organization, the main corporate generic strategy is
investments in good marketing for the products. In helping make a good marketing ground, the
organization has shifted focus on marketing techniques to help in solving the challenges of
product acceptance in the market (Surono, Suryanto & Anggraini, 2020). The expenditures made
in the marketing are good, especially to focus on the right differentiation strategy to make things
better and competitive for the car brands that are in the market. The target market for EcoStar is
Efizz. Estruck and Euro vehicles are in the global arena, and good marketing following a precise
product approach to make significant differences is a good decision to help in promoting
acceptance and quality in the market.
Ideally, working to resolve the challenges is through a good approach and strategic
emphasis on the things that matter. With the right focus, a quality strategy and focus on which
things happen is a key approach to making things better and enhancing how things happen. The
competitive advantage associated with market investment is the encroachment of the globe and
investment in technologies that drag customers to the market, especially for the products
(Surono, Suryanto & Anggraini, 2020). The vehicles are good, and with the right marketing
techniques, solutions are reached, and creative ve solutions are identified in making the
organizations have their best, especially on the terms and conditions of getting the cars (Surono,
Suryanto & Anggraini, 2020). Without good stakeholders in the marketing system, getting the
products to reach the market is difficult, and success is, therefore, necessary through the better
and perfect approaches implemented.
A good strategy in the organization’s corporate world is focusing on the indirect
approach to make things better and well-established as required (Surono, Suryanto & Anggraini,

3
2020). The recommended standards in the market are to enhance the competitive advantage and
work to address the challenges in the right ways possible for the focus to be realized enhancing
key enhancing then they happen. Enhancing the proper protocols is the right measure in making
the organization better. In their strategy, the accomplishment of the main issues that make the
organizations’ products competitive is implemented in the best ways possible. Quality is never
substantiated without going into the market and getting the right facts to apply the strategic
measures and key solutions associated with the main issues as required.
Strategic Action Plan
Going into the rounds in the Blackboard, the strategic action plan to take is financial
leverage in the manufacturing process. The organizational products can do well in the market if
the right strategy is implemented in promoting a focused approach and helping solve the
challenges as recommended. The focus and key solutions require a basic strategy to make things
work, especially in addressing the challenges and working to make things better. A good
production process is necessary in helping make the products better. With a good capital
investment beyond the current expenditures, the products can be good and excel in the market,
especially in the global space. Ideally, working to resolve the challenges is through a good
strategy ...


Anonymous
Very useful material for studying!

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