Need Simulation Report

User Generated

osl882

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.

Your report this week should cover periods 7 thru 8 inclusively with fact-based objective data that you analyze from both periods. DO NOT copy from your other papers. Each paper must be written in your own words with proper APA referencing.

Your grade for each of the simulation report papers will be based on your analysis and critical thinking around the selection and implementation of the corporate strategy for your company. Your analysis must be increasingly more thorough with each paper as you become more familiar with the simulation program and with the concepts from our course. The grade will also include a portion based on your team’s current position and your team’s work together. Review the required components in the grading rubric for the simulation paper.

Submission Details:

Your assignment will be between 1000 and 1500 words and follow APA Guidelines. Include a cover page and at least your course text as a reference.

Attached below are previous reports simulation for your reference.

Unformatted Attachment Preview

Week-11 Individual Simulation Report #2 Prepared By: Sai Vishwanath Kanchibhotla New England College New Hampshire November 26th, 2023 Operational Planning & Policy Course 202347 - CRN133 Dr. Sherwin L. Stewart Question 1: Corporate Generic Strategy Our team focused on the differentiation approach based on strategic business decisions as our corporate generic strategy. After reviewing the text and experimental data, the decision to use a differentiation strategy occurred by analyzing the market trends, financial reports, distribution decisions, product development metrics, firm decision summaries, and business performance indices. Our differentiation approach focuses on producing goods and products that suit the consumer's demands and preferences. We aim for our luxury fashion products to be of high quality and appealing to our target consumers' eyes. Furthermore, we aim to create fashion and luxury products with unique styling to help us improve our brand name. We will also ensure that our products are safe for all our consumers and that our performance characteristics are enhanced so that our business dominates the fashion industry. The target market for our products includes people from all sociodemographic statuses who find our products appealing and fashionable. The target market breakdown of our business is as follows: • Value Seekers (1): To cater to consumers and producers who seek value in product quality and design innovation. • Families (2): Designing products and goods that align with family-oriented preferences, such as safety, usability, and durability. • Singles (3): To address the priorities of singles who find performance and unique styling appealing. Our business competitive advantage is derived from the fact that we consistently produce unique and authentic fashion designs that are appealing to all consumers. Furthermore, the manufacturing processes used during production are creative and utilize readily available raw materials to ensure consistent production of luxury products. This action also ensures that consumers can rely on our products by maintaining reliable order fulfillment services. Moreover, our products are of different styles, high quality, and pocket-friendly, which helps us compete against our rivals. Since the luxury accessories industry is highly competitive and aggressive, we chose a focused differentiation strategy to guide our business decisions (Ma et al., 2022). Therefore, we should use a business model to help us stand out, dominate the market, and provide high-quality products that meet our consumer preferences. We believe the differentiation strategy will help us innovate new products per the evolving market, helping us build a strong brand identity. Initially, our differentiation plan focused on creating a single brand, but after analyzing data on target markets and business decisions, we noticed a shift in market dynamics. We needed to incorporate evolving consumer demands, product personalization, and changing customer preferences. Therefore, our differentiation plan was altered to accommodate the evolving consumer demands and needs to ensure that our business dominates in an aggressive business landscape. Question 2: Strategic Action Plan As mentioned last week, most businesses thrive by making feasible decisions to ensure the company's success. These decisions are made by considering various aspects of the business to ensure that it yields high-quality products that suit its clientele. I will use a simulation to ensure the company develops quality decisions that foster innovative, productive processes and successful operational management. This action will help the business compete in an aggressive market. Furthermore, all the activities mentioned earlier were noted to be feasible and will also be adopted in the new regime. These actions include the following: 1. Increased Investment in R&D: To dominate design creativity and production processes to ensure consumer and business excellence. 2. Exploration of Upscale Retail Outlets: The catering strategy reaches high-end consumers to enhance visibility and brand appeal. 3. Premium Pricing Strategy: To continually maintain product differentiation and brand identity in the luxury fashion accessories landscape. 4. Focus on Outstanding Customer Support: To strengthen customer loyalty and enhance the company's image. The reasons why we chose the moves and how they relate to the business decision strategy include the following: 1. Simulation: It enhances the formulation of complex business decisions that may increase production processes and improve sales and profitability. 2. R&D: Innovation and product excellence are crucial to our differentiation strategy, ensuring unique, high-quality offerings. 3. Upscale Retail Outlets: Targeting high-end consumers aligns with our differentiation strategy, where exclusivity and premium positioning are essential. 4. Premium Pricing: Reflecting the perceived value of our differentiated products and supporting the strategy of positioning the brand as a leader in luxury. 5. Customer Support: Building strong customer relationships enhances the overall brand image and reinforces the perception of quality and excellence. Our brand's objective and measurable goals will remain like those formulated in week one. These goals have been tested and utilizing them in the differentiation approach based on strategic business decisions will ensure that the business improves its production processes. These goals include the following: 1. Market Share Increase: To enhance market share in luxury fashion accessories. 2. Higher Profit Margins: To achieve higher profit margins than industry standards. 3. Brand Image: To establish a brand associated with high performance and innovation. 4. Customer Loyalty: To create a loyal clientele willing to pay a premium for our products. In the new business strategy, there were no unrelated operationally reactive moves since our model remained effective in improving sales and productivity while providing high-end products and services. All the strategic business decisions were made by analyzing the target market trends, analyzing business decisions, and seeking our target market preferences and demands. Question 3: Objective Results and Analysis After utilizing a differentiation approach based on strategic business decisions as our corporate generic strategy, I gained valuable insights regarding my business. I could analyze the market trends and dynamics and understand the measures to improve business production, financial management, human resource management, and asset management. Furthermore, applying the simulation strategy in the new business strategy allowed me to test new ideas and make recent decisions that may positively influence business operations. Additionally, I noticed an increase in market share growth and profitability. After applying the new business strategy, more consumers associated with our brand and used most of our newly developed products. The consumers reported that they were satisfied with our products upon interviewing them. The new business model helped us compete against our rivals, producing similar luxury products. This new model allowed us to experiment with new product designs, which led to creative and innovative processes, thus creating new products. Furthermore, the new strategy improved our brand identity and customer satisfaction. The external environment was favorable since there were many consumers; however, we encountered significant production costs and stiff competition from the already-established brands. Question 4: Next Moves Using a differentiation approach based on strategic business decisions as a business strategy is crucial since it allows the entrepreneur to experiment with new product designs. It also allows the business owner to make solid decisions to improve business operations. Simulation tools should be used to guide decision-making processes that ensure that new high-quality products are designed. Furthermore, we aim to extend our business operations in other areas to reach a broader market and improve brand loyalty. Question 5: Lessons Learned This week's simulation exercise taught me many things about corporate decision-making strategies. I learned that strategic decision-making is crucial in ensuring entrepreneurs make solid decisions that may improve production sales and profitability. Furthermore, I realized that utilizing a differentiation approach based on strategic business decisions as a corporate strategy will help manage problems that may arise in the business. Additionally, I understood that business strategies should be continuously monitored to check for their effectiveness in ensuring sustained success in the fierce business landscape. Question 6: Log of Simulation Access Date Time Activity November 10 10:00 AM Reviewed simulation data and discussed strategic moves. November 11 12:00 PM Finalized strategic moves and submitted them to the system. November 12 10:00 AM Reviewed simulation results and analyzed performance. November 13 9:00 AM Discussed simulation results and prepared team reports. Reference Ma, Y., Li, H., & Tong, Y. (2022). Distribution differentiation and influencing factors of the high-quality development of the hotel industry from the perspective of customer satisfaction: A case study of Sanya. Sustainability, 14(11), 6476. https://www.mdpi.com/2071-1050/14/11/6476 Simulation Report - 1 Sai Vishwanath Kanchibhotla New England College Operational Planning & Policy Sherwin Stewart November 19, 2023 Corporate Generic Strategy Our team’s corporate generic strategy is a case for differentiation. Our goal is to be leading supplier of luxury fashion accessory with differentiated products. We have a strong competitive edge owing to our original styles, creative manufacturing systems, and excellent order fulfilment services. Therefore, we are confident that catering for the needs of a narrow segment and offering top-shelf products shall ensure a long-term sustainability as well as growth. 1. Strategic Action Plan 2. Our strategic action plan for the rounds detailed in Blackboard included the following key moves: 3. 1. Put more into R&D to secure lead in design creativity and goods excellence. 4. 2. Let us consider upscale retail outlets as a way of reaching our affluent target market. 5. 3. Provide a premium pricing strategy in accordance with the brand positioning and product differentiation. 6. 4. Deliver outstanding customer support, which creates customer loyalty and boosts a company’s image. Objective and Measurable Goals Our objective and measurable goals for these moves were to: 1. To enhance market share in the luxury fashion accessories market., 2. Higher profit margins as compared to those of the industry. 3. Branding associated with high performance and innovation. 4. Create a loyal clientele ready to pay extra for our goods. Operational Reactive Moves There were no critical operational steps which were not strategic in nature, that we had to implement. The production process that we used remained effective while enabling us to cater for clients’ demands reliably. Objective Results and Analysis In summary, our efforts towards a focused differentiation strategy proved successful overall. We have ventured into research development, which produced several revolutionary products that were readily accepted in our market. Expansion into premium retail outlets increased our visibility and boosted brand appeal to high-net-worth customers. We adopted high-end pricing which led to higher profit margins whilst at the same time our great customer services led to customer trust. Specific Examples of Objective Measures • The results of a simulation showed that our market share in luxury fashion accessories grew from 5% to 7%. • The profit margin averaged 25% and in most of our sectors it was higher than the average industry standards in these sectors. • We enjoyed a good reputation for quality products with an estimated 90% brand awareness rating within our target market. • We had 98% customer satisfaction score, an indication of strong customer loyalty. Effects of Competition and External Environment We pursued a focused differentiation strategy, to stand out among our competitors whose focuses were similar. However, it was our distinctive designs and ground-breaking production process that made us outshine them in this aspect. It was a good external environment as consumers wanted expensive branded luxury fashion goods. Although we experienced some issues with the increasing input costs and tough competition from more entrants into the market. Next Steps However, moving forward we are going to remain centred on designing new concepts, ensuring our products are of high-quality, and providing excellent services. Also, we will look for ways in which we can add a new product and venture into new markets. Lessons Learned We have learnt the significance of having a sharp mind on our corporate strategy by way of the simulation. In addition, it revealed the need to continuously monitor and adjust our strategy depending on the evolving competitive environment outside. Log of Simulation Access Date Time Activity Reviewed simulation data and discussed strategic moves with October 24, 2023 10:00 AM teammate. Finalized strategic moves and submitted them to the simulation October 25, 2023 11:00 AM system. Reviewed simulation results and analysed performance against October 26, 2023 9:00 AM objectives. October 27, 2023 12:00 PM Discussed simulation results and prepared team report.
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Explanation & Answer

Attached.

Individual Simulation Report

Student’s Name
Professor’s Name
Course Code
Institutional Affiliation
Date of Submission

Individual Simulation Report
Question I: Corporate generic strategy:
Our team has consistently pursued a focused differentiation strategy as our corporate
generic strategy. This methodology revolves around the production of luxury fashion accessories
characterized by unique designs, innovative manufacturing processes, and reliable order
satisfaction services. The targeted market section for our strategy basically includes high-networth individuals looking for absolute and high-quality products, recognizing their particular
necessities and inclinations in the luxury fashion accessories sector. By taking care of this
specialty market, we intend to make products that line up with their exclusive preferences and
way of life. The methodology is customized to fulfil the needs of buyers who value creativity,
craftsmanship, and uniqueness in their design decisions. The target market breakdown of our
business is as follows:


Value Seekers

Characteristics: Consumers and producers who seek value in product quality and design
innovation.


Families

Characteristics: Family-oriented consumers who prioritize safety, usability, and durability.
Our competitive advantage lies in three key areas: We differentiate ourselves by reliably
presenting unique and popular designs. This distinguishes us from competitors and draws in
clients who look for unique and exclusive fashion accessories. Likewise, our obligation to
advance in manufacturing processes guarantees that our products satisfy high-quality standards

as well as consolidate and incorporate cutting-edge techniques. This contributes to the allure of
our luxury accessories. Similarly, solid and proficient request satisfaction is significant in the
luxury segment. Our obligation to deliver products quickly and flawlessly boosts the general
client experience, encouraging loyalty and satisfaction.
Our co...


Anonymous
Very useful material for studying!

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