Access over 35 million academic & study documents

Group Reflection.edited

Content type
User Generated
Subject
Management
Type
Homework
Rating
Showing Page:
1/1
The simulation taught us various things relevant to our understanding of the market
and strategic planning. One of the individual lessons learned is that competition is very
important when it comes to business and that we need to learn from the failures and successes
of it. The success of a business in the market place is dependent on how the company handles
competition. Therefore it is crucial to analyse the past, see what went wrong and correct it.
The second lesson learned relates to financial stability.
We learned that there is a need to create a financial safety net for the company to
ensure that you do not go into debt. In this regard, it is essential that before going into
business, you ask yourself this question; how would the company be sustained? In the
beginning, many unforeseen challenges may come along. This would make a business go into
debt if there was no financial safety net established. Debts are bad for growing businesses and
should be avoided.
The third lesson learned is that marketing should be done effectively to create an
awareness about the product. Through marketing, you can meet and convince customers
about the product and thereby increase the volume of sales. When customers are confident
that your products are good, they may also advertise it to their friends, bringing more
customers and thereby growing the business.
The main lesson learned from this simulation is that we need to invest in market
research. This lesson is so important because it ties up all our individual lessons learned
through this simulation. This is because, through market research, we will identify who the
competitors are and how to handle competition better in the next quarter. We may also find
out how customers responded to the product, and find out the reactions of customers towards
our pricing strategy, learning these things gives us the information we need to increase sales
and achieve customer satisfaction.

Sign up to view the full document!

lock_open Sign Up
Unformatted Attachment Preview
The simulation taught us various things relevant to our understanding of the market and strategic planning. One of the individual lessons learned is that competition is very important when it comes to business and that we need to learn from the failures and successes of it. The success of a business ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Really helpful material, saved me a great deal of time.

Studypool
4.7
Indeed
4.5
Sitejabber
4.4