Business Simulation and Professional Development

This report provides insights into the concept of business simulation and professional development. It focuses on the case of Lexo, a simulated company in the smartphone industry. The report covers the vision, strategy, HR, culture, and SWOT analysis of Lexo. It also reviews the progress of each year and analyzes market share and product/price analysis. Gain valuable knowledge about business simulation and professional development with Desklib.

Business Simulation
and Professional
Development

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A- STRATEGY PAPER.......................................................................................................1
Vision and Strategy of Lexo...................................................................................................1
Review of Each Year’s Progress............................................................................................3
Future plans and recommendations......................................................................................10
PART B - Professional Development Reflection Report..............................................................10
Executive summary..............................................................................................................10
Introduction..........................................................................................................................11
Identified events...................................................................................................................11
Review of relevant concepts or theories...............................................................................12
Review of industrial practices..............................................................................................13
Application of theory as well as practice.............................................................................13
Recommendations for practice and research........................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Business simulation is comprehensively said to be as the set of activities that are
performed by business operators or owner in order to establish their business according to the
market scenarios (Bocciarelli and et. al., 2019). Along with this, it can be later said that business
simulation also provides major support to the business entity in taking rightful and meaningful
decisions which ultimately helps them in accelerating their businesses and maximising their
profitability. Inclusion of simulation activities helps businesses in enhancing their sustainability
within the same sector in rightful manner. Away with this, it is also seen that simulation simply
provides an effective platform to the business developer to enhance their understanding over the
market fluctuation that might take place in the near future after its establishment. Also, it
provides opportunity to the business developer with which they can easily groom themselves and
develop their professional skills.
The present report is based on enhancing knowledge about the concept of business
simulation and professional development. In this, Lexo has been taken as the main entity which
is simulated company that deals in smart phones. The respective entity is also engaged in the
production as well as distribution of the Smartphone. This project is bifurcated into two sections.
In the first section detailed information is provided on the mission, vision, values, HR, strategy, 5
year progress to financial analysis. This also includes future planning as well as recommendation
given to the same company for their coming 5 years. Whereas, the second part of the project
emphasizes on reflection which is given upon the professional development that covers various
areas such as event, application of theories, it also reviews industrial practices and many other
associated areas.
PART A- STRATEGY PAPER
Vision and Strategy of Lexo
Vision and Mission:
The core vision of LEXO is to become best premium Smartphone Developer Company
worldwide.
The mission statement of LEXO is to deliver highly innovative Smartphone to customers
with the usage of advance form of technology.
Values:
1

It has been analysed that the main motive of LEXO is to provide premium Smartphone’s
to the customers so that they can easily grab attention of the customers in rapid manner. In order
to do effectively, the management team of the company simply emphasizes on providing highly
innovative Smartphone to the customers (EDUCATION, 2019). For this, the main focus of top
management team to focus on using advance form of technology so best featured smart phone
could be developed for its customers. All of these are considered as the core value for the LEXO.
HR:
HR department is mainly responsible for developing positive relationship among
employer and employees so that both of them can attain maximum benefits and acquire their aim
and objectives in quicker manner. Here, HR manager of LEXO ensures to provide high level of
opportunities to the employees so that they can easily show their complete potential in the
organisational work. In order to do so in effective manner, the HR head provides training and
development sessions, workshops and motivational sessions for the workshop so that they can
easily improvise themselves according to the work (Hernández-Lara, Perera-Lluna. and
Serradell-López, 2019). Along with this, it can be said that regular based efforts taken by the
company simply helps them out in motivating its workforce who directly boost up their
performance and supports in attaining predetermined aim and objectives in rapid manner.
Culture:
The corporate culture of LEXO is highly friendly but still compliance of all legal norms
are compulsory in this company. Also, with friendly working culture employees of the company
feels motivated and focuses on executing their work effectively. Along with this, it has been later
analysed that the effective environment of entity directly develops loyalty among the employees
towards organisation this directly influences them to perform all work with transparency (Gatti,
Ulrich and Seele, 2019). In addition to this, business manager of the LEXO also believes in
including employees in their decision making and strategy formulation process which directly
supports organisation in fulfilling demand and needs of the customers.
SWOT analysis
SWOT analysis is basically termed as the strategic planning technique that is mainly
adopted by the company to develop their understanding towards their own strengths, weaknesses,
opportunities, and threats associated with their own business and the sector in which they are
dealing (Hashim, Razali and Taib, 2019). SWOT of LEXO is specified as below:
2

Strength Weakness
 LEXO owes strong brand image at
marketplace which supports them in
maintaining their performance at global
level.
 Usage of advance technology supports
LEXO in bringing innovation in their
product range at regular basis (Bocciarelli
and et. al., 2019).
 LEXO shares strong and positive customer
relations as they provide value to
customers demand and need and further
include them in their product offering in
order to satisfy them at extensive level.
 Selling price of products is higher due to
inclusion of technology which is not
affordable for all group people.
 Distribution network of LEXO is quite
limited that reduces accessibility towards
the customers.
Opportunity Threat
 Expansion of distribution network can be
seen as the main opportunity for LEXO.
 Development of new product lines at
lower prices would develop opportunity in
developing their demand among all kind
of customers (Lohmann and et. al., 2019).
 Increasing labour cost in every nation
could become major threat for LEXO.
 Constantly changing demand of the
customers’ would make it difficult for the
company to meet as they can fulfil each
and every requirement.
Review of Each Year’s Progress
It is highly essential for the business associations to review their performance at each
year so that they can easily analyze their current performance and develop their understanding to
the ways through which they can improvise their future performance (Fekula and Rodriguez,
2020). With reference to LEXO, it can be said that the respected manager of the company
emphasizes on making use of Porter’s five force analysis for reviewing their performance within
the industry at regular basis.
Porter’s Five Forces Analysis
3

 Customer’s Bargaining Power: Bargaining power of the customers’ is acknowledged
higher for the LEXO as there are lots of companies available within the same industry
that are offering similar sort of products to customers at approximately same price range.
Here, it is essential for LEXO to focus on making use of advance technology so that they
can easily fulfil demand of customers and attain competitive edge.
 Supplier’s Bargaining Power: The influence of this force is lower within Smartphone
sector as there are lots of supplier who provides similar sort of material to the companies
with which they can easily develop Smartphone (Lazarova-Molnar and Li, 2019). It can
be said that if the supplier of LEXO does not take risk losing their relationship with the
company. For this, they simply get agreed to the provided rate.
 Threat of Substitutes: Threat of substitute within smart phone industry is high as rivalry
existing in this sector emphasizes on introducing new products and services as per
customers demand so that they can easily influence interest of customers towards them
that will provide higher benefits to them in the near future (Draijer, 2020). In order to
deal with this effectively. It is highly important for management team of LEXO to hire
skilled workforce who can easily make use of advance technology and execute their work
in such a manner that will ultimately support them in gaining competitive edge.
 Threat of New Entrants: Influence of this force is relatively low for smart phone
industry as if any company enters into this then they would definitely requires huge
capital to establish the business and give stiff competition to the competitors by attracting
customer’s towards them (Matute-Vallejo and Melero-Polo, 2019). Here, LEXO can
easily take leverage by making use of differentiated strategy by offering completely
unique product that is Smartphone’s to its customers and influence them to remain loyal
with the same company in the near future
 Competitive Rivalry: Smartphone sector is highly competitive as there are lots of
competitors available within the same marketplace. In order to deal with this, LEXO is
required to conduct market research at constant basis so that they can develop their
understanding towards the customers’ changing requirements and can also introduce new
products and services accordingly (Buil, Catalán and Martínez, 2019).
Market share
4

The market share is the proportion of the industry paid for by a single individual.
"Markers need to be able to convert and turn the demand goals into market share, because these
would indicate how the projections are to be met by growing the business or by taking the
market share of rivals (Camargo, Dumas and González-Rojas, 2020). In other words, market
share generally relates to the amount of gross profits generated by a corporation within the
corporate field. It is measured by considering the company's income over a span of time and
measuring it by the profits of the market for the same duration. This metric is used to give a
general sense of the size of a company in terms of its competitiveness and its rivals. The share of
the company's business is a proportion of total sales relative to the product or segment in which it
operates. To order to quantify the market share of the product, first decide the duration, it may be
a half of a fiscal year or several years. As in the case of Lexo, the Netherlands is the largest
business sector of a corporation with a gross demand division of 384000 units and a steady
downturn of 319334.4 units. Although the overall demand for the Belgium segment in the
industry was 432000 in 2020, it decreased to 359251.2 in the year 2029. The estimated market
for France in 2020 was 1500000, which decreased to 1247400 in 2029. The company's attention
is now on the Netherlands business. The demand for the company's commodity in the coming
year is gradually decreasing in almost every region, but here, in most segments, the company's
sales are fairly small, which indicates that the business is inefficient in meeting long-term
demands. The business will concentrate on growing the availability of devices to consumers in
order to raise their market value or market share. Changes in market share have a larger effect on
the competitiveness of companies in developing or rising economies where competition is low.
In contrast, changes in market share in can economies had no effect on firms (Costin, O’Brien
and Hynes, 2019). The full pie tends to develop in industry, meaning that even though they lose
market share, company will still raise sales. Sale production and productivity, in this case, has
greater effect on firms' portfolio performance than other factors.
Product / price analysis
Product analysis involves the evaluation of the features, prices, quality, performance, appearance
and other qualities of the drug. Prospective consumers, competition-based sales managers and
third-party testing platforms conduct product research (Alstete and Beutell, 2019). Price
negotiation is a way of determining that the price agreed for goods is reasonable and logical,
5

without evaluating the real expense and profit calculations used by the vendor to arrive at the
price. It is essentially a method of price matching the metrics of reasonableness that have been
developed. As in the scenario of the Lexo product / price analysis, the production relative prices
in the Netherlands in 2020 is 1800000, while the demand for the product quality relationship is
240000, which was attained at 1590435 and 199584 respectively in the year 2029. In Belgium,
increased competition relative to price is 1500000, while production comparative to reliability is
around 600000 in the year 2020, at 1325362.5 and 498960 respectively in the year 2029. In its
third and most relevant sector, i.e. France's production compared to cost is 1080000, whereas
output relative to price is 2040000 for 2020 and 898128 and 1802493 for 2029, respectively,
have been gradually decreasing. The overall results show that demand for corporate entities in all
three markets has decreased over the period. Business must aim to evolve efficient price strategy
and the quality of the products. For some instances, it is virtually impossible to decide the precise
shape of the demand rows. There are also methods to quantify the consumer sensitivity to
alternate rates. It may be used to test communications for this reason. It may be useful for
examining historical data on price and quantity (Bitrián, Buil and Catalán, 2020). And market
feedback methods are also used, such as demand reviews by consumers. Therefore, in an effort
to improve revenue, the organization will concentrate on increasing the efficiency of its
equipment and lowering the price of its goods by extensive analysis.
Competitors
It is significant for the organizations to attain information competitivenes within the
sector so that they can easily develop their own strategies accordingly in order to gain comptitive
edge. In relation to this, it has been recognized that there are some competotive firms of LEXO
are directly influencing sustainaility of the company within the sector. Sound strategies are
required to be developed by the administration of this cell phone organization so as to
accomplish competitive advantage within the industry (Matute-Vallejo and Melero-Polo, 2019).
This will permit the company to develop its powerful image customers as they are fulfiling their
needs and requirements in adequate manner.
Competencies and capabilities
It is highly important for the businesses to emphaise on developing their understanding
over competencies as well as capabilities in order to inflate the growth and development
prospects. This would dircetly help busiensses in improvising tehir performance in such a
6

manner that contribute in dealing complex situtaions (Buil, Catalán and Martínez, 2019). These
are central to the effective execution of operations of the company as per the requirements. These
are explained as below in well stated form-
High share of market: At present, it is determined that LEXO is carrying out its
business operations in a range of nations. This acts as one of the most prominent competencies
helping the entity in inflating its reach among the people (Lazarova-Molnar and Li, 2019). As a
result of this, the firm will be able to provide its offerings in terms of Smartphones to larger base
of audience across the globe. By serving a large area of market place, this Smartphone firm seeks
to enhance its revenues and profitability in the long run, in order to attain a competitive edge at
market place.
High product demand: As per the data, it has been acknowledged that the demand of
the Smartphones offered by LEXO is high within the confines of all the countries within which
the firm tends to operate. This acts as another competency for the organisation. However, it is
observed that the firm is not able to fulfil the needs and demands of people in the market place
(Hashim, Razali and Taib, 2019) (Lohmann and et. al., 2019). This holds the capacity to hold
negative impacts for the organisation in the long run, leading to a decline in the loyal base of its
customers. To effectively leverage its competency, it is immensely important for this corporation
to create as well as devise effective strategy through which it can ensure the fulfilment of needs
and demands of customers as soon as they emerge in the market. With the help of such strategy,
the firm would be able to inflate its market share and also derive high contentment from its base
of customers.
Analysis of financial data
Income statements:
The review of the income statement involves the study of several line items in the report, as well
as the evaluation of trend trends in individual products that have been observed many times. This
work is used to understand the cost structure of a product, as well as the ability to generate a
profit (Gatti, Ulrich and Seele, 2019). Therefore, although the data contained in this assertion is
relatively simplistic, a lot of useful information can be drawn from it to help grasp the
organization's recent financial performance so as to construct an assessment of its future.
Throughout this respect, any effort to include facts on the income statement is important for
consumers to provide a clear understanding of the historical condition. As in case of Lexo
7

company’s income statements show that company’s sales in year 2020 is 0 which has been
reached to € 213.708.656,00, € 216.330.865,00, € 384.711.476,00, € 483.630.617,00,
€ 471.941.834,00, € 326.874.152,00 , € 311.535.235,00, € 287.652.221,00 and € 263.888.403,00
in year 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028 and 2029 respectively. While gross
profit of company is 0 in year 2020 that have been reached to € 89.594.736,00, € 90.743.142,32,
€ -72.007.149,37, € -37.063.829,07, € -17.219.571,61, € -17.515.681,28, € -10.394.230,68, € -
6.733.744,48 and € -826.477,13 during year 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028
and 2029. This is showing that there is decreasing trend in the gross profit after financial year
2022. As well as in the aspect of net profit, it can be stated that this was of € -553.000,00,
€ 16.232.089,80, € 26.893.392,72, € -208.553.796,13, € -224.018.214,90, € -225.127.678,65, € -
318.374.745,57, € -353.890.153,78, € -398.824.743,71 and € -448.954.446,79 respectively
during 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028 and 2029. Overall assessment of
Lexo's income statement reveals that the business continues to incur losses over the full duration.
It means that the financial stability of the organization is not good.
Balance Sheet-
Examination of the balance sheet may be defined as an analysis of the properties, total liabilities
and resources of the business (Hernández-Lara, Perera-Lluna. and Serradell-López, 2019). This
analysis / review is typically carried out at defined time scales, such as the annual basis. The
balance sheet analysis tool is used to evaluate accurate measures of the company's revenue,
properties and total liabilities. From Lexo's financial statements in 2019, it was estimated that
gross cash will be roughly in that year. EUR 519487, although the total liabilities would be about
EUR 521187. Company reported €1700000 at the head of the fixed assets in the same year. Cash
rose to €513591660 during 2020 when the deposits accumulated to 2100000. It indicates that the
working capital status of the company has rising over the course of the year. The same estimates
for 2021 have revealed that the productivity of the sector in this year has declined as the overall
cash for the organization declined this year after the cash volume exceeded 45951711. The total
assets and liabilities of the company for this year are roughly €432909556. For this year the loan
as well as other long-term obligations contributed to 12619675. Complete evidence indicates that
the total percentage of business assets and liabilities has gradually declined from 2019 to 2029,
as both the amount of assets and liabilities continues to decline. Throughout the whole time, the
8

equity of the company has not yet been changed, yet liabilities and assets are growing and
declining.
Cash Flow statements-
Cash Flow's analysis is the calculation of cash outflows and market inflows from revenues,
borrowing and spending expenditures (EDUCATION, 2019). In other words, this is an overview
of how the business receives its income, where it comes from, and what it does for the net profit
of the product. Cash Flow's analysis / review is a method utilized by organizations to evaluate
how much excess cash they have generated and assess the worth of general corporations and
local divisions. We typically use the Cash Flows Report, which reflects the complete volume of
cash earned and expended over time from expenditure, funding and operational activities and a
number of other results. As in Lexo company has reported total cash income of 0,
€ 188.658.656,00, € 218.580.047,00, € 376.237.294,00, € 468.709.064,00, € 654.924.848,74,
€ 658.248.464,69, € 671.894.495,64, € 682.521.578,47 and € 724.066.848,06 during the year
2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028 and 2029 respectively. While Company’s
total cash expenditure are € 1.503.000,00, € 192.426.566,20, € 205.943.657,36,
€ 588.378.237,10, € 703.679.654,44, € 721.665.794,64, € 658.248.464,69, € 671.894.495,64,
€ 682.521.578,47 and € 724.066.848,06 respectively during year 2020, 2021, 2022, 2023, 2024,
2025, 2026, 2027, 2028 and 2029. The overall analysis shows that the total cash income of the
company has been steadily increasing, while the cash expenses of the business have also been
steadily increasing. The cash flow status of the company is not as strong because the income is
small in comparison to the cash expenses and may contribute to an unfavourable cash flow
situation, so the incident would bring into doubt the sustainability of the business over the
coming year.
Performance analysis
According to the overall information stated in the above section, it has been analysed that
the overall market demand of the company are increasing day by day which makes it difficult
for the company to meet demand with the production capability. In order to do so effectively, the
respective company is required to emphasise on developing effective business plan and revise
their strategies so that they can easily tackle the situation and maintain their performance
(Fraccascia and et. al., 2020).
9

Apart from this, it has been analysed that the respective company is currently facing huge
competition from the rivalry which is directly affecting their sales performance as well as
profitability. Apart from this, it has been later analysed that there are several issues related to the
organisational functions such as like logistics, finance, marketing, human resources, marketing,
accounting, products development and many more. The main reason behind this is basically
assumed is that past ineffective strategies and policies. In order to deal with this, businesses are
effectively required to emphasise on revising their strategies so that they can easily tackle the
situation in rapid manner and attain success in effective manner within the available time frame.
Future plans and recommendations
According to the information stated in the above section about the performance of LEXO,
it has been acknowledged that the overall performance of the company is not good. This
ultimately creates requirement of takings strict actions and revising their strategies in order to
improvise it in defined manner. Here, it is essential for the company to develop sound strategies
towards the same that would contribute in gaining competitive edge within the same sector.
According to this, few recommendations are given to the company with which they can easily
improvise their next five year performance.
 At first it is recommended to Marketing team of LEXO to conduct effective market research
at regular basis so that they can easily develop understanding on the customers changing
demand and needs. Thus, existing product can be modified accordingly in rightful manner.
 At next, it is advised to the manager of the company to hire skilled staff within the company
only so that they does not have to spent time on training employees and developing their
according to their work.
 Further, it is advised to the company to emphasise on making use of advance technology so
that they can easily improvise their production in rapid manner. This would directly
contribute in enhancing their production capacity and fulfilling demand of the marketplace in
effective manner.
PART B - Professional Development Reflection Report
Executive summary
The following report is a reflection based upon an individual carrying out working in a team in a
simulated setting. The name of the simulated business is Lexo. This is an organisation engaged
10

in manufacturing, distribution and sales of smartphones across the global periphery. It provides
smartphones in a number of countries serving the needs and wants of customers prevailing
thereby in an effective manner. The reflective report consists of discussion done upon
professional development. Further, it deals with the difference between learning in MBA settings
and working in a group. In addition to this, it includes identified events and theories pertinent to
leadership. Besides this, the application of leadership theories into industrial practices portrays
the positioning and performance of the simulated company in the industry. Lastly,
recommendations are provided in accordance with the professional development reflection
report.
Introduction
Professional development can be comprehensively said to be the learning which is carried by an
individual for the sole purpose of generating value and staying aligned with the sustenance of
professional credential like degree, indulgence in conference and so on (Orozco-Leyva, Paredes
and Estrada, 2020). I gained knowledge of a number of concepts and theories while undergoing
the degree course of MBA. The knowledge gained as a part of this degree was very different
from that gained by working as a part of a group working activity. In this relation, the group
activity over simulated business helped me in practically applying the learning and knowledge
obtained during the college studies. The exposure to simulated business environment made me
gain comprehensive knowledge of a number of concepts of which the foremost is simulation.
Also, it acquainted me with ways in which leadership theories are applied while working in a
group. Industrial practices were taken into account by me enabling me to undergo professional
development.
Identified events
While carrying out work within groups, I determined multiple events which were
effectually organised by the leader for showing the path by way of which success and
development can be ensured. Such kinds of events are briefly described as follows:-
Leadership conferences:
These are the events whereby several leaders from top notch corporations came together and
exhibited their views and ideologies upon the topic of concern. In this event, I took into account
the views about simulation of other individuals (Morin, Tamberelli and Buhagiar, 2020). Also, I
displayed my views about the subject matter in front of others so as to inflate their existent level
11

of knowledge and skills. This event provides due assistance to me in inflating my confidence
levels so as to motivate the individuals working with me and enhance their morale also.
Communication workshop:
Herein, various specialists from simulated conditions imparted their perspectives and insights on
the subject matter (Oliveira and Gomes, 2020). This made me and the team members gain the
chance of setting association with those specialists thereby consequently improving our
comprehension and information in context of business simulation.
Review of relevant concepts or theories
Theories can be alluded to as a set of sorted out standards as well as acknowledged convictions
that represent and control examination of a topic. Underneath examined are the theories that I
leveraged while I was functioning within a group in stimulated business environment called as
Lexo:-
Theory of reasoned action: This theory will in general characterize the connection that lies
amidst set of perspectives, aims, convictions and conduct of various people. It depends on A-B
relationship whereby A represents Attitude and B represents Behavior. As per this hypothesis,
singular conduct is described by the aim of people comparable to its execution. Therefore, the
goal is determined through abstract standard, mentality, aptitude and so on.
Situational leadership theory: It can be acknowledged to be a hypothesis which expresses that
there is no perfect authority style that is regarded fit in all kinds of corporate circumstances. It
expresses that the pioneer put to action leadership style as per the circumstances taking place
within the business environment or market (Zieliński, 2019). This is an effective theory which
makes the leader adapt to the situation existing in market by putting into force an aligned
leadership style. This is a theory which is mainly concerned with the decisions that are executed
via the pioneers pertinent to an organization.
Behavioural leadership theory: This is a theory that is concerned with the belief that great
leaders are developed and not born by birth. This theory tends to emphasize over the action of
leader instead of their mental aptitudes or internal state. In accordance with the main belief of
this theory, it can be said that individuals can succeed in becoming leaders by way of observation
(Zulfiqar and et. al., 2019).
12

Review of industrial practices
Innovation: This is the most important industrial practice within the confines of smartphone
sector which indicates that all the market players incorporate innovation within the business
practices to gain an upper hand over the rival firms in market place (Thoumrungroje, Racela and
Chintakananda, 2019).
Competition: This is another crucial industrial practice that depicts that extensive rivalry prevail
within the confines of smartphone sector putting pressure over the entities functioning within it
to adopt sound business strategy.
Technology: The current era is regarded to be the era whereby technology circumscribes every
sphere of any corporate sector. The smartphone manufactures adopt latest and smart technologies
for the purpose of fulfilling the needs and demands of customers in a timely manner (Zekić-
Sušac, Has and Knežević, 2020)
Application of theory as well as practice
The theories and practice that are put to force within the boundary of Lexo are explained
beneath:-
Theory of reasoned action: The theory is put to force inside the bounds of Lexo for the
investigation of the connection in the mentality and social conduct of people functioning inside a
group setting. I utilized this theory to pick up information related to the thoughts and ideologies
held by my mates. The utilization of this theory for the collaborative working settings made me
think that the individuals from the group in general have different perspectives and along these
lines their standard of conduct is as per that. Thus, this gives rise to the emergence of differences
between them at times. With the help of this theory, the industrial practice of technology can be
effectively managed as the simulated business leader can realise the connection between mindset
of individuals and their conduct in relation to implementation of new technologies within the
confines of business (Yoo, 2020).
Situational leadership theory: This theory is put to action inside the limits of Lexo. In the
organization, the pioneer chooses the style of authority according to the present situation of the
business environment along with the market. As the pioneer of the group, I utilized this theory to
choose the leadership style which seemed reasonable to me in a specific instance. With respect to
this, it is recognized that functioning in collaborative settings allowed to operate in a number of
circumstances expecting to act in distinct ways (Ramakrishnan and Kaur, 2020). For instance:
13

the authority style put to action in an instance of conflicts by me was not the same as the style
embraced wherein I observed that existed communication along with coordination issues amidst
the gathering of individuals in team. This presents that the usage of this theory improved my
professional character. Further, it also provided assistance to me in gaining information about
different kinds of leadership styles that can be put to use by the leaders in accordance with the
current situation of the business. This helps in dealing with the industrial practice of competition
by attaining an upper hand over the existent market situations.
Behavioural Theory: This theory was applied in the simulated business environment in
order to stipulate positive results. I applied this theory in order to ensure that the course of action
executed by me was in favour of the collaborative working as well as for the betterment of the
financial performance of the company. I observed the behaviour of many great leaders and thus
developed my own way of working it out within the group settings. With the help of this theory,
I developed an atmosphere whereby the industrial practice named innovation was emphasized at
all the times. This implies that every member of the group was acquainted with the need to
incorporate innovation at the heart of every business activity.
Recommendations for practice and research
Based on above examination, some suggestions are provided to the management team of Lexo
comparable to the research and practice. They are provided as below:-
 Above all else, the first action proposed to the management of Lexo is that it ought to
embrace measures or advances through the assistance of which the production capacity of the
company can be exceeded as per the required limit. This ensures the effective as well as
efficient fulfilment of wants and needs of clients prevailing in the market. With regards to
this, I suggest the organization ought to embrace automation as soon as possible so as to pace
up the procedure of manufacturing of smartphones and along these lines guarantee ideal
achievement of requests of customers in the market place.
 The next advice provided to the management of Lexo is that it ought to make and execute a
tremendous marketing and advertising plan that can give help to the entity in relation to
setting a connect with the wide crowd. With regards to this, the particular cell phone
organization can utilize advanced marketing technologies and systems like social media or
digital market to accelerate its reach within the audience, thereby giving a great boost to the
growth and development prospects of the company as well.
14

 The company is further given the suggestion to keep up sound networking within market
surveying organizations such that it can pick up information related to the opportunities that
constantly emerge within the limits of smart phone industry. Such opportunities can be
leveraged by Lexo to expand its incomes thereby giving a boost to the overall financial
performance. This ensures the long term existence of the company in global market place.
CONCLUSION
From the information stated in the above section, it has been acknowledged that
simulation is considered as the set of activities which helps individual developing their business
associated skills so that they can easily take rightful decisions in the near future when goes
through the same kind of situations. It also supports businesses in gaining competitive edge in
rightful manner. Along with this, simulation activities also develop business owner’s skills and
knowledge in order to tackle the situation in such a manner that reduces the chances of risk. It
has also been analysed that stimulation also contributes it developing effective vision, mission
and corporate culture consisting of values to be abided by the business at all the times.
In addition to this, it is also concluded that financial analysis directly provides support to
the company in acknowledging their knowledge regarding the financial positioning of the
company. This is effectively done by simply evaluating balance sheets, income and cash flow
statement and so on. Apart from this, it has been later analysed that there are other several
aspects such as customer base, market conditions, capabilities, competencies, quality of products,
pricing strategy needs to be constantly analysed and reviewed by individuals setting up their
business. It can be further said that by simply analysing and evaluating all of these areas business
owner can easily improvise the business performance and can also attain their proposed goals
and objectives in the predefined time frame. This simply contributes it developing effective plan
for the future and make recommendations towards the same so that expected improvements can
be brought in the same effectively.
15

REFERENCES
Books and Journals
Alstete, J.W. and Beutell, N.J., 2019. Business simulation and assurance of learning. Quality
Assurance in Education.
Bitrián, P., Buil, I. and Catalán, S., 2020. Flow and business simulation games: A typology of
students. The International Journal of Management Education, 18(1), p.100365.
Bocciarelli, P. and et. al., 2019, December. BPMN-Based Business Process Modeling and
Simulation. In 2019 Winter Simulation Conference (WSC) (pp. 1439-1453). IEEE.
Buil, I., Catalán, S. and Martínez, E., 2019. Engagement in business simulation games: A self‐
system model of motivational development. British Journal of Educational Technology.
Camargo, M., Dumas, M. and González-Rojas, O., 2020. Automated discovery of business
process simulation models from event logs. Decision Support Systems, p.113284.
Costin, Y., O’Brien, M.P. and Hynes, B., 2019. Developing Cognitive and Non-Cognitive
Entrepreneurial Competences through Business Simulation Games. Journal of
Enterprising Culture, 27(04), pp.471-498.
Draijer, C., 2020. Best practices of business simulation with SAP R/3. Journal of Information
Systems Education, 15(3), p.5.
EDUCATION, A.E.T.A., 2019. THE USE AND DESIGN OF BUSINESS SIMULATION GAMES
IN HIGHER EDUCATION (Doctoral dissertation, Ghent University).
Fekula, M.J. and Rodriguez, L., 2020, March. The Efficacy of Simulation Learning Assurance
Data in Program Outcomes Assessment. In Developments in Business Simulation and
Experiential Learning: Proceedings of the Annual ABSEL conference (Vol. 47).
Fraccascia, L. and et. al., 2020. The role of redundancy in industrial symbiotic business
development: A theoretical framework explored by agent-based simulation. International
journal of production economics, 221, p.107471.
Gatti, L., Ulrich, M. and Seele, P., 2019. Education for sustainable development through
business simulation games: An exploratory study of sustainability gamification and its
effects on students' learning outcomes. Journal of cleaner production, 207, pp.667-678.
Hashim, N., Razali, R.A. and Taib, N.A.M., 2019. Retail Management Skills Gained Through
Managing Business Simulation. INTERNATIONAL JOURNAL OF ACADEMIC
RESEARCH IN BUSINESS AND SOCIAL SCIENCES, 9(5).
Hernández-Lara, A.B., Perera-Lluna, A. and Serradell-López, E., 2019. Applying learning
analytics to students’ interaction in business simulation games. The usefulness of learning
analytics to know what students really learn. Computers in Human Behavior, 92, pp.600-
612.
Lazarova-Molnar, S. and Li, X., 2019, December. Deriving Simulation Models from Data: Steps
of Simulation Studies Revisited. In 2019 Winter Simulation Conference (WSC) (pp.
2771-2782). IEEE.
Lohmann, G. and et. al., 2019. Online business simulations: Authentic teamwork, learning
outcomes, and satisfaction. Higher Education, 77(3), pp.455-472.
Matute-Vallejo, J. and Melero-Polo, I., 2019. Understanding online business simulation games:
the role of flow experience, perceived enjoyment and personal
innovativeness. Australasian Journal of Educational Technology, 35(3).
16

Morin, J., Tamberelli, F. and Buhagiar, T., 2020. Educating business integrators with a
computer-based simulation game in the flipped classroom. Journal of Education for
Business, 95(2), pp.121-128.
Oliveira, H.C. and Gomes, L., 2020. Assessment and Students Alignment: The Case of a
Portuguese Business Simulation Course. In E3S Web of Conferences (Vol. 159, p.
09007). EDP Sciences.
Orozco-Leyva, A., Paredes, L. and Estrada, M., 2020. Interpersonal Dynamics at the Top. The
effects of Interactions Between the Board of Directors and Top Management Teams on
Firm Performance: Evidence from a Business Simulation Game Exercise. Academy of
Management Global Proceedings, (2020), p.148.
Ramakrishnan, R. and Kaur, A., 2020. Performance evaluation of web service response time
probability distribution models for business process cycle time simulation. Journal of
Systems and Software, 161, p.110480.
Thoumrungroje, A., Racela, O.C. and Chintakananda, A., 2019. Overcoming Knowledge
Stickiness in International Business Simulation Games. In The Palgrave Handbook of
Learning and Teaching International Business and Management (pp. 523-540). Palgrave
Macmillan, Cham.
Yoo, T., 2020. Supply chain simulation using business process modeling in service oriented
architecture. In Supply Chain and Logistics Management: Concepts, Methodologies,
Tools, and Applications (pp. 857-871). IGI Global.
Zekić-Sušac, M., Has, A. and Knežević, M., 2020. The Use of Discrete-Event Simulation for
Business Education: Learning by Observing, Simulating and Improving. In Teaching,
Learning, and Leading With Computer Simulations (pp. 159-180). IGI Global.
Zieliński, T.W., 2019. Modular business simulation game development environment (Doctoral
dissertation, Instytut Automatyki i Informatyki Stosowanej).
Zulfiqar, S. and et. al., 2019. An analysis of influence of business simulation games on business
school students’ attitude and intention toward entrepreneurial activities. Journal of
Educational Computing Research, 57(1), pp.106-130.
17