Business Simulation and Professional Development

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:
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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:
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