Business Simulation: VALMJ Limited

This report is based on VALMJ Limited, a young business with the aim of taking over the Smartphone market completely. The company started off as a small business but took over its competitors that were leading the supermarket industry previously in a very short duration of time.

Business Simulation
VALMJ Limited

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
Section A..........................................................................................................................................1
Review along with future plan for organization.....................................................................1
Evaluation of success of strategies along with recommendation for the same......................2
Section B..........................................................................................................................................3
Vision and Strategy................................................................................................................3
Review of each year progress.................................................................................................4
Future plan and recommendation.........................................................................................10
PART B – Professional development Reflection Report...............................................................11
Executive summary..............................................................................................................11
Introduction..........................................................................................................................12
Identified events...................................................................................................................12
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 can be defined as the simulation that is used for education, training
or analysis based and can either be scenario or numeric-based. Using business simulation can
help in illustrating theoretical concepts in an effective manner and can also lead to an increase in
engagement as well as knowledge retention (Draijer, 2020). There are many advantages
associated with business simulation like the participants not just focus on gaining theoretical
knowledge, but also helps them in building and improving skills and gain a better view of the
organization. If companies use business simulations, they can help in creating an environment
that is risk-free and encourages participants to learn from the mistakes made by them in a safe
environment. They also allow employees of the company to experience the consequences of
different business aspects personally (Lin, Yen and Wang, 2018). Also, participants can grasp a
variety of concepts within a short duration of time as well as engages them.
This report is based on VALMJ Limited, a young business with the aim of taking over
the Smartphone market completely. The company started off as a small business but took over its
competitors that were leading the supermarket industry previously in a very short duration of
time. The company’s goal is to become of the serious players within the market and utilize more
and more opportunities so that overall sales increase. The simulation has a series of rounds
wherein every round is equal to a year. In every round, the results are reviewed from the
previous year’s which are then followed by making new decisions. The report explains future
plans for the company and evaluates the success of the strategy that is developed.
Recommendations for the future along with a Five-Year strategy are also included. Lastly, a
reflection on how working in the team can be helpful is also a part of this report.
PART A
Section A
Review along with future plan for organization.
The new business named VALMJ Limitedis creating as well as developing their
operations within smart phone industry. Plans are defined as relevant actions that are being up
firm that can aid them within growth along with development of business within market area and
furnish their offerings to ample of customers (Grant, 2016). Future plan of firm is development
and attaining a sustainable growth for business within new as well as distinct market areas for
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enhancing business performance along with development of strong image within market where
they are delivering their services. The aim as well as motive of VALMJ Limited is to be a strong
player within smart phone market by furnishing higher quality services and products to their
probable customers. The future a plan of firm comprises of development of strong brand image
along with be a serious player in respective industry in marketplace. The firm is planning to
expand their operations within two other markets for attainment of distinct business activities
that will provide them with an opportunity for enhancing sales of organization.
Enhancement within sales and profits is decisive ambition of firm and accordingly they
formulate the plans to ensure that they can attain objectives as well as goals within stipulated
time frame. The firm is taking into consideration new as well as innovative technologies for
carrying out business tasks and executes their future strategies in efficacious way. Various risks
are associated when implementing and developing strategies in context of future plans. VALMJ
Limited is formulating plan for identification of customer and market preferences so that they
can offer services as per that (Iyamu, Nehemia-Maletzky and Shaanika, 2016). Future plan of
firm involves rendering new model from 2030 of VALMJ Limited
Evaluation of success of strategies along with recommendation for the same
Strategy plan is essential as it assist within enhancement of business performance along
with attainment of objectives of firm. This is essential for particular firm that they formulate and
utilize strategies that will aid within improvisation of overall business performance and render
adequate support for attaining particular set of objectives and goals. VALMJ Limited is taking
into consideration product & cost leadership and is emphasizing on customer focus strategies for
carrying out their business activities and render higher quality products to satisfy preferences of
their potential customers. By taking into account cost leadership within business operation, it
will aid peculiar firm to render affordable products within the market area. Through usage of
product leadership strategy, VALMJ Limited can manufacture as well as furnish higher quality
products as per needs of customers. Strategies are taken into account by VALMJ Limited in such
a way that they can ensure that they deliver better products along with services at reasonable or
optimum prices so that they can grab maximum of customers towards their offerings. The
emphasis is laid on all the aspects, customers, market and quality of services that is being
manufactured by them (Jang and Lee, 2016). This will aid them to have competitive positioning
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within market as compared to their rivals and also they will be able to perform their
functionalities in an impelling manner.
With reference to this, some recommendations are illustrated that will aid VALMJ
Limited to deliver their services in more concise and relevant manner. It will lead them within
development of strong brand image in marketplace. This is crucial for firm to make analysis and
identify what their customers are needed while ensuring that higher quality of services and
products are delivered (Kolackova, Krejci and Ticha, 2017). New as well as advanced
technologies will assist firm to conduct their organizational activities in an adequate and
innovative way for attainment of peculiar goals of organization. Advanced technologies will
assist VALMJ Limited for improvisation of their functionalities and enhancement of capability
to render their operations in a relevant manner.
Section B
Vision and Strategy
Vision and Mission:
The vision statement of VALMJ Limited is “connecting the world by being innovative
and shaping the future of technology.”
The mission statement laid down by VALMJ Limited is, “to be at the heart of customers
to derive maximum satisfaction from them.”
Values:
One of the inherent values of VALMJ Limited is acknowledged to be loyalty. This is
instilled within its representatives. In addition to this, the innate values embedded within the
organisation are recognized as genuineness, honesty, straightforwardness etc. Besides this,
innovation and developments are available at the core of the firm.
HR:
HR is regarded to be the most significant resource for every single organization functioning
within the bounds of the economic zone (Camargo, Dumas and González-Rojas, 2020). It
incorporates all the individuals that are indulged in conducting course of action aimed at
accomplishing the objective as well as goal in pre defined manner. VALMJ Limited invests time
into employee, thereby guarantees their strengthening along with advancement in an effectual
manner. For this purpose, inspirational meetings, workshop, training sessions and number of
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different things take place within the confines of the premise. As a result of all of this, the
representatives are equipped according to the prerequisites of organization, thereby inflating their
level of motivation. With the assistance of instructional meetings, the organisation can fabricate
information upon new innovations to the representatives, encouraging an overall augmentation in
terms of productivity and motivation.
Culture:
The formation of the culture existent inside the bounds of VALMJ Limited takes place
considering the fact that innovation sets pace to the development and growth of firm in near
future (Draijer, 2020). Accordingly, the culture of this cell phone association will in general
concentrate on imparting faithfulness inside the representatives with the goal that they can carry
out business activities in a reasonable and straightforward way. The culture of VALMJ Limited
further advances the idea of equity and decent variety inside the organization. This corporation
over the course of time has succeeded in building up a culture which focuses upon strategic
development as per the requests placed by the clients at market.
Review of each year progress
The performance exhibited by an entity is reviewed and analysed at constant intervals of time in
order to carry out sound decision making. It is crucial for any business to constantly carry out
audit of their performance in order to determine the extent to which their performance is aligned
with the corporate goal and objectives (Fekula and Rodriguez, 2020). A number of analyses have
been carried out by VALMJ Limited for reviewing the progress of 5 years. The detailed
discussion over this is presented beneath:-
Competitor Analysis
Porter’s five Forces
This is a strategic management model which is put to use by an organisation to identify its
market positioning as against the rivals prevailing within the bounds of same corporate sector.
This model is conducted in context of VALMJ Ltd. as follows:-
Client's Bargaining Power: The degree of this power according to the starting phase of VALMJ
Limited was recognized as being high as there were an enormous number of substitutes around
then. In any case, as the progression of time took place, it appeared that this association got
fruitful in weakening the bartering intensity of purchasers through utilizing differentiation in a
powerful way for creation of the cell phones having the ability to capture large share of market
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place (Bocciarelli and et. al., 2019). This over the course of time has provided assistance to the
respective corporation in embedding a feeling of confidence and trust inside the purchasers for
VALMJ Limited.
Suppliers’ Bargaining Power: It was perceived that the power for this element of industrial
analysis was low in the start for VALMJ Limited. This was stated on the grounds that the
quantities of providers pertinent to cell phone industry were recognised as being low. In any
case, with the efflux of time duration, huge quantities of providers have emerged into the market
of cell phones, prompting a substantial augmentation in the overall power for this element in the
light of VALMJ Limited (EDUCATION, 2019). Further, the respective organisation is
acknowledged to be maintaining strong relations with various providers in the market with the
sole aim to weaken the degree of bargaining power held by the suppliers.
Threat linked to Substitution: The degree possessed by this industrial analysis factor is
recognized to be high since significant number of years. Prior, the high intensity owed to the
close substitute of cell phones delivered by VALMJ Limited in market place. As time has
passed, the explanation has been altered yet the degree of this element is high in the current
context also (Hernández-Lara, Perera-Lluna. and Serradell-López, 2019). Presently, the
significant cause for the high degree of danger related to prevalence of substitutes for VALMJ
Limited is the enormous quantities of opponent firms working inside the bounds of cell phone
industry at current time. In any case, the concerned organization has had the potential to keep up
its business execution regardless of the replacement impact via the effective employment of
talented representatives pertinent to the respective smartphone organisation.
Threat linked to New Entrants: The degree pertinent to this factor in the settings of cell phone
area was low for VALMJ Limited in its underlying stage as thorough knowledge of this sector is
needed to function effectually within the bounds of this industry. In any case, with the efflux of
time, it is noticed that the extent of threat in relation to entry of opposition firms this component
has expanded as the elements has augmented (Gatti, Ulrich and Seele, 2019). Further, they
currently have the methods through which they can execute the equivalent inside the limits of the
association. This has led to increment in the threat for VALMJ Limited through the time span,
levying severe force on the respective company to make use of differentiation strategy and
launch distinct offerings.
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Serious Rivalry: There are various organizations that are currently straightforwardly contending
with VALMJ Limited. With respect to this, it is recognized that there are 6 principle associations
that act as adversaries for the respective company. Be that as it may, the financial exhibition of
VALMJ Limited with the development of time has provided assistance to the respective cell
phone company in managing the competition pertinent to the cell phone sector in past and
present time. This has led to the weakening of the threat linked to rival firms for VALMJ
Limited.
Market Share
The term market share can be described as the measure of the combined revenue of an
organization (Hashim, Razali and Taib, 2019). It is evaluated by taking profits of company over
a span and dividing up them through company's deals over same time. This metric is used to gain
a full understanding of the scale of a company as to its opposing party and its opponents. The
market share of the company is the level of gross income as opposed to the sector or the segment
in which it operates. To calculate the part of the market share of the organization, the bat decides
a period; it could be a quarter of a budget year, or quite a long time. Like the VALMJ LTD, the
Netherlands is a key operating market in which total demand for all parts is 240,000 units for
2020, attained by 199584 and decreased by the year 2029. The absolute portion demand for
Belgium's market in 2020 was 600,000, down to 498,960 in 2029. In the French market in 2020,
the product demand is 1080000, which in 2029 decreased to 898128. The more facilities of the
institution are now in the Netherlands. In nearly every nation in the next year, though, corporate
demand is generally weak in the overwhelming majority of business fields. This indicates the
company has been inefficient in meeting requests since a long time ago. Organization, to build
its market dimension or offering, should focus gracefully on expanding cellular phones in
business sectors. In created or incremental markets, alterations in the piece have a greater effect
on company achievements where a lack of demand is required. As a result, the demand changes
in the emerging markets of the industry generally have little effect on organizations. Total
demand is growing in business so that businesses can actually generate income irrespective of
whether they are losing part of the whole market. In this condition, selling development and
benefiting more results for firms than various plans.
Product/ Price Analysis
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The product analysis concerns the assessment of the product and the brand, costs,
availability, efficiency, presence and other attributes (Lohmann and et. al., 2019). Future
purchasers, managers of the products seeking to understand competition and third party product
analyzes are carried out. Price analysis is a tool for determining how reasonable and realistic
agreed sales costs by examining the real expense and profit figures the vendor uses to obtain at
the market. Price analysis it is essentially a price matching method to the measure of
reasonability. As if the item / cost analysis of the VALMJ LTD show that by 2020 demand is
1800000 in contrast with costs in the Netherlands and the existence demand for the object in
2029 is 240000. In the year 2020, the amount for Belgium's show demands is 1500 000, the
price-related demand is approximately 600000, reached independently from 1325362.5 in 2029
and 498960. For example, France's third important market is 1080,000 demands for performance
compared to 2040,000 in 2020, and has decreased in 2029 to 898, 128 and 1802493 individually.
The total results demonstrate that over the time frame, demand from company companies in all
three markets has reduced. The company must concentrate on changing efficient price and
quality reforms. In some cases, it is difficult to determine the basic structure of the demand line.
As far as views of the participants is concerned, alternative prices can be computed. It can be
used for these purposes to search for communication systems. If cultural price and quantity
details are investigated this might be useful. And industry analyzes are also used, including target
range. By desire to boost the sale of their machinery and the cost, companies will also highlight a
thorough analysis in order to improve the coherence of their products.
Competitors
It is immensely significant for the firms to pick up information on the opposition companies
prevailing inside the bounds of any corporate sector. This provides due assistance to the
companies in setting out strong and competitive course of action and strategies to attain
competitive advantage in the concerned sector. With respect to this, it is recognized that there are
several rivals of the concerned cell phone association which create excessive magnitude of
competition within the market place. In this context, effective strategies and tactics must be
formulated in order to ensure that VALMJ Limited sustains in market for a considerably long
period of time in future context. This provides assistance in placing an effective image of the
firm in the minds of customers so that they do not get shifted to rival entities.
Competencies and capabilities
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At the point when organizations complete activities in commercial centre, it is significant for
them to have satisfactory abilities just as capacities so as to blow up the development and
improvement possibilities. Through the help and due use of these, a firm can guarantee that it can
adapt up to all the complexities that may rise in the limits of commercial centre in future course
of time. As per the subtleties of VALMJ Limited, it is determined that this association has certain
capacities just as skills. These tend to together act as the key to the viable execution of tasks of
the organization according to the prerequisites. These are talked about in a point by point way as
follows:-
High portion of market: At present, it is resolved that VALMJ Limited is doing its business
activities in an array of countries. This goes about as one of the most conspicuous skills helping
the element in swelling its scope among the individuals. Thus, the firm will have the option to
give its contributions as far as cell phones to bigger base of crowd over the globe. By serving a
huge region of commercial centre, this cell phone firm looks to upgrade its incomes and
gainfulness over the long haul, so as to achieve a serious edge at commercial centre.
High item demand: According to the information, it is determined that the demand for the cell
phones offered by VALMJ Limited is high inside the limits of the considerable number of
nations inside which the firm in general works. This goes about as another competency for the
association. In any case, it is seen that the firm can't satisfy the requirements and requests of
individuals in the commercial center. This holds the ability to hold negative effects for the
association over the long haul, prompting a decrease in the dependable base of its clients. To
adequately use its competency, it is monstrously significant for this company to make just as
devise successful system through which it can guarantee the satisfaction of requirements and
requests of clients when they rise in the market. With the assistance of such procedure, the firm
would have the option to blow up the market place and attain contentment from its clientele.
Performance results
Analysis of financial data
Income statements- In analyzing revenue statements, product lines reviews are included
in the document, and trend patterns are reviewed with specific items often mentioned. The
expense framework and efficiency of a product are taken into account in this research. While the
figures in this statement are fairly generic, other in-depth analyzes may be rendered to better
grasp the recent economic success of an organization, thereby establishing its prospects. In this
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way, a good knowledge of the past is critical to consumers. As in case of the VALMJ LTD’s
income statements show that company’s sales in year 2020 € 0 that increased in further years and
became € 129.144.835,00, € 123.586.925,00, € 132.496.585,00, € 105.130.500,00,
€ 75.269.950,00, € 458.103.201,00, € 385.601.951,00, € 385.704.549,00, € 272.170.956,00 for
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 € 68.126.862,50, € 65.194.937,50, €
69.894.987,50, € 55.458.750,00, € 39.706.625,00, €148.163.841,00, € 135.721.981.00 , €
117.182.859,00, € 103.065.298,50 during year 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028
and 2029 respectively. Further net profits of company are of € 42.454.333, 90, € 43.202.593, 16,
€ 47.184.723, 25, € 35.055.920, 03, € 21.639.078,38 , € 2.657.672, 98, € 10.827.794, 41, €
220.657,17, € 8.206.146, 45 for year 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028 and 2029
respectively. The essential survey uncovers that the business reliably misfortunes during this
time. The VALMJ LTD’s balance sheet explanation shows that the money related strength of the
business isn't acceptable.
Balance Sheet- The balance sheet analysis may characterize the organization's
properties, absolute liabilities, and capital as an outline. Such investigation/assessment typically
happen at characterized time scales, for instance every year. To decide precise figures of the
organization's income, properties and by and large liabilities an accounting report investigation
approach is actualized. Whether it is a sole ownership, a business organization, an enterprise,
private restricted organization or other association, for example, government or not-revenue
driven substance, resources, liabilities and possession value are recorded starting at a particular
date, for example, the finish of its money related year. An accounting report is regularly
portrayed as a "preview of an organization's money related condition". Of the four fundamental
budget summaries, the asset report is the main articulation which applies to a solitary point in
time of a business' schedule year.
It was evaluated from the 2019 financial statement of VALMJ LTD's that the net money in that
year will be estimated. The business recorded € 517.984.000 in the head of the current assets that
were in year 2020, with total assets adding up to around €519.634.000, 00. The cash amounted to
EUR 517,984,000 by 2020 with 2100,000 reserves. It indicates that the role of the company’s
capital structure has risen over the year. The same estimates for 2021 also revealed that the
productivity of the company declined this year as the cash balance for the business reduced since
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the cash volume exceeded € 546,950,880. The loan and other deep-term obligations for this year
made a significant contribution to 12619675. Final data shows that, when both the assets and
liabilities levels begin to deteriorate, the company's overall assets and liabilities ratio decreased
gradually between 2019 and 2018. The corporation's equity has not yet been adapted for the full
duration; however, assets and assets are rising and decreasing.
Cash Flow statements- The Cash Flow Statement evaluation is the sales, financing and
investment expense score of revenue streams and business inflows. In other words, the research
focuses on how the cooperative credit its money, where it comes from, and what it entails for the
overall value of the company. Cash Flow analysis / examination are a method that companies use
to determine how much surplus cash they have generated to measure the worth of general
enterprises and local economies. In finance related bookkeeping, an income explanation,
otherwise called proclamation of incomes, is a budget report that shows how changes in asset
report records and pay influence money and money reciprocals, and separates the investigation to
working, contributing, and financing exercises. Typically, they use complete fund transfers and
exclude from acquisition, funding and operating procedures and many other outcomes over a
period of time. As in the VALMJ LTD's company has reported total cash income of 0,
€ 117.498.185,00, € 124.367.365,00, € 131.765.740,00, € 107.760.670,00, € 78.254.915,00,
€ 426.649.030,00, € 392.295.956,00, € 324.703.369,00 € 276.955.018,00 during the year 2020,
2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028 and 2029 respectively. While Company’s total
cash expenditure are € 84.712.726,10, € 81.703.071,84, € 85.916.554,25, € 71.253.754,97,
€ 56.328.524,12, € 456.024.680,52, € 391.223.561,59, € 320.736.096,83, € 282.430.967,45
respectively during year 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028 and 2029. The
general analysis shows that the all out money salary of the organization has expanded
consistently, as have the organization's money spending. The income the executives of the firm
aren’t as solid as the pay is little in relation to the money uses, which can prompt unfriendly
income positions.
Future plan and recommendation
Based on examination of the business execution of VALMJ Limited, it tends to be said that
the company is indicating feeble execution at commercial center through the span of time.
Therefore, it gets critical for this association to specify sound techniques through which it can
attain development as well as make progression within commercial center. As per this, some
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likely arrangements alongside the recommendations for the time span of upcoming 5 years are
talked about as follows:-
 It is suggested that VALMJ Limited should do consistent market surveying so as to
recognize and tap openings which can give help to the enterprise in picking up the
consideration of huge number of clients and furthermore satisfying their requests in an
opportune way.
Suggestion: For viably doing the market surveying, it is suggested that VALMJ Limited
should do hiring for able and talented workers that possess strong research abilities with the help
of which they can identify growth and development opportunities for the company. These people
would have the option to provide the organization with information in regards to the key patterns
occurring inside the area of cell phone division.
 The second planned action for the company is that VALMJ Limited must undertake
activities for upgrading the limit of production in the upcoming years. This will render
due aid to the corporation in meeting the demands emerged in market place.
Suggestion: To augment the production limit, VALMJ Limited has been suggested to
utilize latest and emergent technologies. This will inflate the units of phones delivered by the
organisations to the customers in the market place. It would imply timely accomplishment of the
demands placed by the clients. This will instil a sense of trust and faith in the customer base
towards the brand and its offerings. In the long run, this will mean that the monetary gains for the
respective corporation will considerably rise.
PART B – Professional development Reflection Report
Executive summary
The following is a reflective summary of a person who has been working in a simulated
business environment. The name of the business is VALMJ Limited, a producer, design,
manufacturer and seller of smartphones in many parts of the world. The reflection portrays that
an individual learns from MBA degree as well as collaborative working. The former acquaints
them with theoretical knowledge while the latter provides practical knowledge.
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Introduction
Professional development is the comprehensive procedure linked with the learning undergone by
a person to upgrade their professional character as a whole and generate money as a result
(Fraccascia and et. al., 2020). I have also undergone MBA course which has acquainted me with
several theories, concepts, models and frameworks. This is a reflective account whereby
reflection is done related to professional development undergone by an individual as being a part
of the team of simulated business along with the differences underlying between collaborative
working learning and learning from MBA degree coursework.
Identified events
While functioning in groups, I distinguished a few occasions that were conducted by the pioneer
with an aim of guiding and showing the path through which growth can be ensured in an
effectual way. These occasions are comprehensively talked about in brief manner underneath:-
Conference: This is a kind of official arrangement of gathering whereby the pioneers pertinent
to several companies come together and exchange their thoughts on any subject. The pioneers
who had functioned within simulated environments expressed how they managed the overall
scenario and gained success and growth as a whole (Oliveira and Gomes, 2020). Going to this
gathering provided due assistance to me in carrying out development of my self-belief and
confidence to perform all the more gainfully.
Correspondence workshops: This is a type of arrangement whereby several specialists from
recreated situations tend to publicly impart their perspectives and insights related to any subject
(Orozco-Leyva, Paredes and Estrada, 2020). This provided due assistance to me in setting
communication with specialists, subsequently improving the comprehension of the overall notion
referred to as simulation.
Review of relevant concepts or theories
Theory is defined as the composition of principles and accepted beliefs in light of the fact that it
defines the conduct of behaviour and companies. Thus, the relevant theories are explained as
follows:-
Theory of reasoned action: The respective theory mainly focuses on relationship among
several areas of the individual such as behaviour, intentions, belief and intention of several
people. This can be well understood by simply taking example of the two variables A and B.
Here, variable denotes attitude of the person whereas variable B focuses on the behaviour of the
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same person. This clearly depicts the interrelationship between both the variables. From the
overall specified information, it can be said that behaviour of the individual is directly related to
their attitude as it is supported with the intention of executing the same work in best possible
manner.
Situational leadership theory: As per this theory, no style of leadership is suitable for
all situations. The selection of style is done in accordance with the situations prevailing in market
place. This is one of the most prominently used leadership theories which provide assistance to
leaders in establishing their conduct as per the requirements.
Behavioural leadership theory: This can be referred to as a theory which is based on
the premise that great leader gets developed over the course of time and not inherently born as
leaders by birth. Leaders observe other pioneers and thereby develop their overall conduct in
accordance with that (Morin, Tamberelli and Buhagiar, 2020). This provides assistance to them
in developing strong leadership ability and leading the individuals under them properly.
Review of industrial practices
Innovation: This can be comprehended as a significant modern practice inside the limits of cell
phone segment which shows that innovation is the first step to facilitating growth and
development of an organisation (Zieliński, 2019). This accelerates the pace at which company
accomplishes its goals and objectives while fulfilling the demands of customers in marketplace.
Cut throat Rivalry: Another modern practice is competition as per which extensive rivalry
prevails within the business environment inside the bounds of cell phone industry (Yoo, 2020).
This tends to put due force over the companies pertinent to this sector, making them undertake
strategies and tactics through which an edge can be gained over the rival firms.
Emerging Technologies: In the present time, every activity of business is encircled by the usage
of technologies (Zulfiqar and et. al., 2019). In this relation, the cell phone firms embrace most
recent technological advancements for satisfaction of demands placed by the clients in market
place.
Application of theory as well as practice
The application of theories along with practices in the light of VALMJ Limited is
presented as follows:-
Theory of reasoned action: I made use of this theory to gain knowledge of the view points of
my team members. The members of the group tend to possess diverse attitudes and thus their
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behavioural pattern is in accordance with that (Zekić-Sušac, Has and Knežević, 2020). 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.
Situational leadership theory: The leader selects the style of leadership as per the current
scenario. I made use of this theory to select the leadership style suitable for me in a particular
instance (Thoumrungroje, Racela and Chintakananda, 2019). In this relation, it is identified that
working in the group exposed me to a wide range of situations which required me to act in
different ways. This helps in dealing with the industrial practice of competition by attaining an
upper hand over the existent market situations.
Behavioural Theory: 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. With the help of this theory, I developed an atmosphere whereby
the industrial practice named innovation was emphasized at all the times (Ramakrishnan and
Kaur, 2020). 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
The examination carried out over the simulated business named VALMJ Limited has led to
identification of scope for improvement. Thus, certain suggestions have been provided which
will provide due assistance to the entity in deriving positive results in the long run. Such
suggestions are provided as below:-
 One of the primary advices given to the concerned business is to make use of
technologies through which the capacity of production can be maximised. This is
suggested with the sole aim of increasing the number of units manufactured and
distributed by the cell phone association in the market place. This implies a consequent
increment in the financial performance of the company in the long run.
 In continuation, the next advice given to the management of concerned cell phone
business is to undertake marketing efforts and initiatives through which entity can place a
strong image in the hearts of people across the globe. Whereby the marketing will be
appealing, it will automatically inflate the chances of the company to expand its market
share.
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 The last suggestion provided to the smartphone company is that it should constantly carry
out marketing research with a view to identify the lucrative chances through which the
market share can be expanded and financial performance can be successfully boosted.
CONCLUSION
Simulation is an activity that enables individuals to carry out enhancement of their existent
capabilities, skills and competences. This activity is widely conducted in the domain of
educational sector to enable students to be exposed to an environment whereby they can apply
their practical skills and knowledge to take key decisions. As of late, simulation business game
tends to hold opportunity for progressively upheld learning. As a result of this, the individuals
functioning within the simulated business settings undergo severe analysis and review, thereby
enhancing their leadership skills. This allows them to carry out personal and professional
development simultaneously, thereby deriving key results in terms of learning. The simulation
carried out in the field of education incorporates several dimensions such as financial, human
resource, marketing, logistic, supply chain etc. These need to be constantly looked upon and
reviewed at constant intervals of time so as to make alterations while making decisions. The
decisions are aimed at strengthening the financial performance of the firm as this lays down the
foundation to attainment of competitive edge over the rival firms prevailing within the confines
of corporate sector. A simulated business is prone to several facets of market such as
competition, innovation, technological advancements etc. These tend to facilitate an overall
positive change in the manner in which such entities work, making them adapt themselves to the
market in which they operate.
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