Business Simulation

Business Simulation

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
1. Vision and strategy..................................................................................................................1
2. Review of progress of each year..............................................................................................2
3. Future plans and recommendation...........................................................................................9
PART B.........................................................................................................................................10
Executive Summary...................................................................................................................10
Introduction................................................................................................................................10
Identified events.........................................................................................................................11
Review of relevant models or theories......................................................................................12
Review of practices of industry.................................................................................................12
Application of theory addition to practice.................................................................................13
Discussion..................................................................................................................................14
Recommendations for practice and research.............................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Business simulation can be defined as an opportunity for potential entrepreneurs as it
requires the students to set their own business with a new idea and under real market situation.
While playing the simulation game they are required to make sure that they form effective
decisions and try to increase profitability of business. With the help of it, individuals can
experience the challenges and situations which could be faced when they will operate their own
business. It can also help them to experience the market changes, trends, competitors and other
key elements which may leave impact upon the functionality of business. Apart from this,
personal development can be defined as the process of taking actions to develop own capabilities
and skills so that all the difficult tasks in future could be performed. It contributes in the growth
of an individual as it guides to take appropriate steps to enhance personal qualities to meet career
goals (Aithal, 2016).
Present report is based upon a simulation game as well as professional development and
both of them are reflected in separate parts. First one is based upon a company which is V
Connect it is a new company and it is involved in the production of smart phones. Slogan of the
entity is connecting the world. The main competitor of the company is I-Tech which is also
operating business under the same industry. The first part covers various topics such as mission
and strategy, review of progress of all the years and future plan along with recommendations for
the business. Second part is based upon reflection of professional development. In this part of
assignment different events will be identified and reviewed, appropriate theories for their
management will be applied and recommendations for practice and research will be discussed.
PART A
1. Vision and strategy
While operating a business it is very important for the owners to formulate specific vision
and strategy for carrying out all the operational activities systematically. V Connect is a
company which is operating business under smartphone industry. It is involved in production of
smartphones that are sold in different countries such as Netherlands, Belgium, France, China,
UK, US, Malaysia, UAE, Germany, Japan, Nigeria, South Africa, Indonesia, Canada etc. In
order to execute all the operations properly different elements are focused by the entity which are
described below:
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Vision: The vision of V Connect is to shape the future of information technology and be
the market leader in future so that it can capture a large market share (Brijs, 2016).
Mission: V Connect’s mission is to produce smartphones that are based upon latest
technology in affordable price so that the number of customers from every class whether it is
lower, middle or upper could be increased.
Values: V Connect is highly focused with acquiring loyalty of customers as well as the
staff members as it can help to grow the business and meet the long-term goals. Apart from this,
the enterprise is also focused with delivering best services to the clients by making sure that
advanced technology is used to manufacture the mobile phones.
HR: For all the business entities human resource play a major role in the attainment of all
the organisational goals. V Connect make sure that it is having skilled and experienced
individuals in all the departments of it so that growth for business could be acquired. The entity
is also focused with providing appropriate training to all the staff members as it can help to
facilitate them to perform all their jobs properly.
Culture: While operating business at a large platform it is essential for companies to
make sure that their culture promote creativity, positive working conditions and equality. V
Connect is paying attention towards all these elements so that the employees can perform their
jobs properly and motivated to enhance productivity of whole enterprise (Burger and Luke,
2017). Apart from this, the organisation adopts range of strategies like proper leadership,
combination of costs etc. which facilitate it to engage stakeholders in the business activities. The
culture of V Connect is innovative and flexible which help all the employees to work properly
and function the whole company in systematic manner.
2. Review of progress of each year
For all the business entities like V Connect it is very important to review the progress on
yearly basis as it can help to analyse weaknesses and threats for business. If an enterprise will not
review the progress then it will be very difficult to reach the long-term goals such as higher
profitability and market share. Another situation which may take place due to this is improper
execution of all the operations. For the purpose of reviewing the performance two main aspects
are required to be followed these are competitor analysis and performance results (Hassen, Turki
and Gargouri, 2016).
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