Business Simulation: Strategy Paper and Professional Development Reflection Report

This document discusses a business simulation that focuses on strategy paper and professional development reflection report. It explores the vision, mission, values, HR, and strategic actions of Real X, a smartphone manufacturer. It also covers market share, product/price analysis, competitors, and capabilities.

Business simulation
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Table of Contents
Business simulation..........................................................................................................................1
INTRODUCTION...........................................................................................................................3
PART A- STRATEGY PAPER.......................................................................................................3
Vision and Strategy of Real X................................................................................................3
Review of Each Year’s Progress of the Real X......................................................................4
PART B - Professional Development Reflection Report..............................................................11
Executive summary..............................................................................................................11
Introduction..........................................................................................................................11
Identified events...................................................................................................................12
Review of relevant concepts or theories...............................................................................12
Review of industrial practices..............................................................................................13
Application of theory as well as practice.............................................................................13
Discussion.............................................................................................................................14
Recommendations for practice and research........................................................................15
CONCLUSION..............................................................................................................................16
REFRENCES.................................................................................................................................18
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INTRODUCTION
Business simulation is comprehensively alluded to as an action that expects people to
build up their own endeavour as per the ongoing business sector circumstances. Additionally, the
key hereby is considered to be undertaking important choices that focus upon increasing speed of
business improvement together with the gains within the long term. Other than this, simulation
allows individuals to leverage a stage whereby they can arrange their own business and
encounter the way as per which changes happen inside the limits of a commercial sector. Aside
this, it has been recognized that simulation allows a person to conduct proficient advancement
which infers an upgrade in their range of abilities and overall knowledge base held by them.
The report is led to comprehend the notion of professional development along with
business simulation. The report is divided into 2 main sections. Therefore, the initial section
manages simulation occurring inside the bounds of Real X which is a smartphone manufacturer
and distributer providing its offerings in a variety of countries. This part illuminates the various
parts of this business going from its mission, vision, values, HR, strategic action, multiyear
progress to money related analysis. Alongside this, it incorporates future plan along with the
suggestions for organization according to coming 5 years. Also, the second piece of the venture
looks to give point by point reflection report upon the professional development subject to
acknowledged event, use of hypotheses, and review of modern practice and so on.
PART A- STRATEGY PAPER
Vision and Strategy of Real X
Vision and Mission:
The vision of Real X is become a smart phone company who connect the world and they
want to shape the future of technology by becoming an affordable phone for everyone at the
society.
The mission of respective company is to offer low price high quality smart phone at the
marketplace so that they able to connect each and very people around the world. Moreover, they
also want to become global market leader (Bitrián, Buil and Catalán, 2020).
Values:
The most prominent value of the Risk X is based on skilled level as well as satisfaction
level of employees who help them in attaining company desire goal successfully. On the other
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hand, the value for the respective company is to offer high quality and technology based smart
phone to the society so that there will be connection in the society.
Hunan Resource:
Human resource is considered as one of the essential as well as crucial assets for every
organization operations and function in respect of economy. The respective factor is consist of
individual who take initiatives as well as risk for making sure that company will attain their
desire goal as well as objectives in effective manner and in allotted time. In respect of Real X,
their human resource department will ensure that their employees are conducting their work in
effective manner according to the allotted work (Buil, Catalán and Martínez, 2020). In addition
to this, management will also ensure that employees will get training and development session
on regular basis so that their effectiveness gets enhanced as well as HR will also conduct several
other activities. These activities will include motivational session, workshops, appraisal and
many more. This is so because through it employees able to increase their skill, abilities and
knowledge which help them in attaining their desire goal in effective as well as successful
manner.
Culture:
Corporate culture is determined as behaviour and belief which determine how an
organization’s employees as well as management interact and handle business activities or
practices. It is essential for a company to maintain effective working culture because this will
directly or indirectly impact on the employee’s performance and company profitability ratio. In
respect of Real X, it is responsibility of their management that they must develop and maintain
effective working culture as that will help them in improving performance of employees as well
as it will also enhance company effectiveness (Draijer, 2020). The corporate culture of respective
smart phone company is to tend to focus on the enhancing employees effectiveness so that they
get satisfied with their workplace. This is so because that will help in improving their
performance which directly or indirectly enhance goodwill at the marketplace successfully.
Along with this, Real X also needs to consider need, demand and expectation of customers as
that will also help in maintaining effective culture.
Review of Each Year’s Progress of the Real X
According to respective part company will determine their performance as well as
effectiveness at the specific year. By conducting respective evaluation a company management
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able to develop appropriate decision accordingly which help them in enhancing their sales as
well as effectiveness successfully. There are several models or theories which a company may
adopt for the evaluation of their past performance. In context of reviewing the Real X they adopt
Porter’s five force model in order to determine progress of their business operation and
functions, explanation of respective model is given below:-
Porter’s Five Forces Analysis
By adopting respective business model a company can determine their market position in
the effective manner as well as it will also help management in developing effective decision
according to the current situation (Fraccascia and et. al., 2020). In respect of Real X, they
conduct evaluation through Porter’s five force model in order to review performance of their
business at the marketplace so that they develop decision or plans accordingly:- Customer’s Bargaining Power – In this section a company able to determine bargaining
power of customers as if bargaining power is high then company need to offer their
products at low price and vice versa. In respect of Real X, the bargaining power of
customers will be high because in the market there are several companies who offer smart
phone. So it is essential for respective company to develop proper business at the market
because that will help in making loyal customer who will prefer them for purchasing
smart phone.
 Supplier’s Bargaining Power - In the early phase of Real X operations, this is
recognized that bargaining powers of buyers was lesser. That is because here supplier
numbers are lower in smartphone market. Besides that, as time went by, this is observed
that massive groups of vendors came into the mainstream for smartphone market,
resulting in an increase in the corporation's amplitude of this strength. Real X holds
networking with number of suppliers/vendors so that extent of such a force could dilute. Threat of Substitutes – Since several years extent of such force has been recognized as
being high. Previously, this was high because Real X created similar alternatives for the
mobile phones. The explanation has improved with the aging process but the magnitude
of such force is still huge. Now, the main explanation for the increase extent of possible
replacement threat to Real X is presence of higher numbers of competing companies that
operate within confines of the mobile phone market. However, given substitution effect,
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the corporation concerned was able to sustain its sales output with the support of its
professional and experienced workforce (Farrell, 2015). Threat of New Entrants – The magnitude of such force was weak for Real X in its
beginning process in the scope of smartphones industry as the technical expertise is
needed by the corporations to work effectively within this sector. Nevertheless, as time
has progressed, the importance of this dimension has been noted to have expanded as the
organizations have acquired comprehension of latest technologies. Therefore, they now
have the means by that they can then enforce same inside organisation's boundaries. In
the span of evolution, this has expanded the obstacle for Real X, exerting strain over it
for exploit its differentiation strategy. Competitive Rivalry – A range of organizations are currently going to have to compete
with Real X in the sector. In this regard, it's been found that the corporation is rivalled by
6 major organizations. Consequently, Real X performance as time passed has enabled the
corporation to tackle the complex and expensive competition in smartphone sector both
in past and now. These have diluted significant threat for the Real X.
Market share
A corporation 's market share is proportion of the overall company-owned market value.
Commonly, market share in consideration of sales, consumer or profits. Market Share
is proportion of the overall market that a business or brand accounts for against its rivals. A
corporation 's market share is proportion of the overall company-owned market value.
Commonly, market share in consideration of sales, consumer or profits. Market share
is percentage that a company or business represents in respect of its competing brands in the
overall market. It also indicates that brand is faithful to several other brand names and a large
customer base. Companies need to boost incomes and hold a focus on their market share, that is
a genuine attribute of expansion and market situation of firm. Corporations have used market
share purchasing tactic to lower prices to boost their business. Corporation Real X has 3 main
marketplaces: the Netherlands, Belgium respectively France, respectively. In this regard,
corporation has customer-oriented segment demand in Netherlands is around 384000 whereas
quality-oriented demand is around 240000 and price-oriented demand is approx. 1800000 in
year-2020 which reached demand levels of approx. 319334.4 (customer oriented), 199584
(quality oriented) and about 1590435 (price oriented) in year-2029 respectively. Through
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Belgium's industry, customer-oriented demand for Real X items is around 432000, quality-
oriented demand is around 600000, and price-oriented demand is approx. 1500000 in year-2020,
hitting levels of around 359251, 498960 as well as 1325362 in year-2029 collectively. The
customer-oriented demand in France for Real X product is about 1500000, quality-
oriented demand is about 1080000 as well as price point-focused demand is approx. 2040000 in
year-2020, that further improved at levels of around 1247400, 898128 but also 1802493 in year-
2029 respectively. Real X could enlarge market share through advancement, business expansion
reinforcing, insightful training and development and minimizing competition. Organization's
market share proportion is the percentage of all product lines which controls the broader market.
There’re also no shifts in overarching market share in Netherlands area due because of no shifts
in requirements. Here, quantity of goods in the Belgian business is stronger than in other
countries.
Product / price analysis
Price analysis is categorized according to quality of the product compared to the market.
How effective may price marketing be from marketing programme. Pricing plans and
frameworks for emerging goods do need to be established. Price analysis is crucial aspect of
decision making forward to manufacturing process of the item. Price influences the product 's
potential, the product's appropriateness to consumers and product's returns and feasibility.
Pricing is most adjustable element. prices can shift quickly as contrasted with other aspects
including such product, place or advertising. Adjustments in the design or delivery structure of
the products will take quite a considerable time to introduce. As discussed above product and
price-oriented demand of corporation Real X has been continuously increased. In Netherlands
market company Real X product demand relation to price is 1800000 in year 2020 that will be
expected to 1377000 in 2021 and 2022, 1514700 in year 2023, 2024, 2025, 2026 and 2027; and
finally reached to 1590435 in year 2028 and 2029. In Belgium, corporation’s product demand is
1500000 in year 2020, 1147500 in 2021 and 2022, 1262250 in year 2023, 2024, 2025, 2026 and
2027; 1325362 in year 2028 and 2029. Enforcing a sustainable product pricing policy will help
the company expand. After short period of time, outcomes of competitive pricing
strategy/policy are usually apparent. Analysing long-term implications necessitates business
owner to be able to comprehend the overriding trend efficiently, and position in business sector.
In order to exploit economies of volume, a reduced-price approach will be implemented by the
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business so you are able to manufacture bulk goods, which in effect lowers manufacturing costs.
Smart pricing is most important components of any effective organization. Yet many startups
failure to properly inform themselves regarding various elements and techniques for pricing well
before starting business in new market. Smart corporation like Real X must
consider related considerations in global marketplace before pricing their products.
Competitors
In order to develop and implement efficient behaviour in line with the company /
business, it is very crucial for firms to gain insight into competition (Marr, 2016). In this sense, it
was found that in the confines of the smartphone industry, other rival companies for I-
Technology are directly threatening the survival of the company in the long term. Such
enterprises are recognized as being DHgate, Banggood, etc. The managers of this technology
brand must design effective approaches in order to gain a competitive edge against competitors
operating in the very same services industry.
Competencies and capabilities
It is essential for employers to have adequate skills and knowledge when carrying out
operational activities on the consumer market to artificially boost development and growth
opportunities. With both the support and thorough execution of these, a organization will
guarantee that it will be able to deal with all the challenges that that happen in the event over
time within the limits of the global marketplace. It's been accepted that this organization does
have certain capacities and also knowledge and skills, in order to comply with I- software
specifics. These are essential to the efficient carrying out of the business performance according
to the regulations. Those are listed as following in detail:-
High market share: It is currently established that software operates in a variety of
countries. It is among the most important skills that help the entity to gain its visibility among
many of the participants. As just a result, the company can offer its services to a wider audience
around the world in terms of mobile phone. This smartphone company serves large areas of the
market, in attempt to optimise its revenue streams and benefit in the long term, in order to gain
sustainable competitive advantage mostly on consumer market.
Strong demand for the product: According to the numbers, it has been recognized that
Real X's adoption of smartphones is strong within the boundaries of all the nations wherein the
business continues to work. That acts as another organizational competency. However, it is
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found that throughout the industry the organization is unable to satisfy the desires and
expectations of customers. This holds the ability to have long-term adverse impacts on the
company performance, which further help to recover the decline of its present customers' and
maintain a loyal customer base for future revenue generation (Winston, 2016). It is absolutely
crucial for this company to develop and develop an efficient strategy to ensure that it meets
consumer needs as well as requirements as soon as these enter the market to efficiently use its
competence. By adopting this strategy, the Organization will increase its sales and also gain high
loyalty from its consumer base. Real Xassures workers' confidence and growth by spending time
in preparation and development, educational seminars, conferences and more. This makes staff
professional according to the company's specifications. The organization will develop awareness
of emerging technology and processes within workers by providing a training session which
encourages an improvement in the degree of engagement which efficiency.
Analysis of financial data:
The assessment and review of financial results of the companies aims at determining the
value and significance of financing data , in order to forecast the potential income forecast, fiscal
bond maturity including long-term and effective dividends payoff. This is a systematic review of
Real X 's financial details as follows:
Income statement:
P&L statement on the firm ’s financial performance during that time frame provides a
comprehensive overview about its revenues and expenses. A major shareholder uses that report
to evaluate the financial performance of the corporation for period of time. The returns highlight
sales volume for a stipulated period (normally one year) when the costs supported by the
company are deducted over same time frame. This discrepancy shows the profit or loss
of company at fiscal year-end. As in Real X corporation income statement case, total
revenue/sales in year 2020 is 0 which reached € 73.772.400,00, € 87.306.400,00,
€ 2.803.116.164,00, € 1.891.288.587,00, € 382.487.892,00, € 534.497.004,00, € 384.125.661,00,
€ 339.648.755,00 and € 306.777.999,00, respectively, for the period year-2021 to year-2029.
Real X gross profits amounts to 0, € 31.758.936,00, € 37.903.323,02, € 1.369.812.887,66,
€ 920.962.739,08, € 222.568.882,19, € 120.671.231,99, € 86.201.949,28, € 76.918.142,17, and
€ 69.138.412,37 respectively for the span 2029-2020 indicating upwards growth in gross profits
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level overall. Net profitability of Real X is €-553,000,00, € -28.170.897,35, € -20.118.046,75,
€ 348.715.327,64, € -85.481.333,50, € -338.045.030,71, € -393.048.510,61, € -462.761.403,68,
€ -538.456.819,90 and € -623.202.279,49 respectively during the period 2020 to 2029. This
suggests that the net profitability position of the organization is number is expected to increase
and shows down the trend in the district. Businesses may increase their net profit by raising
sales, such as by selling additional goods or by increasing prices. Company can increase their
profit margins by minimizing costs (e.g. through buying additional options for products).
Balance sheet:
A balance sheet of corporation is major financial statement produced by a corporation to
report its all assets, all obligations and the total capital-sum used in business. But only a
corporation 's financial data are included in balance sheet. That means that if businesses decide to
compare statistics on an annual or quarterly period, they would need to be compared to historical
records. Companies obviously care about certain reports as reporting their financial condition,
and yet stockholders often obtain valuable data to them. Balance Sheet is compartmentalized into
different parts among which are essential shorter term and longer-term assets and liabilities
items. Current and longer-term assets represent business' opportunity to produce cash-flows and
keep the operations going. On other hand, shorter and longer-term financial commitments
give eagle eye view of how businesses should optimize their financial commitments. In
brief, balance sheet shows the firm's financial position. From the balance sheets of Real X in
year 2019, it has been analysed that the overall level of the corporation 's assets in 2019 is €
521.187.000,00 which reached € 519.634.000,0, € 485.132.282,09, € 441.568.865,60, €
414.550.309,07, € 233.395.900,29, € 243.501.094,27, € 227.163.072,92, € 282.723.614,77, €
245.558.994,22 and € 222.303.484,14 respectively during . These statistics show that during the
timeline stated, the total assets of the corporation have been improved. Throughout the whole
period overall capital of the corporation is reported at same level which is 250000, whereas the
total equity is being shifted due to significant deficit or financial gains over the timeframe.
Cash flow statement:
Any organization needs to report on free cash flow since they can give the basis for risk
management by assessing the timing and trying to fix possible future cash inflows and outflows.
A recognition of cash flows is major step in enhancing financial position. In fact, the financial
report is compilation of reports providing funds and discharge flow trade and other receivables.
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Within certain period, various business activities are involved, such as operations, investment
opportunities and funding. A case flow assessment might even reveal a variety of things by
contrasting cash from transactions with operating earnings. For the cash incomes reported by the
Real X corporation are 0, € 67.709.600,00, € 86.836.600,00, € 2.564.664.789,00,
€ 1.969.155.011,00, € 515.779.425,00, € 724.055.029,36, € 859.706.948,32, € 880.581.026,32
and € 930.368.183,70 during 2020 to year 2029. Cash expenditures on the other hand
of company are €1.503.000,00, € 104.526.889,35, € 108.206.981,01, € 2.395.173.952,02,
€ 2.021.929.631,43, € 869.953.672,21, € 935.393.328,33, € 859.706.948,32, € 880.581.026,32
and € 930.368.183,70 respectively, for the timespan year 2020 to 2029. This suggests overall net
cash-flow status of the corporation will be declining over the time frame. Consider implementing
fresh cash flow management techniques, like offering consumer rewards to be paid early,
creating a constructive partnership with other firms, and using electronic payment of expenses.
Cash flow statement utilizes cash-based accounting rather than accrual base accounts, which are
used in most businesses for balance and income statements. This is essential as company may
accumulate accounting income but it may not usually receive the money. This could yield
payable income and taxation but not have the means to remain solvent.
PART B - Professional Development Reflection Report
Executive summary
While developing a new business unit a company need to considered several aspects
because through that they can take appropriate decision according to situation. This section of
report is based on the reflective account of a person working in a group in the simulated business
named as Risk X. This will be based on a company which is designing, producing and selling
smart phone at the worldwide level in the affordable prices. The respective section of the project
will provide information related to the professional development of an individual within the
MBA course (Management of business administration) in which they conduct project in the
team.
Introduction
Professional development is considered as process or technique related to the learning
procedure which is conducted for generating more money, maintain professional credentials
included in academic degree, participation in conference, informal learning opportunity and
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many more (Hajnal and Riordan, 2020). While conducting respective project I able to determine
that through this project i able to learn several things as compare to my previous management
project. In the course of MBA I mostly learn about the management concept which helps a
company and individual in conducting business operations. In addition to this while conducting
this project I worked in a team which experienced is totally different from the study that we learn
at the class room because there practical implementation of study or models which we learn at
class. During conducting project of business simulation I learn numbers of new things related to
the topic which help me in my future as well as professional development.
Identified events
During conducting work in team I experienced several events which help me in enhancing
my skills for leader as well as I also able to determine path for the achievement of the success
and growth. From which some events are mentioned below:-
 Leadership conferences – In respect of this, leaders of different companies came as well as
demonstrate their ideas, thoughts and experiences so that we can understand it and develop
successful future (Halpin, 2020). The leader who is from the simulate environment or
background mostly take part in event as well as share their experiences related to the team
management so that we get to know how to perform in team. In addition to this attending
respective conference help me in enhancing my confidence level as well as it also help me in
enhancing my performance.
 Communication workshop – In respective session experts from the simulated background
shared their experiences, views as well as opinions related to the how to do effective
communication at workplace and team. Through this me and my group able to explore
opportunity of interacting with other or experts. It will also help us in knowing how to
understand others in effective manner for the attainment of the desire goal as well as
objective.
Review of relevant concepts or theories
Theories are considered to as set of composed standards as well as acknowledged
convictions that show and guide investigation of a topic. Beneath examined are the theories that I
learnt while working in group or team in reproduced business named Real X:-
 Theory of reasoned activity – This theory will in general characterize the connection that
underlies between set of perspectives, intention, beliefs and behaviour of various people.
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It depends on A - B relationship whereby A represents Attitude and B represents
Behavior (Morin, Tamberelli and Buhagiar, 2020). As per this hypothesis, singular
conduct is described by the aim of people comparable to its execution. Therefore, the
expectation is found out by method of emotional standard, disposition, ability and so
forth.
 Situational leadership theory - This is a theory that expresses that there is no perfect
initiative style which is fit for all circumstances or situation. It expresses that the leader
applies authority style as per the circumstances winning in commercial place or
marketplace. This to a great extent stresses over the dynamic executed by the pioneers
inside an organization.
Review of industrial practices
The smart phone industry in which Real X is operating is considered as hyper competitive
market in nature so it is essential for respective company to develop strategies and plans in
proper manner as that will help in attaining desire goal successfully (Oliveira and Gomes, 2020).
Respective smart phone company has high shares of the marketplace but they are still lack from
the competitors in terms of sale. The companies which are considered as market player of
respective industry are known as Bangood, DHgate and many more. These companies have
strong marketing strategies or practices as well as they adopt high technology which helps them
in delivering smart phone according to need, demand, trends and expectation of customers at the
potential marketplace successfully.
Application of theory as well as practice
There are several theories and concepts which a company may apply for the business
operation. From which some main are explained below which are adopted by Real X:-
 Theory of reasoned action: The theory is applied inside the limits of Real X for the
examination of the connection basic among mentality and social direct of people working
inside a group (Wang, Wang and Jian, 2020). I utilized this theory to pick up information
on the view purposes of my team members. The use of this theory to the collaboration
made me reach to the resolution that the individuals from the gathering will in general
have different mentalities and consequently their standard of conduct is as per that.
 Situational leadership theory: Being the pioneer of the group, I utilized this hypothesis to
choose the administration style appropriate for me in a specific occurrence. In this
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connection, it is distinguished that working in the gathering presented me to a wide scope
of circumstances which expected me to act in various manners. For example: the
authority style applied by me in the event of contentions emerging between the
individuals from the group was not the same as the style received whereby I saw that
there were sync and coordination issues between the gathering individuals. This refers the
utilization of this theory improved my expert character as a leader and furnished me with
the information on various initiative styles that can be applied in differed situational
settings.
The application of industrial practices in Real X Company is as follows:-
Being the team members of the Real X, I want to apply practices which are used by
competitive companies of the smart phone industry (Yoo, 2020). In addition to this, I used
market research analysis for gathering knowledge as well as understanding related to customer’s
demand, need and expectations at potential marketplace. Through this facilitated expansion of
Real X in the range of nations as well as them also able to attain unique position within the
confines of the hyper competitive marketplace.
Discussion
Real X is a recently formed organization that produces and distributes smartphones on the
world market. The corporation managed to capture limited time huge market region. It delivers
smartphone varieties, and also has a massive production quantity. Increased supply for its
products in year-2020 was around 384000, and the selling of around 332126 that same year.
Throughout 2021, this is estimated that its production output demanded will be about 276480,
but still only around 227056 sales are accomplished by the organization. The corporation 's sales
have been steadily declining, which hampered its profitability and brand identity. The
organization applies prices in relation to cost of the item according to the quality and durability
of the materials and parts used in the manufacture and delivery of product categories. As per
prices of the product, company's mobile phone' demand in year 2020 expected to be
around 240000, and revenues will 118464. Due to lack of inappropriate pricing model and
multiple other considerations, it encountered decline in demands and sales.
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Recommendations for practice and research
By considering above mentioned topics, there are some recommendations which need to
adopt by Real X for attaining their desire goal as well as objectives in successful manner. Below
some main are mentioned:-
 For Real X it is essential to adopt new technology as well as measures as that will help
them in enhancing their productivity in effective manner. Along with this it will also help
respective company in delivering smart phone according to need, demand as well as
expectation of customers at the potential marketplace. In respect of this I suggest
respective company to adopt advance automation technology so that they can enhance
their process as well as make it fast.
 Along with this for respective company it is essential to create as well as implement a
effective and sound marketing strategy because that will help them in reaching out to the
desire or potential customers in effective manner. According to my perspective, Real X
can adopt digital marketing strategies or practices in order to promote their products and
services in effective manner at the potential marketplace successfully.
 Competitors: It is very essential for business organizations to have an idea regarding
their competition within the market economy. In this case it has been analysis by using
environment scanning methods that Real X organization will become the biggest threat of
the organization. These entities can be define as DHgate Banggod .For attain the
competitive business advantage it is require by the Smartphone organization to use sound
strategies and policies in order to gain competitive advantage and maintain sustainability
for long term purpose. This strategy also useful to build strong position within the market
place and help in builds strong connection with their customer.
 Competencies and capabilities: When business entities run their operation in market
place it is required for them to have capabilities and adequate competitive skills which
help them to maintain their position in market and survive in between the rival
companies. These are useful for their growth and long term development also. With the
uses of effective assistance and applications business entities is able to cope with their
complexities. In context with the Real X the organization have effective management
department thus they are able to generate some competitive capabilities and effective
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capabilities though which they are able to maintain their position in the market (Hughes
and Scholtz, 2015).
 High share of market: Real X run their business in various countries .For running their
business in international market they use their team management and effective policies
and strategies of marketing which help them to reach wide area of their customers. With
the use of digital marketing they are able to prove their smart phones provides to large
market area. With the use of their strategies they are able to attract more audience at the
large target market area to earn their revenues.
 High product demand According to the collected data it has been analysis that the range
of demand of the Real X is high their brand value and goodwill among the public is good
thus the number of Smartphone’s is high. This will uses as the competitive advantage of
the organization as they demand is comparatively high then compare their companies.
But due to the heavy demand an improper resource and management skills they are not
able to fulfil the demand of their customers thus it will negatively impact on the goodwill
and brand value of the organization. For remove the issue they need to observe the
stakeholder analysis and formulate toes policies through which they are able to fulfil the
need and wants of their customer. They take feedback and change their policies in order
to proved full satisfaction to their customers. This will help them to enhance their
capabilities and earn the sustain competitive advantage within the market place (Bačlija
and Grabner, 2014).
Identified events
While working in team, I identified several events which were arranged by leader and to
demonstrate the path to achievement of success and growth. These events are discussed beneath:-
Leadership conferences: Hereby, the leaders from a range of companies came and
demonstrated their thoughts over the subject matter. Hereby, I discussed about simulation and
related facets. The leaders from simulated environments participated in this event and shared
their overall experience related to team management. Attending this conference helped me in
developing my confidence level along with motivation to perform more productively.
Communication workshop: Hereby, a number of experts from simulated environments
shared their views and opinions. This exposed me and the group to the opportunity of setting
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interaction with such experts and thereby enhancing our understanding and knowledge of the
whole concept of simulation.
Review of relevant concepts or theories
Theories can be referred to as set of organised principles as well as accepted beliefs that illustrate
and guide analysis of a subject matter. Below discussed are the theories that I learnt while
working in team in simulated business named Real X-
Theory of reasoned action: This theory tends to define the link that underlies between
set of attitudes, intentions, beliefs and behaviour of different individuals. It is based upon A-B
relationship whereby A stands for Attitude and B stands for Behaviour. In accordance with this
theory, individual behaviour is characterized by the intention of individuals in relation to its
execution.
Situational leadership theory: This is a theory which states that there is no ideal
leadership style which is fit for all situations. It states that the leader applies leadership style in
accordance with the situations prevailing in market place (Borko and et. al., 2015).
CONCLUSION
Based on above discussion over business simulation and professional development, it
very well may be said that simulation is a comprehensive course of action that renders help to a
person in establishing their venture within commercial sector to pose them to the cut throat
rivalry prevailing in the industry. It further opens the person to circumstances whereby they need
to continually make analysis of the progressions occurring within the confines of the market in
order to adjust the business as per them. This empowers the person to do proficient advancement
via execution of comprehensive learning strategy at the hour of settling on key business choices.
Other than this, it is recognized that the examination of business condition is very urgent for
every single business. It gives help with specifying a successful vision, strategic corporate
culture comprising of values to be complied by the organisations at all occasions. Aside from
this, it is additionally understood that financial investigation likewise holds huge importance for
an organization. The key territories of this idea incorporate asset reports, salary and income
explanation, etc. Other than these, client base, economic situations, capacities, capabilities,
quality of items, pricing procedures should be continually broken down and checked on by
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business persons. The audit of such aspects of the company would permit the organization to
make changes in its working structure or framework so it doesn't need to confront any difficulty
over the course of time. Additionally, functions like marketing, HR, bookkeeping, and some
more should be analysed by the company on a continual basis.
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