Business Simulation with Professional Development

Business Simulation
and Professional
Development

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A- STRATEGY PAPER.......................................................................................................1
Vision and Strategy of I- Tech...............................................................................................1
Review of Each Year’s Progress............................................................................................2
Future plans and recommendations......................................................................................10
PART B - Professional Development Reflection Report..............................................................11
Executive summary..............................................................................................................11
Introduction..........................................................................................................................11
Identified events...................................................................................................................11
Review of relevant concepts or theories...............................................................................12
Review of industrial practices..............................................................................................12
Application of theory as well as practice.............................................................................12
Discussion.............................................................................................................................13
Recommendations for practice and research........................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES..............................................................................................................................16

INTRODUCTION
Business simulation can be referred to as an activity that requires individuals to establish
their own venture in accordance with the real time market situations. Also, hereby the key is to
undertake significant decisions which are aimed at acceleration of business development as well
as profitability in the long run (Aithal, 2016). Besides this, simulation provides individuals with
a platform whereby they can setup their own business and get an experience of the manner in
which fluctuations take place within the confines of market place. Apart from this, it is
acknowledged that business simulation assists an individual to carry out professional
development which implies an enhancement in their skill set and knowledge base.
The following report is conducted to understand the concepts of business simulation as
well as professional development. The project is categorised into 2 parts. Hereby, the first part
deals with simulation taking place within the confines of I- Tech. This is a company which is
engaged in production as well as distribution of smartphones within a number of nations. This
part throws light upon the different aspects of this business ranging from its mission, vision,
values, HR, strategy, 5 year progress to financial analysis. Along with this, it also includes future
plans as well as recommendations for the company in relation to upcoming 5 years. In addition
to this, the second part of the project seeks to provide detailed reflection report upon the
professional development subject to recognised events, application of theories, review of
industrial practice and more.
PART A- STRATEGY PAPER
Vision and Strategy of I- Tech
Vision and Mission:
The vision of I- Tech is “to become the leading smartphones manufacturer across the
globe”.
The mission of this organisation is acknowledged to be, “to become the word of mouth
for each and every customer buying the offerings of the company”.
Values:
It has been determined that the most prominent value of I- Tech is regarded to be loyalty,
as is even noticed within its base of employees. Other than this, the values which are inherent
1

within the corporate culture of this smartphone company are acknowledged to be honesty,
integrity and transparency. Further, innovation is present at the heart of this company.
HR:
Human Resource is the most important and crucial asset for each and every company operating
as a part of the economy (Albort-Morant and Ribeiro-Soriano, 2016). This constitutes individuals
who are taking initiatives as well as efforts to make sure that the corporation is able to achieve its
goals and objectives in a timely manner. I- Tech ensures the empowerment as well as
development of the employees by investing time within them in terms of training &
development, motivational sessions, workshops and many other things. Through this, the
employees are made competent as per the requirements of the company. Through the execution
of training sessions, the firm is able to build knowledge of new technologies and systems within
the employees, facilitating an increment in their motivational and consequently the productivity
levels.
Culture:
The corporate culture within the confines of I- Tech is developed taking into consideration the
premise that motivation acts as the key to attainment of effective and efficient performances
from the employees. Thus, the corporate culture of this smartphone organisation tends to focus
upon instilling loyalty within the employees so that they can work in a fair and transparent
manner. It promotes the concept of equality and diversity within the premise of the company at
all the times. The entity has developed a culture which emphasizes upon development of
strategies in accordance with the needs and demands of customers in the market place (Aoyama,
2016).
Review of Each Year’s Progress
The performance of the company alters with the passage of each successive year. This makes it
important for the organisation to review the performance of each year in order to devise future
course of action in accordance with the same (Cotterand Fritzsche, 2014). Thus, the in depth
review of each year’s progress of I- Tech is discussed beneath with the assistance of Porter Five
Force analysis.
Porter’s Five Forces Analysis
This is acknowledged to be a business management model that provides assistance in
determination of intensity of rivalry within a specific industrial sector (Ceschi, Dorofeeva and
2

Sartori, 2014). With respect to I- Tech, the review of its performance over the course of time is
presented beneath:- Customer’s Bargaining Power: The extent of this force in relation to the initial stage of
I- Tech was acknowledged to be high as there were a large number of substitutes at that
time. However, with the passage of time, it has been determined that the organisation
became successful in diluting the bargaining power of buyers by leveraging
differentiation strategy in an effective manner to develop smartphones that possess the
capability to disrupt the market. This has helped the entity to instil a sense of faith within
the buyers towards the company.
 Supplier’s Bargaining Power: In the initial phase of operations of I- Tech, it was
recognised that that the bargaining power of suppliers was low. This was because the
numbers of suppliers in relation to smartphone industry were low. However, as the time
elapsed, it has been noticed that large numbers of suppliers have come into spotlight for
smartphone industry, leading to an increment in the magnitude of this force for the
company (Farrell, 2015). I- Tech maintains networking with a number of suppliers so that
it can dilute the extent of this force. Threat of Substitutes: The extent of this force has been acknowledged to be high since so
many years. Earlier, it was high as there were close substitutes of the smartphones
produced by I- Tech. With the passage of time, the reason has changed but the extent of
this force is still high. Now, the major reason behind the high extent of threat of
substitutes for I- Tech is the presence of large numbers of rival firms operating within the
confines of smartphone industry. However, the concerned company has been able to
maintain its sales performance despite the substitution effect with the help of its
competent and skilled workforce. Threat of New Entrants: The extent of this force in context of smartphone sector was
low for I- Tech in its initial phase as technological knowledge is required by the
companies for successfully functioning within this industry. However, as the time has
evolved, it has been noted that the magnitude of this element has increased as the entities
have gained knowledge of the technologies. Further, they now possess the means through
which they can implement the same within the confines of the organisation. This has
3

increased the challenge for I- Tech over the course of time, putting pressure upon it to
leverage differentiation strategy. Competitive Rivalry: There are a number of companies which are at present directly
competing with I- Tech at market. In this relation, it has been identified that there are 6
main organisations which are rivals to the firm. However, the performance of I- Tech
over the evolution of time has made it possible for the entity to deal with the intensive
rivalry in smartphone industry in the past as well as at present. This has diluted the threat
for I- Tech.
Market share
Market share is the share of a particular entity’s business (Iyamu, Nehemia-Maletzky and
Shaanika, 2016). "Marketers must be able to convert revenue goals into market share, as that will
show whether projections can be reached by through with the demand or by acquiring competitor
shares. In order to carry out all operations in a systematic way, it is very essential for all
companies to acquire a huge market share I-Tech is a new Smartphone distribution company that
supplies mobile phones to distinct countries like china, Japan , India, the United Kingdom, etc.
The Netherlands is the company's homeland and has thus taken over a wider market area in the
nation. In that nation the electricity consumption of the section for 2020 was 384,000 and sales
were around 332126 for the same period. It demonstrates that the organization cannot expand
production and should expand its production. In 2021 there were 276,480 demand and 227,056
sales, 276,480 for 2022 and 150881 for that time. The competition in 2023 was very high but the
company's profits were very small. In 2010, there is an annual production of 304128 and
revenues of 83976 for the year, in 2024, there was an annual production in 304128 and revenues
of 52688. The market was also comparable between 2026 and 2027, but no Smartphone was sold
by the company. Production in 2028 was 319334 and revenues amounted to roughly 45130
which were very small as per consumer demand for goods. In 2029 the mobile demand was in
2028, but revenues were reduced by 35054 in Netherlands industries. Greater supply and
extension of company in different nations demonstrates that a huge market area is coated by I-
Tech, but the organization is not able to handle it correctly, which is why it does not meet market
demand.
Product / price analysis
4

Price evaluation relates in marketing to the study of the customer response in policy analysis to
conceptual prices (Perotti, 2014). The price assessment in particular is the review and evaluation
phase of the product suggested without analyzing its different cost components and the benefit
requested. These are the two main elements which all businesses that aim to satisfy consumer
demand must take into account. According to I- Tech's estimates, the demand on the market of
the Netherlands in 2020 was approximately 240 000 based on its cost of product, and the
revenues were about 118464 for that time. At the other side, its requirement was 180000 as per
price, but its revenues were 0 for same span. In 2021, the quality requirement was 172800 and
117506, the value was 1377000, but revenues were 0. Sales were dependent on quality
requirement. The quality / cost requirement were very strong between 2020 and 2029, but the
business did not satisfy this requirement. In 2023-2024, there were 0 sales depending on quality
and price of goods, but there was a very strong market in the Netherlands. No product was
offered in 2025, 2026 and 20247 but 46268, 64451 and 58616 respectively were offered on the
basis of demand. This indicates that, based on the costs of mobile phones, the business started
fulfilling the demand of a limited portion of the sector. The company did not sell in 2028 on the
basis of price and commodity consistency. Results from 2029 inventory revenues were zero, but
quality revenues were 5791 which is quite small relative to the real consumer demand.
Competitors
It is very important for the companies to gain knowledge of the competition prevailing within the
concerned industry so as to create and execute effective strategies in accordance with it (Marr,
2016). In this relation, it has been identified that there are some rival firms for I- Tech in the
confines of smartphone sector which pose direct threat to the sustainability of the company in the
long run. Such companies are acknowledged to be DHgate, Banggood and so on. Sound
strategies need to be devised by the management of this smartphone company in order to attain a
competitive edge over the rivals functioning within same sector. This will allow the corporation
to build its effective image within the customers and adapt itself as per the requirements of the
market.
Competencies and capabilities
When companies carry out operations in market place, it is important for them to possess
adequate competencies as well as capabilities in order to inflate the growth and development
prospects (Rosca, Arnold and Bendul, 2017). Through the assistance and due application of
5

these, a firm is able to ensure that it is able to cope up with all the complexities that may emerge
in the confines of market place in future course of time. In accordance with the details of I- Tech,
it has been acknowledged that this organisation has certain capabilities as well as competencies.
These are central to the effective execution of operations of the company as per the requirements.
These are discussed in a detailed manner as follows:-
High share of market: At present, it is determined that I- Tech is carrying out its
business operations in a range of nations. This acts as one of the most prominent competencies
helping the entity in inflating its reach among the people. As a result of this, the firm will be able
to provide its offerings in terms of smartphones to larger base of audience across the globe. By
serving a large area of market place, this smartphone firm seeks to enhance its revenues and
profitability in the long run, in order to attain a competitive edge at market place (Zheng, Bender
and Nadershahi, 2017).
High product demand: As per the data, it has been acknowledged that the demand of
the smartphones offered by I- Tech is high within the confines of all the countries within which
the firm tends to operate. This acts as another competency for the organisation. However, it is
observed that the firm is not able to fulfil the needs and demands of people in the market place.
This holds the capacity to hold negative impacts for the organisation in the long run, leading to a
decline in the loyal base of its customers (Winston, 2016). To effectively leverage its
competency, it is immensely important for this corporation to create as well as devise effective
strategy through which it can ensure the fulfilment of needs and demands of customers as soon
as they emerge in the market. With the help of such strategy, the firm would be able to inflate its
market share and also derive high contentment from its base of customers.
Analysis of financial data
There are three forms of financial reports, including revenue, balance sheet and cash flow. They
are all carefully analyzed when reviewing financial details (Summers, 2014). All the I-Tech
financial data must be processed in order to analyze them. The following is the summary of the
assessment:-
Income statement: Each of the firm's reports is a profit and loss account which indicates the
firm's income which expenditures for a given period (Grant, 2016). It shows how sales are turned
into total profits or net income. The report of profit is one of three financial statements on which
6

equity holders depend (two others being the summary of balance sheet and cash flow).
Understanding the declaration of profits is important for creditors who have to evaluate a
company's productivity and potential development. Information on benefit, loss, revenue and
expenditure is reported in this statement. For 2020, the company made 104,537 million gross
profits and its net income amounted to around 73,408 million. GP reduced to GP 79511 million
and net earnings dropped to 48375 million in 2021. In 2022 the gross margin and net income
rose collectively to 210474 and 91794. The income were down to 77991, 54360, 38134 and
36383 and the net loss was down to around 91928, 133648, 146262 and 154196 overall in 2023,
2024, 2025 and 2026. In 2027, operating income fell to 64,414, and the deficit in the same year
fell relative to 157,701 last year. Gross income for 2028 totaled about 13724 pounds, with a net
loss of 234519 million Euros for the year. The operating income for 2029 was nearly 23469,
although the year's loss was 433466. The profit report has shown that since 2023, its profits have
steadily risen; the organization is unable to achieve its objectives. It is highly necessary for the
organization to insure that profits for 2029 are that and benefit rises
Balance sheet: Balance Sheet is a financial statement of an entity those at all periods contains
the assets, liabilities, inventory, overall debt etc. Balance sheet comprises on the one hand the
assets and on the other the debts (Han, Hao and Huang, 2018). To order for the balance sheet to
represent the true image, all sides (e.g. assets = liabilities + equity) will count. The balance sheet
is much more of an outline, typically measured for a quarter, six months or one year, of a firm's
financial condition at the stated time. Balance Sheet has 2 key heads: liabilities and properties. It
is a document that includes comprehensive details on all assets, liabilities and operating
activities. It has been calculated from the 2019 balance-sheet that the annual cash was 519487
with liability of about 521187 fixed assets of the same year amounting to 17. The 2020 cash rose
to 579920 and gross debt and equity contributed to 603588 for the year. It indicates that
throughout the year the company's output is improved. The reports for 2021 reveal even that the
efficiency of the firm was increased this year as the cash for the product was really high this
year. It was worth around 627522 in total. The 2022 balance sheet reveals that the company's
annual cash for the year was 681790, increase from the original year. This year, the total
liabilities and assets were approximately 762941. It shows that since 2020, business success has
been growing. The 2023 statistics result in a decline in organizational efficiency compared with
7

the previous year as share price for the year declines. The 2024 balance sheet reveals that the
business has not been try to organize funds to properly carry out all operational activities,
resulting in poor performance for the year. As the sales statement revealed, the business did not
produce sufficient income over many years. It is between 2023 and 2029 and the company's
output has declined throughout these years and has incurred significant losses in those years.
Cash flow statement: The cash flow presentation in financial statements, also called the cash
flow statement, is a financial statement showing how adjustments in balance sheets and profits
impact cash and receivables, as well as breaking down the overview of the costs of activity,
expenditure and finance (Bell and Mladenovic, 2015). This is primarily used by businesses to
monitor inflows and outflows of cash in order to have real cash at year-end. The 2020 and 2021
cash flow report showed that total revenue for the years 195642 and 198607 were evaluated. The
budget was around 135209 and about 151005 for both years. In 2022 there were around 504217
incomes and 449948 costs for the same. The cash flows of the company were reduced between
2023 and 2029 as the losses continued to rise. After 2023 the investment is continually rising and
the revenue is declining leading in the company's cash outflow. From the above measuring
performance, the I-Tech success has been analyzed as a continued decline since 2023 due to a
decrease in net profit. It demonstrates that the organization cannot fulfil its objectives and shows
that the decisions made by the management have been adversely affected by the business
performance. Both financial accounts, including income statement, balance sheet and cash flow
indicate that the company cannot produce sufficient profits. The key explanation for this is
focused on market analysis which indicates that there is very strong demand from smart
telephones sold by the business and that they are not able to sell products accordingly.
Performance analysis
It is important for each and every corporation to constantly analyse and evaluate its performance
in order to identify any discrepancies within its operational patterns (Aithal, 2017). For this
purpose, a detailed study of each and every aspects of business entity is important to be carried
out in an effective manner. Such aspects mainly encompass evaluation of the corporate strategy
along with the analysis of its key decisions. In this regard, it has been determined that such key
decisions tend to include human resources, marketing, accounting, product development,
logistics and many more.
8

As per the market information available for I- Tech, it can be said that the market demand for the
smartphones developed and sold by this organisation is extensive. However, the company is not
able to meet the same in a timely manner owing to the prevalence of some ineffective strategies.
Further, it denotes that the entity is not successful in effectively formulating the business plan,
leading to emergence of adversities for the organisation (Jang. and Lee, 2016). With the
evolution of time period, the business performance of the respective smartphone company has
been stooping down implying a significant decrement in its profits.
There are several rival firms which are directly competing with I- Tech at the market place. The
strategic course of action adopted by such rivals is acknowledged to be quite distinct from that of
this company. In this relation, it is determined that the quality of smartphone developed and
offered by I- Tech at market is unmatchable. Owing to this, no rival firm is able to give it a tough
competition. All such competencies would allow the organisation to earn high levels of profits
until the year 2022. However, it is noted that since the beginning of the 2023, I- Tech would face
difficulties in the attainment of high profits. This will place a severe impact over the competitive
advantage of this organisation.
A number of changes would be introduced by I- Tech during the period starting from 2019 and
ending at 2029. As a result of this, it can be said that the organisation would be facing a number
of challenges. Such issues include reduced production units, non fulfilment of needs and
demands of customers etc. All of them are acknowledged to have a severe impact over the
performance of this smartphone company in the long run. It also consequently implies decrement
in the revenues as well as profitability of the entity.
The management of I- Tech tends to focus upon a number of facets while taking key decisions.
Such facets are comprised of functions of the company like logistics, finance, marketing, human
resources, marketing, accounting, products development and many more. As there is no
information available in context of marketing domain, it has been assumed that the entity might
not have executed any sound marketing strategy by now. On the basis of staff results, it is
acknowledged that the human resource decisions of I- Tech have been quite effective as can be
seen from the proper management of employees via the top management of the firm. As the
supply of offerings of this entity takes place in a range of countries, thus it is important for I-
Tech to take sound decision in relation to its logistics. It has been acknowledged that the firm has
not been able to fulfil the demands of customers in home and host countries. This implies that the
9

logistics decisions of the entity have not been quite effective. In accordance with the domain of
accounting, it is determined that the firm has published detailed final account implying the
support shown on the part of employees functioning within the accounts department to formulate
true and fair financial position of the company in market. Further, it is seen that no decision has
been taken by this organisation in relation to product development as no changes in its models
have come over the course of 10 years time period.
Future plans and recommendations
On the basis of analysis of the business performance of I- Tech, it can be said that the
entity has been showing weak performance at market place over the course of time. Thus, it
becomes crucial for this organisation to stipulate sound strategies with the help of which it can
achieve success in market place. In accordance with this, some future plans along with the
recommendations for the next 5 years are discussed as follows:-
 It is proposed that I- Tech should carry out constant market research in order to identify
and tap opportunities which can provide assistance to the corporation in gaining the
attention of large number of customers and also fulfilling their demands in a timely
manner.
Recommendation: For effectively carrying out the market research, it is recommended that I-
Tech should hire competent and skilled employees having sound researching skills so that they
can identify growth prospects for the company. These individuals would be able to equip the
company with knowledge regarding the key trends taking place within the domain of smartphone
sector.
 Also, it is proposed that I- Tech in the next 5 years should take initiatives to enhance its
production capacity so that it can produce more number of units and meet the demand
emerging in home and host market place.
Recommendation:
For the increment of production capacity, I- Tech is suggested to make use of sound technologies
or product development strategy in order to elevate the number of units produced by the firm.
This will assist the company in meeting the demands placed by the customers at market place.
The long term implication of the same would be the acceleration of profits and revenue figures of
I- Tech.
10

PART B - Professional Development Reflection Report
Executive summary
The following is a reflective account of an individual working within a group in a
simulated business called I- Tech. This is acknowledged to be a company that manufactures,
designs and sells smartphones in different parts of the global market place such as Netherland,
UK, China, Japan, India etc. The reflective report deals with the discussion over professional
development and the manner in which learning within MBA course is different from that of
collaborative working.
Introduction
Professional development can be defined as learning carries out for the purposes of generation of
money as well as maintenance of professional credentials inclusive of academic degree, informal
learning opportunities, participation in conferences etc. (Burger and Luke, 2017). There are
various things which I learnt while working in team as compared to my learning in previous
management courses. In my MBA course, I only learnt about the concept. However team
working helped me in gaining experience that the course material and real implementation are
totally different. While working in team of a simulated company, I learned about wide topics that
are business simulation, ways in which companies perform in the industry and many more.
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
interaction with such experts and thereby enhancing our understanding and knowledge of the
whole concept of simulation.
11

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 I- Tech:-
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 (DiPaola and Wagner, 2018). Hereby, the intention is ascertained by way of subjective
norm, attitude, skill etc.
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). This largely
emphasizes over the decision making executed by the leaders within a company.
Review of industrial practices
The smartphone sector within the confines of which I- Tech operates is hyper competitive in
nature. This organisation has high share of market however it still lacks behind the competitors
in terms of sales. The top notch market players within this industry are acknowledged to be
DHgate, Banggood etc. These companies stipulate strong marketing strategies in order to capture
the attention of people in market place. Further, these companies employ technologies and
strategies through which they are able to ensure timely fulfilment of market demands (Marciniak
and Jarzębowicz, 2017).
Application of theory as well as practice
The theories and concepts that are applied in I- Tech. Following are the application of
theories:-
Theory of reasoned action: The theory is applied within the confines of I- Tech for the
analysis of the relation underlying between attitude and behavioural conduct of individuals
working within a team. I made use of this theory to gain knowledge of the view points of my
team members. The application of this theory to the team work made me reach to the conclusion
that the members of the group tend to possess diverse attitudes and thus their behavioural pattern
is in accordance with that.
12

Situational leadership theory: This theory is applied within the confines of I- Tech. In
the company, the leader selects the style of leadership as per the current scenario of the market
place and concerned industry. Being the leader of the team, I made use of this theory to select the
leadership style suitable for me in a particular instance. 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. For instance: the leadership style applied by me in case of conflicts arising
between the members of the team was different from the style adopted whereby I noticed that
there were sync and coordination issues between the group members. This implies that the
application of this theory enriched my professional personality as a leader and equipped me with
the knowledge of different leadership styles that can be applied in varied situational contexts.
The application of industrial practices in I- Tech Company is as follows:-
Being the member of the team of I- Tech, I put to application the practices used by the
rival firms of the concerned smartphone company. Other than this, I practised market research
for gaining knowledge of the needs and demands of customers. This facilitated expansion of I-
Tech within a range of countries and achievement of unique position within the confines of
hyper competitive industry.
Discussion
I- Tech is newly established business that manufactures and distributed Smartphone in
international market. The company has captured large market area in limited duration. It
distributes variants of Smartphone and has large volume of production. Overall demand for its
offerings in 2020 was about 384000 and 332126 was its sale in same year. In 2021, it is analysed
that demand of its product would be around 276480, but company only achieved sales of
227056. The sales of company were continuously decreasing and this was hampering its profit
margins and brand image. In context to product price, the company sets prices as per the quality
of material and resources used in manufacturing and delivering products. As per product price,
demand of its Smartphone in the year 2020 was 240000 and 118464 was sales. It experienced
downfall in sales because of ineffective pricing strategy and various other factors.
Recommendations for practice and research
On the basis of above analysis, certain recommendations have been provided to I- Tech in
relation to research and practice. These are given beneath:-
13

 The first and foremost suggested provided to I- Tech is that should undertake measures or
technologies with the help of which it can enhance its production capacity and
successfully meet the demands of customers at the market place. In this relation, I
recommend that the company should adopt automation in order to fasten the process of
production and thereby assure timely accomplishment of market demands.
 The second suggestion provided to I- Tech is that it should create and implement a sound
marketing strategy which can provide assistance in reaching out to a wide audience. In
this relation, the respective smartphone company can make use of digital marketing
strategy in order to inflate its reach and thereby enhance its growth prospects.
 The entity should maintain networking with market research companies so that it can
gain knowledge of the opportunities emerging in the confines of smartphone sector and
leverage the same to increase revenues.
CONCLUSION
On the basis of above project, it can be said that simulation is an activity that renders aid
to individual in setting up their own business in market place to pose them to the hyper
competitive business environment. This further exposes the individual to situations whereby they
have to constantly analyse the changes taking place in market so as to adapt the business in
accordance with them. This enables the individual to carry out professional development by
carrying out comprehensive learning procedure at the time of making key business decisions.
Besides this, it is acknowledged that screening of the business environment is quite crucial for
each and every business. This provides assistance in stipulating an effective vision, mission and
corporate culture consisting of values to be abided by the business at all the times.
Apart from this, it is also comprehended that financial analysis also holds immense
significance for a company. The key areas of this concept encompass balance sheets, income and
cash flow statement and so on. Other than these aspects, customer base, market conditions,
capabilities, competencies, quality of products, pricing strategy needs to be constantly analysed
and reviewed by individuals setting up their business. The review of these facets of business
would allow the company to make changes in its working structure or system so that it does not
have to face any adversity in the long run. Also, there are certain functions or domains which
need to be constantly analysed and reviewed by the corporation such as marketing, human
resources, logistic, accountancy, product development and many more. The adept analysis and
14

evaluation of these domains provides the company with the knowledge of the issues that have
been hampering the performance of the enterprise over the course of time. On the basis of such
analysis, the entity devises future plans and provides recommendations to incorporate
improvements within the entity.
15

REFERENCES
Books and Journals
Aithal, P. S., 2017. An Effective Method of Developing Business Case Studies based on
Company Analysis. International Journal of Engineering Research and Modern
Education (IJERME), ISSN (Online). pp.2455-4200.
Aithal, P. S., 2016. Study on ABCD analysis technique for business models, business strategies,
operating concepts & business systems. International Journal in Management and Social
Science. 4(1).
Albort-Morant, G. and Ribeiro-Soriano, D., 2016. A bibliometric analysis of international impact
of business incubators. Journal of Business Research. 69(5). pp.1775-1779.
Aoyama, M., 2016, November. Bridging the requirements engineering and business analysis
toward a unified knowledge framework. In International Conference on Conceptual
Modeling (pp. 149-160). Springer, Cham.
Bell, A. and Mladenovic, R., 2015. Situated learning, reflective practice and conceptual
expansion: effective peer observation for tutor development. Teaching in Higher
Education. 20 (1). pp.24-36.
Borko, H. and Et. Al., 2015. Mathematics professional development: Improving teaching using
the problem-solving cycle and leadership preparation models. Teachers College Press.
Burger, S. P. and Luke, M., 2017. Business models for distributed energy resources: A review
and empirical analysis. Energy Policy. 109. pp.230-248.
Ceschi, A., Dorofeeva, K. and Sartori, R., 2014. Studying teamwork and team climate by using a
business simulation. European Journal of Training and Development.
Cotter, R. V. and Fritzsche, D. J., 2014, March. The business policy game. In Developments in
Business Simulation and Experiential Learning: Proceedings of the Annual ABSEL
conference (Vol. 21).
DiPaola, M. and Wagner, C. A., 2018. Improving instruction through supervision, evaluation,
and professional development. IAP.
Farrell, T.S., 2015. Reflective language teaching: From research to practice. Bloomsbury
Publishing.
Grant, D., 2016. Business analysis techniques in business reengineering. Business Process
Management Journal. 22(1). pp.75-88.
Han, S., Hao, X. and Huang, H., 2018. An event-extraction approach for business analysis from
online Chinese news. Electronic Commerce Research and Applications, 28, pp.244-260.
Iyamu, T., Nehemia-Maletzky, M. and Shaanika, I., 2016. The overlapping nature of Business
Analysis and Business Architecture: what we need to know.
Jang, H. and Lee, Y. H., 2016. A Business Analysis of A sian Baseball Leagues. Asian Economic
Policy Review. 11(1). pp.95-112.
Marciniak, P. and Jarzębowicz, A., 2017. An industrial survey on business analysis problems and
solutions. In Software Engineering: Challenges and Solutions (pp. 163-176). Springer,
Cham.
Marr, B., 2016. Key business analytics: the 60+ business analysis tools every manager needs to
know. Pearson UK.
Perotti, V., 2014, February. Towards a massive multiplayer online business simulation.
In Developments in Business Simulation and Experiential Learning: Proceedings of the
Annual ABSEL conference (Vol. 33).
16

Rosca, E., Arnold, M. and Bendul, J. C., 2017. Business models for sustainable innovation–an
empirical analysis of frugal products and services. Journal of Cleaner Production. 162.
pp.S133-S145.
Winston, W., 2016. Microsoft Excel data analysis and business modeling. Microsoft press.
Zheng, M., Bender, D. and Nadershahi, N., 2017. Faculty professional development in emergent
pedagogies for instructional innovation in dental education. European Journal of Dental
Education. 21(2). pp.67-78.
17