Business Simulation and 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............................................................................................3
Future plans and recommendations......................................................................................10
PART B - Professional Development Reflection Report..............................................................12
Executive summary..............................................................................................................12
Introduction..........................................................................................................................12
Identified events...................................................................................................................12
Review of relevant concepts or theories...............................................................................13
Review of industrial practices..............................................................................................13
Application of theory as well as practice.............................................................................14
Discussion.............................................................................................................................14
Recommendations for practice and research........................................................................15
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Business simulation is defined as the course of action adopted by an individual or group
for the establishment of their own business as per the situations prevailing within the market
scenario. The most important part linked to this process is undertaking certain crucial decisions
which provide assistance in inflating the growth and development prospects of the corporation
(Buil, Catalán and Martínez, 2019). In addition to this, it is determined that simulation tends to
offer personnel with a platform whereby they can apply their skill set, knowledge base and
competencies for the timely setup of venture. Such entity is able to create direct competition for
the market players functioning within the confines of same sector. The process of simulation is
usually carried out for the purpose of education, learning, training and development of
personalities of individuals. Thus, it enables them to carry out professional development so that
they can effectively function within the corporate context and achieve desired outcomes. The
below mentioned report seeks to gain knowledge of the concept of business simulation along
with professional development through taking into account the scenario of a simulated business,
I- Tech. This is a smartphone manufacturer which is acknowledged to be operating in several
nations. I- Tech produce and distribute products to customers in many parts of the world so as to
inflate its reach and growth prospects.
The project is categorised mainly into 2 sections. The first section talks about the concept
of simulation as taking place within the company. This section includes discussion over several
domains or functions linked to the entity like mission, vision, HR, values, strategic, 5 year
progress explained via the application of Porter Five Force Analysis and financial performance
analysis. Besides this, this section also takes into account future organisation plans together with
suggestions for the enterprise in context of next 5 years. Additionally, the second section of the
project throws light on reflection done by an individual over their journey in being a part of the
team of simulated business. This section consists of events identified, review of concept or
theory and industry practice, implementation of practice along with theory and discussion done
over the company.
PART A- STRATEGY PAPER
Vision and Strategy of I- Tech
Vision and Mission:
1

The vision of I- Tech is “to gain popularity across the globe as being the leading
smartphone manufacturer worldwide”.
The mission statement for this entity goes like,“to be at the heart of the needs and
demands of customers to duly fulfil them with the organisational offerings.”
Values:
There are a number of values that guide the working and function of I- Tech in market place. The
most dominant values out of these are acknowledged to be fairness, transparency and honesty.
Other values that are given importance and value within the confines of this entity are
ascertained to be equality and integrity. These values lay down the foundation to ensuring that
the corporation works in a sustainable manner as per the requirement of the market (Bitrián, Buil
and Catalán, 2020).
HR:
Human Resources is acknowledged to be a crucial aspect for every entity functioning or intend
to come up in the market place. Human capital is required by an enterprise in order to deal with
the competitive rivalry prevailing within the concerned industry (Alstete and Beutell, 2019).
These are the individuals who work together in a collaborative manner in order to derive positive
outcomes. In this relation, I- Tech seeks to ensure the development of a positive atmosphere
whereby the employees get encouraged and motivated to operate in an effective manner. Also,
the entity conducts training and development sessions at regular intervals of time so as to provide
employees with an opportunity to get empowered in the organisational premises. With this, the
personnel are able to enrich their personalities with required skill set and knowledge base. As a
result of this, their productivity levels tend to get enhanced and their overall performance also
gets improved.
Culture:
The corporate culture of an entity circumscribes the working environment, rules and regulations,
policies, beliefs and behaviours of employees as well as managers, etc. In this relation, it has
been acknowledged that the corporate culture keeps the human resource within and outside the
company at its heart (Bocciarelli and et. al., 2019). This means all the customers and employees
of the company are effectively taken care of in order to ensure its sustainability in the market
place for a longer period of time. With this, I- Tech aims to instil loyalty, trust and belief within
the employees and customer base and thereby inflate its financial performance.
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