Business Simulation Games Assignment
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Added on 2019-12-03
Business Simulation Games Assignment
Added on 2019-12-03
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Reflective report: BusinessSimulation game1
TABLE OF CONTENTSINTRODUCTION.....................................................................................................................................3COMPETITIVE STRATEGY ..................................................................................................................3INDUSTRY OVERVIEW.........................................................................................................................3COMPANY OVERVIEW..........................................................................................................................5DECISIONS MADE..................................................................................................................................5FINAL RESULTS......................................................................................................................................7REFLECTIVE...........................................................................................................................................7STRATEGIC PRINCIPLES......................................................................................................................8KEY LEARNINGS POINTS....................................................................................................................8CONCLUSION.........................................................................................................................................9REFERENCES........................................................................................................................................10APPENDIX.............................................................................................................................................122
INTRODUCTIONBusiness simulation game can be referred as the economic simulation game which providesbetter understanding regarding diverse economic processes which are mostly followed by diversebusiness organizations. It is also known as business strategy simulation which provides betterunderstanding to management regarding diverse economical factors while operating in the internationalmarket (Whiteley, 2014). Moreover, students can also attain better learning about global market whichcan facilitate in effective business forecast. In the present report, learning will also focus on diversefactors which can facilitate in taking effective decisions with respect to business firms such as genericcompetitive strategy, industry overview and key principles of strategic applications. COMPETITIVE STRATEGY Porter’s generic strategy is one of the techniques which company mostly uses to gaincompetitive advantage in the market. In this respect, the management of Bravo Shoes Company is alsoconsidering the key aspects of generic strategy. Business organization changes its preferences as perthe market situations. It has been spotted that porter’s generic strategy is classified in three sectionswhich are named as differentiation, overall cost leadership and focus (Cronan, 2011). Currently, BravoShoes Company is focusing on differentiation generic strategy in order to gain competitive advantages.In this, business firm differentiates its products and services to some extent so that they can providehigh competition in the market. It is considered as the most suitable strategy in market conditionswhere customers are not emotionally attached with the pricing of product but they are more attractedtowards uniqueness of the product (Faria, 2014). It facilitates Bravo Shoe Company to build better brand image which is beneficial for theadvanced opportunities in competitive market scenario. With an assistance of differentiation strategy,business firm is providing uniqueness in the shoe market. It also boosts the organization's market shareand improved customer loyalty (Whiteley, 2014). These kinds of factors are also advantageous for theadvancement in sales ratio of organization. Moreover, in this respect, company is presentingthemselves as a brand which creates the best combination of Asian resources and western creativity inthe shoe market. INDUSTRY OVERVIEWPest AnalysisPolitical: Number of business organizations in footwear sector is having strategic mergerswhich impact the business of footwear firms (Merkuryev, 2012). Government policies regarding retailmarket also influences the operations of sector in a negative as well as positive manner.3
Economic: Industry is expecting high growth as retail sector is also boosting in the recent pastyears. Economic factors like GDP and CAGR also influences the operations of footwear industry. Social: Lifestyle trends are changing rapidly with the modification in social needs. It forcesindustry to bring some modifications as per the changes in social perception (Cronan, 2012). Fashionand celebrities also influences the social perception. So, industry is also concerning these factors ascritical aspects.Technological: Industry is also looking forward to upgrade the manufacturing equipments.Number of laser and sensor based technological tools are now in use for cutting and shaping of leather. OpportunitiesBusiness firms can focus on the technological tools to amend operations.Number of acquisitions can be taken into account for better competitive advantages.More investment in R&D to bring innovative products in the sector (Berman, 2009).ThreatsHigh level of competition due to local and international organizations.Limitation of products.Changes in economic aspects. Porter’s Five Force AnalysisThreat of new entrants: Footwear industry is consisting of high threat due to new entrantsbecause industry demands less investment. This sector has fewer barriers which also facilitates newbusiness firms to enter in the market. Buyer power: It has been spotted that the customer negotiation power is medium in thefootwear industry (Fernando, 2011). It is because; number of choices is available to the customers thus,they can switch to any product in the market. Business firms also provide low price products whichboosts the buyer power. Supplier power: It is also considered as a medium because number of suppliers are present inthe market which provides easy accessibility to raw material at high prices. Companies can switch tonumber of suppliers as per organizational needs. It provides low cost operations to the footwearmanufacturing firms. Threat of substitute products: Threat of substitute products is low because there is no substituteproduct present in the market with respect to footwear (Paul, 2006). This means business firms canhave better advantages in the market due to absence of substitute products. Rivalry: In support of this, it can be stated that there are number of competitors that are presentin market at local as well as international level. It influences the business operations of business firms4
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