Business Simulation and Professional Development

This assignment explores the concept of business simulation and professional development. It covers topics such as vision and strategy, review of progress, and recommendations for future plans. The assignment also includes a reflection on the simulation game and the events experienced during it.

Business simulation
and Professional
development

Table of Contents
INTRODUCTION...........................................................................................................................1
PART A...........................................................................................................................................1
Vision and strategy......................................................................................................................1
Review of each year’s progress...................................................................................................2
Future plans and recommendations.............................................................................................9
PART B.........................................................................................................................................10
Executive summary...................................................................................................................10
Introduction................................................................................................................................10
Identified events.........................................................................................................................10
Review of relevant theories.......................................................................................................11
Review of practices of industry.................................................................................................12
Application of theory as well as practices.................................................................................13
Discussion..................................................................................................................................14
Recommendations for practice and research.............................................................................14
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Business simulation can be defined as an opportunity which is provided to students while
studying in the university. With the help of it, they can experience the way in which a business in
established and operated. It can help all the individuals to use their entrepreneurship skill and
have experience of owning a business. It guides all the students to deal with all the negative
situations or uncertainties which may take place while executing business in future. It enhances
abilities of individuals to establish their own corporation in upcoming period by working under
real situations. Professional development is the process which is mainly focused with
development of capabilities of individuals to meet their career goals (Boyas and Teeter, 2017). In
order to make sure that future objectives such as establishing own business, working in a large
organisation etc. are achieved, it is essential for individuals to pay attention towards professional
development.
This assignment is based upon a simulation game in which a company which is operating
business successfully. The business which is being focused for this purpose is Boom Mobiles
which is phone manufacturing company and carrying out operations in different countries. There
are two main part of this report first one is strategy paper and another one is based upon
professional development. Part A covers topics such as vision and strategy, review of company’s
progress and performance analysis. Part B is focused with the reflection of the way in which the
simulation game was played and the event which was experienced which working in it.
PART A
Vision and strategy
Boom Mobiles is one of the largest smart phone producer and operating business in
different countries. Main aim of the entity is to capture the larger market share by offering
mobile phones to the customers that are enriched with latest technology. It is mainly based in
The Netherlands and operating business in UK, US, Canada, Japan, China, India, Malaysia,
Brazil etc. While carrying out operations it is very important for companies such as Boom
Mobiles to pay attention towards vision and strategy. With the help of it, effective decisions for
performing operational activities in future could be formulated. There are various elements that
are focused for vision and strategy. Description of all of them is as follows:
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 Vision: Boom Mobile’s vision is to expand its business in those countries where it is not
yet operating. It will help it to increase its global presence, number of customers as well
as the market share which will be captured by it (Goi, 2019).
 Values: For all the business entities it is very important to make sure that specific values
are followed by them as it can help to establish a positive image in the market. Boom
Mobile is mainly focused with higher loyalty and satisfaction of customers. For this
purpose, it pays attention towards all the queries and complaints of its clients which helps
it to be tehri first choice. The entity also considers retention of its existing clients and
attracting more and more new customers for the purpose of meeting all its long-term
goals.
 Mission: Boom Mobile is operating its business for the mission of becoming the market
leader by offering smart phones to the customers on affordable price. The organisation is
also focused with advanced technology and innovation so that it can offer highly
innovative devices to all its customers.
 HR (Human Resource): The staff members who are mainly responsible for operating
business of an organisation are the human resources. Boom Mobile makes sure that all
the individuals who are recruited by it are able to work according to expectations of
customers. The entity also pays attention towards proper training and development of
new as well as existing employees. It enhances their work quality and motivate them to
perform under all the difficult situations (Kaisare, 2017).
 Culture: In order to carry out all the operations according to planning it is very important
for all the companies to make sure that they are following a positive culture. If they are
not able to follow a culture that motivates staff to work properly then it will be very
difficult to meet business goals and objectives. Boom Mobile’s top-level management
makes sure that the organisation creates positive working environment for all the
employees so that they can work effectively. This culture of company helps to
accomplish all the goals with higher engagement of employees.
Review of each year’s progress
Boom Mobile is a smart phone manufacturer and seller which is carrying operations in
different countries. Main purpose of it is to attract more and more customers so that it can reach
to all its goals which are higher profits, increased sales etc. The entity is also focused with the
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advanced technology and innovation that are related to smart phones. All the trends in mobile
industry are analysed and focused by the organisation so that it can offer innovative smart
phones to all the customers. In order to assess that the activities are being performed in planned
manner and the strategies have resulted positive for company or not progress of business is
require dot be reviewed (Kasimu, Wu and Bian, 2019). In Boom Mobile different aspects are
analysed for this purpose. All of them are as follows:
Competitor analysis: It is a technique which is used by all the companies to determine
the level of competition in the industry. With the help of it, all the elements which may leave
negative impact upon business could be determined. The best suitable model which could be
used for this purpose is Porter’s five forces analysis. Description of it for Boom Mobile is as
follows:
Porter’s five forces analysis: It is a strategic tool which is mainly used to determine
impact of different elements upon business. There are five different forces of it which are
discussed below in context of Boom Mobile:
 Rivalry in the industry: It is first force of porter’s five forces which is analysed to
determine the competition in the industry. In smart phone sector various major players
are carrying out operations. These are G Mobiles, V Connect, Yell, Limit less, I Tech etc.
which means that rivalry in the industry for Boom Mobile is very high and it will also
affect the operations of the company (Nugent and Stoyanov, 2019). In order to deal with
it, the managers will be required to formulate effective and efficient policies which will
help to sustain in the market.
 Threat of substitutes: All the items which are offering same benefits to the users are
considered as substitutes for each other. In order to be the first choice for customers it
will be very important for Boom Mobile to analyse the substitutes for itself. Some of
them are digital devices, video calling apps, tabs etc. It shows that the threat of substitute
for Boom Mobile is moderate and the organisation is required to ignore its major impact
upon business. For this purpose, latest technologies could eb incorporated in smart
phones sold by the company. It will help to reduce the threat of it on business (Nugent,
2018).
 Threat of new entrant: When a new entity introduces new products same as existing
players in the industry then it creates threat for those companies. In order to deal with
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them, it will be very important to for all the companies to formulate effective strategies.
Smart phone industry is very large and the monetary resources which are required to
enter in it are very high. It shows that there is a major barrier for the new entrants in this
industry. Therefore, the threat of new entrant for Boom Mobile is low as a new company
will require huge funding to be the part of the sector.
 Bargaining power of customers: The people who are purchasing items from an
organisation are the customers for that company. Their bargaining power depends upon
the options that are available for them to buy a product. The competition in smart phone
industry is very high because of players in the sector. Due to this, the bargaining power of
customers will be very high for Boom Mobiles. In order to reduce the negative impacts of
it the organisation is required to take effective steps and set competitive prices for all its
mobile phones. It will help to attract new customers and ignore the possibility of their
bargaining (Ruszkowska and Wardaszko, 2016).
 Bargaining power of suppliers: Individuals or the companies which are delivering
goods to the producers of final products are the supplier for them. When their number for
them will be high then it will result in lower bargaining power of them and if there will
be lack of suppliers then it will result in very high bargaining power of them. Because of
large size of mobile phone industry, the number of suppliers for Boom Mobile is very
high which has resulted in lower bargaining power of them for the organisation.
Market share: The area which is covered by an entity by selling its products to the
customers is considered as the market share of it. With the help of it, it could be analysed that the
company is able to meet all its planned goals or not. In order to assess the market share of Boom
Mobile customer focus segmented demand of it is analysed. The details of analysis shows that in
2020 the demand for the smart phones of the company was 326000 and it was reduced up to
274480 in 2021. In 2020 no changes in it were recorded and it was constant for the year. The
records of year 2023 are showing an increment in the demand as compare dot previous two
years. It was increased up to 316124 for 2023. For next four years which are 2024, 2025, 2026
and 2027 it was same and no changed took place in the customer focus segmented demand of
Boom Mobiles. In 2028 the demand of smart phones of the company was 324667 and it was the
same for 2029. The market share analysis shows that in 2020 the demand was very high but it
was decreased in new year but at the end of 10 years period it was able to meet the demand of
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first year. The market share analysis reflects that the strategy of company is not able to benefit it
as the demand of it has been decreased in past few years (Saprykin and Saprykina, 2017).
Product or price strategy: All the business entities should be focused with their price
and product strategies as it can help to analyse that expectations of clients will be met or not. For
this purpose, price and product quality related demand could be analysed. The analysis of Boom
Mobiles is showing that in 2020 the price focused segmented demand of the company was
1600000 and it was reduced up to 1266600 in 2021. In 2020 no changes were recorded for the
same and demand for smart phones for the year was same. In 2023 the demand on the basis for
smart phones sold by Boom Mobile was increased up to 1427800 and it was constant for next
four years which are 2024, 2025, 2026 and 2027. In 2028 slight changes in the demand were
recorded and it was increased up to 1492600 and it was constant or 2029. On the other hand,
segmented demand on the basis of product quality was 230000 and it was decreased in 2021 up
to 163900. In 2023 it was increased up to 186400 and again it was constant for upcoming four
years from 2024 to 2027. For year 2028 and 2029 the demand according to product quality was
192800. The product and price analysis of Boom Mobile shows that the company has
experienced various changes in segmented demand on the basis of price as well as product
quality. These changes have resulted in weak performance of it and difficulties in reaching the
long-term objectives (Servis, Martinez-Baez and Clark, 2020).
Competitors: All the companies which are performing operational activities in same
industry and delivering the goods to the same customer segment are treated as competitors for
each other. In order to be the market leader, it is very important for an entity to attain higher
level of competitive advantage as compared to other competitors. If it will not be able to compete
with the other entities then it will be very difficult to sustain in the industry. Boom Mobile is a
smart phone manufacturer which is operating in the mobile industry. The competition for it is
very high because of large number of operators in the sector. Main competitors of it are Yell, I
Tech, G Mobile, V Connect, Limit Less etc. The entity is mainly focused with innovation and
this strategy of it helps it to attain success in the industry and be more successful as compared to
the competitors (Silva, Casarotto Filho and Frazzon, 2020).
Competencies and capabilities: The qualities of a company which are facilitating it to
meet the expectations of clients and helping to sustain in the industry are the competencies and
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capabilities of it. The analysis of market, price and product has helped to determine different
such types of elements for Boom Mobile. Description of some of them is as follows:
 Focus on advanced technology: Boom Mobile is very focused with latest technology as
it uses it to deliver best quality smart phones to the customers. The entity uses advanced
technology in all its mobiles which is the main capability of it that helps it to be the first
choice of its clients.
 Huge demand of smart phones: The market share, price and product analysed
demonstrates that demand of products that are sold by Boom Mobile is very high. It is a
competency of it which is facilitating it to deal with high level of competition in the
industry.
Analysis of financial statements: All the accounts that are generated at the end of
accounting yar for the purpose of sharing information about performance of company are known
as financial statements. With the help of them, it could be analysed that organisation was able to
meet all the set standards of not. Apart from this, final accounts also help to formulate effective
strategies for future by analysing actual situation of business. There are three main types of
financial statements which are described and analysed below in context of Boom Mobile:
 Income statement: This final account is created for the purpose of recording information
of all the expenses and incomes that are generated and faced by the entity in the financial
year. Main purpose of it, is to aware the stakeholders about the actual profitability of
business. If the accounting professional of an entity are not able to generate it properly
then it will be very difficult for the management to analyse actual profits. Form the
income statements of Boom Mobile it has been determined that since year 2020 to 2029
the entity was not able to generate profits. During the period of 10 years only losses were
faced by the entity. The net loss for all the years was 356000 and during these years no
gross as well as net profits were generated. From the income statement of the company it
has been analysed that the entity was not able to perform properly as only losses in the 10
year’s period were experienced. It also shows that the enterprise was also not able to meet
its targets.
 Balance sheet: It is the final account which is generated to analyse financial position of
the company. Detailed information of equities, assets and liabilities are recorded in it. It
helps to assess that the company will be able to meet expectation of shareholders who
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provide funding to carry out all the operations. From balance sheet of Boom Mobile, it
has been determined that the company was having cash of around 506300 for the 10
year’s period from 2020 to 2029. On the other hand, the issued capital of it was around
240000 and the premium reserves were of 512200 and the reserves were showing the
negative balance of 495500 (Teach and Szot, 2019). The statement of financial position is
showing that Boom Mobile has not attained any type of progress in the 10 years and it
was not able to meet the business standards. It is very important for the top-level
executives to take effective actions against the current position of business so that the
possibility of huge losses in future could be ignored.
 Cash flow statement: It is generated by companies to record information of all the
transactions that are performed in monetary terms so that actual inflow or outflow of cash
for the accounting year could be determined. The cash flow statement of Boom Mobile
shows that the organisation has not generated any type of income since year 2020 to
2029. The expenses for the same years were around 320000. These expenditures cover
different elements which are staff recruitment of 200000, social security of 70000,
recruitment cost of 20000, staff overhead of 10000 and general maintenance cost of
20000.
From the analysis of financial statements, it has been determined that Boom Mobile was
not able to meet its targets as no profits were generated by it in the 10 years. Apart from this, the
performance of it was very poor because of lower level of profitability and liquidity. The
organisation is required to take appropriate actions so that it can deal with all the potential
challenges that may take place in future (Tsaples and Tarnanidis, 2020). Some of them are
becoming insolvent, decreased demand in future, lower sales etc.
Performance analysis: It is about studying or evaluating performance of specific situation in
comparison to goals that are determined for attainment. All business undertake performance
analysis in order to examine whether business plan is achieved or not or reasons for better or
worse performances that rivals and analysing changes made in business plan and their potential
impacts. In context to Boom Mobile, it is responsibility of finance managers to evaluate the
results achieved via implementing business plan and sharing same information with higher
authorities.
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As per the information, it is evaluated that the company achieved unfavourable results in
accordance with the actions made by it to boost demand sales (Majeed and Fayaz, 2020). It is
assessed that the sales of its products between 2020 to 2029 were fluctuating that is in some year
it was able to meet desired sales while in another year, desired success was not achieved. This
shows that the strategies adopted by it were not effective and efficient as its demands and sales
target has decreased in last year’s.
The decision making of managers of Boom Mobiles in context to its human resource was
effective as the entity has accomplished various plans and actions with productive and competent
manpower. The human resources recruited and hired by the business have skills and knowledge
about the ways to perform activities in the industry. Moreover, it has been evaluated that
decision making for marketing and promoting smart phone were not effective as implementation
of them do not resulted in success or desired position in market (Li, Lin and Xue, 2017).
Boom Mobile has taken various decision related to product development after conducting
market research and other important practice. This has resulted in making certain changes in
existing product range and offering something unique in smart phone industry that attracts large
customers towards it. As per evaluation, it is seen that the entity has achieved favourable results
in the year in which it has launched developed product as it enhances its sales to huge extent.
The events organised by the entity are networking symposium, comparison among news
with cultural context and so on. In these events, large number of people from different nations
participated and shared the viewpoints about leading, managing and achieving success by
simulated business. It has been evaluated that the responses for the event were quite favourable
with the determined plans as diverse number of business leaders participated in them and
exchanged effective relations.
Boom Mobile supplies its products in different nations. So it is essential for the entity to
devise decision making to manage and maintain logistics level up to defined state (Greulich,
Edelkamp and Eicke, 2015). It has been appraised that the decision taken by managers for
logistics were not triumphant enough as the defined level of sales and incomes were not achieved
by the company during period of 2020 to 2029.
In smart phone industry, multiple companies such as G Mobile, Yell, Limit Less, I Tech
and etc operates their functions. The practices adopted by Boom Mobile were quite different
from industrial competitors that create high competitive rivalry in the industry. It is perceived
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that Boom Mobile basically focuses on innovation strategy which assists it to accomplish success
among competitors and achieve more proportion of success aspects as compared with rivals. In
period of 10 years, Boom Mobile has not made any change in ist business plan which is seen
from its income statement and balance sheet that impacts negatively on its position and success
in smart phone industry. It is because to sustain for long term it is important for an entity to make
relevant changes in its business plan each year and initiates workings accordingly to gain success
(Romiszowski, 2016). But in context to Boom Mobile, it is not so as the business only woks with
same business plan that is formulated by managers in initial years.
Future plans and recommendations
As per performance analysis of Boom Mobile, it is evaluated that performances of the
simulated company are weak. It is essential for it to prepare effective strategies to overcome
from the weak performances. In this context, the entity can emphasis on following plans and
recommendations for next five years:
 Plan I: Boom Mobile must make changes in its current marketing strategy and should
adopt relationship marking, email marketing and social media marketing for promoting
its products and attracting huge number of customers towards it.
Recommendation: For making changes in marketing strategy, the entity is recommended
to hire productive and skilled marketing people as well as use secondary methods to
collect information about preferences of customers for smart phones. This will result in
identifying choices or preferences of customers about its products and meeting their
demands with marketing strategies towards so to make sustaining position in the industry.
 Plan II: Production department of Boom Mobile must adopt advanced and innovative
measures for enhancing level of production in next 5 years so that it will be able to satisfy
demand for its products in domestic and international market.
Recommendation: For enhancing level of production, Boom Mobile is suggested to
adopt product development strategy so to modify current smart phones or make new ones
to meet demands of market. This will show enhancement in generating incomes, meeting
demand and achieving progress in workings.
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PART B
Executive summary
Reflective report has been summarised as working of a person in team within simulated
organisation that is Boom Mobile. In this report, chosen business is Boom Mobile which is
leading manufacturer and distributor of smart phones across the world. In past years, the business
has gained huge recognition in smart phone industry through its variants of mobile and other
accessories. The identified events in the report are networking symposium and comparison on
news addition to cultural contexts. Relevant theories that are reviewed include organisational
communication theory and situational leadership theory. The industrial practices as reviewed in
report comprises of competition and innovation. The entity is also recommended to adopt
effective and advanced measures in production of smart phones and use secondary research
methods for collecting information to collect information about market demands and sharing the
same with stakeholders to attain success in research and practice.
Introduction
In present competitive world, professional development is necessary for an individual. It is
described as process to develop and enhance potentials of staff via opportunities related to
education and training either at workplace or outside the premise in order to improve skills and
learning for the operations (Olsen, 2015). While undergoing with MBA course, I gained lot of
knowledge about multiple concepts, models and theories about management and styles or plans
adopted by companies in the industry to perform well. Further, while working in team of
simulated business that is Boom Mobile, I analysed that my learning in course of degree was
completely opposite or different to what I learnt in team working. In this context, workings and
activities in the organisation helped me to apply knowledge and learning in practical situations.
The reflective report covers topics related to identified events in simulated business, theories that
are relevant with the workings of company and industrial practices. Moreover, it also involves
application of theories together with practices and some of the recommendations for the practice
and research to simulated business.
Identified events
Occurrences which happen at determined location and specified duration are said as
events. It is successful when human agents participate in it with full determination. It is chain of
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occurrences as outcome of preceding occurrence at cause of succeeding occurrence (Whitfield,
2018). At the time of carrying out activities with other groups, I identified occurrences of
multiple events or happenings that were organised and managed by leaders of Boom Mobile to
show effective path to ensure success and attain satisfactory outcomes. Certain events that I
identified when working in Boom Mobile are as explained:
Comparison on news addition to cultural context: The event was organised by the
company with the objective of discussing the key comparisons among different countries through
sharing the updated news about the ways organisations of the nations performs well or their
strategies in the business game. Moreover, cultural context of distinct countries are also
compared in the event (Greasley, 2017). Boom Mobile has presence in various nations and it also
launches its new smart phones or smart phones with some changes in application or features in
distinct rounds by considering cultural perspectives of multiple nations. In the event, my working
was to collect news and I along with my team was well-liked as respectful players in market for
gathering required information about all contexts. In this event, all the collected information was
presented by me in form of graphs and charts that defines clear comparison related to success of
sales achieved by selling products in different rounds in different countries.
Networking symposium: The event was all about building, improving and maintaining
networks of the entity via gathering members of several organisations that has similar
performances in market (Yang and Liu, 2017). It was the event that I identified by Boom Mobile
wherein leaders of multiple simulated business meet and shared ideas, thoughts along with
interest about developing the industry. Moreover, they also shared viewpoints about managing
team and showing them directions towards success achievable. This event has build me level of
confidence and motivation for working in simulated business and meeting deadlines given to me
as early as possible.
Review of relevant theories
A well set of assumptions and accepted facts which attempts for providing rational
explanation about casual or cause and effect relationships between group of observed
phenomenon is defined as theory. In other words, it is set of classified principles together with
recognized convictions which symbolize and control assessment of specific topic. While working
in Boom Mobile, I leveraged usage of certain models or theories at premise that are as reviewed:
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Organisational information theory: A successful business should have all important and
necessary information that is required for attaining desired set of objectives. The theory is
proposed by Karl Weick in order to offer systemic insight into information processing and
exchange with companies and its members. Organisational information theory states that
behaviour of individual along with productivity is greatly influenced by communication in the
company (Waterson, 2018). I reviewed that while comparing cultural contexts and news about
success of rounds through selling products of Boom Mobile in different countries,
communication played important role. In this context, managers of the stimulated organisation
preferred organisational information theory in order to reduce doubts for extracting relevant
information related to news together with contexts of cultures in countries from extracted
information.
Situational leadership theory: In a business, there is no finest method for leading others
towards goal attainment. Situational leadership theory is working of Paul Hersey along with ken
Blanchard to describe that best leaders of company adapt leadership styles as per the task, project
addition to people in hand. The theory expresses that no perfect style to lead subordinate exist for
all types of situations in premise of corporate (Salehzadeh and Et. Al., 2015). While reviewing
my workings with Boom Mobile, I analysed that leaders at the time of organising networking
symposium, adopted styles that fit the pertaining situation. The theory is associated with
decisions which are taken through leaders as per ongoing conditions in any type of business with
the hope of making things successful in accordance with defined criteria.
Review of practices of industry
Accounting issues which are unique for particular sector are industrial practices. Set of
ethics, ideas along with guidelines which represent important course of actions in particular
situation are practices of industry. Boom Mobile is the smart phone entity that works in smart
phone industry. Following are some of industrial practices that I analysed while iniating
activities with team in the industry:
Competition: Smart Phone industry is at on its peak in context to development and growth
because of multiple entities working in it with the aim of becoming top leader for selling
affordable and advances smart phone. Competition is important industrial practice which
determines extensive rivalry in confine of smart phone industry that puts huge pressure on
simulated business for adopting and making actions with effective set of strategies (Garousi,
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Petersen and Ozkan, 2016). Boom Mobile is facing issue of competition in smart phone sector
that influences its performances and productivity to meet desired objectives.
Innovation: Smart phone industry is all about advanced innovation in products sold by
entities working in it. I analysed that it is major industrial practice that immensely boost access
for wide information amounts and supports changes which have transformed the lives forever.
For Boom Mobile, it is almost impossible for isolating itself from technological impacts on daily
operations. As trend bar changes, smart phone manufacturer including Boom Mobile are required
to make innovative changes in models for keeping the pace along with demand.
Application of theory as well as practices
It is very important for a business to apply suitable theory with industrial practices in order
to gain success in overcoming threats pertaining in specific industry (Majeed and Fayaz, 2020).
In this context, following are the application of theories and practices in milieu to Boom Mobile:
Organisational information theory and innovation: The theory was executed within
simulated organisational environment in order to adopt information about new things that are
fundamental for it to sustain in market. For a simulated business such as Boom Mobile, it is
important to sustain in smart phone industry. As leader of group, it was my responsibility to
share information about innovation which has taken place in the industrial market. The theory
helped me a lot in dealing with cumbersome practice in industry that is innovation. Through
organisational information theory, I focused on communicating important messages within
internal business environment that resulted in influencing behaviour of team members positively
and encouraging performances for new innovation in market.
Situational leadership theory and competition: Application of situational leadership
theory in boundaries of Boom Mobile assist leaders to adopt effective leadership style in
accordance with ongoing circumstances in organisational premise along with industrial market.
With this theory, a group leader develops commitment addition to competence of individuals that
are with them in order to motivate them for complex workings rather than making them
dependent on others to get guidance and direction (Ruszkowska and Wardaszko, 2016). As team
leader in Boom Mobile, I adopted situational leadership theory with the hope of motivating other
members and causing high performances among them. moreover, I also implemented the theory
in industrial practice that is competition so to stimulate team members to observe the ways rival
entities perform working and coordinate their actions so that the company gains favourable
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success. This showed effectively attainment of results and enhanced my professional character
too. With this, I and my team effectively deal with intense industrial practice that is competition
through becoming market leader within complex market circumstances.
Discussion
Boom Mobile is well popular smart phone organisation which has existence for
manufacturing and selling its commodities across globe. The main countries that are its key hub
include Canada, India, Malaysia, The Netherlands, Japan, United Kingdom and etc. It is a
simulated firm that has vision of expanding practices and workings in untapped market and
increasing presence within international market. At same time, mission of the business is for
becoming market leaders via producing and offering innovative smart phones that meet needs of
consumers emerging trends (Saprykin and Saprykina, 2017). By applying relevant theories, the
entity has achieved success in successfully managing events and contacting with large
manufactures of smart phones across globe. At same time, the company has made huge sales but
unable to meet profit targets due to high prices of the products and existence of competitors
products which are sold at comparative low prices in market. While working in Boom Mobile as
team leader, I focused on engaging ideas and thoughts with set objectives that helped the firm to
maintain its position in tough and intense competitive industry.
Recommendations for practice and research
On the basis of above discussion and reviews, following are some of recommendations for
Boom Mobile for practice and research:
 Boom Mobile is recommended to adopt measures as well as advances within
production unit so to produce high quality smart phones that can meet demands of
customers. With this, the entity will be able to practice effectively in the market through
fulfilling requirements of markets related with innovations. Moreover, within production
units, the entity can also embrace automation so that monitoring of product quality upto
required level will become easy and products will be delivered in market as soon as
customers starts demanding innovative mobile.
 Boom Mobile is also recommended to discuss information with its stakeholders prior
of framing proper research, marketing along with advertisement plan that will show
effectual results in maintaining relations with large audiences. It can also use secondary
research methods so that information required about market are achieved with least
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expenses and this will help in reducing uncertain expenses in order to improve its figures
related to income. Along with this, implementation of plan through advanced
technologies and platform will show great enhancement of expansion and development of
business in international market.
CONCLUSION
As per mentioned information, it has been concluded that simulation is imitation of
operations of system which symbolise operations over time. Simulated business has official
presence in many countries and also works with mission, vision, human resources and culture in
the market. Competitors analysis plays huge role in reviewing organisational progress against
rival companies in pertaining situations within dynamic market. Financial statement of business
are analysed through information available on income statement, balance sheet and cash flow
statement that are its confidential financial records. Professional development is developing
knowledge or earning more credentials through grabbing informal learning opportunities,
participating in academic degrees together with conferences. The event which are identified by
team leader are networking symposium and discussion on comparison about cultural context and
news for successful rounds. Key industrial practices are innovation and competition that are
overcome with application of organisation communication theory and situational leadership
concept.
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REFERENCES
Books and Journals
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Garousi, V., Petersen, K. and Ozkan, B., 2016. Challenges and best practices in industry-
academia collaborations in software engineering: A systematic literature review.
Information and Software Technology. 79. pp.106-127.
Goi, C. L., 2019. The use of business simulation games in teaching and learning. Journal of
Education for Business. 94(5). pp.342-349.
Greasley, A., 2017. Simulation modelling for business. Routledge.
Greulich, C., Edelkamp, S. and Eicke, N., 2015, September. Cyber-physical multiagent-
simulation in production logistics. In German Conference on Multiagent System
Technologies (pp. 119-136). Springer, Cham.
Kaisare, N. S., 2017. Computational Techniques for Process Simulation and Analysis Using
MATLAB®. CRC Press.
Kasimu, A., Wu, D. D. and Bian, Y., 2019. System Dynamic-Based Oil Weathering Processes:
Simulation and Analysis. IEEE Systems Journal.
Li, W., Lin, C. and Xue, C., 2017, July. Design and analysis of a new distributed scheduling
approach. In 2017 IEEE Symposium on Computers and Communications (ISCC) (pp.
1142-1149). IEEE.
Majeed, R. and Fayaz, M., 2020. Financial performance analysis of Bhel: Evidence from
accounting performance metrics & DU-PONT model. ZENITH International Journal of
Multidisciplinary Research. 10 (1). pp.1-10.
Nugent, M. and Stoyanov, S., 2019, March. Using Assessment To Measure The Effectiveness of
a Financial Simulation. In Developments in Business Simulation and Experiential
Learning: Proceedings of the Annual ABSEL conference (Vol. 46).
Nugent, M. G., 2018, March. Business simulation performance after completing a reflective
observations module. In Developments in Business Simulation and Experiential
Learning: Proceedings of the Annual ABSEL conference (Vol. 45).
Olsen, B., 2015. Teaching what they learn, learning what they live: How teachers' personal
histories shape their professional development. Routledge.
Romiszowski, A. J., 2016. Designing instructional systems: Decision making in course planning
and curriculum design. Routledge.
Ruszkowska, A. and Wardaszko, M., 2016. Process-oriented research method for teamwork
effectiveness assessment in business simulation games. In Developments in Business
Simulation and Experiential Learning: Proceedings of the Annual ABSEL
conference (Vol. 43, No. 1).
Salehzadeh, R. and Et. Al., 2015. Proposing a new approach for evaluating the situational
leadership theory based on the Kano model. International Journal of Public Leadership.
Saprykin, O. and Saprykina, O., 2017, June. Validation of transport infrastructure changes via
microscopic simulation: a case study for the city of Samara, Russia. In 2017 5th IEEE
International Conference on Models and Technologies for Intelligent Transportation
Systems (MT-ITS) (pp. 774-779). IEEE.
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Servis, M. J., Martinez-Baez, E. and Clark, A. E., 2020. Hierarchical phenomena in
multicomponent liquids: simulation methods, analysis, chemistry. Physical Chemistry
Chemical Physics. 22(18). pp.9850-9874.
Silva, G. F. D., Casarotto Filho, N. and Frazzon, E. M., 2020. Simulation-based analysis of
shared manufacturing systems. Gestão & Produção, 27(1).
Teach, R. and Szot, J., 2019. What business simulations teach: The effect of debriefing. In Neo-
Simulation and Gaming Toward Active Learning (pp. 525-536). Springer, Singapore.
Tsaples, G. and Tarnanidis, T., 2020. A system dynamics model and interface for the simulation
and analysis of milk supply chains. In Supply Chain and Logistics Management:
Concepts, Methodologies, Tools, and Applications (pp. 108-135). IGI Global.
Waterson, P. ed., 2018. Patient safety culture: theory, methods and application. CRC Press.
Whitfield, P. H., 2018. Clustering of seasonal events: A simulation study using circular methods.
Communications in Statistics-Simulation and Computation. 47 (10). pp.3008-3030.
Yang, F. and Liu, D., 2017, November. A Routing Acceleration Strategy via Named Data
Networking in Space-Terrestrial Integrated Networks. In International Symposium on
Intelligence Computation and Applications (pp. 361-370). Springer, Singapore.
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