Business Simulation Evaluation: Vision, Strategy, Performance Analysis
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This report provides a comprehensive evaluation of business simulation, focusing on the vision, strategy, and performance analysis of Super Iconic. Learn about the company's future plans and recommendations.
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SG7003 Business Simulation with Professional Development
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Table of Contents Part A: Simulation Evaluation.........................................................................................................4 INTRODUCTION...........................................................................................................................4 Vision and Strategy.........................................................................................................................4 Performance review.........................................................................................................................6 Competitive analysis...................................................................................................................6 Simulation Performance Results.................................................................................................8 Performance Analysis...............................................................................................................10 Future Plans and recommendations..........................................................................................10 Part B – Professional development reflection report....................................................................11 Executive summary..................................................................................................................11 Introduction..............................................................................................................................11 Identified events.......................................................................................................................12 Reflection theories...................................................................................................................13 Review of industrial practices...................................................................................................14 Application of theory as well as practice.................................................................................15 Recommendations for practice and research...........................................................................16 CONCLUSION.............................................................................................................................17 REFERENCES..............................................................................................................................18
Part A: Simulation Evaluation INTRODUCTION Business simulation can be defined as a simulation that is generally used for training and education purposes. It can help in learning theoretical concepts in an enhanced way. Also, there is an increase in the student engagement and they are able to retain their knowledge for a longer period of time. There are many benefits of business simulation like, the decision making and teamwork skills of the students are improved. Business simulation not only helps in increasing the overall knowledge about a particular theoretical topic(Bindon, 2017). Not only this, business simulation can also enable an organisation in improving its overall productivity as well as performance in the industry. This leads to more informed and structured decisions taking place along with an increase in the overall profitability. The respective report is based on business simulation and will help in enhancing overall knowledge about the same. Organisation chosen for this report is Super Iconic and the report provides a brief description of vision and strategy. It also includes an explanation of the performance review as well as future plans. Recommendations are also included in the report in order to provide a better understanding. The report includes an analysis of the competition with the help of Porter's Five forces Model. An explanation of the market share, competitors as well as internal capabilities of thecompanyarealsoincludedtoprovideabetterunderstandingaboutthecompany's performance. Apart from this, the performance analysis includes an evaluation of the strategy, decisions as well as the different departments of the company(Bosch-Sijtsema, Gluch and Sezer, 2019).Thesedepartmentsincludemarketing,productdevelopment,financeandhuman resources. The future plans of the company based on the performance analysis is also included in the report. This will help the company in growing its business operations across different geographic locations. A professional development reflection report is also included in the report. There is a review of different relevant theories and industry concepts. A discussion on the same along with recommendations is a part of the respective report to facilitate better understanding. Vision and Strategy Vision can be defined as a statement that informs the customers about how a company views a future. It explains what a company wants to achieve in order to enhance its growth in the
market. A good vision statement is always short and easy to understand. The vision of the respective company is - “To build a sustainablefuture and secure the personal data of customers.” On the other hand, strategy plays an important role and helps a business in achieving its goals and objectives in an effective way. Super Iconic can adopt any of the four strategies, whichcanincludediversification,product,development,marketpenetrationandmarket development. The company has decided to adopt the strategy of product development, wherein it will develop new products for its existing markets(Gatti, Ulrich and Seele, 2019). The company determines that how can it serve its existing customers in a better way and how can the products be enhanced so that they stand out from competitors. Adopting this strategy will help the company in gaining new customers as well as satisfying the needs of existing customers. The company will also adopt the strategy of cost leadership, wherein it will offer best quality products at affordable rates in the market. Here, the min aim of the company will be reduce any unnecessary costs and only focus on the necessities. As a result, the profitability of the company will increase and it will be able to survive in a highly competitive market. Human Resources As far as Human Resources is concerned, the maximum work load of each employee is 110%.Thecompanyalsoprovidesrewardstotheemployeesintheformofincreased remuneration and bonuses. The recruitment is done globally and once the new hires join the company, they undergo an on boarding program. The HR department of an organisation is responsible for building a positive working environment within the workplace so that the employees are able perform in an effective manner and produce desired results. The HR department of respective company has decided to buy a human capital management support system. It will help in managing all the different HR processes(George and Sanders, 2017). Currently, nearly 10% of the company's staff is performing effectively, while 80% is performing on target. The HR department of the company has decided to develop a program that will mainly aim towards developing high potentials among the employees. Apart from this, mandatory internal courses as well as coaching programs will also be developed. Culture The organisational culture of is such that the employees are always supportive of each other.Therearedifferentdivisionsandeachdivisionhasdifferentresponsibilities.The
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employees have an expertise in their respective areas and the company also focuses on practising corporate social responsibilities. This is because the company is aimed towards reducing its overall carbon footprint in the environment. It will not only be beneficial for the company, but also for the environment. Apart from this, the managers are always open to meeting different clients in order to build networks. Also, the employees are encouraged to share their inputs during the decision making process. As a result, they have a sense of belonging and perform more efficiently. Performance review Competitive analysis It refers to an analysis of the strengths, weakness and overall performance of the competitors. This helps in identifying any new opportunities as well as potential threats that can have an impact on the overall productivity and performance of the company. Porter's five Forces Model It is referred to as an analysis model that explains different threats which can have a potential impact on the business operations of the company(Harper and Bindon, 2020). The model is described below for Super Iconic. Threat of New Entrants –This is a weak force because the company has been previously ranked at number 4. So, if any new entrant enters the market with similar products, it will have to invest a large amount. Bargaining Power of Suppliers –This is a weak force because there are many suppliers available from whom the company can get its raw material supplied. So, suppliers have a less negotiating power. Bargaining Power of Buyers –The buyers possess a high bargaining power because their preferences keep on changing and there are other brands in the market that offer similar products(Hernández-Lara, Perera-Lluna and Serradell-López, 2019). To retain its existing customers, the company should focus on implementing advanced technology in its products. Threat of Substitute Products –This is relatively strong force because a competitor of the company can offer substitute products that are better in quality and are affordable. In order to reduce this particular force, it is important for Super Iconic to hire staff that is highly skilled and has relevant experience.
Rivalry Among Existing Competitors –If the rivalry among existing competitors will continue to exist, both the company as well as its competitors will not be able to serve the customers in an effective way. In order to reduce this force, the company can partner up with an existing competitors or conduct a market research. Market Choice/Share The market choice of Super Iconic is to offer products of lowest prices within the market. The position of the company based on the market share as well as marke6t segments that are quality oriented is average. Internal Capabilities and Industry Trends Internal Capabilities of a company can be referred to as the ability of a company to transform the inputs into useful outputs. The company is basically into manufacturing high qualitysmartphones(Lee,LonghurstandCampbell,2017).Currently,theResearchand DevelopmentdepartmentofSuperIconichas55employees.Theyareresponsiblefor researching different improved processes so that the overall features can be enhanced. As of now, the company has a budget of 41,250,000 euros and if there is any reduction in the same, the effectiveness of the products will drop to 85%. The demand for smartphones is high in the industry and the company can increase its production in order to enhance its sales. The internal capabilities of the company can be better understood through a SWOT analysis. SWOT Analysis It is a strategic tool that is used by organisations as well as individuals to understand their strengths, weaknesses, various opportunities as well as potential threats that can have an impact on the overall performance. It can helps in developing effective strategies and making informed decisions. The SWOT analysis of Super Iconic is as follows - Strengths –One of the strengths of Super Iconic is that its smartphones use advanced technology(Lin, Yen and Wang, 2018). Also, all the products are based on innovative ideas as the research development department is always looking for processes that can help it in developing products that attract customers. Lastly, the overall management of the production process is done effectively. Weaknesses –Weaknesses of the respective company include the managing skills of the team leaders. They are not able to manage different tasks that are assigned to them. Although,
technology is one of the strengths of the company, some of its products still have issues with the same. Opportunities –There is an opportunity of increasing overall sales by increasing the production of the products. This can help the company in growing its business and attracting a greater number of customers. Threats –One of the major threats that can impact the overall performance of the company in the market can include the misuse of data. If the data is used in an illegal way, the company will have to deal with the negative consequences. Also, there is a potential threat of scams. Therefore, this was an analysis of the internal capabilities of the respective company as to how can it avail different business opportunities and increase overall profitability. Actual performance against targets The current performance of the company is good as it has implemented advanced technology in to its products. Not only this, the research and development department has included different innovative ideas in order to attract the customers(Qian and et. al., 2018). Lastly, the product managementof Super Iconic isalso very good as comparedto the competitors. One of the targets of the respective company is to enhance its profitability as well as generate a high revenue. This is important for the company in order to run its business properly. Also, since the company is targets to offer lowest possible prices for its products, it is currently performing fairly good. But still, the overall current performance of Super Iconic against its target is average and it needs to work on the same. Simulation Performance Results Financial Data Analysis Analysis of the financial data involves studying the different items that are involved in a business. The analysis helps in determining if the company has been making profits or is running into loss. By analysing the financial data, useful insights have been drawn which can help in understanding the current performance of the company. Balance sheet- This is defined as a type of statement that consists information about company’s total assets and liabilities at the end of a financial year. By help of it, managers of companies take suitable actions in regards to financial aspects. In regards to Super Iconic company, this can be find out that in year 2019, there is no current assets because it is an initial year though, there
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was current liabilities in the form of loan of 1000 Euros. In year 2020, their current assets raised in the form of stock and accounts receivables whose value was around 643700 and 30003600 Euro respectively. While in this year, their current liabilities were of 1188040 and 19314818 Euro in form of loan and accounts payable. From year 2019 to 2022, overall total assets of company were raised year by year such as from year 2019-22 it was of €521.187.000,00, €572.861.360,94, €577.094.517,25, €552.170.948,81 respectively. But after year 2022, the value of total assets starts to decrease and became of €431.586.385,86 in year 2025. One notable thing in all years is that their current assets were higher as compared to current liabilities that is good sign of liquidity position. Below a graph is presented that consists information about current assets and liabilities from year 2020 to 2025 in such manner: Income statement- It is defined as a type of statement that is prepared in order to find out amount of net profit and loss at the end of a financial year. In the context of above Super Iconic company, this can be find out that they are not able to generate profits after year 2021. Like in year 2020, their net profit was of €32.536.939,84 that reduced and became of €20.998.125,90 in year 2021. It was the last year when company generated profit and after this year their income statement was producing following outcome from year 2022 to 2025: €-19.986.357,75, €- 34.762.450,05, €-40.328.169,20, €-45.402.647,90.These all figures are showing a trend that value of net loss is increasing year by year from huge margin. The reason behind this poor performance is that their cost of sales is too higher as compared to total revenues in above
mentioned years. Below a chart is presented that shows company’s net loss and profit in different years: Cash flow statement- It is a type of statement that shows company’s cash position in a particular accounting year. This provides detailed information about total expenses and cash receipts whose difference is considered as net surplus. Herein, a detailed summary of total income is mentioned from 2020-25 that is as: €293.372.800,00, €144.051.545,00, €95.652.553,00, €65.706.690,00, €89.272.127,00, €93.611.723,00. Along with their total expenses are as for similar time period: €292.264.539,06,€155.262.421,78,€145.129.120,34,€122.473.174,62,€144.858.635,46, €146.615.839,90.From these data, this can be stated that company had negative outcome almost in each year. Their net surplus or deficit as from year 2020-25: €110826094, €- 1121087678, €-4947656734, €-5676648462, €-5558650846 and €-5300411690. These figures are showing that company is unable to perform well in all years except year 2020 because there is net deficit in all years. The reason behind this poor performance is lack of control over expenses. Below a chart is presented that shows company’s net surplus and deficit in different years:
Ratio analysis- It can be defined as a type of technique in which various kinds of ratios are used in order to assess a company’s performance. This depends on companies’ that which types of ratio they implement to analyze their financial performance. In the context of Super iconic company, some key ratios are interpreted in such manner: Return on assets ratio- It is a form of ratio which is computed with an aim of determining value of return on a particular asset. From year 2019 to 2025, above company’s performance is as follows in regards to this ratio: Year2019202020212022202320242025 Return onassets turnover ratio 0%5.95%3.65%-3.54%-6.51%-8.11%-9.98%
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Analysis: The above graph is showing that company has generated return on assets in year 2020 of 5.95% that started to reduce after next year and became of 3.65% in year 2021. While in following years, company was unable to produce positive return as from year 2022 to 2025, their ratio was as: -3.54%, -6.51%, -8.11% and -9.98%. The reason behind this poor performance is lower net sales as compared to higher purchasing of assets. Return on equity ratio: This ratio is used to find out value of return on each equity so that investors can determine about whether they should make invest or not. From year 2019 to 2025, above company’s performance is as follows in regards to this ratio: Year2019202020212022202320242025 Return on equity ratio 0%6.20%3.82%-3.56%-6.55%-8.19%-10.12%
Analysis- This line chart is an indication of poor performance of Super iconic company. This company failed to generate positive return since 2022 as their ratio was showing negative return which is a sign of loss to company on equities. The reason of this ineffective performance can be volume of higher debts in these years as compared to investment by investors in company. Performance analysis From above done analysis of various financial aspect of Super Iconic company, this can be stated that each statement is showing poor financial performance whether it is balance sheet or income statement. In the aspect of balance sheet, this can be find out that company’s total assets were decreasing in each year except from initial years. As well as company was facing net loss in each year except year 2020. After this year, company’s profit and loss statement was showing net loss. In addition to this, company’s cash position is also poor due to higher amount of expenses. As there are less number of activities which are generating cash for company. Due to this, company faced net deficit. Along with, return on assets and equity ratios were also negative after two years from start. So overall company’s performance is poor and need to be improve as soon as possible. It can be seen that the demand for the company's products is growing constantly, but it not being able to fulfil the same. Therefore, in order to meet the demands, Super Iconic will have to develop a business plan and ensure that it is being followed at all times. The plan will help the company in conducting its business operations effectively(Todd, 2020). Also, the company has
been facing intense competition due to which its overall performance is getting affected. Another reason why the company's performance against competitors is getting affected is that it is not able to fulfil the demands of the customers. As far as marketing department is concerned, it has set a very low budget. It can be said that if the company increases its overall budget, it will be able to carry out the marketing campaign for its products in an effective way. This is important because the company will be able to increase the overall brand awareness among customers. Apart from this, the company has taken a loan of € 1.000.000,00, but there are no current applications of the same. The interest rate on the current loan is 2%. On analysis, it has also been found that there is a work load of 110% on all the employees, but rewards offered to them is only 3.2%. So, if the company wants to increase the productivity as well as motivation of its employees, it will have to increase their remuneration(Xenakis, 2018). Another reason that has been identified behind this is that the strategies being adopted by the company are ineffective. Therefore, the company should revise its policies and strategies if it wants to continue its business smoothly. One of the differences of the respective company from its competitors is that it is focussed on offering high quality products at low and affordable prices. Future Plans and recommendations By analysing the current performance of the company, it can be said that it is not able to perform effectively. This can lead to a negative impact on the overall business processes as well as profitability. Therefore, Super Iconic should plan and develop strategies that will help it in standing out from the competitors. There are some recommendations that the company should adopt. Like, the marketing department of the company is recommended to undertake take an extensive market research. It will help the company in understanding the performance of the competitors. Also, in order to grow and expand its business, Super Iconic is recommended to acquire an existing company in the market. This will help in increasing its overall profitability as well as share in the market.
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Part B – Professional development reflection report Executive summary Reflection is associated with an activity which includes writing own experience for a particular situation. In the present report, the simulation business is of smartphone and the company name is super iconic which is involved in selling of new technology smartphones within market. The main reason for this business is to manage the needs and demands of customers by providing them latest technology smartphones. This is a reflection report which provides discussion about experience of an individual while working upon a business of smartphone company. There are different topics covered for managing the business activities. These are explained in terms of reflection in this report(Jung, and “Alison” 2017). There is discussion about professional development of an individual. There is dealing of difference among MBA setting and working within groups. Moreover, thereis discussion about various leadership styles and theories used formanaging the business simulation activities. There is explanation of industrial practices which are involved in properly positioning the business simulation.Therearerecommendationsprovidedatlastofthisreportforprofessional development of an individual. Introduction Professional development is defined as training, certification, education which an individual has to posses for having a successful career. Every job has different type of skill and ability and this can only be controlled by building professional development. This is very important for the students conducting business simulation as it will provide help in analysing the activities which have to be conducted when doing actual business in market. Professional development is continuous learning process which is done by an individual for managing the purpose of having a good brand value and reputation. There are different credentials of managing professional developmentincluding degree, webinars, conferences, etc. Whileconducting the business simulation, I have enhanced my knowledge in various theories and concepts. Business simulation was a part of my MBS course ad I did my best to complete the project activities in given time and budget. When I worked within group of five membersfor conducting the business simulation, I have developed various skills and abilities. When I was working in the group activity, I got to know more about using concepts in a practical manner. By using this degree and
applying practical use in different activities, I am able to do successful projects. I have grabbed knowledge regarding various things while conducting the business simulation. The group activity was related with the conduction of business simulation. This has helped in managing the activities effectively and attaining assigned targets and goals(Jung, Chilton, and Valero, 2017). While working in the group activity, I realised that it is effective to apply learning and knowledge effectively and using it is practical life. I have experienced exposure to the business simulation effectively and worked properly for attaining targets and goals in specified time. Identified events There are different factors which I have to face while working within groups. There are various events and plans organised for managing success of projects. There are different activities that I can conduct for managing the completion of business simulation effectively. Some of these are described below - Leadershipconferences–Therearedifferentleadershipconferencesplannedand organised by the top executives in order to manage the functioning. This occurs when several senior executives are collaboratively working and providing effective ideas and thoughts issues related to the business simulation. There re various activities in which I have to indulge for managing the activities and tasks of business simulation. There is need to have proper analysis about topic of the project before working upon it. There are several events related with the managing of views about the business simulation project. There is need for me to manage several activities and tasks related to the simulation. There are various events that are involved in the managing of skills and developing knowledge and skills. I have build confidence while working effectively and managing the efficiency of work. I have presented my work properly in several aspects of activities. The simulation activities are involved in enhancing competitive advantage and conducting the project activities properly. This is concluded that there is development of effective strategies used for developing vision, mission and corporate culture. This consists of managing the business simulation activities in an effective manner so that business is conducted in rightful manner. Communicationworkshop–Thisprovidesmethesupportforattendingvarious stimulated business condition in which the company has to work for managing insights and perspectives of the subject matter. The communication workshop is attended by me an this helped me to develop skills and abilities of conducting a successful business project. I have
attended communication workshop and these helped me to manage the activities of business in an effective manner. It is of utmost importance thatam able to manage all project activities in proper manner. I have also developed financial analysis skills while managing the business simulation group activity(Kumar,Rahman, and Chan,2017). This helped me to manage the financial aspect of completing the activities involved in the processing of business simulation. There are different type of financial analysis involved in managing the work which includes evaluation of balance sheets, cash flow and income flow chart. It is also concluded that there are various aspectsofconductingsuccessfulbusinesssuchasmarketconditions,customerbase, competencies, pricing strategy, product quality, etc. This is evaluated and analysed that properly for conducting proper work. There is also need for managing the project activities associated with the business simulation.It is analysed that business is conducted effectively and proper management is done for working in different areas and region of the project. By using the business performance and activity, it is seen that goals ad objectives are attained in specified time frame. This is effective in development of effective plan that are used for managing the future planning of project. I have analysed and evaluatedall the activities and tasks that are included in the achieving of the goals and targets of project in given time frame. This is analysed by me that I have good knowledge about finance and this has helped me to mange the business activities. There s need to develop an effective plan for managing the success of project work. There is need for managing the work and analysing that all activities are properly managed. Reflection theories There are different theories of reflectionwhich are considered while managing the conduction of any business project. Theories are mainly used for managing the project work properly and analysing a step by step evaluation of the project activities. It is very essential for a company to manage the functioning of business and meeting the assigned targets and goals. There are some standards and regulations developed for managing the project activities and accomplishing them effectively. There are several theories which I have examined in order to complete different activities of business simulation. I was working with a group of five members and it is important for me to develop skills that are available for managing the projects in an effective manner.
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Theory of reasoned action:According to this theory, there is general discussion of reasoned actions which contribute to another factor. These are evaluated by on the basis of persuasion and behavioural intention. According to this theory, main aspect is to analyse behaviour of the person in managing different activities. Also, I have seen that while conducting the business simulation project, I have worked with many team members. There was change in my behaviour while managing different activities. It is seen that I have handled all activities with patience and confidence(Le-Khac,And ET. Al. 2018). When there was addition of subjective norms then I had to thought of various options like strengthening normative belief which supports persuasive goals and reducing normative belief that complies for managing this goal. Situational leadership theory:According to this leadership theory, it is concluded that it is important to attain the targets and goals by managing the hypothesis in an effective manner. There are different scenarios in which I have to work while managing the business simulation project. It is very important for me to conduct various projects effectively and meet the organisational goals. While conducting the business simulation I have analysed my skills properly for managing the overall project effectively. Behavioural leadership theory:According to this theory, there are scenarios in which values and beliefs are considered for managing the work properly and attaining goals. This theory says that leaders are developed and they are not born. This theory concludes that great leaders are the ones who are involved in managing the effectiveness of project activities.This theory says that anybody can become leader by analysing the skills and abilities for conducting effectivework. I have analysed that I have good leadership skills and these can be used for completing the projects in specified time. Review of industrial practices Innovation:It is an industrial practise which is involved in the managing of business project properly. If there are new innovations used within the business simulation then it is easy to manage success of project. Customers are bored of same and monotonous products and services. So, by adding new and creative ideas and concepts to the product, there is opportunity for managing business projects effectively. Competition:This is an essential factor which is linked with the strategies of other company within the smartphone sector. I have analysed the smartphone industry for managing
the efficiency of product sold by super iconic company. This is an effective strategy used for managing the business effectively. Technology:It is seen that technology is one of the most effective factor for increasing sales of any product or service. Thus, it is seen that new technology is used within various products for managing profit of business. The smartphone manufactures adopt latest and smart technologies for the purpose of fulfilling the required demands of the customer. Application of theory as well as practice The theories and practice that are put to force within Super iconic company are explained beneath:- Theory of reasoned action: Thistheory is related with the mindset that anindividual is having while managing any kind of business. In context of super iconic company, new smartphones are developed for completing the project. The main aim of this theory is to manage the working in an effective manner so that work is accomplished properly. There is need for evaluating the success of company for managing the work and analysing various perspective of business(Painter, and Martins,2017). I have worked with many team members in order to manage the functioning of the project activities. The industrial practice oftechnologyis properly managed and developed for conducting the business simulation properly. Situational leadership theory: According to this theory, it is seen that there are managed effectively in order to conduct the managing of resources and achieving organisational goals. I have analysed that I am having good skills and knowledge that will help me to attain goals and targets. I am the leader f team and it is my duty to assign targets to all members on the basis of their capabilities. I have used this leadership style for managing different business situations. It is important that this leadership style provides me help tomanage the work properly and attain goals. I have concluded that there are different communication ways I have used for completing the work. There is need for gathering and maintainingproper maintenance of all project activities as these are helpful to attain organisational goals. This leadership style is used by me in managing and handling different activities in proper manner. From the above report, it can be concluded that using business simulation in learning and training can help in enhancing the ability of the students to be able to illustrate a particular theoretical concept in an effective way. Not only this, it can also help in increasing the overall engagement of students and their knowledge about a particular topic. Business simulation is an important part of the learning
process because it places the learner in a situation so that they can learn about important concepts. The students get an opportunity to learn bout a particular market and the major players in it. The learners are able to make decisions that are risk-free. They also get an opportunity to work as part of a team and create a common culture for the participants. It can also be concluded that a financial analysis can provide useful insights about the performance of the company in the market. This is done by reviewing and evaluating the balance sheets, income statements as well as cash flow statements of the company of the last few years. Apart from this, there care certain other aspects that need to be analysed. This can include customers, competitors, market share, internal capabilities etc. Analysing these aspects can help in developing a better understanding of the topic as well as improve the overall business performance. This contributes to the overall effectiveness of the business plan so that the goals and objectives can be achieved in an effective manner. It is concluded that practice of competitionis used for managing various activities and tasks related to the market situations. Behavioural Theory:According to this theory, I have evaluated that there is need of properplanningandmanagingofbusinessconditionforworkingeffectively.Ihave collaboratively worked with my team members for managing the work in effective manner. I have analysed andobserved the behaviour of several great leaders in order to know how to manage the working on projects. I have developed surrounding in which every individual is focusing uponinnovationso that goals are attained in specified time. Recommendations for practice and research It has been analysed from the above report that research has to be conducted effectively for managing the work. There are following recommendations made for the new smartphone business - The main action is for the business management in which several measures are embraced for managing several project activities. It provides help in managing effectiveness of fulfilment of customer's needs and demands. In context of Super iconic company, it is concluded that there I need for managing the project activities in an effective manner. There is need of managing the proper activities and tasks effectively so that work I managed properly.The procedureofmanufacturingofsmartphonesandalongtheselinesguaranteeideal achievement of requests of customers in the market place.
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It is recommended for the new smartphone business that it should adopt new and strategic marketing and advertising plan. This will help in evaluating various factors if conductinga successful business. This will also provide help in managing the effectiveness of smartphone within market and knowing what are the needs and demands of customers. It is advised tothe new smartphone company that it should involve in managing good networking . This will help in conducting effective market surveys.Super Iconic can expand its income by developing good networking. This will help in managing the work properly and attaining success. CONCLUSION From the above report, it can be concluded that using business simulation in learning and training can help in enhancing the ability of the students to beable to illustrate a particular theoretical concept in an effective way. Not only this, it can also help in increasing the overall engagement of students and their knowledge about a particular topic. Business simulation is an important part of the learning process because it places the learner in a situation so that they can learn about important concepts. The students get an opportunity to learn bout a particular market and the major players in it. The learners are able to make decisions that are risk-free. They also get an opportunity to work as part of a team and create a common culture for the participants. It can also be concluded that a financial analysis can provide useful insights about the performance of the company in the market. This is done by reviewing and evaluating the balance sheets, income statements as well as cash flow statements of the company of the last few years. Apart from this, there care certain other aspects that need to be analysed. This can include customers, competitors, market share, internal capabilities etc. Analysing these aspects can help in developing a better understanding of the topic as well as improve the overall business performance. This contributes to the overall effectiveness of the business plan so that the goals and objectives can be achieved in an effective manner.
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