Strategy Simulation Reflective Report

This report focuses on discussion of performance of an organisation in BSG simulation report and it is discussing various strategic decisions those are made during the game. There is a wide range of activities and strategies those have been formulated during the process. These all items have been discussed in this report. Moreover, this report will be concentrating on discussion of an overall performance and evaluation of company.

Strategy simulation reflective
report
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EXECUTIVE SUMMARY
This report focuses on discussion of performance of an organisation in BSG simulation
report and it is discussing various strategic decisions those are made during the game. There is a
wide range of activities and strategies those have been formulated during the process. These all
items have been discussed in this report. Moreover, this report will be concentrating on
discussion of an overall performance and evaluation of company.
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Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
MISSION, VISION AND VALUES...............................................................................................4
Mission........................................................................................................................................4
Vision..........................................................................................................................................4
Values..........................................................................................................................................4
CORPORATE OBJECTIVES.........................................................................................................5
YEAR-BY-YEAR EVALUATION.................................................................................................6
BUSINESS ENVIRONMENT ANALYSIS...................................................................................7
MACRO ENVIRONMENT ANALYSIS........................................................................................8
COMPETITIVE ADVANTAGE.....................................................................................................9
Ansoff Analysis.........................................................................................................................10
MICRO ENVIRONMENT............................................................................................................12
SWOT ANALYSIS.......................................................................................................................14
FUNCTIONAL STRATEGIES ....................................................................................................16
Marketing..................................................................................................................................16
Operations.................................................................................................................................16
Supply chain and logistics.........................................................................................................16
CORPORATE SOCIAL RESPONSIBILITY...............................................................................17
FINANCE......................................................................................................................................18
OVERALL PERFORMANCE REVIEW AGAINST INVESTOR EXPECTATIONS................19
RECOMMENDATIONS FOR FUTURE STRATEGY................................................................20
REFERENCES..............................................................................................................................21
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MISSION, VISION AND VALUES
Mission
Mission and vision statement are often confused with each other. There are various
companies who are also using these terms in exchange of each others. In actual situation, these
terms have different meanings and purposes as well. The mission statement can be described as
the ways and tasks which the company have to perform to achieve the desired objective (or often
called as vision). The main feature of these two terms is that they are complimenting each other.
Mission statement is much effective and specific. It defines how the organization will be
different from other organizations in its industry.
The mission statement of the selected company is to fulfil our clients dreams, desires and
expectations, with motivated and satisfied staff, generating results with sustainability
Vision
A vision statement is actually the main objective in which desires and aspirations of
company is defined. It is basically the end result to which the company wants to achieve. Or in
the role which the company wants to become. Selected company has the following vision:
To be a benchmark in the market, with brands that are admired and favoured in our sectors.
Values
The values statement, also called the code of ethics, differs from both the vision and
mission statements. The vision and mission state where the organization is going (vision) and
what it will do to get there (mission). They direct the efforts of people in the organization toward
common goals. The values statement defines what the organization believes in and how people
in the organization are expected to behave—with each other, with customers and suppliers, and
with other stakeholders. It provides a moral direction for the organization that guides decision
making and establishes a standard for assessing actions. It also provides a standard for
employees to judge violations.
Selected company is following points of code of conduct:
 Work
 Respect for people
 Integrity
 Entrepreneurship
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 Business longevity
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CORPORATE OBJECTIVES
These are objectives that a business wants to achieve in coming future. These are the
goals that are relating to the whole business and they are generally formulated by the top level
management of the firm. These goals provide further guidelines for setting further short term
goals and policies for making the operations much smoother. In case of present situation,
corporate objectives are explained below:
 The company will employ a global low-cost leadership strategy and pursue a competitive
advantage keyed to having lower costs and selling both branded and private-label
footwear at low prices relative to rivals.
 The company will employ a global differentiation strategy that sets the company's
footwear apart from rival brands based on such attributes as a higher S/Q rating, more
models/styles, more advertising, greater celebrity appeal, higher mail-in rebates, or a
bigger network of retail outlets carrying the company's brand.
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YEAR-BY-YEAR EVALUATION
The outcomes of five surveys are presented and indicate a general improvement in the
experience of business marketing and strategic plan planning skills of an individual (required in
start-up context). In addition to other studies, major gender-based inequalities have been
established. The variations contribute to the behaviour and inspiration of entrepreneurs. Some
test cases for people with cap sessions only with prolonged debriefing appear to decreased this
decline in women's empowerment; more testing with representative datasets is required. A recent
research on the lengthy consequences reveals a very high level of confidence and reveals former
students' engagement. The game-based simulation software culminated in participants beginning
start-ups at a pace that is nearly twice as large as the average rate (around 16 percent).
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MACRO ENVIRONMENT ANALYSIS
Political – The market of united kingdom have political stability. There are no constant rivalry or
disputes when it comes to political market of the country. And therefore Quickfeet Ltd doest
have to worry about threats arising due to political dynamics.
Economic – The economic growth of UK market is upward facing in every market
landscape. When it comes to digital space Quickfeet Ltd will have many benefits that UK
economic market offers. There is no lack of investments and liquidity flow when it comes to the
market in which Quickfeet Ltd operates. But the global economy is going through rescission
post COVID-19 situation and therefore Quickfeet Ltd need to have contingency plans for the
same.
Social – The social factors that can influence the operations of Quickfeet Ltd in UK
market are customer trends and preferences. Humans are social beings and have to live in
accordance to the conventions of society and therefore Quickfeet Ltd have to analyse the social
class and status of their target customers and have to plan their overall quality and price
accordingly.
Technological – UK market have countless technological opportunities rising and falling
daily. For many technological producers, UK market is preferable place to launch their goods
and services and therefore there is no obstacles in technological advancement sin the market
Quickfeet Ltd operates in. Quickfeet Ltd have to constantly evaluate the market and search for
the best opportunity and work on its initiation.
Legal – UK government is very strict when it comes to the initiation of legal roles and
protocols set by them. Any disregards to the same can lead to lifetime suspension of licensing for
Quickfeet Ltd. The legal conventions Quickfeet Ltd haver to worry about is their waste
management which have significantly become inefficient over past few years.
Environmental – Any organization is an extension of the environment they operates in.
And therefore it is the responsibility of Quickfeet Ltd to work following a code of conduct that
do not cause any harm to the environment and in addition to that they have to fulfil their
responsibility by making efforts with regards to the enhancement of environmental quality within
the market they operate in.
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COMPETITIVE ADVANTAGE
The porter's five forces model revolve around 5 major factors that can create an obstacles in the
overall operations of the organization. These five forces are as follows:
Threats of new entrances – UK market focuses on supporting new businesses and
therefore Quickfeet Ltd have to look out for new entrances. These new organizations use
innovative and creative ways to capture Quickfeet Ltd's customers by offering them discounts.
Quickfeet Ltd need to have contingency plans and strong marketing mixes in order to mitigate
these risks.
Threats of substitutes – UK market can be defined as monopolistic competition which
means that there are many small-scale producers but all of them focus on delivering products and
services that makes them stand out from others and therefore Quickfeet Ltd do not have to
worry much about substitutes. There are a lot of footwear brans in the market though and
therefore in order to outshine and overshadow them Quickfeet Ltd can use creative marketing
and promotional activities.
Powers of consumers – in the market where Quickfeet Ltd operates the price
determination power lies in the hands of customers. The power to set trends and create or destroy
supply and demand lies in the hands of customers and therefore Quickfeet Ltd have to use active
monitoring practices in order to analyse these trends and develop their products and services
accordingly.
Power of suppliers – In UK market suppliers have a lot of power when it comes to price
determination. This dynamic have no strings. The suppliers work freely and are solely
responsible of price determination of raw materials and therefore Quickfeet Ltd have to
strategically plan the acquisition of their raw materials and their production activities so that they
can have sufficient profit margins.
Rivalry amongst existing companies – There are a lot of footwear producers in UK
market. There is presence of multiple global brands as well and therefore surviving this rivalry is
a major issue for Quickfeet Ltd. As due to power that suppliers and customers hold they can not
minimize their prices as well and therefore as a means to mitigate these risks Quickfeet Ltd have
to focus on their marketing and promotional skills.
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Ansoff Analysis
Ansoff analysis establishes an outline for risks that arise due to the development approaches of
an organization. It includes market penetration and product development and risks associated for
the same in existing market and market development and diversification and the risks associated
with it when it comes to new markets.
Market penetration – In order to establish a grip on existing market, this approach is
used. These methodologies have low risks and Quickfeet Ltd have to focus on their marketing
and promotional activities in order to achieve this stage.
Product development – This approach is also based on existing market as well. In this
approach Quickfeet Ltd have to use active monitoring practices to lay an outline for development
of their product in accordance to customer preferences in the market. This can include making
changes in the quality or packing of the product and use it as a tool to acquire target customers
and retain the old ones.
Market development – This stage of Ansoff Matrix revolves around entrance in new
markets. Quickfeet Ltd have to analyse all the dynamics of the market they want to develop their
operations in. After evaluation of every single units along with threats, Quickfeet Ltd have to
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make development and work on their weaknesses in order to successfully enter a new market.
The risks for Quickfeet Ltd at this stage is of medium magnitude.
Diversification – In this stage Quickfeet Ltd have to focus on departmentalization of their
operations while entering a new market. This approach have many folds and Quickfeet Ltd have
to invest a lot of time as well as efforts to attain these and therefore this stage have risks of high
magnitude.
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MICRO ENVIRONMENT
Hard Elements
Strategy – In this approach Quickfeet Ltd have to establish strategies on the basis of
SMART objectives that they set in a way that they mitigate the threats that they face in the
market.
Structure – This approach is responsible for establishing the organizational structure of
Quickfeet Ltd. This approach is based on results that are concluded after the analysis of market
in a way that the overall organizational objectives are achieved efficiently.
Systems – This unit revolves around the day to day operations undertaken by Quickfeet
Ltd in order to achieve the overall goals of the organization. This usually focuses on all the
operational activities that the workforce do and their synchronization towards the goals of
Quickfeet Ltd.
Soft elements
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Shared values - This revolves around the values and the ethics that Quickfeet Ltd takes
in to consideration. This reflects the superordinate goals of Quickfeet Ltd, focusing on their
duties towards society and corporate culture etc.
Skills – This approach focuses on the required skillet that the workforce of Quickfeet Ltd
need to posses when it comes to efficient initiation of strategies and achievement of
organizational code of conduct of Quickfeet Ltd.
Style – This approach of Quickfeet Ltd of McKinsey revolves around the leadership style
that is undertaken by Quickfeet Ltd. It also sets the flexibility and communication management
within the conventions of the organization.
Staff – This is an HRM practice which revolves around availability of required workforce
with the necessary skill set required by Quickfeet Ltd. This is a broader concept and focuses on
acquisition and retention of workforce for Quickfeet Ltd.
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SWOT ANALYSIS
Strengths:
 Low cost labour easily available.
 Export in international markets.
 Never ending demand.
 Raw materials and supplies easily
available.
 UK government have tax incentives on
machinery.
Weaknesses:
 low adaptation in terms of
technological advancements.
 Huge effects on environment.
 Insufficient new investment in the
sector.
 Internal environment is often
unhygienic.
 Inefficient export infrastructure in
industry.
Opportunities:
 Constant growth in fashion sector.
 Digital landscape offering countless
growth opportunities.
 Huge scope for product diversification.
 Using modern technologies.
 Exhibition of strengths in
manufacturing.
Threats:
 Threats of new entrances.
 Threat of excessive competition.
 High non tariff barriers.
 Increasing international standards.
 Constantly evolving trends in the
market increasing the threats of
wastage of inventory.
The SWOT analysis of Quickfeet Ltd concludes that the strengths of the organization are
low cost labour easily availability, export in international markets, never ending demand, easy
availability of war materials and incentives on tax relating of machinery by UK government. The
weaknesses of Quickfeet Ltd are low adaptation in terms of technological advancements, huge
effects on environment, insufficient new investment in the sector, internal environment is often
unhygienic, inefficient export infrastructure in industry. The opportunities for Quickfeet Ltd
includes constant growth in fashion sector, digital landscape offering countless growth
opportunities, huge scope for product diversification, using modern technologies, exhibition of
strengths in manufacturing. The threats of Quickfeet Ltd are threats of new entrances, threat of
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excessive competition, high non tariff barriers, increasing international standards, constantly
evolving trends in the market increasing the threats of wastage of inventory.
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FUNCTIONAL STRATEGIES
Marketing: The participating teams over a two-year cycle are the contestants. Up to five teams
play for up to 8 sections against one another (2 years). One round would be equivalent to
one actual business half in the computer game. Every cent, every group will have to make
choices. These decisions entail acquisitions, hires and resignations, developments in
equipment, funding and the nature of the brand mix only at period of the entrance into the
marketplace of the recently created business. For each business, a comprehensive
monitoring facility facilitates the decision-making and input systems.
Operations: The overall questionnaire dividend yield for 2011-2012 became 97 percent, a very
significant number. N = 815 learners enrolled in the assessment in 2007. There were N =
1706 respondents throughout the 2008 assessment, and N = 1624 children enrolled in
2013. There were N = 2090 responses to the 2010 questionnaire, and N = 2665 responses
to the 2011 survey. For 2012, the last minimum data N = 3621 answers, taking the overall
amount of responses to more over 500 cups for N = 12521 pupils. The alpha likelihood
value p<.001 is important with all the significant data presented.
Supply chain and logistics: The findings allow others to accept the hypothesis that the curriculum
and simulation system used is effective at the stage of an evaluative assessment model to
facilitate achievement and performance in gaming. Via a simulation video, children
experienced an improvement in skills and creative inspiration. In particular, again from
perspective of teachers, start-up tournaments as well as the EPC could be seen as a modern
teaching technique for entrepreneurial intention. From the view of the learners, the start-up
simulation game does have an excellent level of approval. We observed a slight decline in
all six years from Instructor to the Specialist level, and also a rise at the Champions level,
by examining the questionnaires received by researchers from different ranks. This
influence is important because (several t-tests with paired samples). The primary reason is
that even the smallest added gain or growth in their abilities is shown by respondents at the
technical stage. Further analyses based on multiple t-tests as well as multiple regression
analysis methods found that perhaps the containers were slightly better tested by
participants with higher economic skill and genetic disposition and were much more
pleased with the interaction and overall learning.
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CORPORATE SOCIAL RESPONSIBILITY
In 2010, a series of voluntary guidelines was issued by the International Standard (ISO) that
allow companies achieve social responsibility. Unlike all the other ISO standards, since the
essence of CSR is much more subjective than empirical, ISO 26000 offers guidelines instead of
specifications, as well as its standards could not be approved. ISO 26000, instead, affirms what
moral conscience is and lets organisations transform the ideals of CSR into realistic behaviour.
Irrespective of their operation, scale, or venue, the norm is targeted at all forms of organisations.
And this specification reflects a global agreement since many primary international players have
committed to the creation of ISO 26000.
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FINANCE
 It's a large corporate game whereby simulated corporations are managed by players.
 The game entails the opportunity of your corporation to IPO, offer securities, and floating
bonds.
 The nice part is that you have to persuade the other team in the league to participate in the
company - this aspect of the game is also not modelled.
 In the futures markets, participants will also exchange company shares. This is the most
genuine game that can ever experience for business.
 It was like a survival game focused over even a 20-year period through financial planning
choices.
 For a virtual ten year period, it also helps anyone to participate in (fictitious) stocks,
securities, savings accounts, property development and cash.
 Even if the assets are fictional, the employment forecasts used is focused on the North
American economies' serious investment results from 1979 to 2010.
 It could be the only model that over a prolonged period of time, combines the main
investment forms so that really can observe actual financial cycles.
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OVERALL PERFORMANCE REVIEW AGAINST INVESTOR EXPECTATIONS
Within the maritime industry, through use of simulation software as a platform for educating
mariners is fully adopted. In many instances, simulation without some kind of significant course
new design was already added to the original training initiatives to ensure that perhaps the
simulation even of to the training class goals. An inconsistency of simulation game programs has
indeed been one outcome.
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RECOMMENDATIONS FOR FUTURE STRATEGY
In simulation game maritime learning, the USCG plays a significant role, in part, by its gradual
judgments to enable relevant simulator-based teaching to be substituted for marine services
provided. It is essential that requirements for simulation game training programs used during the
licencing and relapse of dinghy sailing should be formed as shortly as necessary to ensure which
current marine proficiency conditions are adequate and enhanced.
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REFERENCES
Books and Journals
Anantharaman, D. and Lee, Y. G., 2014. Managerial risk taking incentives and corporate pension
policy. Journal of Financial Economics, 111(2), pp.328-351.
Brooker, R. F., 2016. Study Guide to Accompany Managerial Economics in a Global Economy,
Sixth.
Calvert, V. and Kurji, R., 2012. Service-Learning in a Managerial Accounting Course:
Developing the ‘ Soft’ Skills. American Journal of Economics and Business
Administration, 4(1), pp.5-12.
Demski, J., 2013. Managerial uses of accounting information. Springer Science & Business
Media.
EDOUN, E. I. and MBOHWA, C., 2010. MANAGERIAL ECONOMICS AND THE
EFFECTIVENESS OF QUANTITATIVE ANALYSIS FOR PROFIT MAXIMIZING
COMPANIES IN AFRICA.
Janik, T. and Beck-Krala, E., 2018. Managing volunteer engagement in reference to empirical
research. Managerial Economics, 19.
Jones Osasuyi, O. and Mwakipsile, G., 2017. Working capital management and managerial
performance in some selected manufacturing firms in Edo State Nigeria. Journal of
Accounting, Business and Finance Research, 1(1), pp.46-55.
Krishnan, G. V. and Wang, C., 2015. The relation between managerial ability and audit fees and
going concern opinions. Auditing: A Journal of Practice & Theory, 34(3), pp.139-160.
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