Individual Reflection Report on MikesBikes Business Simulation Project

This individual reflection report details a student's experiences and insights gained from participating in a MikesBikes business simulation project. The report begins with an executive summary outlining the simulation's purpose and its real-world business relevance. It then provides an introduction to business simulations and specifically to MikesBikes, highlighting its advantages. The report further describes the student's experiences in both single-player and multiplayer modes, including the strategies employed, the decisions made, and the resulting outcomes. It includes visual representations of key performance indicators over several years. The report then analyzes the resulting experiences, discussing the development of new skills, such as instant decision-making and enhanced collaboration. The report concludes with recommendations for using MikesBikes and a summary of the key takeaways, including the importance of strategic planning, financial management, and effective teamwork in a competitive business environment. The student reflects on the importance of business simulations for learners and educators.

Business Project
Individual Reflection Report
SUBMITTED BY:
SUBMITTD TO:

Executive Summary
The spot light of this report represents the experiences, performances and contribution the group and as an
individual in the business project on MikesBikes game. It is a simulation program which ensures to visualize the real
world’s business via, virtual game and helps to give a greater understanding on various aspects like, product, its
price, its market segment, financial accounting, product management etc. This report reflects the experiences gained
in the world of business along with the challenges faced. Subsequently, it is a fact that, the Business Simulations
facilitates the learners to compete and succeed in the real business world, for instance the MikesBikes business
simulation program.

Table of Contents
1. Introduction............................................................................................................................................................ 1
1.1 Aim..................................................................................................................................................................... 1
1.2 Objective............................................................................................................................................................. 1
2. Business Simulations............................................................................................................................................... 1
3. MikesBikes Introduction......................................................................................................................................... 2
3.1 MikesBikes Introduction’s Advantage.................................................................................................................2
4. Experience............................................................................................................................................................... 2
4.1 Single Player....................................................................................................................................................... 2
4.2 Multiplayer......................................................................................................................................................... 3
Figure 2023............................................................................................................................................................... 4
Figure 2024............................................................................................................................................................... 5
4.3 2017 to 2024’s Reports on Industry Benchmark...................................................................................................5
2018.......................................................................................................................................................................... 6
2019.......................................................................................................................................................................... 6
2020.......................................................................................................................................................................... 7
2021.......................................................................................................................................................................... 7
2022.......................................................................................................................................................................... 8
2023.......................................................................................................................................................................... 8
2024.......................................................................................................................................................................... 9
5. Resulting Experience............................................................................................................................................... 11
6. Recommendation.................................................................................................................................................... 12
7. Conclusion.............................................................................................................................................................. 12
References...................................................................................................................................................................... 14

1. Introduction
This report ensures to find the importance of using the MikesBikes introduction for
Business Simulation. Business Simulations benefits the learners to compete and succeed in the
real business world. The best example includes MikesBikes business simulation program.
The simulation program ensures to visualize the real world’s business via, virtual game
and helps to give a greater understanding on several business aspects like, product, its price, its
market segment, financial accounting, then related management and so on. This report is
designed to measure whether the students have understood the simulation program’s operation,
for increasing their progress on subject and on simulation or not. Further, it helps to check their
capabilities to take decisions and the impacts of their decisions. Subsequently, the respective
experiences undergone, roles played and lessons learnt will be represented. The experiences and
the lessons help the individual to recognize some new skills in the individual.
1.1 Aim
To understand the benefits of MikesBikes Introduction for the Business learners and
educators.
1.2 Objective
The objective of this research is to reflect the gained experiences in the business world
including the faced challenges. This report will measure the student’s understanding the
operation of simulation program. It will check their progress in the subject and in simulation.
Moreover, the respective experiences, roles played and lessons learnt will be mentioned. Also,
the identified new skills will be listed. Further, it will help to check their capabilities of taking
decisions and their decision’s impact.
2. Business Simulations
For students who wish to learn wide range of business techniques, the Business
Simulations is an effective program. As, it benefits with experiential learning which provides
activity orientated learning, then offers intelligent learning, and a flipped classroom. It offers
beneficial advantages especially for the educators and students. It also ensures to enhance the
student’s commitment, their learning results and improves readiness in the employees.
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3. MikesBikes Introduction
MikesBikes Intro is a cutting edge intuitive business reproduction application,
particularly intended for establishment level courses. As a prologue to business simulations,
MikesBikes Intro includes a special structure which enables students to bit by bit assemble
certainty. This is accomplished by dynamically giving student’s power over their very own
organization. They will at first decide the cost and showcasing blend for their solitary item. Each
resulting choice period they are given extra choice territories to figure out how to give an
understanding into dispersion, activities and fund; and in addition the tasks of propelling new
items into developing markets (Smartsims, 2018).
3.1 MikesBikes Introduction’s Advantage
1) Fundamentals of Business: It helps to develop the understanding of business with a case
study that is interactive and live.
2) Helps to develop analysis skills: It allows to interact with the real business decisions and
reports. This lets the students to develop both their hard skills and soft skills.
3) Helps to develop business cross-functional management for the students for
accomplishing the targets set by the organization.
4) Helps to have hands-on experience (Canuto and McPherson, 2018).
4. Experience
4.1 Single Player
Initially, single player comprises of a couple of companies where the shareholder value
(SHV) is same. Everest cycle firm is chosen. Increasing the shareholder value is the target, thus
all the reports on market research were used for help. When the reports were compared, it was
observed that, the 1st year’s product price was comparatively lower than its rival companies, then
even the cost spent on product advertisement and public relation was comparatively low. The
SHV can be increased, by increasing the production. Thus, the production and advertisement was
monitored. The 3rd year I spent on branding and distribution, then 4th year the debts were cleared,
5th and the 6th year, new products were launched where the quality was highly stressed. I had to
decrease the price of the product for increasing the capacity of production for managing higher
SHV and profit in the market.
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4.2 Multiplayer
First, a group is created with four members and the named the company, “Everest
craftworks.” Default price of the 1st year showed $700. We tried to increase the initial price to
$710 was the initial price that was increased for changing advertising and Production.
2nd year helps to take comparatively better decision. For $710 initial price, $18,616,200
was the forecast sale. The price, capacity of the production and advertisement were the main
focus. This shows loss in sale and the reason is low production. Hence, the forecast sales and
production were increased along with increasing the awareness of the brand.
There were better outcome.
In 3rd year, the price of the product was increased by spending on Production and
advertising. Further, product quality’s amount was increased along with production capacity and
support for sports store by offering discounts. The following is the outcome.
In 4th year new product was launched.
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The distribution strategy increased SHV, but the sales of the new product were lost due to
low production. Henceforth, there was need to concentrate on the production stage.
For the next year it was decided to buy the share back to distribute the dividend and
wanted to launch new product with $2400 price.
Once again new products were launched in 5th year with $380 price.
Among six years, four years were profiting and a couple of years we faced loss.
Therefore, now finance management became the focus.
Figure 2023
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Figure 2024
4.3 2017 to 2024’s Reports on Industry Benchmark
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2018
2019
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2020
2021
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2022
2023
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2024
Figure: Multifirm Wholesale’s Sales Revenue
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