Final team and I used this concept
Final ExamJefferson BuggBeyBUAD 499.00111/26/2018I certify that the work I submit is my own individual work, and that I have neither discussed this paper with anyone else nor received help from any other person or source.During the completion of Platform Wars and the Cesim Simulation, I used the following concepts from the book in order to contribute to my team’s performance: market penetration, retrenchment, product development, related diversification, and backward integration.
Market penetration is when a company seeks increased market share for present products or services in present markets through greater marketing efforts. During the Cesim Simulation, my team and I used this concept during round 3 when our results from round 2 weren’t what we predicted them to be. We increased our investment for marketing and in turn performed well the following round. Retrenchment is known as regrouping through cost and asset reduction to reverse declining sales.
During the individual Platform Wars Simulation, I found myself regrouping through costs because my sales were poor and I was not in control of the market. I ultimately ended up losing the simulation, but I would have lost more money had I not made the decision to use the retrenchment concept.Product development, related diversification, and backward integration were 3 concepts my team and I also used to excel in the Cesim Simulation.
Product development is when a company seeks increased sales by improving present products or services or developing new ones. During round 2, we not only introduced a new product to our market, but we also improved and added new features to our initial product. That decision benefited us in the following round.
Related diversification is defined as adding new but related products or services and this too was done in round 2. We introduced tech 2 and 3 to the market, which are both related products to our existing product. Backward integration is when a company seeks ownership or increased control of a firm’s supplier. During the simulation, my teammate suggested investing in plants so that we would be able to produce our own products as opposed to outsourcing.
That decision however was made too late because the simulation would have ended by the time we would have been able to see results.The 5 concepts listed above can all be used to develop a strategy in my future workplace. For instance, I plan on partnering with my mother in opening a family childcare center. I would use market penetration by investing heavily into the company’s marketing, retrenchment by lowering prices in the event the business was not performing well financially, product development by adding overnight childcare services, related diversification by possibly adding transportation services, and instead of backward integration I would use horizontal integration and purchase another family childcare business in order to expand and dominate the market. The 5 concepts I chose along with the many others listed in the book could all be used to help to develop a strategy and greatly benefit any business I chose to open in the future.For my teams primary strategies during the Cesim Simulation, we chose to each individually come up with what we each thought were the best decisions, explain why we thought the decisions were best, and merge our ideas to get the best results.
Consistently pricing our products low was something we all always agreed on. Our strategy was pretty effective because we not only improved week after week, but we also performed relatively well. For example, during round 1 Ari chose to invest heavily in tech 1, Ayana chose to invest in tech 1 and add some features, Mohammad decided to place a lot of money into marketing and only invest in tech 1. When we all came together to discuss why we made the decisions we made, Mohammad’s strategy made the most sense and we were also able to pull from myself, Ari, and Ayana’s decisions to produce the best results for that round.
I believe I was a great asset to my team because every round I gave my all and was able to effectively explain my decisions to them. We each equally contributed to the assignments we were given and were all assets. I have no complaints or suggests for what could have been done to better myself or the team.I thoroughly enjoyed the Platform Wars Simulation and believe that it is an important simulation to take at the beginning of the course. The simulation gave me a taste of what was to come and I was able to take the lessons I learned from it and apply it to Cesim. There was nothing to dislike about the simulation.
I liked the fact that you could start over as many times as you needed in order to perform better. Cesim Global challenge was more detailed and I felt that was very important. There were so many different tabs that my team and I had to take into account when playing the simulation. The fact that it was very realistic and challenging made it an amazing simulation. Like the Platform Wars Simulation, I have nothing negative to say about Cesim.For next semester, I would advise Professor Sharif to continue using both simulations with her students. Once the course if completed, an appreciation for the simulations is found.
At the beginning of the course I did not understand why we were doing what we were doing, everything was a guessing game. Writing this reflection paper, I am able to fully see how the simulations apply to any business I plan to run in the future. The only recommendation I would give to Professor Sharif is to go over a few simulations with the class in the beginning of the semester to help the students have a better understanding of what they are doing and what is expected. Also, to continue having other teams share their good decisions and mistakes after each round.