Individual Coursework 1
The planning of the business is very crucial for the companies to progress their regular functions which comprise marketing and financial aspect, human resource, and technology concern (East et al. 2016). SimVenture refers to the tool of business simulation which has assisted the individual to learn about the issues and principles of business along with entrepreneurship. The corporate trainers have applied the simulation differently for developing teamwork, problem-solving skills, commercial awareness, and consultancy. The case company for the study has operated in the very competitive apparel sector. So, the company management should need to plan and forecast all of the functions to reach a breakeven point in a minimum timeframe with ensuring customer satisfaction.
For marketing, the trends are to be followed and social media is to need to be prioritized to reach maximum customers. On the other hand, the financial aspects need to be regulated as a balance sheet and the cash flow statement of the companies is demonstrated in Simventure. The demands and needs of the executives along with following disciplined work culture would boost the productivity of the business. I also evaluated the operations of the business which has indicated the importance of communicating between the suppliers and company for various reasons (Mondy and Martocchio, 2016). The price of the products is also decided based on the forecasted value and long-term calculation which is included in the stimulation that is described in the report. The suitability of the adaptation of technology is also demonstrated in the simulation which is very important for the companies in the apparel sector.
Marketing has enabled the companies to deliver the details of products and services to the customer for convening them to buy or avail their offerings. The companies mainly need to follow the marketing mix principles of 4P which has addressed the suitable promotion of the business by evaluating the factors of product, price, promotion, and place (Carlson et al. 2018). In the product category, the price and quality of the company need to be justified along with ensuring the use of quality material for the garment. The resources of Simventure have allowed the management to construct their planning for completion of the task aligning with the external environment. Based on the simulation of Simventure, it has been identified that the competition in this sector is high which require unique and updated marketing technique. So, the importance of social media and digital medium promotion are addressed as the crucial aspects that are justified in the simulation (Castronovo and Huang, 2012). The price of the product is to be determined in such a manner that most of the customers can afford it. Simventure has provided justified details regarding the setting of the effective price for each garment which is interpreted by me. I have also found the importance of social media platforms as the reach of the market is wider whereas the interaction between customers is also improved that has added value to the customers (East, et al., 2016). I have also interpreted the details of customers that are based on the demands and needs which is to be communicated with the operation executives for offering the products in that direction.
The simulation has also indicated the place factor important as most of the customers have preferred online shopping due to the restlessness occurred in the country due to the pandemic. The organizational performance of the companies is also improved due to unique marketing principles as the most number of people buy the products by seeing the picture. The analysis of simulation would help the companies to gain information about the preferences and needs of customers (Gregory, et al., 2017). The planning has assisted in incorporating the sales growth with the marketing of products among target customers. The adaptation and control of the marketing approaches would raise the development of a strong brand among the customers. I have evaluated all the aspects of marketing for expanding the company.
Simventure was also used primarily in financial calculations for the case apparel industry whereby the expenditures and incomes and other financial calculations were modulated and calculated for the business progress. I used previous results of finances from the annual report of the company to kick start the simulation process and helped to gather predictive information on the financial performance of the company (Brennan and Vos, 2013). During the simulation process I simulated the expenditures and income values to get a baseline for the company in future and helped in exploring the areas for effective funding to help in technology development or hiring or even in marketing processes (Girelli and Seron, 2001). Financial calculations and theirs relies on financial ratios like P/E ratio, profit loss ratios, asset and liability ratios, stock ratios, gross profit ratios, and inventory turnover ratios. Each of the calculations and measures need different variables and by use of the simventure helped me to analyse them appropriately without the need of using imaginary numbers. Financial analysing skill is very important in running a business because finance plays a major role in the development of strength and position of the business and stronger finance means more performance. To entail strong financial capability it is very important that the basics of financial aspects and theories are known like when to deduce the costs or when to increase expenditures or hire new staff or how to use their assets and strategies to pay off any liabilities (Pástor, Stambaugh, and Taylor, 2015). Even though simulation games help in business management processes and develops skills in financial management, other methods of financial skill development as manager or business owner must also be attained so that risks and other aspects may be estimated and effective strategies are kept in place.
Human resource management is considered as the crucial parameter for all the business as the employees are the backbone for operations of the business. Fayol’s theory of management reflected the pattern of interacting with the employees in the business for keeping them motivated with the work process (Banfield, et al., 2018). Human behavior is considered as an important factor for maintaining workplace stability in terms of consistency of operation and product development. I have evaluated that the interaction with the customers must be greeted for keeping them motivated to buy the products whereas their preferences and requirements are also addressed to deliver the products in that direction. The perspective of employees is also assessed for framing the policies and procedures of the company where the staff would love to do their work due to getting proper motivation and compensation (Cook, et al., 2016). The standard of industry compensation and flexibilities in the apparel sector are evaluated to structure the standard of the company. The evolution of Simventure helps the individual to manage all the aspects of business in a virtual medium. The core skill scenarios within the licensed package are included for helping the individual to get the grips with scaffold and evolution initial learning at suited pace.
The process of developed managerial performance is administered through effective principles of HRM which is justified in the simulation of Simventure. The entrepreneurial leadership aspects are also justified through the simulation as the guidance and direction to the executives must be towards the benefits of both the companies and employees (Mondy and Martocchio, 2016). Maintaining a higher level of communication would also assist the management to ensure consistency whereas the arrangement of proper training and development program is to be ensured by the management for completing the work without facing any issue. The motive of the employees is also needed to be kept higher for the execution of quality work processes and ensure the success of the business. I have also learned the leadership skills which would need to be incorporated by the store managers to raise the sale quantity (Ozolina-Ozola, 2014). The decision making of the company operations must be aligned with the flexibilities of employees as they would complete the required work processes. The simulation via simventure would guide me towards developing the leadership skill that would help me in the professional field.
Operations are the key business aspects that mainly deliver the final product from the procurement of raw materials from the suppliers. The operations management has addressed the role of the particular function in the business which is aligned with product design, job design and logistics, and manufacturing (Heizer, et al., 2017). Based on the simulation of the case business, it has been identified that the firm has focused on the procurement of raw materials by checking its quality. The design of the garments must be aligned with the trends and demands of the customers which have enabled them to gain a diversified range of customers. The organizational objective and mission are to be parallel to the regular operations and quality of deliverable to the customer (Cánez, et al., 2000). I have also come to know about the planning of strategic quality change for the improvement of organizational objectives. The technical equipment is needed to be integrated with regular operations that have boosted the productivity of the companies. Quality circle refers to the participatory management technique that has enlisted the executives in solving the issues based on their jobs.
The employees are proficient in handling the regular functions which have indicated the involvement of them and framing new change for executing the business goal. The employees are also trained for solving the issues in the workplace which has benefitted the company (Nabhani, et al., 2018). I had addressed the concern of checking the quality of each stage to extract the final output as a unique and excellent one. Logistics and supply chain has also played a very crucial role in the context of companies as the quality of the final product depends on procuring raw materials. The communication between the suppliers and company management would help to control the cost whereas the requirement of market knowledge about different suppliers would add internal value to the company (Fernandes and Pinho, 2016). From the simulation of Simventure, I have found the importance of keeping the negotiation between international and national suppliers with the management. The market rate and quality of the products are identified as main components for procuring the products from a different region. I have also found the analysis of market trends very important as it depends on the lifestyle and culture of any particular region.
Technology in the current scenario is the most important components for successfully running a business. The use of simventure for the business simulation one such example of technology but technology also comprises of different applications and functions like technology for business analytics, financial analyses, management of inventories, communicating with customers and employees and even for marketing and staffing of new people (Gurtner, Reinhardt, and Soyez, 2014). Technology has not only changed the ways businesses used to work and operate but also changed the type of services and products provided and even reaching out to customers and generating awareness. I used simventure to develop different communication technologies that needs to be used with different stakeholders in a hierarchical process as well as used the simventure simulation game to induct real data into and analyse them for predictive assessments of finances, sales, competitors assessments, tax and discount based assessments and others. The most common theory I found related to technology is the theory of reasoned action, whereby businesses adopt technology based on norms and behaviours and then based on the behaviours they make certain attitudes and the intention to act on the attitude (Mishra, Akman, and Mishra, 2014). Here, the adoption of the technology in our apparel business was based on the need for changes and efficiency in inventory management, plus there was also a need for centralised communication method amongst the employees and the customers. Again there was also a need for tool or technology whereby the data on sales and finances can be used to calculate automatically and also predict future data. These aspects led to the behaviour of technology adoption choices that best fit the business needs and the attitude to adopt and induct the technology. After the induction of the tool all existing data was exported to the tool and the requisite staff was hired for the operation and requisite analytics were conducted (Nguyen, Newby, and Macaulay, 2015). However, before adoption of the tools, I used simventure to explore the risks of adoption of the tools and plan mitigation methods and on construction of the model the feasibility was checked and then the technology was adopted.
Gibb’s reflection model has encouraged the individual to think systematically regarding their experience in a particular activity, event, or situation. It mainly focused on the aspects of description, feeling, evaluation, analysis, the conclusion along with an action plan for overcoming the issue. My experience in the simulation was quite good as the analysis has provided all of the relevant and justified details regarding the business functions. I have also faced issues in accumulating all the information on operations as the company functions are spread in the diversified medium.
Moreover, the concern of operation for the apparel company is justified by aligning the supply chain details. I have also gained important information based on the marketing, financial, and technology concerns which are needed to be evaluated and planned for ensuring business success in the future. The importance of the promotion of the product is also reflected due to demonstrating a higher competitive field in the apparel sector. I have also come to know the importance of ensuring the demands and needs of the employees who are managed and processed by HRM principles. The perspective and requirements of the customers are also assessed through social media and digital medium marketing which help the company to deliver the products in that direction. The financial aspects need to be regulated as a balance sheet and the cash flow statement of the companies is demonstrated in Simventure. The organizational performance of the companies is also improved due to unique marketing principles as the most number of people buy the products by seeing the picture.
The action plan of the growth of the business comprises the development of infrastructure for the consistent operation of the company. The introduction of the digital medium and social media platforms for the company would help them to reach thousands in the first two or three weeks. After that, the trends of the citizens are evaluated and the production of the trending garments is initiated to be processed. Due to the present pandemic, the company should also need to initiate the digital medium for selling and performing the business functions.
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