SM4022 The Business Simulation Assignment Sample
Module code and Title: SM4022 The Business Simulation Assignment Sample
Introduction
In order to achieve this goal, Chetta Motors is dedicated to the development of innovative and environmentally friendly vehicles, and the firm aspires to be the best in the world in this field. Our key goals are to maintain our high standards while also protecting the environment, as well as to meet or exceed the high standards established by our customers for product and service reliability(Liu,2022).
Smart objectives
| Specific | Measurable | Attainable | Relevant | Time based |
| To maximise the market share | which is almost around 5% | and can be attained by the company | that will also act an influential role in the increasing of the revenue of the company | and can be achieved by the end of almost 4 years. |
| To establish a revenue | of almost 10 billion pounds | that can be obtained by the organisation | and will help them to earn growth in the market | and can be attained by the completion of 4 trading years. |
| To establish and produce more vehicles | of around 30000 | that can be easily obtained by the organisation | and will enable them to generate more sales of around 250000 | within a time span of almost 4 trading years. |
| To produce sustainable measures | that can result to positive impacts on the environment | and can be attained by the company | to ensure minimisation of harmful effects | in almost few years. |
| To establish job opportunities | for the efficiency and growth in performance of the company | that can be achieved by the organisation | and will help to increase the production rate | within the time span of almost 4 trading years. |
The company had the strategy to maintain quality and to produce innovative as well as sustainable energy car in the market. They have the strategy to emphasise on the technological advancements along with global progress. It is with cost leadership strategy that the company can create competitive advantage by manipulating the production costs (Rampal, 2022). It is by casting the organisation as a low cost alternative that can maximise both their sales and the image of the company. However the company will be targeting the individuals whose age group is between 25 to 40 years of age.
Competitive Strategy
Being that most regions do not produce significant quantities of oil and gas for personal transportation, the money spent by people to fill up their tanks is redirected away from the region where it was spent (Thurner,2022).
Reduced gas prices have the potential to have a big impact on the economics of whole regions if they are put into effect as soon as possible. The money saved on personal transportation will not be completely re-invested in the community enhance local economies and the creation of new jobs in areas where the money was saved by carpooling. It has been shown in a research undertaken by the California Electric Vehicles Coalition that for every $1 saved in California by using electric mobility, 16 new jobs are created in the state (Bozhuk, S2022).
Critical evaluation of the company performance
Production (units) for each model
Reduced automotive running expenses as a consequence of driving less than the national average, or even only a few hundred miles fewer than the national average, demonstrate that significant amounts of money may be retained in the local economy, ultimately leading to the development of new employment opportunities.
Sales (units) for each model
As soon as automobiles are no longer in use, a proposed future technological advancement dubbed “car to grid” would enable them to transfer power back into the electrical network, enabling the grid to replenish its own batteries. Reverse charging, often known as “car to grid” charge, is a kind of electric vehicle charging (V2G).
Unsold stock (units) for each model
These are the hours between early afternoon and mid-afternoon on weekdays. 14 Although electric cars are often recharged in the late evening, early morning, and late night hours because the grid has more generating capacity during these times than it does during the daylight hours, this is not always the case. It is possible to employ more ecologically friendly energy sources with the help of the V2G technology. In part, this is because this is when the most majority of renewable energy is produced (Geiger, 2022).
Sales revenue for the company
Initial estimates indicate that the V2G initiative would reward electric car owners between $300 and $500 per year for the usage of their cars under certain circumstances.
15 Depending on the grid, it is conceivable that this will differ from one to the next.
Profit after tax
The spinning reserves market includes the production of immediate backup power for 10-minute bursts, as well as frequency control (which balances generation to ensure that an equal flow of energy flows through the outlets at all times).
Bank balance
It is necessary to change the output of a car 400 times in order to adjust the frequency, and electric cars are capable of doing so within seconds of starting up. If electric automobiles are employed appropriately in the frequency regulation markets, they have the potential to generate up to $5,000 in revenue in a single year. Currently, the Nuuve Corporation, a well-known V2G pilot programme, is testing 30 electric vehicles in Denmark’s frequency regulation market with the goal of rewarding electric vehicle owners up to $10,000 over the course of the vehicle’s lifetime of use.
Outstanding loan
According to Company, the electric vehicle market seems to be well-positioned for a strong rebound in the foreseeable future, despite the fact that global automotive sales witnessed a significant fall during the COVID-19 crisis.
A very low 2 percent market share for electric cars is held by Korea, despite the fact that the country is home to one of the world’s largest automotive manufacturers [4], despite Korea’s status as home to one of the world’s largest automobile manufacturers. In addition to the development of charging stations and other infrastructure, the Korean market for environmentally friendly automobiles has seen a major slowdown (Rezvani et al.2019).
Shareholder Funds
This research uses opinion mining methods to get a better knowledge of customer awareness of electric and hybrid cars, as well as the elements that influence whether or not these vehicles are purchased and accepted. Opinion mining is particularly useful in determining what the general public thinks about businesses and services, social events, and political themes.
Web content[29] is the most frequently used method for determining what the general public thinks about businesses and services, social events, and political themes, and it is at this point that opinion mining is most useful (Curtale,2022).
It is one of the big data analysis strategies that are required for both people and businesses, and it is also one of the most important. The use of opinion mining in big data analysis is merely one of several ways that may be used to assist both people and businesses when it comes to analysing large amounts of data. Among other things, companies examine customer feedback in order to enhance the quality of their products and make better judgments in the future (de Oliveira2022).
Critically evaluate the performance of the company
It has been determined that newspaper articles and comments made on discussion forums are both potentially relevant sources of information that should be studied more in the future (Krishnan,2022). An electronic newspaper corpus was gathered with the goal of finding the most frequently discussed issues in Korean media about environmentally friendly automobiles, and topic modelling was performed on the material.
The newspaper articles for this research were collected via the use of a Korean media database that we had developed ourselves (bigkinds). These statistics are drawn from 54 news organisations, including major and small news organisations, and include both general and specialist news coverage (Faris, 2022). There has been a considerable rise in the amount of news items that have highlighted ecologically friendly automobiles when compared to 2008. Over the course of the year 2010, this pattern has stayed steady. (See Illustration No. 1 for further information.)
Business functions
Human resource
As per the views of Leković et al. (2019), the human resource management within the operations of the business ensures that the employees are effectively skilled and can execute their job roles. It is with the assistance of the human resource management that the company, Chetta Motors can include and hire talented pool of employees who can effectively contribute to the operations of the business. The human resource management have been recruiting and managing the workers who have assisted the company to earn maximum revenue in the 3rd year. They had maximised their worker’s wage by almost 20% which ensured that the employees are motivated and can work with dedication.
Finance
As per the views of Mian and Sufi (2018), the effective maintaining of the finance ensures that the companies can smoothly operate and can attain secured and long term goals. Chetta Motors with their effective managing of the finance could minimise their errors and provide transparency within their operation. It is with the assistance of the financial support that the company is able to maximise their production of Gen X model by approximately 60% and Gen Y model by almost 50% in the 3rd year. The company was successfully able to pay back the loan of 500M that they took to launch their new model.
Marketing
However, the marketing by the organisations ensure that they can gain the trust of the potential customers and also make them aware of the products and services (Strzelczak, 2018). Effective marketing guarantees of a well built relationship among between the company and its customers and help to establish an engagement. It is by keeping their prices low that they were able to attract more customers and widen consumer base.
Operations
According to Strzelczak (2018), the effective managing of the operations enhances the quality of goods and services. It also helps to maximise their revenue and to attain the competitive advantage. Chetta Motors was able to manage the strike rate of the workers by maximising their wages to 20% and encouraged the employees for more productivity. It is by managing their operations and increasing their production rate that they are able to offer almost 100 new jobs and pay back all the loans.
Reflection on decision making
It is in the 1st year that the decision was made regarding the basic objectives of the company, Chetta Motors, which includes the undertaking of the eco friendly measures. In the simulation it was also decided that the company must establish and enhance their sales production. Creating safer workplace and attracting more workers was the aim of the company and market segmentation was effectively managed. However decisions were made on the research and development, automation and promotion. On the other hand, by the end of the 4th year it was decided regarding the increase in the wages of workers along with maximised production of the their models.
Comment on the trends in the above measures over the four rounds of the simulation,
Since 2011, when mass production of electric cars started, sales of electric vehicles have lagged well below projections [30], but this has not been the case in the industry until recently. In part, this is due to the high cost of electric cars, which has discouraged purchasers from acquiring them as the global economic crisis has worsened. Following negative customer feedback, automotive manufacturers have updated their new car development procedures, and governments’ efforts to encourage ecologically friendly automobiles are becoming more challenging as time goes on.
After several media reports claiming that local manufacturers would soon begin mass-producing electric autos, we were unable to identify any such vehicles in use in our immediate area, despite searching for them for several hours. When Hyundai and Kia released their hybrid vehicles, the Sonata and the K5, in 2012, the interest in environmentally friendly automobiles, as well as the interest in publications that covered these vehicles, rose to unprecedented heights.
Evaluation of team working in business simulation
Belbin’s team roles
The Belbin’ team role states that the successful team consists of the diverse behaviours that ensure quality work and performance. It is through the team roles that an individual to recognise the behavioural strengths as well as the weaknesses within the workplace (Rahmani et al. 2021). However, the simulation has been performed by adopting the role of the team worker that enabled to render cooperativeness. It is by following the role of the team worker within the team that I was able to offer versatility and was able to recognise and meet the necessary requirements. The team was sincere with the work and motivated each other that helped in the successful completion of the work.
The team exhibited their support and motivated each other and depicted great problem solving skill. The team also exhibited greater time management skills and was able to complete the required task on time. It is through this task that learnt more regarding the leadership skills along with the critical thinking skills.
Conclusion
As a source of information for the second experiment, we used data from the well-known online community Bobaedream.co.kr, which is dedicated to car enthusiasts. On the 3rd of May in the year 2021, on the 3rd of May, the website was viewed. The Bobaedream community has developed fast since its debut in 2011, and now has more than 1 million members, making it the most popular online community in Korea and the fifteenth most popular community in the world [31], according to Alexa rankings.
With the assistance of BeautifulSoup, a Python-based crawler for this project was developed, which may be shown in action on this page. When a web crawler downloads online sites and extracts and retrieves vital information from the HTML code, there is no need for the user to take any action since everything is done automatically. For the purpose of extracting information from the internet, the document object model (DOM) [33] was used, and the extracted information was then processed. Additionally, it offers crucial interfaces with the Document Object Model (DOM), which is incorporated inside the browser, in addition to providing HTML and XML processing.
References
Bozhuk, S. and Krasnostavskaia, N., 2022. New goods demand patterns in digital economy environment: The case of electric vehicles in Russia. In SHS Web of Conferences (Vol. 132, p. 01020). EDP Sciences.
Curtale, R., Liao, F. and Rebalski, E., 2022. Transitional behavioral intention to use autonomous electric car-sharing services: Evidence from four European countries. Transportation Research Part C: Emerging Technologies, 135, p.103516.
de Oliveira, M.B., da Silva, H.M.R., Jugend, D., Fiorini, P.D.C. and Paro, C.E., 2022. Factors influencing the intention to use electric cars in Brazil. Transportation Research Part A: Policy and Practice, 155, pp.418-433.
Ertz, M. and Michelet, B., 2022. Succeeding with Responsible Marketing a Framework and Three Short Cases. In Socially Responsible Consumption and Marketing in Practice (pp. 15-34). Springer, Singapore.
Faris, R.M., 2022. Electric Car Scam. Lulu Press, Inc.
Geiger, I., Bischoff, L. and Vogler, T., 2022. Multiple parties behind and across the table: A role-play simulation of parallel, competitive order negotiations for training B2B sales professionals. Industrial Marketing Management, 103, pp.170-182.
Kim, S.Y. and Kang, M.J., 2022. A Study on the Factors Influencing the Purchase of Electric Vehicles. International Journal of Internet, Broadcasting and Communication, 14(1), pp.194-200.
Krishnan, R. and Butt, B., 2022. “The gasoline of the future:” points of continuity, energy materiality, and corporate marketing of electric vehicles among automakers and utilities. Energy Research & Social Science, 83, p.102349.
Leković, B., Strugar Jelača, M. and Marić, S., 2019. Importance of innovative management practice: solution for challenges in business environment and performance in large organizations in Serbia.
Liu, G., Abolhasani, M. and Hang, H., 2022. Disentangling effects of subjective and objective characteristics of advertising music. European Journal of Marketing, (ahead-of-print).
Mian, A. and Sufi, A., 2018. Finance and business cycles: The credit-driven household demand channel. Journal of Economic Perspectives, 32(3), pp.31-58.
Rahmani, F., Scott-Young, C., Tadayon, A. and van der Walt, J.D., 2021. Team composition in relational contracting (RC) in large infrastructure projects: a Belbin’s team roles model approach. Engineering, Construction and Architectural Management.
Raiesdana, S. and Mousakhani, M., 2022. An EEG-Based Neuromarketing Approach for Analyzing the Preference of an Electric Car. Computational Intelligence and Neuroscience, 2022.
Rampal, A., Mehra, A., Singh, R., Yadav, A., Nath, K. and Chauhan, A.S., 2022. Kano and QFD analyses for autonomous electric car: Design for enhancing customer contentment. Materials Today: Proceedings.
Strzelczak, S., 2018. Integrated assessment of operations strategy. Zeszyty Naukowe. Organizacja i Zarządzanie/Politechnika Śląska.
Thurner, T., Fursov, K. and Nefedova, A., 2022. Early adopters of new transportation technologies: Attitudes of Russia’s population towards car sharing, the electric car and autonomous driving. Transportation Research Part A: Policy and Practice, 155, pp.403-417.
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