• Posted on October 21, 2020
• Unique Submission Team

STRATEGIC MANAGEMENT FOR COMPETITIVE ADVANTAGE

1. Introduction

1.1 Business objective

The business objectives for the project are as follows-

• To provide the customer with the best and improved quality car with innovative technologies
• To improve the reliability and profitability of the company VERAGILE
• To improve sustainability and the market share for the company named VERAGILE

1.2 Summary of the company performance

After analyzing the company’s report, it can be concluded that the company has achieved a profit for the model Alpha and Beta, but has experienced a loss for the model Gamma.

The company has prepared 44000 and 69880 number of models for the Alpha and Beta models respectively. Among these, all the models of Alpha and Beta have been sold in the market and have experienced a market share of 0.88% and 1.44% for these two models respectively (executive.training simulations.co.uk, 2019).

On the other hand, the company has produced 60000 numbers of models of Gamma and 57288 numbers of models have been sold in the market. The entire company’s report has shown that the company has total sales of £ 4665.85 but the cost of sales for the company is £ 3015.75. This directly shows that the company has experienced a loss in the market of £ 1650.10 (executive.training simulations.co.uk, 2019).

Hence, it can be concluded that the company performance is not up to the market as compared to its forecast plan after round 4. Hence, the company needs to improve its products for improving its productivity and also to achieve profit.

2. Company performance

2.1 Round 1

2.1.1 Rationale for round 1

The VERAGILE Company has introduced two new models for simulation of games in car models. These two models are Alpha and Beta. The Alpha model has a 3/5 door hatchback system and a small petrol engine. On the other hand, the Beta model has a 3/5 door hatchback features along with a large engine (executive.training simulations.co.uk, 2019).

The company wants to analyze the sales for these two models and the customer’s demand for these two models.

2.1.2 Forecast for round 1

VERAGILE Company will produce a total number of 88000 models of Alpha and 84000 for Beta models. The company was expecting to achieve a large amount of profit by the complete sales of these two models.

2.1.3 Comparison of round 1result with the forecast

Model Name	Produced	Sold	In Stock	Model Price (£)	Market Share (%)	Gross Margin (%)	Productivity	Market Share
Alpha	88000	54531	33469	12799.00	0.88	28.96	44.00	1
Beta	84000	84000	0	17799.00	1.53	27.40	42.00	6

 

Table 1: Details of the models produced by VERAGILE Company in Round 1

(Source: executive.training simulations.co.uk, 2019)

From the above table, it was clearly observed that the Beta models have achieved more profit as compared to the Alpha model. On the other hand, it can also be observed that the market share for the Beta model is also higher than the Alpha model (executive.training simulations.co.uk, 2019).

2.1.4 Explanation of the differences and the key issues

The analysis has clearly shown that the Beta model has achieved more fame in the market as compared to the Alpha model. Among 88000 models of Alpha, only 54531 models were sold and 33469 models were in stock (executive.training simulations.co.uk, 2019).

It has clearly shown that the customers have widely accepted the features of Beta models rather than the Alpha model. As per Bailey et al, (2018), the small engine in the Alpha model is the key issue that has lower down the sales rate for this model.

On the other hand, the Beta model has a large engine capacity that will allow driving for a long distance without any difficulties and hence the customers have accepted this model widely. Along with this, it can be observed that the company has not performed so well as compared to other companies like NBALV, Spectra motors, PAM Kars.

2.2 Round 2

2.2.1 Rationale for round 2

As per the result obtained in round 1, the company has not performed well as compared with the other companies. Sales per employee in the company are also comparatively lower than the other company. On the other hand, the company has not expected good results for the model Alpha but it has performed quite well for the model Beta.

In order to analyze the features more in detail, the company has decided to launch the model again in round 2. The company has aimed to evaluate the demand of these two models in the market by analyzing its sales product, market share, gross margin productivity, etc.

2.2.2 Forecast for round 2

The company has launched these two models again in the market with the same features but has increased the price for both models. In round 2, the company will analyze the demand for these two models in the market.

2.2.3 Comparison of round 2 results with the forecast

 

Model Name	Produced	Sold	In Stock	Model Price (£)	Market Share (%)	Gross Margin (%)	Productivity	Market Share
Alpha	88000	82367	39102	14999.00	1.31	37.76	44.00	1
Beta	84000	84000	0	21222.00	1.52	33.99	42.00	6

 

Table 2: Details of the models produced by VERAGILE Company in Round 2

(Source: executive.training simulations.co.uk, 2019)

 

The above analysis has clearly shown that 82367 numbers of Alpha models have been sold which is comparatively higher than the previous round. In this round, the entire produced model of Beta has been sold. In this round, the company has increased the price of both these models as £14999.00 and £21222.00 respectively (executive.training simulations.co.uk, 2019).

The market share of the Beta model is higher than the Alpha model which has clearly shown that the features of Beta models are more attractive and are able to meet with the demands of the customers.

2.2.4 Explanation of the differences and the key issues

As compared with the result of the previous round, it can be observed that the sales of alpha models have increased. Again in this round, the Beta model has the greatest number of sales due to the presence of large engines in their features.

However, the company has again experienced loss in this round which has shown that the company needs to incorporate more features in order to gain the profit. In this round, the company has performed well in the small sector of the business as compared to the other competitors.

The company has even performed well in the medium business sector as compared with the NBALV Company, but its result is quite lower than the other two companies Spectra motors and Pam Kars.

2.3 Round 3

2.3.1 Rationale for round 3

According to the result of the last round, the company has experienced a loss in the sales market. It can be easily observed that the Beta model has performed well in the market but there were some problems with the Alpha model.

According to Wadhwa and Guthrie, (2018), the Alpha model has experienced a low number of sales due to its small engine capacity and therefore, it can be observed that all the produced models of Alpha have not been sold. Therefore, the company has planned to launch a new model Gamma in the market in order to compete with other competitors.

2.3.2 Forecast for round 3

In this round the will launch a new model, named Gamma in the market with two new features, like SUV (4*4) and alternative fuel engines. As influenced by the view of Derindag and Canakci, (2019), the company has expected that this new model will help to attract more customers in the market and thus it will increase the profit for the company.

2.3.3 Comparison of round 3 results with the forecast

 

Model Name	Produced	Sold	In Stock	Model Price (£)	Market Share (%)	Gross Margin (%)	Productivity	Market Share
Alpha	44000	81511	1591	15499.00	1.41	36.09	44.00	1
Beta	69880	69880	0	22299.00	1.35	34.19	46.59	6
Gamma	60000	58711	1289	31899.00	2.08	28.92	40.00	11

 

Table 3: Details of the models produced by VERAGILE Company in Round 3

(Source: executive.training simulations.co.uk, 2019)

 

From the analysis, it can be observed that the new model Gamma has performed well in the market. Out of 60000 models, 58711 models have been sold and only 1289 models have been stored in the stock (executive.training simulations.co.uk, 2019). In this round, the sales for the alpha model has been increased compared to the other two previous rounds.

As per Buckley et al, (2019), the gross margin has also increased for each model than the other two rounds and it can be clearly observed that the market share for the Gamma model is higher than any two other models.

2.3.4 Explanation of the differences and the key issues

This analysis report has clearly shown that the features for the Gamma model are able to meet with the demand of the customers. The two new features SUV (4*4) and the automated engine fuel have created a good performance in the market.

On the other hand, as influenced by the view of Noe et al, (2017), the small engine features of the alpha model have still remained as a problem for the company and this is the main reason for its lower sale. In spite of all these, the features of the Beta model are still most demanding and the price is also reasonable which has resulted in the large scale of this model.

2.4 Round 4

2.4.1 Rationale for round 4

After the completion of three rounds, the company has decided to launch their three respective models again for the trial in round 4. The company has launched a totally new model Gamma in round 3 with two new advanced features. It was observed that the model has performed well in the market but there were some problems with its high price strategy.

From the view of Wierenga and Van der Lans, (2017), it can be observed that the new advanced features have resulted in an increase in price for this new Gamma model. On the other hand, the Beta model with moderately advanced features and reasonable price has performed well in the market.

2.4.2 Forecast for round 4

The company has launched the three new models Alpha, Beta and Gamma in the market for simulation of games. Alpha and Beta both models have the features of 3/5 door hatchback. According to Kotabe and Helsen, (2020), the only difference between these two models is that the Alpha model has small engine capacity whereas the Beta model has large engine capacity.

On the other hand, the company has launched the third model Gamma with advanced features like SUV (4*4) and automated engine fuel (executive.training simulations.co.uk, 2019). The aim of the company is to analyze the market sale for these models and to analyze the profit results for the company in the market.

2.4.3 Comparison of round 4 results with the forecast

After the completion of round 4, the entire result was calculated which is as follows-

 

Model Name	Produced	Sold	In Stock	Model Price (£)	Market Share (%)	Gross Margin (%)	Productivity	Market Share
Alpha	44000	45591	0	17299.00	0.88	39.18	44.00	1
Beta	69880	69880	0	26299.00	1.44	38.44	46.59	6
Gamma	60000	57288	4001	35599.00	2.14	31.01	40.00	11

 

Table 4: Details of the models produced by VERAGILE Company in Round 4

(Source: executive. training simulations.co.uk, 2019)

This report has directly shown that the company has launched three different models in the market for simulating games. As compared to the market share for these models, it was found that the Alpha models have the market share as 1. The market share for the Beta and the Gamma model are 6 and 11 respectively (executive.training simulations.co.uk, 2019).

This has clearly shown that the Gamma model has a better market share as compared to the other models due to their different advanced features. On the other hand, it can be seen that the productivity of the Beta model is comparatively higher than the other two models due to its features that have attracted the customers very much.

2.4.4 Explanation of the differences and the key issue

It can be observed that the sales of the Alpha model have increased in this round as compared to the other three rounds. As per Deepak and Jeyakumar, (2019), the sales of Gamma models have decreased due to the high price for their advanced features. Along with this, due to the low price of the other two models, it has achieved more fame than the third one.

2.5 Trends in KPM over the game

Key performance management (KPM) is an important part of any project that helps to determine how well an organization is working in order to achieve the specified goals or objectives. As per Wadhwa and Guthrie, (2018), this key performance management includes the management of the data carefully and also supports other people to achieve the outcomes from the activity.

It can be observed that the VERAGILE Company also incorporated the key performance management system in order to evaluate their performance in introducing the simulation game in the market. The minimum production, sales, gross margin, post-tax profits, net cash position, and the market share for the three individual models are described below-

 

Model Name	Minimum Production	Sales	Gross Margin (%)	Post-tax Profit (Loss)	Net cash Position	Market Share (%)
Alpha	44000	45591	39.18	897.98	2077.83	0.88
Beta	69880	69880	38.44	897.98	2077.83	1.44
Gamma	60000	57288	31.01	897.98	2077.83	2.14

 

Table 5: Production and sales of three different models of VERAGILE Company

(Source: executive. training simulations.co.uk, 2019)

Overall it can also be seen that the company has undergone a loss while simulating the game in the market. According to Buckley et al, (2019), it can be observed that the Key Performance Management system helps to identify the problem faced by the company and thus it will help to overcome this problem in order to increase the sales of the company. Some important key performance management tools are required to analyze and to measure the performance of the company.

• Profit: The Company needs to first analyze the profit of the company after launching the models in the market. The company needs to understand the net profit and the gross profit margin to understand how the company has performed in that specific objective.
• Cost: The Company needs to analyze the cost-effectiveness of each model to understand which model has a great value in the market. As a result of this, with the view of Noe et al, (2017), the company will be able to improve the quality of the products so that it can achieve profit.
• LOB revenue vs. Target: This helps to evaluate the actual revenue with the estimated revenue for the project. The result obtained from this analysis will help the organization to understand how the departments are working and where the company needs to pay more attention to improve the quality.
• Cost of Goods Sold: This mainly refers to the tally of the production cost for the product of the company with the cost in which the company is selling the product in the market. This will help the company to get an idea about how the markup of the company’s product must look and also the profit margin of the company.
• Day sales outstanding (DSO): This is generally calculated by taking the accounts receivable and dividing the number by total credit sales. The lower number of DSO will indicate that the organization is doing better in their performance whereas the greater DSO number will directly indicate the poor performance of the company. As per Wierenga and Van der Lans, (2017), the company should apply this in every quarter of the month so that the company can monitor the performance of the employees.
• Sales by region: The Company needs to launch their product in different parts and the sales report needs to be prepared. This will help to analyze which part is responding in what way about the product. This will help the company to improve its performance by analyzing the demand of the customer and also to incorporate all the demands in the product to increase productivity. 

3. Critical reflection

In the performance periods in all four rounds, VERAGILE had used innovative approaches and strategies of financial strategy, marketing operations, human resources management, and operations management. The approaches and strategies are based on the learning outcomes during classes in the semesters of Executive Business Simulation (Muller et al, 2016). However, the team VERAGILE has given bad performances in some of the functional areas of the rounds due to weak research.

3.1   Reflection on financial strategy

The financial strategy of the team of VERAGILE has been designed based on achieving great profits in the different functional areas in the global markets. Based on the learning outcomes in the classes of the training periods of Executive Business Simulations the financial strategy has been adopted in the performances.

In order to manage the finances and budgets of the overall performances, the team of VERAGILE has designed the production cost, sales targets, stocks, and market share in innovative ways in order to achieve success. The financial strategy of the company is based on achieving profits from the competitive advantages in different functional areas (Matthew, 2017).

Productions cost of the team: The cost of production has been managed by the finance managers of the team. The design of the production cost has been prepared by targeting in minimizing the cost in order to earn more profits. The total production cost of all three models of VERAGILE is £ 79197, where £ 17399 is for model Alpha, £ 26833 is for model Beta and £ 35599 is for model Gamma. The cost of all three models has been spent according to the budget planning prepared by the finance management of the performances (Kaneko et al, 2016).

Figure 1: Illustration of the production of VERAGILE

(Sources: executive. training simulations.co.uk, 2019)

Total production of the team: The team had produced products of three models; Alpha, Beta, and Gamma. The highly produced model is Beta (69880) followed by Gamma (60000) and the lowest produce model is Alpha (44000). The total production of the VERAGILE depends on various factors such as the engineers, designer-developer, technology and software developers and raw materials suppliers.

The engineers of the team are highly qualified which are trained by the Executive Business Simulations (Foo and Bhattacharya, 2019). However, the development of the technology and software for the car are based on the European Car Market and racing standard which have the ability to attract global customers.

Total sales of the team: The total sales of the team VERAGILE is 127596 numbers of cars from three different models. The highest percentages of the sales are from the Beta model which is 69880, and the lowest sales percentages in from the Alpha model which is 45591.

The annual sales percentage of the team VERAGILE varies from 80% to 90% of the production percentages (Luo et al, 2019). The team tries to manage relationships with its customers who help in the total sales and revenue collection process. Apart from that, the team also adopted the innovation strategy of sale and influencing the buying behavior of the customers with attractive models.

• Stock percentages of the VERAGILE: The stock percentages of the VERAGILE teams are very low. The team has 4000 numbers of the car of the Gamma model in their stock, in order to maintain proper cash flow the team avoids the maximum percent of in stocks items (training simulations.co.uk, 2019). The team of VERAGILE aimed to produce the product according to the market’s demands rather than keeping in stock.
• Market Shares of VERAGILE: The VERAGILE’s team has only 4.46 percent in the European Share Markets. The performers of the team in the share markets of Europe are very low and weak (Chatfield et al, 2018). The low shares in the European Shares Markets of the team VERAGILE can become a threat in the competition areas and performance areas.

3.2 Reflection on marketing management

The marketing operations of the VERAGILE directly influence the performances and revenue collections of the company. The marketing operations strategy of the VERAGILE is based on the learning outcomes in the Executive Business Simulations classes on European Car Market.

The different operations which have been analyzed in the marketing of the VERAGILE team included the market survey, analysis of the threats in the markets, analysis of competitors, new and innovative marketing strategy. The survey of the existing product in the market from different brands and companies can help the team to understand the situation of the European Market (Mizrahi and Minchuk, 2017).

However, analysis of the leading competitor can help in understanding the level of competition and in taking advantage of the advance competitive opportunities in the marketing process. In addition, designing and preparation of new and innovative marketing strategies have contributed to the process of achieving great success in the marketing areas.

Figure 2: Illustration of the results of the marketing operations of VERAGILE

(Sources: executive. training simulations.co.uk, 2019)

The following are the major marketing strategy of the VERAGILE which have been used in the marketing operations of the company:

Mix Marketing: The team adopted the mix marketing strategy for the different operations areas of the European Car Market. The mix marketing strategy of the VERAGILE groups focuses on the different factors such as the price, product, and quality of the product (Repetti, 2016).

The mix marketing strategy implemented by the team of VERAGILE had helped the company in achieving the goals of marketing operations. In addition, the mix marketing strategy of marketing operations also helps the team in their promotions process. The company had adopted innovative promotions techniques that can target the maximum numbers of global customers (Palomba, 2018).

Competitive Advantages: The strategy of the competitive advantages of the VERAGILE teams had played a great role in the attributes of the competitors outperforms. It helps the team to understand the consequences and techniques of the marketing competitions in different functional areas of the European Markets (Blöchl et al, 2017).

BCG Matrix: The BCG Matrix strategy of the VERAGILE also helps in the marketing operations of the company in different functional areas. The BCG Matrix helps the team in making their long term strategic planning of the marketing (Hrle et al, 2019).

Distribution Strategy: VERAGILE team had adopted the distribution strategy in order to the marketing operational process of the European Car Market. The distribution of the cars of different models including the Alpha, Gamma, and Beta model in different showrooms and warehouses of the European Countries had contributed to the sales percentages.

The distribution strategy is one of the most appropriate strategies for the car manufacturing industries because it helps VERAGILE in providing quick delivery in different locations of Europe (Forge et al, 2018).

3.3   Reflection on human resource management

The human resources management strategy of the VERAGILE team is based on the standards of the European Car Market. The team had to adopt new and innovative technology and process for managing the human resources of the team (Kawamata et al, 2016). The major focus areas of the human resource management of the VERAGILE are the quality and standards of the employees and staff performance in the production areas.

The research and development team of VERAGILE had designed two projects ‘Project Relaunch Facelift’ and ‘Anti-Theft Tracking’ in order to manage their human resources (Runde et al, 2018). The strategy of the human resources management of the VERAGILE is the following:

• Human Resource management software: The VERAGILE team had implemented different innovative software in order to manage their human resources. The different HRM software adopted in the company greatly contributed to the success of the team in the sales and marketing areas (Amano et al, 2019). The software which is used in the process of managing the human resources of the VERAGILE is the Workday HCM and CoreHR.
• Employees’ health and safety strategy: VERAGILE has focused on the health and safety issues of the employees and staff in the workplace. The team had prepared different works and safety guidelines for the employees in the production areas of the VERAGILE. The employee’s safety is the most important component of the Human Resources Management process of the car manufacturing companies (Konishi et al, 2019).
• Employees’ job security: The job security of the employees of VERAGILE is one of the important strategies of Human resources management. The security of the job of the employees contributed to the behaviors and efforts of the employees towards the company and their works (Kikuchi et al, 2016).
• Recruitment process: The VERAGILE team had adopted the practice and theory requirement process for recruiting new employees for different functional areas. The recruitment process of VERAGILE ensures the skills and quality performances of the employees which contributed to the human resources management process (Hong et al, 2016).
• Training programs: The human resource management team of VERAGILE has designed the frameworks to provide training to the employees regarding safety and health in the workplace. At the time of the game, VERAGILE provides training regarding driving and safety to the driver and other members of the team. However, training of the innovative techniques and new technology regarding the models are given to the employees and staff on a regular basis.
• Self-development opportunities: The human resources management programs and the process of the team VERAGILE focus on providing self-development opportunities to the employees and staff. According to Inoue and Hosaka (2018), self-development opportunities are mostly focused to improve the performances of the employees during the game periods.

3.4   Reflection on operation management

• The operations management strategies and process of the VERAGILE has been prepared on the basis of the game types and competitions. The operations management process controls the supply chain system and the production process of the team VERAGILE (Deepak and Jeyakumar, 2019). The operations management strategy of the VERAGILE focus on the following functions and actions areas:

Planning of Games strategy:

• VERAGILE always focus on achieving success in competing with the competitor team during the game periods. In order to ensure good performances in the game durations, VERAGILE provides training programs to the staff and employees (Wierenga et al, 2017). In addition, the team also provides practice sessions in the different functional areas in order to win in the game of the European Car Market.

Organizing the gaming environment:

• Through the organizing strategy of the VERAGILE team, the team tries to improve its performances in the European Car Market. The organizing process of the VERAGILE included the management of cars for games, drivers, budgets, and equipment (Zimmerman and Blythe, 2017). VERAGILE selects their best creations and models for the games, the proper training of safety and security issues are provided to the drivers and players. The managing and organizing of the budgets for the game periods is one of the most important functions of the operation management team of VERAGILE.

Coordination with the stakeholders:

• Coordination and negotiations with internal and external stakeholders of the VERAGILE are one of the most important roles in Operation management. The coordination with the stakeholders is necessary for getting sponsors for the games and promotion for the different models of VERAGILE. According to Di Benedetto and Lindgreen, (2018) the internal and stakeholders of the team of VERAGILE contributed to the growth and development of the innovative model and new technology in the company.

Controlling the different functional areas:

• The operation management of the team of VERAGILE is based on the learning outcome of the Executive Business Simulation classes. The main focus areas of the operations management are control over all the functional areas and solve the challenges and problems of the team VERAGILE (Kleinaltenkamp et al, 2016). 

4. Conclusion

From the above analysis, it can be concluded that the strategic competitive management required innovative strategies and approaches to achieve great success. The analysis of the three important objectives of the projects has explained the main goals of the project.

The first objective of the VERAGILE team is to provide an innovative model for global customers. The second objective of the project of VERAGILE is the improved profitability and reliability of the company. The third objective is the improvement of market sustainability in the European Share Markets.

The objectives of the project of the VERAGILE team focus on the development and growth of the company. The discussion of the company performances and critical reflection of the VERAGILE can help in the understanding of the internal and external structures of the company. However, it also helps to understand the leadership style and decision-making process used during the game periods in the VERAGILE team.

5. Team performance

5.1 Critical evaluation of team performance

The team acts as the main pillar of any organization that helps to achieve the mission or the incredible results for the organization. It can be observed that if the team does not work efficiently, it may cause severe unnecessary disruption and results in failure in delivery.

As a result of this, the organization may experience strategic failure in their performance. Therefore, as influenced by Deepak and Jeyakumar, (2019), it is very much important to evaluate team performance so that it can put a positive impact on the productivity of the organization. For example, it can be observed that the team VERAGILE has launched the three models in order to start a game simulation.

The company has produced 44000 numbers of Alpha models, 69880 numbers of Beta models and 60000numbers of Gamma models. Among these models, it can be observed that the Alpha and Beta model has sold completely but 57288 numbers of the Gamma model have been only sold (executive.training simulations.co.uk, 2019).

This represents that there must be some problems regarding team performance in the case of the Gamma model. Along with this, it can also be seen that the company has experienced a loss of £ 1650.10 in the year. Therefore it can be clearly observed that the team performance in the work is not effective and thus it affects the entire sell off the organization.

Therefore, the company needs to work more in its team performance in order to improve their status and to achieve profit. From the view of Kleinaltenkamp et al, (2016), the company can provide training to its employees on how to improve the function or how to incorporate new technologies into function. This will help the company to improve its position by improving their productivity.

The company can provide training to its employees on different software that are required to incorporate in the simulation game system. The performance of the employees will be thoroughly evaluated and thus they will be motivated to work properly in a team.

5.2 Personal reflection on the team

The role of the team of VERAGILE in the different functional areas has been influenced and affected by multiple factors. The factors which influence the team performances are both internal and external. The internal factors which influence the team performances are the employee’s skills, team relationships, and decision-making process of the VERAGILE time.

On the other hand, the external factors that affect the team performances of VERAGILE are the marketing conditions, stakeholders’ decisions, investors’ performances and the cash flow (executive.training simulations.co.uk, 2019). The role of team performance of the different models of the VERAGILE greatly influenced the performances of the team in the European Car Markets. The major performs areas of the team of VERAGILE are the following:

Performances in the Production areas: The three-team Alpha, Beta, and Gamma model provided different performances in the production areas of the company. The production of the company is influenced by the supply of raw materials, demand of the customers, the availability of skilled workers and designed.

Performances in the Gaming Zones: In the gaming zones and gaming round Gamma groups give the best performance. The performances in the gaming zones of three teams of VERAGILE have been influenced by the different internal and external factors. The practices and skills are one of the most important factors which affect the performance of the different teams during the games in the European Car Markets.

Performances in the European Car Markets: The performance of the three model team of VERAGIEL in the European Car Markets is induced by the production and performances in the game. The customers of the European Car Markets prefer to buy the models which have given the best performance in the game periods. The best performances in the European Car Markets are given by the team of the Beta model.

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