simulation 1.edited

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Business simulation evaluation and reflective 1 Business simulation evaluation and reflective Student Name Instructors Name Course Assignment Due Date

Business simulation evaluation and reflective 2 Executive summary This report offers a comprehensive evaluation and reflective analysis of the experience gained through participation in the Marketplace simulation activity conducted within the framework of a dynamic business environment. The simulation centred on the strategic decision- making processes for Travelon LTD, a fictitious company venturing into the competitive carbon fibre bike market. This report aims to provide a structured overview of the decision-making dynamics, the application of strategic models, and the invaluable lessons derived from the immersive simulation exercise. Throughout the simulation, I had the opportunity to navigate the intricate landscape of business strategy, market dynamics, and competitive positioning. This hands-on experience facilitated a deep understanding of the complexities of launching and managing a new product line in a rapidly evolving market. The decision-making process was characterized by continuous adaptation to changing market conditions, competitor actions, and customer preferences. A notable aspect of the simulation was the application of strategic models such as Porter's Five Forces and Ansoff's Matrix. These models guided the formulation of Travelon LTD's market entry strategy and subsequent decisions across various quarters. The results of these strategic choices and their alignment with the competitive landscape yielded valuable insights into market positioning and profitability. The reflective analysis embedded within this report encapsulates the multifaceted experiences and outcomes of the Marketplace simulation, offering a platform to learn from successes and challenges encountered in this dynamic business context. Table of Contents Business simulation evaluation and reflective ..................................................................................... 4

Business simulation evaluation and reflective 3 Introduction ....................................................................................................................................... 4 Quarter 1: Organize the division .......................................................................................................... 4 Personal Goals ................................................................................................................................... 4 Marketing - Buying Initial Market Research .................................................................................. 5 Quarter 2: Set up shop .......................................................................................................................... 5 Goals and Strategy ............................................................................................................................. 5 Sales Channel - Open Stores ............................................................................................................. 6 Quarter 3: Go to test market ................................................................................................................ 6 Goals and Strategy ............................................................................................................................. 6 Marketing ........................................................................................................................................... 7 Quarter 4: Skillfully adjust strategy .................................................................................................... 8 Goals and Strategy ............................................................................................................................. 8 Adjustments: ...................................................................................................................................... 8 Quarter 5: Invest in the Future ............................................................................................................ 9 Invest in Research and Development (R&D) ................................................................................... 9 Regional Media Advertising ............................................................................................................ 10 Paid Internet Marketing ................................................................................................................. 10 Seasonal Considerations .................................................................................................................. 10 Quarter 6: Expand the market by offering ........................................................................................ 11 Introduction of New Brands ........................................................................................................... 11 Investment in R&D and New Sales Outlets ................................................................................... 11 Quarter 7: Refine the marketing strategy .......................................................................................... 12 Refining the Marketing Strategy .................................................................................................... 12 Incentives and Training Programs ................................................................................................. 12 Leveraging Economic Trends .......................................................................................................... 12 Quarter 8: Push to close out the year ................................................................................................. 13 Capitalizing on Prior Investments .................................................................................................. 13 Analyzing Market Performance ..................................................................................................... 13 Reference .............................................................................................................................................. 14 Business simulation evaluation and reflective Introduction

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Business simulation evaluation and reflective 4 The virtual business simulation exercise revolved around establishing a market presence for carbon fibre bikes. The simulation entailed several vital decisions, ranging from market research to strategic adjustments, mirroring businesses' real-world challenges. The decisions were aligned with the given market conditions, competitor activities, and internal capabilities. Quarter 1: Organize the division The company was named "Travelon LTD," reflecting the vision of enabling people to embark on exciting journeys with high-quality carbon fibre bikes—the choice of the company name aimed to resonate with the brand image and customer aspirations. Establishing explicit team norms was crucial to ensure effective teamwork and decision-making processes. These norms were meticulously designed to foster a collaborative environment and set expectations for the team members (Alkaabi, 2022). Key norms included starting and ending meetings on time, preparing for meetings, following an agenda, respecting time allocations for discussions, brainstorming solutions before critique, ensuring active listening, maintaining confidentiality, and providing and receiving honest feedback. These norms were essential to create a productive team dynamic that encouraged open communication and shared decision-making. Personal Goals The team's personal goals were oriented toward driving the company's success in the market. The emphasis on winning and becoming the best competitor highlighted the team's competitive spirit and determination. I was having fun underlined the importance of a positive work environment to enhance motivation and creativity (Chen et al., 2023). Developing teamwork skills and brand management skills were identified as vital objectives, aligning with the broader mission of Travelon LTD in building a successful brand.

Business simulation evaluation and reflective 5 Marketing - Buying Initial Market Research One of the critical decisions in the first quarter was the purchase of initial market research. This decision was based on recognizing that a deep understanding of the market and potential customers was essential for effective market entry—the market research aimed to provide insights into customer preferences, market size, and potential competitors. The decision to invest in comprehensive market research was aligned with the strategy of making informed and data-driven decisions (Huang et al., 2023). Quarter 2: Set up shop The second quarter marked a pivotal phase for Travelon LTD as the company delved deeper into the market by analyzing the acquired market research data and setting up sales outlets. This period involved strategic decision-making and tactical execution to establish a strong carbon fibre bike market presence. Here is a comprehensive account of the decisions and their rationale: Goals and Strategy Travelon LTD identified five target market segments: Recreation, Mountain, Youth, Work, and Speed. This segmentation strategy allowed the company to cater to diverse customer needs and preferences, enhancing its market reach. The choice to focus on large, highly competitive segments demonstrated the company's ambition to capture substantial market share. Simultaneously, it emphasised smaller, less costly geographic markets to optimize distribution efficiency and reduce operational costs (Mak and McCurdy, 2019). Building a market position and defending it indicated a commitment to long-term success. Furthermore, the strategy aimed

Business simulation evaluation and reflective 6 to be a fast follower of smart competitive moves and potentially leverage being the low-price provider, depending on market dynamics. Sales Channel - Open Stores In line with the chosen target segments and strategy, Travelon LTD strategically moved to open stores in key locations, specifically Amsterdam and New York City. Several factors drove this decision. First, it allowed the company to establish a physical presence in European and North American markets, catering to the NORAM and EUROPE regions. Opening stores in Amsterdam and New York City was a calculated move to gain access to high-traffic areas and maximize visibility. The total store cost of $146,000 for the Amsterdam location was a significant investment, reflecting the company's commitment to creating an appealing retail environment and providing quality customer experiences. By opening these stores, Travelon LTD aimed to offer a hands-on shopping experience to potential customers and position itself as a serious player in the market. Quarter 3: Go to test market Goals and Strategy Quarter 3 saw Travelon LTD making refinements to its goals and strategies. The company continued to target four market segments: Recreation, Mountain, Work, and Speed. This strategic focus ensured that the company would address a variety of customer preferences and needs. However, the strategic directions evolved significantly. Travelon LTD shifted its focus from large, highly competitive segments to smaller, high-margin segments. This adjustment indicated a calculated move to capture segments with the potential for better profitability (Saptadi et al., 2019). Smaller segments often present opportunities for higher margins due to reduced competition and more specialized customer demands.

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Business simulation evaluation and reflective 7 The strategy also emphasized geographic markets that minimize distribution costs. This shift reflected Travelon LTD's commitment to optimizing operational efficiency and reducing costs. The geographical aspect was carefully considered, as efficient distribution could significantly impact the bottom line. Additionally, the company aimed to establish a market position and defend it. This strategic direction highlighted the importance of building brand loyalty and ensuring a strong foothold in the chosen segments. The intent to be a technology leader and a high-service provider underscored a commitment to innovation and customer satisfaction. Marketing  Modify Brand: In this quarter, Travelon LTD decided not to introduce new or modified brands. This decision aligned with the strategy to focus on smaller, high-margin segments. Rather than diversifying brands at this stage, the company concentrated on fine-tuning its existing offerings and targeting them effectively.  Price and Priority: The Company sets retail prices for its brands, price rebates, sales priorities, and point-of-purchase displays. Pricing is a critical element in a competitive market, and Travelon LTD's decisions would impact its market positioning and profitability. By setting priorities, the company aimed to allocate resources and attention based on the perceived importance of each brand.  Buy Market Research: Travelon LTD invested in purchasing additional market research for the LATAM (Latin America) and MEA (Middle East and Africa) regions. This decision was aligned with the strategy of expanding into geographically favourable markets while seeking a technology leadership position. The data from this research would inform the company's future decisions and expansion plans.

Business simulation evaluation and reflective 8 Quarter 4: Skillfully adjust strategy Goals and Strategy In Quarter 4, Travelon LTD continued targeting the Work and Recreation segments, which were deemed large and highly competitive. While the primary focus remained on these segments, the company introduced refinements in its strategic approach to enhance its market position and competitive edge. The strategy emphasized focusing on smaller, less costly geographic markets. This shift made a conscious effort to optimize distribution costs and improve efficiency. By minimizing geographic market size, Travelon LTD aimed to ensure that resources were directed more effectively and that the cost structure remained competitive. Furthermore, the company maintained its objective to build and defend a market position. It consistently maintained brand loyalty and secured a solid foothold in the targeted segments. The strategy retained the principle of being a fast follower, which meant that Travelon LTD would adapt and react promptly to smart competitive moves made by other players in the market. This approach highlighted the importance of agility and the ability to respond to market dynamics effectively (Waleed et al., 2021). Finally, the company continued to pursue its goal of being the low-price provider in the market. This strategic direction indicated Travelon LTD's commitment to offering competitive prices to attract price-sensitive customers. Adjustments: The decisions made in Quarter 4 were primarily about making adjustments based on the test market results. These adjustments were reflected in the following areas:  Brand Design: Travelon LTD reviewed and potentially modified its brand designs to better align with customer preferences and market feedback. Adjusting the brand design was essential to enhance brand appeal and effectively meet customer expectations.

Business simulation evaluation and reflective 9  Pricing: The Company revisited its pricing strategy. The adjustments aimed to position the brands more competitively in the market and capture a larger share of the customer base. Pricing decisions were crucial to improving market share and profitability.  Advertising: Adjustments were made in advertising strategies to ensure they resonated with the target audience and effectively communicated the brand's value proposition. Effective advertising could significantly impact brand awareness and customer engagement.  Personnel: Personnel strategies were likely adjusted based on performance and market feedback. It could involve hiring, training, or reassigning personnel to improve customer service and sales efforts. Quarter 5: Invest in the future Quarter 5 marked a significant turning point for Travelon LTD as the company received a substantial investment for future growth. With a positive outlook and the infusion of 2,000,000 from Corporate Headquarters, the company had the opportunity to make strategic decisions that would shape its growth and profitability in the coming quarters. The decisions made in this quarter were focused on expansion and long-term sustainability. Invest in Research and Development (R&D) One of the critical decisions involved investing in R&D to develop new brand features. These new features were specifically designed to cater to the needs and desires of one or more market segments. The goal was to enhance the brand's appeal and significantly expand market demand. Investing in R&D signified Travelon LTD's commitment to innovation and staying ahead of customer expectations.

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Business simulation evaluation and reflective 10 Regional Media Advertising Travelon LTD decided to allocate resources to regional media advertising. Regional media was recognized as an effective channel for reaching the target audience. While more expensive than other advertising options, it presented the advantage of targeting specific geographic areas with a high concentration of potential customers. Investing in regional media advertising was a strategic move to increase brand visibility and customer engagement. Paid Internet Marketing In addition to regional media advertising, the company started using paid Internet marketing, specifically paid search engine marketing. Paid Internet marketing was a potentially highly effective and efficient communication method with the target audience. However, it was contingent on establishing the firm's identity through local media and organic web marketing. This decision was aligned with the evolving digital landscape and the need to connect with customers online. Seasonal Considerations The decisions also took into account the season of the year. Travelon LTD recognized that some seasons were more conducive to customer willingness to buy. Quarter 5 was typically slower than average in the northern hemisphere but better than in the southern hemisphere. These seasonal nuances were important for optimizing marketing efforts and resource allocation. Quarter 6: Expand the market offering

Business simulation evaluation and reflective 11 Quarter 6 was a pivotal period for Travelon LTD, marked by a strategic focus on expanding the market offering. The decisions made during this quarter were instrumental in enhancing the company's market position and readiness to meet future demands. Introduction of New Brands The primary focus of Quarter 6 was introducing new brands developed through extensive research and development (R&D) efforts. This strategic move aimed to diversify the product portfolio and cater to the evolving needs and preferences of the target segments. Travelon LTD recognized that innovation was crucial to staying competitive and meeting customer expectations. By introducing new brands, the company aimed to capture the attention of a broader customer base. Investment in R&D and New Sales Outlets In addition to launching new brands, Travelon LTD invested in more R&D and new sales outlets. These investments were made with an eye on future growth and market expansion. The R&D efforts were focused on developing advanced features that could set the company apart from competitors. Simultaneously, the decision to open new sales outlets aimed at expanding the company's geographical reach and increasing accessibility to customers. These strategic choices positioned Travelon LTD for a more robust market presence in the upcoming quarter. Quarter 7: Refine the marketing strategy Quarter 7 marked a critical phase for Travelon LTD as it refined its marketing strategy, primarily focusing on the Recreation and Youth segments. The strategic choices during this period were driven by the company's commitment to achieving profitability and maintaining a competitive edge in the market.

Business simulation evaluation and reflective 12 Refining the Marketing Strategy In Quarter 7, Travelon LTD concentrated on large, highly competitive segments. The company recognized the importance of defending its established market positions and remaining a low-cost provider. These strategic directions were consistent with Ansoff's Matrix, which emphasizes the significance of market penetration through existing products in existing markets. By refining the strategy for the Recreation and Youth segments, Travelon LTD aimed to maximize its reach and customer base within these well-defined categories. Incentives and Training Programs Travelon LTD introduced incentives and training programs to enhance sales and service personnel's performance. The decision to offer cash bonuses and gifts aimed to motivate the sales team to promote individual brands effectively. Special training programs, demonstration kits, and company-wide sales contests were also introduced to empower staff and equip them with the knowledge and tools necessary to excel in their roles. These initiatives were designed to foster a culture of excellence within the organization and ensure that the sales and service teams were well-prepared to meet the market's demands. Leveraging Economic Trends The timing of Quarter 7, which was economically favourable in both the northern and southern hemispheres, presented Travelon LTD with a unique opportunity to capitalize on market conditions. The company recognized the importance of maximizing its performance during this quarter, considering the upcoming season's potential impact on bike purchasing behaviour. Quarter 8: Push to close out the year

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Business simulation evaluation and reflective 13 Quarter 8 represented a pivotal moment for Travelon LTD, marking the year's final quarter and offering the company the opportunity to close out the year on a high note. This quarter was characterized by a concerted effort to refine marketing tactics and leverage prior investments to maximize revenue and profitability. Capitalizing on Prior Investments Travelon LTD made substantial investments throughout the year, focusing on research and development, introducing new brands, regional media advertising, paid Internet marketing, and expanding its sales outlets. The groundwork laid in previous quarters was essential to ensure the company was well-prepared to capitalize on these investments. Analyzing Market Performance To make informed decisions in Quarter 8, the company began by scrutinizing its performance in the previous quarter. Competitor actions were closely observed to gauge their impact on the competitive landscape. Understanding whether competitors had grown stronger or weaker allowed Travelon LTD to adjust its strategies accordingly. The Push for Year-End Success Quarter 8 represented a crucial juncture in achieving year-end success. Travelon LTD was well-positioned to generate substantial sales and profitability. However, it required a well- executed strategy to capitalize on the opportunities presented by this quarter, which was often one of the best in terms of sales. In this final quarter, Travelon LTD focused on meticulous execution, strategic agility, and responsiveness to market dynamics. The company was poised to make the most of its prior investments and steer its marketing tactics towards delivering exceptional results. Quarter 8 was the culmination of a year-long journey. Travelon LTD was

Business simulation evaluation and reflective 14 determined to close it on a solid note, reinforcing its market position and striving for financial success. Reference Alkaabi, K., 2022. Applying the Innovative Approach of Employing a Business Simulation Game and Prototype Developing Platform in an Online Flipped Classroom of an Entrepreneurial Summer Course: A Case Study of UAEU. Education Sciences , 13 (1), p.13. https://doi.org/10.3390/educsci13010013 Chen, H., Zhu, Y., Du, X., Yan, H. and Fu, G., 2023. Identification and Simulation of the Influencing Factors of Private Capital Participation in Urban and Rural Infrastructure

Business simulation evaluation and reflective 15 Transformation Based on System Dynamics. Buildings , 13 (9), p.2327. https://doi.org/10.3390/buildings13092327 Huang, Y.M., Silitonga, L.M., Murti, A.T. and Wu, T.T., 2023. Learner engagement in a business simulation game: impact on higher-order thinking skills. Journal of Educational Computing Research , 61 (1), pp.96-126. https://doi.org/10.1177/07356331221106918 Mak, K. and McCurdy, T.H., 2019. Simulation-based learning using the RIT market simulator and RIT decision cases. Journal of Behavioral and Experimental Finance , 23 , pp.12–22. https://doi.org/10.1016/j.jbef.2019.05.003 Saptadi, S., Sriyanto, S. and Widyasrini, A.R., 2019, June. Individual-based simulation for the diffusion of online marketplace among trade SMEs. In AIP Conference Proceedings (Vol. 2114, No. 1). AIP Publishing. https://link.springer.com/article/10.1007/s00607-020- 00886-7 Waleed, M., Latif, R., Yakubu, B.M., Khan, M.I. and Latif, S., 2021. T-smart: trust model for blockchain-based smart marketplace. Journal of Theoretical and Applied Electronic Commerce Research , 16 (6), pp.2405-2423. https://doi.org/10.3390/jtaer16060132 Yasin, N., Gilani, S.A.M., Contu, D. and Fayaz, M.J., 2022. Simulation-based Learning in Business and Entrepreneurship in Higher Education: A Review of the Games Available. Technology and Entrepreneurship Education: Adopting Creative Digital Approaches to Learning and Teaching , pp.25-51. https://link.springer.com/chapter/10.1007/978-3-030-84292-5_2

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