6-1 Harvard Business Review Simulation and Journal

docx

School

Southern New Hampshire University *

*We aren’t endorsed by this school

Course

400

Subject

Business

Date

Nov 24, 2024

Type

docx

Pages

Uploaded by KidCaribouPerson358

6-1 Harvard Business Review Simulation and Journal 1 6-1 Harvard Business Review Simulation and Journal BUS-400: Driving Business Opportunities Miranda Yarnall Professor Scott Southern New Hampshire University October 4, 2023

6-1 Harvard Business Review Simulation and Journal 2 While running this simulation and making decisions with inclusion and equality in mind, I chose to recruit and diversify specialists to assist with managing the firm. This aided the company’s growth although the move to recruit specialists was not popular with the relatives. I centered on diversity and inclusion which led me to make my second move to form a diverse board of directors. However, this decision was the correct move for the business even though this also didn’t please everyone in the family. This choice to make a strategic move by prioritizing inclusion and diversity in the businesses leadership and management paid off in the long run. The company was ultimately leading to greater success and profitability by embracing different experiences and perspectives. They were able to adapt and innovate to changing market conditions more effectively. Another thing that became critical to the simulations success was the diversification of products. I selected the latter when it came to facing the decision of launching a study and development effort to broaden our product range or to concentrate entirely on making honey. While being an industry frontrunner in the honey sector is fantastic, if the firm wants to grow, it must be able to expand into some other domains, which includes its natural product line. This decision not only allowed the company to reach new customers but also reduced its dependence on a single product, making it more resilient to market fluctuations. Overall, embracing diversity in both its workforce and product offerings proved to be a wise strategy for the company's long-term success. The business has managed to grow worldwide since the decision to diversify was taken. I don't believe there were any areas that needed to be improved upon, keeping in mind the concept of diversity and all the choices made throughout this round. It is important to note that diversity

6-1 Harvard Business Review Simulation and Journal 3 and avoiding nepotism are crucial factors in the success of any business. However, it is also important to acknowledge the limitations of simulations and continue to explore different strategies for future success. Therefore, while the simulator provides a valuable learning experience, it should not be solely relied upon for decision-making in real-life business situations. It is important to combine the knowledge gained from simulations with real-world experience and adaptability to ensure long-term success. Regarding community involvement and charitable projects, we can tell right away that the business is passionate about giving back to the area and has set aside 5% of its annual income for this purpose. This commitment to social responsibility can enhance the company's reputation and improve employee morale, ultimately leading to increased customer loyalty and profitability. However, it is important for the company to also ensure that its charitable efforts align with its overall business strategy and goals. This will help the company to avoid any potential conflicts and ensure that its charitable projects are sustainable in the long run. Additionally, incorporating feedback from stakeholders and regularly evaluating the impact of their charitable efforts can help the company to continuously improve and make a meaningful difference in their community. The corporation was then able to amass additional resources and eventually expand worldwide after going public with the IPO. The beauty collection is an all-natural range with a focus on being more socially and environmentally responsible. By continuing in the honey industry, the natural cosmetics brand will be able to invest more in the study of how to create goods that are more ecologically friendly. This commitment to sustainability and community involvement has not only helped the company to grow, but also to establish a positive reputation among consumers who prioritize ethical and socially responsible business practices. As a result,

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

6-1 Harvard Business Review Simulation and Journal 4 the brand has been able to attract a loyal customer base and differentiate itself from competitors in the crowded cosmetics market. Keeping the honey business was something I believed was a smart idea because it has been essential to financing other components of the company as well. By continuing to contribute a percentage of its income to charity, the business could undoubtedly strengthen its community and social activities. They can also consider developing a grant program for kids in the localities where they do business.

6-1 Harvard Business Review Simulation and Journal

Related Documents