Company managers must make meaningful decisions relating to pricing, workforce compensation, finance, sales, outsourcing, and marketing. They should come up with a competitive strategy in an attempt to create and support their brands in the targeted markets. The Glo-Bus simulation was a rare opportunity for my team to think logically and implement desirable business approaches that mirrored real-world practices. This paper gives a personal reflection of the exercise and how it connected with various class teachings and ideas.
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Management Functions of My Company
The success of my company was possible because several functions were taken seriously throughout the simulation exercise. The ultimate aim was to compete in the virtual market by selling cameras lucratively in the presented geographic regions. These areas included North America, Latin America, Europe-Africa, and Asia-Pacific (Thompson et al. 4). The individuals in my team made timely decisions in an attempt to come up with the best marketing practices and business strategies. The approach resulted in a competitive strategy that would ensure every potential buyer was informed about the nature of the brand. The ultimate aim was to record positive financial performance.
The best-cost strategy was considered by the company to pursue its objectives and compete with the other players in the four regions. This approach focuses on the ability to maximize customers’ value for money (“Financial Ratios Used in Glo-Bus”). This aim was achieved through the use of upscale difference and reduced operational cost. Throughout the marketing process, the best-cost strategy was implemented by reducing prices for every camera.
Some members of the team were required to monitor the strategies employed by different competitors during the exercise. This tactic made it possible for the company to deliver its products at lower prices. Since the cameras had similar features, it would be easier to attract customers and record profits.
The second management function that captured my attention was that of marketing. During the simulation, a marketing model characterized by targeting, segmentation, and positioning was adopted to support the process. This was achieved by identifying the most profitable or attractive regions. The next move was to identify specific segments in every region. Since the products were similar in terms of features and quality, the above strategy was selected to support the marketing process. Some attributes of marketing mix such as prices and promotion were embraced by every member. Appropriate campaigns and advertising approaches would ensure different individuals were informed about the superiority and benefits of the digital cameras.
Results and Mistakes
The results obtained from the simulation indicate clearly that the company managed to market its products in different regions successfully. However, the team was not the best in the industry (“About the GLO-BUS Business Strategy Simulation”). For instance, the G-T-D score was 83. The results of year 12 were not promising since most of the targeted objectives were not realized. The fact that the company did not emerge as the leading player in the industry is a clear indication that several areas such as strategy should be improved. Although the investor expectation (I. E.) was high at 107, the best-in-industry score (B-I-I) was 82 (Developing Winning Strategies).
Several mistakes might have been made during the exercise, thereby affecting the overall performance of the company. To begin with, the decision to focus on marketing processes and business strategies might have disoriented the other management functions. It is also evident that some of the challenges faced by different members were not addressed effectively. Consequently, the company was unable to record positive results. It is worth noting that the group focused on specific regions such as Latin America. Such mistakes, therefore, affected the success, performance, and profitability of the company.
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Doing Things Differently
It would have been necessary to do a number of things differently in order to achieve positive outcomes. For instance, adequate attention should have been given to the major functions of management such as finance, human resources, marketing, and ethics (“Recommended Decision-Making Procedure”). The involvement of every participant in various activities could have improved the company’s performance.
Additionally, a different business strategy could have been considered for the exercise. This is the case because the best-cost strategy did not deliver desirable outcomes. For instance, the use of a differentiation strategy might have made it easier for the marketers to sensitize more customers about the cameras. The approach could have made the company the most competitive and profitable in the industry.
Why Was a Different Strategy Not Pursued?
Before starting the simulation, members of the team agreed that the best-cost strategy was the most appropriate for the firm. The model is usually utilized by firms that want to reduce operational costs and minimize prices for their products (“Glo-Bus Strategy”). The goal was to make sure the targeted digital cameras were marketed at cheaper prices in comparison with those of the other companies. The move would result in increased sales since the products had similar features (“Financial Ratios Used in Glo-Bus”). With this kind of understanding, it was not possible to consider a different strategy to support the company’s goals.
Lessons Gained about Teamwork from the Simulation
The simulation was an amazing experience that equipped me with new ideas and concepts that echoed those learned from class. The practice made it easier for me to understand the importance of teamwork whenever focusing on specific goals. The group was able to identify the targeted objectives and implement appropriate procedures to ensure they were achieved in a timely manner. In order to achieve the best outcomes, duties were shared to ensure every participant focused on various outcomes.
The concept of leadership in business organizations emerged from the exercise. The members of the team took up managerial duties throughout the process. Some of the leadership attributes and abilities acquired during the simulation included effective decision-making, active listening, problem-solving, and mentorship. The individuals were willing to empower one another to achieve every aim.
Teamwork is a powerful practice that makes it easier for employees and leaders to achieve their goals much faster. Whenever working as a group, problems and emerging issues are addressed much faster. I learned the importance of collaborating with one another in an attempt to achieve every objective. Whenever undertaking a given activity, it is necessary to support and guide every teammate. The power of communication emerged as a powerful lesson that can make me successful in the future. Every member of my group was keen to communicate in a civilized manner. The process was supported using effective listening skills.
The practice made it easier for the members of the team to identify the best strategy that could make the company successful. Individuals working as a team can overcome emerging challenges and make sure positive results are realized within the stipulated timeframe.
Meaningful Insights for My Work Environment
The completed simulation echoed most of the functions undertaken in the world of business (Developing Winning Strategies). For example, I understood how to make timely decisions and develop desirable models that can make a given company successful. This knowledge will be used to come up with appropriate strategies that can make my team successful. The game simulation has equipped me with appropriate communication proficiencies that will remain valuable in working environment. This means I will be in a position to liaise with my superiors and come up with decisions that can make the targeted organization successful.
The exercise has made me a good marketer who understands how different strategies and management functions can be embraced to promote performance. I will be on the frontline to use fitting models to market various products to different customers in every targeted region. Teamwork is a concept that will guide me to perform my duties in my work environment. I will use my leadership, communication, decision-making, and problem-solving skills to make my corporation successful. I am also planning to acquire new competencies that will make me successful in the future.
Business leaders must identity apposite initiatives that can make their companies successful. The class simulation indicates that our company did not achieve most of its goals. Nonetheless, the exercise made it easier for me to understand how various models, strategies, and functions can be adopted to maximize business performance. The lessons gained from the class readings and exercises will make it easier for me to establish new teams and succeed in my work environment in the future.
“About the GLO-BUS Business Strategy Simulation.” Glo-Bus. Web.
Developing Winning Strategies. Glo-Bus, 2017. Web.
“Financial Ratios Used in Glo-Bus.” Glo-Bus. Web.
“Glo-Bus Strategy: 3 Basic Mistakes.” YouTube, uploaded by Globus Guide. 2017. Web.
“Recommended Decision-Making Procedure.” Glo-Bus. Web.
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Thompson, Arthur A, et al. “Participant’s Guide.” Glo-Bus. Web.