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edmundo business simulation game personal reflective report

To be used for all types of assessment and provided to students at the start of the module. Information provided should be compatible with the detail contained in the approved module specification although may contain more information for clarity. Module title Strategic Management CRN 39297 Level 6 Assessment title Assignment 2 - Reflective Journal Weighting within module This assessment is worth 50% of the overall module mark. Module Leader/Assessment set by Tracy Dixon T.L.Dixon@salford.ac.uk Submission deadline date and time 3 rd May 2023 by 4pm For coursework assessments only: students with a Reasonable Adjustment Plan (RAP) or Carer Support Plan should check your plan to see if an extension to this submission date has been agreed. How to submit You should submit your assessment electronically via Turnitin on Blackboard. Assessment task details and instructions All generic questions about the assessment should be asked on the Padlet provided on blackboard – generic questions sent to tutors’ email will be directed to put these on the message boards. You are to write a reflective journal based on your 8 weeks experience on the simulation exercise. The simulation runs from Week 3 to week 10 inclusive. This is an individual assessment. Your journal should be a reflection on each of the weeks. You reflection should: i) discuss your team’s strategy for the business as decided in week 3 and if any changes were made to it over the 8 weeks ii) look at the 3 key decisions made, how they were formed, the results of those decisions and how you used this information to make any changes for the future Assessment Information/Brief 2 iii) discuss any strategic tools that you used to form your decisions iv) reflect on where your team came in the final ranking and how it could be improved v) reflect on how you worked as a team. Information on the simulation will be given in week 3’s lecture and there will be a folder on blackboard containing all information on the exercise. Time will be given in each seminar for the group to work on the simulation however you are not limited to only this time, you can access the simulation at any point during the week prior to the 5pm Friday cut off (first week will end 3/2/2023). Results for the performance of the simulation will be available after 5pm each Friday. Guide to reflective writing LINK video on reflective writing LINK Assessment Criteria Task Marks available Word count i) Discussion of team’s strategy 15 270 ii) Reflection on 3 key decisions made 30 540 iii) Use of strategic tools 15 270 iv) Reflection on final position and improvements that could be made 20 360 v) Discussion of teamwork 10 180 vi) Presentation, demonstrates critical analysis, wider reading and range of academic sources, referencing 10 180 Sub total: 100 marks 1800 words Percentage Mark Level of Performance (based on mark awarded): 90-100 Outstanding 80-89 Excellent 70-79 Very Good 60-69 Good 50-59 Fair 40-49 Adequate 30-39 Unsatisfactory 20-29 Poor 10-19 Very Poor 0-9 Extremely Poor Assessment Information/Brief 3 Also refer to the detailed Level 6 grade descriptors available on the module’s Blackboard and the rubric. Knowledge and Understanding Practical, Professional or Subject Specific Skills Assessed intended learning outcomes On successful completion of this assessment, you will be able to: 1. Demonstrate coherent and detailed knowledge and understanding of strategic management within a global and sustainable context. 3. Identify strategic problems and issues facing a range of organizational types and situations 5. Engage in debate about strategy and communicate information, ideas, problems and solutions effectively from a theoretical and a 6. Research, analyse and interpret qualitative and quantitative data from a wide range of sources. 7. Consolidate cognitive skills in critical analysis and evaluation Employability Skills developed / demonstrated Communication YES Critical Thinking and Problem Solving YES Data Literacy NO Digital Literacy YES Industry Awareness YES Innovation and Creativity YES Proactive Leadership YES Reflection and Life-Long Learning YES Self-management and Organisation YES Team Working YES Word count/ duration (if applicable) Your assessment should be…... 1800 words +/- 10% in length, penalties may be applied for exceeding the word count. Your word count does not include any charts, diagrams, images or the bibliography. Feedback arrangements You can expect to receive feedback within 15 working days of submission. Assessment drafts cannot be looked at by lecturers, students have use of Smarthinking. Academic Integrity and Referencing Students are expected to learn and demonstrate skills associated with good academic conduct (academic integrity). Good academic conduct includes the use of clear and correct referencing of source materials. Here is a link to where you can find out more about the skills which students need: Assessment Information/Brief 4 Academic integrity & referencing Referencing Academic Misconduct is an action which may give you an unfair advantage in your academic work. This includes plagiarism, asking someone else to write your assessment for you or taking notes into an exam. The University takes all forms of academic misconduct seriously. Assessment Information and Support Support for this Assessment You can obtain support for this assessment using the Padlet link in the assessment folder. All questions on the assessment will be answered here so everyone can benefit, as well as it being consistent. Smarthinking can be used for help with academic writing. Office hours are available see blackboard for details. You can find more information about understanding your assessment brief and assessment tips for success here. Assessment Rules and Processes You can find information about assessment rules and processes in Blackboard in the Assessment Support module. Develop your Academic and Digital Skills Find resources to help you develop your skills here. Concerns about Studies or Progress If you have any concerns about your studies, contact your Academic Progress Review Tutor/Personal Tutor or your Student Progression Administrator (SPA). askUS Services The University offers a range of support services for students through askUS including Disability and Learner Support, Wellbeing and Counselling Services. Personal Mitigating Circumstances (PMCs) If personal mitigating circumstances (e.g. illness or other personal circumstances) may have affected your ability to complete this assessment, you can find more information about the Personal Mitigating Circumstances Procedure here. Independent advice is available from the Students’ Union Advice Centre about this process. Click here for an appointment to speak to an adviser or email advicecentre-ussu@salford.ac.uk. In Year Retrieval Scheme Your assessment is not eligible for in year retrieval. If you are eligible for this scheme, you will be contacted shortly after the feedback deadline. Assessment Information/Brief 5 You can find more information about this scheme in Blackboard in the Assessment Support module. Reassessment If you fail your assessment, and are eligible for reassessment, you will need to resubmit on or before TBC. For students with accepted personal mitigating circumstances for absence/non submission, this will be your replacement assessment attempt. The assessment will be changed for the reassessment. We know that having to undergo a reassessment can be challenging however support is available. Have a look at all the sources of support outlined earlier in this brief and refer to the Personal Effectiveness resources



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03-05-23 | 11:02:01

Quustion1: Team strategy
We chose a hybrid strategy combining cost leadership, product leadership, and customer intimacy. The cost leadership strategy aims at cutting down costs as much as possible and passing the benefits of the low cost to the customers. On the other hand product leadership focuses on providing the highest quality shoes to the market. In this strategy, innovation is the key. In most cases, this strategy targets customers that want the highest quality shoes and are willing to pay a premium price for them. Customer intimacy focuses on establishing a strong relationship between the customer and the brand. Relationships are essential in establishing customer loyalty. Customer wants to feel appreciated and made to be essential as key contributors to important decisions about the products the company sell to them (Freedman, 2023). We understood that offering competitive prices for a differentiated product as well as ensuring that our brand connects with customers would give us a unique competitive advantage. For instance, customers would likely choose a product that is slightly higher in price but has additional important features rather than cheap basic sneakers with inferior qualities. Although there were many challenges in our game, especially extreme competition, we maintained the same strategy throughout the game. That is why in R&D, we did not focus only on one research project. Rather we had goals of reducing the cost (allocated 25% of the time), increasing reliability (5%), research to unlock stars (50%), and innovation research (20%). We aimed to be robust so that we could unlock the potential of different market segments and enjoy and use it to our advantage which was to maximize our profits.
Question 2: 3 key decisions made
Strategy selection
The main decision we made was to focus on all three segments. Competition is based on price, quality, and customer relationship. This means we could not get the best of any market I.e. it would be quite difficult to meet the exact need of any market compared to a company that specifically focuses on one. The result was that we had significant demand in each segment. For example, in the year 2030, we had a market share of 4.84% in the price segment, 11.60% in the quality segment, and 18.88% in the customer relationship market. When we look in detail at the price market, we most lost points in “height of your price” since the score was *0.5. This was so since the price market segment, customers are looking for the most competitive price in the market. The fact that we pursued other markets that are quality-oriented, it would not make sense if we had the cheapest price. The reason for this is that it takes money to source quality products and that cost must be passed down to the customer for the company to earn a decent profit (Imkamp, 2018). In the quality segment, the key area of focus on the result was intensive distribution and quality. In these two core metrics, we earned less than 1 in multipliers. Therefore, we lost points. In the customer relationship market, we lost points due to intensive distribution and too old models available.
Based on the information above, it is clear the price market is not suitable for our company going forward. Despite using a hybrid of the three strategies mentioned above, it is important to focus on quality and customer relationships since they are the ones generating the most points for the company. Besides, it is important to change the marketing strategy from intensive distribution to something else like selective distribution. Since this distribution strategy favors quality-oriented products. This will work well especially when we shift from focusing on competing based on price to competing based on quality and customer relationship. Another thing that must be done in the future is to improve spending on R&D and mostly focus on quality. This would greatly assist in improving points associated with the quality of the products.
Hiring management and assigning roles
Early in the game, we hired two managers with vast experience in marketing and customer relations respectively. We also assigned their key roles to them including “large clients”, marketing, and kids’ sneakers markets. Making large clients feel valued and appreciated is very important since they represent an important market for the business. Despite that marketing is very important in ensuring that we reach and attract large segments to max up our profits. Finally, we are not yet offering our products in the kid’s sneakers market. Getting a detailed analysis of this market is a very important means of understanding its dynamic before venturing. Regardless of the market segment where we sold our products, we had over *1 in management core score multipliers. This was so since our management focused on big clients, paid specific attention to increasing demand, and focused on marketing effectiveness. This information will be necessary for making changes in management in the future. We would likely try to evaluate new management based on the past management performance and their commitment which is evident in the results.
Purchasing
We selected sneaker suppliers with a lead time of 1 week for both men’s and women’s products. Our choice was based on the need for immediate delivery. This would ensure we reduce the need for excess inventory. We also set our minimum order limit at 500. We could also restock our warehouse to a level of 1500. We also set up orders to be done throughout the year and only in a situation when our order limit is met. Besides that, we selected suppliers with at least 5 stars when it comes to reliability since we were looking for the highest quality sneakers. The key result was that we did not order enough to meet demand before the next order. In the future, it is important to increase order quantity so that we could avoid stocking out since when we stock out we lose sales and profit.
Question 3: Strategic tools
SWOT
SWOT is an essential tool that can be used to identify weaknesses, threats, opportunities, and strengths of the business. We mostly used swot to identify our business’ internal and external factors (Kenton, 2023). For instance, based on opportunities, the swot indicated that it is important to develop unique collaboration to improve brand visibility, use trend analysis to develop innovative design and utilize social media marketing to reach new customers. That is why we spent at least 5000 on social media marketing. SWOT also made us understand our strengths. For example, through SWOT we knew that we have a strong brand identity, a vast selection of sizes and styles, strong customer service, and strong relationships with suppliers. Going forward we will always strive to meet, maintain and improve our strength for unique advantages. Strength is what sets us apart from competition and when utilized well it can be a source of great competitive advantage. Still on SWOT, we underwood that, we have competitors with established brands and it was a major threat. Besides that, the low-price competition was also a major threat. Online retailers were also a major. We also received bad reviews on social media. To manage these threats, it is important for us to identify our brand with quality since it is the only segment that is not a big threat at the moment. We also have to improve the quality to avoid customer dissatisfaction. Finally, through SWOT, we identify some of our weaknesses. They include a limited budget for marketing, high production costs, high overheads, and reliance on third-party vendors. These weaknesses are the reason the company has been making losses. To manage these weaknesses, it is important to change suppliers to cut down costs. It is also important to increase warehouse space and reduce reliance on immediate delivery since it is expensive.
Question 4: Reflection on the final position
We are in position 5 with 1847.916 points. The best-performing team-Shoepreme has 4843.012 points. We did not do so well considering the first team had almost three times our points. Going into detail, we failed to score well first because of the strategy we selected. It seems having a little of everything is not good enough in this simulation. The reason for this is that the company that selected price leadership always had the largest market share throughout the game. With a large market share, the likelihood of earning a decent profit is also high.

What if we focused only on quality or customer relationships and offered products in all markets i.e. men, women, and kids? I believe that we would have had a much better score than what we had at the end of the game. The reason for this is that we only enjoyed less than 5% market share when it comes to the price segment and over 11% when it comes to quality and customer relationships. Customer relationship was by far the best performing with over 18% share. Therefore, being specific should have been pir goal from the start.
Our major weakness was going for the best available on everything. For example, we selected the most reliable distributor who could deliver shoes immediately. This was very expensive compared to other distributors available. If we had a good planning strategy, it means we could increase order quantity, thus enjoy a huge lead time in supplies and thus enjoy cheap distribution costs. If we focused on quality only, we would direct resources to one area. This would be significant in maximizing our sales. It would also assist the market to understand what type of a company we were very early and thus we would easily establish customer loyalty (market segmentation, 2022). The kids’ shoe market was mostly underutilized. Competition in that market was very low. As of the year 2030, only one company offered products in the kid’s market. That is an opportunity that we should have spotted earlier and ventured into. With little competition, we could easily earn decent profit in that market especially since customers never had many choices.
Question 5: Reflection on the team
The fact that we mostly met online for this work, it was quite difficult to have everyone on board at a specific time. Another major issue was that most of us work and it takes a lot of commitment to create time for meetings. Despite that, whenever we had meetings, it was very constructive and we could agree on the specific direction our company would take in the next round. I really found my team to be very helpful and respectful. Based on our high level of respect for each other, we always made an effort to contribute the best we could for the betterment of our simulation results. Although we did manage to take position one, we have learned a lot and I strongly believe it will be of great help in our careers and future businesses. For instance, we have been through a lot of pressure to make decisions because we were never sure what would happen. The fact that we managed to make decisions under pressure and perform well, is very essential in future practices especially those that are demanding and uncertain.
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References
Freedman, M. (2023) Why is customer loyalty important?, business.com. Available at: https://www.business.com/articles/what-makes-customer-loyalty-so-important/ (Accessed: May 1, 2023).
Imkamp, H. (2018) “Should prices of consumer goods be better indicators of product quality?,” Journal of Consumer Policy, 41(1), pp. 77–81. Available at: https://doi.org/10.1007/s10603-018-9367-2.
Kenton, W. (2023) SWOT analysis: How to with table and example, Investopedia. Investopedia. Available at: https://www.investopedia.com/terms/s/swot.asp (Accessed: May 1, 2023).
market segmentation (2022) Why is market segmentation important?, Voxco. Available at: https://www.voxco.com/blog/why-is-market-segmentation-important/ (Accessed: May 1, 2023).


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