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Introduction of Business Strategy And Decisions Assignment
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The “Business Strategy Game”, is a computer-based exercise that has been modeled to symbolize real-world characters and business strategies they incorporate to run the business of their organization. BSG is an online exercise where individuals are divided into different teams and tasks are allocated according to their efficiency levels. The current study evaluates the “six-round” BSG simulation significance and its importance and its impact on competitive business ambience.
1. Evaluation of principal decision making in BSG simulation and reflection
Business Strategy Game or BSG is an online exercise where jobs are provided to all members of an organization according to their roles and efficiency levels. This gamified exercise enhances productivity and team effectiveness so that the project team can improve their decision-making and problem-solving abilities and achieve their collective goals and objectives. BSG also help every member to get involved in “head-to-head” competition within the organization with other efficient members (Enos et al. 2019). This online game actually allows professionals to gain ideas for various effective business strategies in a consequence-free and fully virtual environment. Business Strategy Game also helps business professionals to develop and improve their soft and hard management skills.
Impact of BSG simulation on business progression
(Source: Kong et al. 2019)
In every organizational business, each decision session of the BSG stimulation game represents one year. BSG determines a complete result of companies one year of business operations after the deadline of one decision-making round and it takes about twenty minutes. The decision routine is mainly made by the manager of the organization indicating decision-period numbers and business strategies that will be followed by every professional and marketer, and manager of the organization. As opined by Kong et al. (2019), it is important to understand the six major rounds of BSG to implement them smoothly in the stimulation and get proper business strategy learning benefits. To enhance the knowledge and development of the quality and effectiveness of business strategy learning the teaching methods of business stimulator games have been incorporated into this study. The study highlights the effective teaching strategies of business simulation games in various business courses both at national and international levels.
There are various elements of decision-making strategies present in the simulation game. BSG round one highlights the process by which stimulation can be aligned with business objectives to achieve the business operation goals of the organization (Kaliappen, 2019). In order to achieve success, the professionals must understand the challenges that the organization can face while running its business operations. The common challenges that an organization faces while operating its business are constant changes in customer demands, maintaining production rate, marketing practices, recruitment process, linguistics system, taxation, and budget.
The second round aims to introduce the complexity that the organization and professionals commonly face while operating business in their target market segments. In competitive markets, the organization also faces various complex situations like loss in shares, weakening of customer’s base, constant fluctuation in profit rates, and so on. The vitality of this round is to develop the decision-making and problem-solving skills of the professionals so that they can become more productive in the upcoming days.
The third round of BSG suggests that individuals must know about the process of the game before getting into it. The start-up person must gain ideas about this game from experienced professionals or from those individuals who already have an experience in BSG. Ideas can also be gathered from instructors and consultants who are much more experienced in this field. As opined by Joshi et al. (2019), the fourth round suggests that professionals must incorporate their learning of business management skills and strategies to enhance their decision-making skills and collaboration skills while performing in a project team. They must analyze the situation fourth before getting into it. This will help the professional or marketers to enhance the profitability and effectiveness of business operations in a competitive market. Fifth-round of BSG mainly stimulates the professionals to improve their existing management skills and also increase their knowledge of major business management strategies like HRM strategy, supply chain management strategy, Financing or pricing strategy, and data analysis strategy (Leonidou et al. 2017). The last or the sixth round of BSG helps the professionals to enhance their knowledge of various business models like the “Product to Service” model, distribution model, franchise model, and so on. The parameters and assumptions of business models are essential to understand for determining and calculating results in competitive and share markets.
Reflection on one round BSG simulation
Business Strategy Game is an online-based exercise that reflects an individual’s manage-mental and problem-solving skills. The efficiency of these skills is being measured by dividing the participant into brio various teams and allocating tasks from their respective fields. In my opinion, the most necessary factors of BSG are effective teamwork and simulation which have helped me understand the effectiveness of creating a positive environment for a project team so that the members can immerse themselves by becoming more productive and collaborative.
A proper communication channel can enhance the performance of a team. I believe that the simulation stage or the fifth round is very important as it has taught me how to motivate and support my co-workers while working in a team. I got to understand that a project team can become better assets to an organization when all the members fit into the grooves of one another as a support system. I also believe reward programs in an organization play a vital role as they motivate the employees to work hard and perform better in the upcoming days.
Reword program also simulates each worker’s unique talents and contributions to the organization and its business growth. First round has also kept me engaged in learning various management skills and business strategies actively and motivated me to improve my existing communicative and collaboration skills. The round has encouraged me to compete with people of higher levels to measure my knowledge and efficiency level. The fifth round of BSG also provides the individuals with winning criteria so that they get motivated and perform better to achieve their goals. The exercise of this game includes group presentations, and assessments like essay writing, and exams, which help to increase the self-confidence and knowledge of business management skills of individuals and make them future-ready.
2. Application of the theoretical framework and its impact in shaping business decision
There are various internal, competitive, and external factors that affect the workplace culture of the organizations. Internal factors like resources, working culture, managers, employees and other stakeholders, and the most essential one is the revenue which affects the business operation of the company. External factors like global competitors, governmental policies, laws, politics, and the economy affect the productivity and value of the company’s business operation. From the perspective of microeconomics, it can be stated that competitive factors mainly influence five major factors of the business practices of the organizations (Feng et al. 2019). Those five factors are sellers' numbers, features of the company's products or services, location, barriers to entering new market segmentations, and availability of data. There are various tools or frameworks used by the professionals or the marketers for monitoring the environment of the external marketing which affects the organization's business operation. Among all PESTLE framework has been chosen as it deeply highlights the challenges the company faces in competitive markets and its national and international target market segments. PESTLE framework focuses on analyzing the impacts of external factors like social, political, legal, environmental, technological, and economic on the business practices of the organizations.
Theoretical framework and its impact on business performance
(Source: Eidizadeh et al. 2017)
PESTLE framework also incorporates a “best-cost strategy” which befits the organization and its marketers to maintain the image and increase their value by improving customer service and productivity than other competitors. It also helps the organization to enhance the S/Q ratings by keeping its pricing strategy low which is related directly to the achievement of the rating of a higher image across the world. In the competitive markets, BSG's strategy helps the professionals, marketers, as well as their organizations to increase their market shares at least by 20% per segment to keep their customer base strong, enhance brand popularity, and remain on the list of leading sectors (Eidizadeh et al. 2017). Corporate Social Responsibility can also be incorporated into the organizational policies along with BSG strategy to maintain the positivity and hygiene of workplace culture.
CSR also help to boost the "image rating" of the companies by incorporating sustainability in its workplace culture. BSG strategy also helps provides the organization with benefits of growth in Stock price and EPS. Companies' growth in stock price or the share market is higher when they operate at more than 80% of capacity across the preferred countries (Cavus et al. 2020). As per BSG's strategy, repurchasing the stocks is one of the vital ways to enhance the stock price to observe higher profits in their businesses. Remarkable growth generally reduces the payout dividend need but when growth starts to tapper the payments dividend consistencies and also steadily enhances payout dividend by about $0.05 million per year helps in the stabilization of the company's share or stock price.
Impact of the framework in strategic decisions
A proper theoretical framework in the context of business process refers to making a relevant business structure that guides to supports the business strategy and will reference different theories. Apart from that, a theoretical framework like PESTLE framework introduces several theories that fully explain the research problems and the potential process to resolve the issues (Mukhezakule and Tefera, 2019). In order to explain the business performances that mainly classify into different theories such as “structural-functional theory and social conflict theory” that increase the interaction process of the organizational personalities. This PESTLE framework guides making out some internal and external business environments that provide a competitive advantage to the managers of the organization in the context of innovative technology applications and build strong communication with the stakeholders. According to Mogaki (2021), the concerned framework increases the theory-driven approach of the managers that guides to running of a business organization with proper reliability as well as validity.
Apart from that, the applications of a proper theoretical framework assist the business managers for generalizing the multiple business aspects by observing the limitations of an organization.
In the investigation of business challenges and to provide an accurate justification of the business problems in terms of productivity decrease, communication issues, and the problems in the implementation of innovative business strategy.
On the other hand, as per the point of view of Velikorossov et al. (2020), in order to produce an accurate theoretical framework for a future professional career is very time-consuming and expensive which is why most professionals will not intend to apply this element to enhance the self-efficiency. Apart from that, the PESTLE framework is not always applicable to the future business policy as in the upcoming session the scenario of the business performance can be changed. In order to make an accurate theoretical framework, a huge amount of data will be collected and sometimes it can be difficult to manage the data (Feldman, 2020). In contrast, the theoretical framework provides a prediction for future customer behavior as well as the upcoming shape of the business market.
3. Critical evaluation of the impact of a specific technology on future business activities and recommendation
Identification of the technology
Technological advancement is the most common factor in any business organization that makes the organization more sustainable as well as successful in the competitive business market. Innovative technology such as “artificial intelligence” as well as “cloud databases” guides to shape of the organization for future technological integration (Zhu and Westphal, 2021). Apart from that, different advanced communication tools guide the management of an organization in building an effective interaction process with the customer as well as other stakeholders. Artificial intelligence is the most relevant technological integration that guides may affect the business model and provide a proper shape for sustaining in the future business market. As per the point of view of Kazibudzki (2020), the concerned technology guides to increase the capability of the computer system which is controlled by the robotic technology leading to excellent business intelligence as well as other business activities.
This technology guides the manager to save business time as well as cost-effectiveness optimize a proper routine procedure for performing the business activities in the target period. Apart from that, the procedures of SEO optimization, as well as the image identification process, are also influenced by the application of this technology. On the other hand, the machine learning process can be changed after the application of this technology as it provides new dimensions to make out the business process. In the performance of the HRM team of an organization the technology can bring an innovative performing idea such as analysis business network properly and look after the formal as well as an informal business relationship that strengthens the communication level of the organization.
Application of the technology into the future business process
Proper applications of artificial intelligence into the business process allow the managers to provide a better service experience to the customer’s experience that is more individual. With the assistance of this particular technology, the manager of an organization analyzes huge data more efficiently leads to recognizing the business problems as well as getting different innovative ideas for resolving the issues. According to Martínez-Pérez et al. (2018), more than 86% of the global business organization has already applied the concerning technology to their business process and it is stated by them that artificial intelligence guides effectively prediction the customer behaviour. These facilities guide them to change their business strategies as well as provide better service quality to the customers.
As stated by Schmeller (2020), artificial intelligence guides to recognize of the relevant data transferring process along with predicting product suggestions for the organization. Apart from that, the concerned technology assists the business organization for detecting fraud activities within the organization. The application of this technology is also seen in the advertising as well as promotional activities of an organization and provides useful suggestions by analyzing the market structure. According to ?ahin et al. (2021), the automation process of an organization is also affected by this technological integration, and “Natural Language Processing” is highly beneficial with the application of this technology. According to recent research, it is disclosed that artificial intelligence guides increase the customer volume by more than 21.6% by providing a more individualized website experience.
In the simulation game in the context of business activities, artificial intelligence is the most important technology that guides the managers to increase different business performances like effective decision-making, problem-solving process, risk and scope management system that leads to better performances in the future business market. Apart from that, time-management as well as team management policy is also improved by the business simulation game. As per the point of view of Mayer et al. (2020), artificial intelligence assists the managers of the organization in the application of the different innovative business strategy that helps to run the business successfully and increase its sustainability of the organization.
Recommendations for managers for using the technology
Besides having several advantages of artificial technology a few business managers are not ready to use this innovative technology in their business even in the current situation. The concerned technology makes the employees lazy, increase the level of the unemployment rate, and no creativity level that decreases the productivity of the business organization. In the context of a business simulation game, the concerned technology guides to increase the analytical skills that guide to analyze the fire customer behavior along with the future market structure to make the relevant business strategy to run the business successfully and compete with the other rival organization.
- Proper recognition of the social risk factors: For the application of artificial intelligence, the managers of the business organization should properly recognize the social risk factors that guide to make out the potential market structure. Apart from that, the future employment structure should be recognized for the successful implementation of artificial intelligence into the business structure.
- Research and development team: In order to implement the technology in the business process the managers should appoint the research and development team which is responsible for technological improvement and providing proper technical teaching to the employees to access this technology.
- Increase the business transparency: The most relevant issue of the business organization is the lack of transference in terms of business strategy, organizational objectives as well as a potential way of performing the activities that guide to running a successful business. In order to implement artificial intelligence into the business process, it is very relevant to increase the transparency in terms of business performances that help to enhance the trust of the employees along with customers in the organization.
4. Professional reflective report
According to my own opinion, a Business Strategy Game can increase my self-efficiency as simulating game consists of high-quality business activities. This business strategy game guides me to increase my decision-making power along with my communication skills and problem-solving power as an individual that has a great impact on enhancing my professional skills. In my opinion, the best cost strategy is the most relevant strategy for the six-round business simulation game. This particular strategy guides me to make the financial decisions properly and mainly focuses on the budget-making strategy and business productivity that should be cost-effective.
Artificial intelligence is the most relevant emerging technology as per my point of view that is mainly focused on the individual analytical skills that guide to analyze the future business market shape as well as customer behavior that will have a great influence on my future professional career within a business organization. The simulation game also provides a theoretical framework that guides me to produce a proper career development plan concerning my job priority. During the different rounds of the business simulation game, I have learned several relevant business activities that guide me to make a clear vision of the future business shape and proper way to accommodate that work environment. Besides this, this simulation game helps me to visualize the different business strategy and their proper application process.
The BSG simulation generally creates an effective collaborative environment within the organization. It also improves the performance of each member of a project team as they are provided with the training of gamified exercises. Through these online exercises, individuals are generally taught to grow as efficient professionals or marketers by gaining knowledge of various effective business and marketing strategies. This study has provided information on how six rounds of BSG teaching can improve the performance of professionals to achieve their goals.
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