Discussion of the strategies and plans developed by the team, including the role performed by you the student in the team. Our task was to set up a business using the SimVenture software and make our own scenario, creating a business plan in advance and ensuring we would set strategies and make decisions as we go. We produced a business plan to set out the understanding of the business and to ensure the project ran smoothly however considering the start of the business plan now, certain aspects could have been thought out better before hand, however with only two members of the group been present for the first couple of sessions, we wanted to get the business up and running as soon as possible and to use the money and available resources wisely. Our group consisted of four group members, Michael Charles, Emily Dallara, Shuna Bryan and myself. We had four roles in the group and each picked an individual topic we thought was most relevant to us, taking into consideration work types and interests. I was in charge of the Finance, Michael was in charge of the Organisation, Shauna was in charge of the Operations and Emily was in charge of Marketing. As I was in charge of the finance this included, looking at all the finance and money for the business. Although we had individual roles the plan was to discuss all plans as a group before making any decisions.
Due to work commitments, unfortunately Emily could not commit to the group at the assigned time, this resulting in Emily leaving the group, which left three group members to cover the four topics. However Shauna missed a number of sessions leaving Michael and myself to prepare and set up the business as much as we possibly could. As there were only myself and Michael at the start of the project we planned to equally share the responsibility and make decisions on all the four areas of the business. I believe if we had a larger group we could have discussed and evaluated our decisions more effectively and efficiently and more ideas would have being brought to the business set up.
Once each month ended we accessed and evaluated the whole business, considering the money and time we had left. We wanted to boost the business’ awareness of the product using our resources. In Emily’s absence I stepped in for the Marketing, I accessed how we had planned the business so far in order to develop the Marketing and Sales strategy plan.
1. Analysis of the impact of the decisions made on the success of the business
The marketing strategy it had a positive impact on the business. Firstly, the competition research enabled us to see exactly what product we should supply; it illustrated the differences between the quality, performance, features and style. Using this it helped to choose a computer that was able to offer qualities that our competitors didn’t offer.
We decided the best way to market our product at the beginning of a business would be to create a premium website. This would hopefully aim to attract a wide audience of potential clients. We employed a website designer so it saved our time, as we didn’t have to appropriate knowledge or skills to complete the tasks within the business, having a professional website would help to increase sales and attract more customers. More promotions were applied as we progressed from month to month; we found the plan was successful for sales, proving the website helped the business grow.
After a couple of months into our business we undertook some Customer Research, the results from this survey indicated that, the style was terrible, the performance was terrible, the price was excellent, the features were good and excellent, and the quality was good, all customers indicated they heard all about the business from the company website. As a result of the survey, we decided to improve the style and performance of the product as these were the weakest areas in the survey.
When setting up the business, we spent...
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