Management

SimVenture Simulation

SimVenture is a business simulation game which let the players to run a virtual company and learn about the business world and entrepreneurship. It provides a good real life experiences for future entrepreneurs to understand the business world where business owner are responsible to make decisions including production, marketing, finance and human resources.

We as a team will run the SimVenture Simulation together for 3 years. Our strategy is to survive the business during 1st year, maintain the business stability in 2nd year and growing the business in 3rd year. At the end of the game, we are expecting to achieve a certain amount of profit from the business and position the company value as high as possible.

4.0 Experience with SimVenture Simulation

5.1 First Simulation

We started up the simulation with high expectations to get profit and as much orders as possible in the 1st year as we are well prepare after many practices at home with SimVenture demo version. During the game start up, everything works well and our default product comes with good quality, good features, good style and average performances which suits our target market – Professional Services without the need to redesign our product.

We analyze the market research and competitor research report carefully before select the right market to sell our product. We calculate the monthly order size for each market, customer expectation on the product, the price customer willing to pay as well as review competitor product features and selling price. Our leader Chris prepares a template for us to record the research data so we can review it all the time. We spend near to an hour for the first two months to analyze the data and discuss our strategy plan. We then conclude that our product spec is far better than what our target market required and our selling price is 5% below then what customer willing to pay. We are confident that our product will...