The objective of this Globus game is to run a company in the real business environment. and compete with other companies. On this simulation I was co-manager of a camera and Drone industry. All the company have two products in the market which is Action Capture camera and UAV Drone. market area is divided into 4 region which is :
3. Asia Pacific
4. Latin America.
In our group we were 3 members, and in our class there were 12 different companies. Each company has to run the camera business every week , one week in real life is represent 1 year in the simulation for a consecutive 11 weeks. The ultimate goal for all the companies is to dominate the market of the cameras industry, the best camera company in the industry is to get the target that give by the investor expectations, gaining the most market share and image rating and maintaining a good credit rating.
By doing the virtual business game with my group member, I had to be able to analyse the business every year, what the strategies I have to do, and how to get high dividend and investor expectation. By doing this process I can fully understand what happening with this industries and how to improve this business. These kind of things allow me to understand concept in the industry and develop a strategy to win the competition within the industry. By experiencing this virtual business game I have learn about business management, starting from production cost, marketing, advertising, marketing, target market, shipping labour forces,financial decision , and business plan .all of this elements will impact the business performance. On this game I also learn from the compotetion between the company in this industries.Every single company have a different strategies to dominate the industry. All the strategies are depend on the current situation and target market.and the competition is on all the time because the compotitors. Many times I made mistake by increasing the price of product and not investing in R&D, as a result I lost market share. But all time I tried different strategies such as increase the advertisement , enhance the product by providing additional feature.
My New Transferable Skills:
Reflection 1 Context :
On the first week of the Globus game we were trying to change the decision entry as what we did in the Globus practice using on our knoledege about business menegement Activating Experience : With lack of knowledge that we got on the first year result is under the investor expectation ,eventhough we tried so hard to do this decision entries. Belief : We failed to believe that with our lack of knowledge our first year results is unsatisfy ,.it is make our companies is behind other companies. Consequence : Other companies performing well on the first year so our company is one step behind .Our results for EPS ,ROE and image rating is so much behind others companies.So it is hard for us to chase the other companies that performing beyond our companies as well as none of our group member really understand about business. Dispute : I have learn that when you make your company you need to understand everything about it from the market , business pla and etc. Because first year is the most crucial for your business to see the prospect of your business . so you need to learn before you do it.
Context: Our group have develop different strategies every year Activating Experience: We are trying to do the strategies to get more profit on that year and didn’t planning for the coming tyears Belief: We failed to belief that our strategies is failed because we didn’t see the situation of the market and we didn’t planning well for the coming years like warranty I s the most issues of our comapny Consequence : Our result is dropped every because we have no analyse market and our bad planning for the future , so until the very end of the year we still have outstanding loans Dispute : I learned that it is really important to research about he target market and the planning of future business.
Reflection 3 :
Context: We always change our p/q rating every year Activating Experience : we always change our p/q rating to be the same as the leading companies ,hoping that we can compete with them Belief: We failed to believe we didn’t choose our p/q rating since the first year , by changing the p/q rating every year it boost our market share and kick us out of the competition.because we don’t choose the target market of our companies , which is always changed every year Consequence : Our companies rank is dropping until it aalmost the last position , and we have no target market Dispute :I have learn that I cant use other company strategies , but I have to find the new strategies that can beat them in theyre market.And I would make sure to develop my own strategies to take against other companies.
My personal growth and lifelong learning
For some of the week our globus group couldnot focus on globus game Activating Experience : The Globus team unsatisfy with the result that not stable , and we didn’t do well on some of the year Belief : I failed to believe that because 1 didn’t stay focus to do the globus simulation game. Consequences : Our company have a bad start and the result in the middle year is falling down.we keep losing point every year until it reah the peak and our company made a loss.The biggest mistake was that we did not understand the game completely and this made us suffer for the beginning of the years. Dispute : I would like to completely understand on how to run the company and be able to do full analysis and research in the industry. And the most important thing to run the business is to keep focus to run the business to make a succesfull business
Context : In all of the group meeting, we as the co-managers, had agreed on the decision to take and do the Glo-bus together. Activating Experience : During the very last minutes of before year 11 or 12 decision was due, one of the co-managers changed the decision and we were not informed about that. Belief : I failed to believe that we all had agreed on all the decisions we had come in group meeting and nobody would change any decision without any consent from other co-managers. Consequences : Our company was in the second last position due to the loss that we got. The co-manager decided to significantly lower the price to gain more market share, but in the end the decision was against us. Dispute : I would never let my team member to do that anymore. Since then, I learned that I had to check all the decision entries just before it was due to make sure everything was okay and according to what we agreed in the group meeting. I learned that this kind of action could be fatal and as a result, it would be hard to manage the profits year after.
Context : After couple of weeks of hard time, we had to sit down together, share ideas and run the Globus game together to make sure we really understand Globus. Activating Experience : We had to analyse the competition in our industry and think many possible strategies to counter our competitors. Belief : I believed that as co-managers, we had to completely understand Globus and make sure that everyone in the team really understood what was happening since this was the best way to run the company. Consequences : We managed to bounce back at the end. Our position kept increasing every year up to 5th position which was not that good for the progress of the company. In the end, with everyone sharing their opinions and ideas, we managed to go as one team to help the company that was already in a bad position due to bad performances from previous years. Dispute : I learned that by getting together as a group and shared knowledge and analysed the industry together, we could manage to be the best actually.
Context : After our company had bounced back, we had to keep doing our strategy so that our company could get better. Activating Experience : We had to do analysis every week carefully to see what the best opportunity and strategy to take. Belief : We believed that by doing analysis every week, we could maintain our position. Consequences : Our company was getting better every year onwards since year 12 and 13. This was because we had understood on how to play the game. We did analysis and research every week to find out what strategy we could implement. Dispute : I learned that by completely understand the game, the game was actually interesting. Now I know how business works in real life. Everything was related with another and each decision was really important.