Well that’s the end of the taught sessions and the online
assessment. It now down to you. I have attached the ethical
business powerpoint should you need it and this email is designed to secure the
KEY BUSINESS PRINCIPLES to allow a greater understanding of the game.
To do well in the game the following business principles
need to be secure:
·
Finance – the management
of money and other assets. Click on the link to understand more
This clip is excellent for
explaining the elements you need to consider to maximise your profits.
Consider your sales strategy, product quality and how much to spend on sales
and marketing with the video clip above in mind.
·
Sales – Money received
from the sale of products and services
This clip explains why market research is so
important to a business. This is the first area you need to look at
before you choose a product you wish to produce and what is important to
consumers when purchasing that product. Pay attention in the game why the
speakers value good market research so highly
·
Production – The process
of producing goods or services
This clip looks at what entrepreneurs take into
account when producing their products. The parts that are most relevant
and which you should pay most attention too. Discuss in your team the
differences in carrying stock versus carrying raw materials and why stock
levels might fluctuate.
·
Marketing – The process
of deciding which products and services may be of interest to consumers and the
means of building consumer interests in your product or service
·
Economies of scale
are about the size of business and the volume of its production. With
regard to the game the most relevant part of the video is from 1 min 35 secs –
2min 19 sec (Hugh Pym, BBC Chief Economic Correspondent) as it relates to the
company’s production lines and their ability to produce more with extra
machinery. This is directly relevant to you all when you are considering
how to increase output.
·
Quality v Cost cutting
– This video discusses the challenges of balancing costs with producing a
quality product. It should concentrate students’ minds on why, generally
quality is so important.
These video clips attached to the links above will help you
secure your understanding of the principles. Feel free to have
discussions based on what you learn. Do companies need to spend money on
marketing as the quality of their products speaks for itself or does marketing
have a bigger impact than the quality of a product, so any reduction in
marketing activity would negatively affect sales. How important is it to
supply a quality product. What can be gained from producing more of the
same item.
Anyway I hope that you have learned a little more about the
concepts of business and that you enjoy playing the game. It doesn’t
really matter if you don’t win as the value is in the taking part.
Good luck and well done all the same
Mr T
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