StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Enhancing Students Employability through Business Simulation - Essay Example

Cite this document
Summary
The author of this essay "Enhancing Students Employability through Business Simulation" touches upon the education system that has faced lots of criticism due to failure to equip students with employability skills that can be implemented practically…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91% of users find it useful
Enhancing Students Employability through Business Simulation
Read Text Preview

Extract of sample "Enhancing Students Employability through Business Simulation"

Business Simulation Introduction The education system has faced lots of criticism due to failure to equip students with employability skills that can be implemented practically. Most graduates today show a mismatch between the theoretical knowledge they have been taught in school and demands of the jobs they are studying to do, thereby facing the risk of unemployment (Su & Feng, 2008).) As such, most of them fail to deliver once they have been employed. Business simulation programs seek to solve this problem by offering business students with an opportunity to implement their knowledge in a venture. This helps to bridge the gap between theory and practice by equipping them with practical skills (Lowden, 2011). How then did the LIAISE business simulation provide me with an opportunity to develop my business strategy skills, marketing skills, financial management skills, team effectiveness as well as the acquisition of graduate employability attributes which make me a preferable candidate to work as a marketing manager in your Electronic Company? Business Strategies A business strategy is defined as a means through which businesses set out to accomplish their set objectives by carefully allocating resources in different departments. The choice and execution of a business strategy depends on its core business and the scope of its operations (Johnson et al, 2005). For example, the LIAISE business simulation’s scope was to source products from suppliers and then market them to the customers with a view of attaining a huge market share with high income customer base through brand expansion and increasing supply routes from various manufacturers. During this simulation programme, I learnt that there are several types of business strategies that can be pursued by businesses to achieve their goals. One of the most sought strategy that is applicable in LIAISE business simulation is growth. When a business is interested in expanding its operation to achieve a greater market share, there is need to allocate time, money and human resources for development of new products, venturing into markets, as well as investing in new businesses. Competitive advantage is also a vital business strategy as it ensures that a business is able to survive its rivals, not by copying their products, brands and strategies, but by effectively competing with them. A business can attain competitive advantage by selling products at relatively lower price than the competitors (Gary et al, 2008). However, this strategy requires that the business grow to a certain margin so that the company can enjoy economies of scale and afford to lower prices without compromising its products. Product differentiation is another strategy of attaining competitive advantage. A business can make its products look more appealing to the customers by differentiating them from the rivals by means such as branding, packaging, positioning and addition of desirable qualities among others (Teece, 2009). Participation in LIAISE business simulation taught me major skills in implementation of business strategies that I believe will be effective in transforming your Electronic Company into a market leader. The Retailer B business faced major challenges at the infant stages due to lack of experience and poor decision making that led to great decline in productivity and consequently the performance of the business. The poor performance was characterized by decline in revenue, return on capital employed and decline in profits. The strategies employed in the business were discussed by team members in a brainstorming session in order to turn the earlier failure into opportunities. I was also actively involved in coming up with new ideas in line with the negative experience we had earlier, so as to improve the overall performance of the business to greater heights (Johansen, 2007).) After the fourth month, productivity in the business was slowly getting rejuvenated following the implementation of several business strategies aligned to the goals. The major goals and success factors of the business strategy of LIAISE business simulation were based on customer satisfaction and market share. The business sought to provide high level shopping experience for the customer by establishing good relations with the manufacturers which enabled the business to enjoy the opportunity of competitive prices as well as new product lines which gives the business competitive advantage over the rivals despite the fact that the business is newly established and has no economies of scale. We also sought to implement effective planning and forecasting strategies that ensured our resources were allocated logically based on the performance. Furthermore, we realised that it was more productive to depend on the sales of the previous month to plan for the sales of the next month and the current warehouse capacity. Moreover, we implemented the strategy of constantly offering high quality products that were aligned with the needs of our market by vetting manufacturer’s main products in relation to market needs to ensure customers satisfaction as well as sourcing products from several suppliers in order to prevent the business from running out of supplies. Participating in the generation of ideas and implementation of these ideas equipped me with necessary strategies effective in improving the productivity of the electronic company. Marketing Effective marketing is far from the hype and the fluff created when products are newly introduced into the market. It is everything that successful business people do on the daily basis in order to sell their products and services to the customers. This is because it encompasses means through which customers perceive the products offered by the company as well as everything that generates the interest to invoke the customer to make a purchase (Stauffer, 2003). According to Vanesses’s notion of cash being king, marketing is said to be ‘everything’ (Vanesses, 2013). Marketing is the process through which products and services move from concept to the customers. Despite the common notion of marketing having a cost or an expense, it is imperative to quantify marketing as an investment since the major profitability of a business is based on the return from marketing (Moorman & Rust, 2005). Being part of the teamwork involved in LIAISE business simulation taught me a lot about marketing. I realized that the main focus of the business is based on the fulfilment of the customer’s wants demand and needs especially in a competitive situation where rival companies are striving to acquire a larger market share. The Retailer B business encountered major hitches in marketing its products since we lacked a clearly set out marketing strategy which was never implemented, leading to decline in sales and revenue. In the fourth month, we met and deliberated on how to improve our sales in order to develop a marketing strategy and actually implement it. The marketing strategy we implementation was meant to increase the revenue but the challenge we faced was the increased costs of getting supplies since we only had one supplier at the beginning of the simulation and we failed to negotiate for the lowest price possible for our supplies which reduced our revenue significantly (Werbach, & Hunter, 2012). With time and improvement of team efficiency, the implemented marketing strategy improved the performance of the business with an aim of making more sales and increased the profits. Although the marketing strategy was not implemented at the beginning, it is worth noting that it was very successful immediately it was implemented later on. The strategy began with a marketing investment which was matched by the increased revenue and sales reflected throughout the year. Although the problem with the pricing strategy was not resolved during the course of the simulation program, I learned that we should have improved our negotiating skills in order to increase the revenue (Dibb et al, 2006). However, we did solve the problem of a single supplier by recognizing that we needed a steady supply of products so that in case one supplier fell through we would still have product to sell. It is also imperative to point out that trust is very important in marketing as trusting manufacturers and working harmoniously with them assisted us to enjoy opportunities such as more competitive prices or new product lines (Khodyakov, 2007). After the implementation of the marketing strategy, we were able to cut our business costs while maximizing the performance and output which lead to improved effectiveness (Eckes, 2002). I believe I gained necessary skills and knowledge about effective marketing, which makes me very productive in your organization as I have the capability to revamp electronics sales through implementation of effective marketing strategies. Financial Management Finance in business is vital as it gives businessmen means of meeting their requirements economically. The goal of starting a business is to make profit and therefore activities geared towards making profit require financing in order to meet such demands. Financial management is an integral part of business that is concerned with efficient allocation of funds to meet the different goals of the business. Efficient allocation of finances is determined by how successful the business achieves profit maximization and wealth maximization (Goizueta, 2006). LIAISE business simulation broadened my comprehension of financial management as it allowed me an opportunity to evaluate the business concerns of Retailer B and apply financial management skills with a view of increasing the revenue of the business. At the beginning of the venture, the business was going through a rough time profit-wise due to poor financial management. The finances of the business were not geared efficiently towards ensuring they produced good return for the business (Paramasivan & Subramanian, 2008). However, there was a great improvement since the fourth month when effective strategies were implemented and the business made an investment to tactically allocate finance to the strategic business concerns. This improvement in the net margin is shown below. Source: LIAISE business simulation It is my perception that the knowledge I gained in this simulation of turning an unproductive organization into a productive one will enable me to increase the electronics sales in your company. Team Effectiveness Teamwork is recognized in businesses today as a way of reorganizing work in order to improve performance quality, productivity, job satisfaction and morale (Bloisi et al, 2006). The effectiveness of teamwork is based on interpersonal skills, trust, cohesion, communication skill, leadership skills, analytical skills, conflict resolution skills among others. Failure to possess such skills renders the team ineffective and makes it hard to achieve the goals set to be accomplished. LIAISE business simulation not only taught me the importance of teamwork in a working environment, but also instilled in me skills and knowledge to be a productive team member. Furthermore, the simulation gave us an opportunity to grow together and discover the skills we needed to make our business successful. Brainstorming on the strategies of improving our business improved our team cohesion, interpersonal skills, trust and communication skills which led to great business results. This allowed us to employ team dynamics to allocate tasks and resources to concern areas which propelled our business performance upwards (Petersona & Behfarb, 2009). The success of the strategies employed in the business can be traced back to effective teamwork since they were implemented after sessions of discussion, formulation and implementation and through experience (Baker et al, 2015). I believe that having worked in such a team where we were able to recognize challenges and work through them to improve each other’s skills and emerge more productive makes me a potential asset in your electronic company. As a marketing manager, some of the concepts of team effectiveness I plan to apply when managing employees include planning, organising and leading. I would lead in setting clear goals for effective marketing of electronics as well as making clarification of structural issues and form of authority. Furthermore, I have great interpersonal skills that have equipped me with conflict resolution skills that will enhance my leadership qualities. Conclusion Business simulation programs are effective in equipping students with employability skills by giving them an opportunity to implement their knowledge in a venture. My participation in the LIAISE business simulation provided me with an opportunity to develop my business strategy skills, marketing skills, financial management skills, team effectiveness as well as the acquisition of graduate employability attributes that I believe will be very productive if I’m given an opportunity to work as the marketing manager in your Electronic Company. References Avramenko, A. (2012). “Enhancing Students Employability through Business Simulation.” Education + Training, 54, 5, 355 – 367. Baker, D. P., Day, R., and Eduardo S. (2015). Teamwork as an Essential Component of High- Reliability Organizations. Oxford: Blackwell Publishing. Bloisi, W., Cook, C. & Hunsaker, P. L., 2006, Management and Organisational Behaviour, McGraw-Hill Higher Education; 2 edition. Dibb, S., Simpkin, L., Pride, W. & Ferrell, O., (2006), Marketing Concepts and Strategies. 5th Ed. Boston: Houghton Mifflin Company. Eckes, G. (2002). Six Sigma Team Dynamics: The Elusive Key to Project Success. New York: John Wiley & Sons. Gary, L. N., Karla, L. M., and Powers E. (2008). Strategy Execution: The Secrets to Successful Strategy Execution. Massachusetts: Harvard Business Publishing. Goizueta, R. (2006). Introduction to Financial Management: The Role of Financial Management. Edinburgh: Pearson Education Ltd. Johnson, G., Scholes, K., & Whittington, R., (2005), Exploring Corporate Strategy. 7th Ed. Harlow: Pearson. Johansen, R. (2007). Get there early: Sensing the future to compete in the present. San Francisco, Calif: Berrett-Koehler Publishers. Khodyakov, D., (2007), “Trust as a Process: A Three-Dimensional Approach, SAGE Publications, Volume 41(1): 115–132 Lorraine, D. P., and Sewell, P. (2007). “The Key to Employability: Developing a Practical Model of Graduate Employability.” Education + Training, 49, 4, 277-289. Lowden, K., Stuart, H., Dely, E., and Lewin, J. (2011). Employers’ Perceptions of the Employability Skills of New Graduates. Glasgow: University of Glasgow. Moorman, C., and Rust, R. T. (2005). The Role of Marketing. Maryland: Robert H Smith School of Business. Paramasivan, C., & Subramanian, T., (2008), Financial Management, New Age International Pvt Ltd Publishers. Petersona, R.S. & Behfarb, K. J., (2009), “The dynamic relationship between performance feedback, trust, and conflict in groups: A longitudinal study” Organizational Behavior and Human Decision Processes 92:102–112 Stauffer, D., (2003), The Power of Competitive Intelligence. Cambridge: Harvard Business School Publishing. Su, Y., and FENG, L. (2008). Assessing graduate attributes for employability in the context of lifelong learning: The holistic approach. Taiwan: National Kaohsiung Hospitality College. Teece, D., (2009), “Business Model, Business Strategy, and Innovation,” Long Range Planning. Vasaloua,A., Hopfensitzb, A., & Pitta, J. V., 2008, “In praise of forgiveness: Ways for repairing trust breakdowns in one-off online interactions,” Int. J. Human-Computer Studies 66:466–480 Vessenes, P., (2003), “Cash Is King, but Marketing Is Everything.” Journal of Financial Planning 16, no. 12. Werbach, K., & Hunter, D. (2012). For the win: How game thinking can revolutionize your business. Philadelphia: Wharton Digital Press. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Business Paper (1750 words) Essay Example | Topics and Well Written Essays - 1750 words”, n.d.)
Business Paper (1750 words) Essay Example | Topics and Well Written Essays - 1750 words. Retrieved from https://studentshare.org/business/1687573-business-paper-1750-words
(Business Paper (1750 Words) Essay Example | Topics and Well Written Essays - 1750 Words)
Business Paper (1750 Words) Essay Example | Topics and Well Written Essays - 1750 Words. https://studentshare.org/business/1687573-business-paper-1750-words.
“Business Paper (1750 Words) Essay Example | Topics and Well Written Essays - 1750 Words”, n.d. https://studentshare.org/business/1687573-business-paper-1750-words.
  • Cited: 0 times

CHECK THESE SAMPLES OF Enhancing Students Employability through Business Simulation

Enhancing Employability - Analysis of the Employee Market

A more humanistic approach to the issue perceives an employee as a human being who grows through stages.... A career goes through a cycle just like a human being does.... Enhancing employability Insert Institution Date Introduction Major evolutions in the work industry have occurred in such a way that more skills are demanded from employees.... The pertinent question still remains, how do potential employees enhance their employability?...
15 Pages (3750 words) Essay

Managing Performance through Training and Development

hellip; through the modules, I deduced that as I would join the herd of graduates exiting the academe, I would also be among thousands of graduates vying for limited job opportunities.... The career theory also acknowledges the fact that careers go through cycles from their start-up, to their growth, then their settlement, their diversification, and their reduction (organisational cycles).... Enhancing employability 1.... Introduction to employability I believe that the topic covered is relevant in enhancing my employability because as I would finish my course and be a newly graduate job applicant, I would likely encounter various challenges in the job market....
17 Pages (4250 words) Essay

Role of Participation in Social Movements in Career Development

24 Pages (6000 words) Essay

The Impact of Internships on Graduate Employability

(2011) stated that creating recruitment opportunities through placements and internships will not only provide an effective functional method of encouraging suitable consciousness, capabilities, and skills among the graduates but can also endorse creative teamwork and partnership within highly educated interns and employers.... The assignment "The Impact of Internships on Graduate employability" focuses on the critical analysis of the current trend of the graduate labor market from general and specified perspectives, identifying the skills, aptitudes, and knowledge required to avail internship opportunities....
5 Pages (1250 words) Assignment

Skills Development for Business and Management

The study “Skills Development for business and Management” aims to revamp the ability of students to acquire employment opportunities after completion of their learning processes.... Further, the study establishes the individual interests of students who sort to engage in product development of employability.... hellip; The following discussion reveals all the important issues highlighted on after intense evaluation of the factors that coincide with learning and employability....
7 Pages (1750 words) Assignment

Terms of Job Placement

And the criteria through which universities determine if they have succeeded in developing the essential skills.... This report will explain how universities devise their curriculum which helps to integrate both technical and other employability skills among its graduates.... The paper 'Terms of Job Placement' presents Universities that have observed a strong need to develop essential skills among its students to make them good professionals....
9 Pages (2250 words) Term Paper

Developing Employability Skills to Achieve Graduate Job

This paper 'The Importance of Work Experience as a Valuable Way of Developing the employability Skills Required to Be Successful in Achieving a Graduate Job" focuses on the fact that the past number of years has seen an increase in the number of people who pursue postgraduate studies.... robably the primary factor taken into account when an employer looks at potential candidates for a job is to determine their levels of 'employability'.... The Enhancing Student employability Co-ordination Team (ESECT) has defined employability as 'a set of achievements – skills, understandings and personal attributes – that make graduates more likely to gain employment and be successful in their chosen occupations' (Booth, n....
6 Pages (1500 words) Essay

Employability in the Community Sector

This paper "employability in the Community Sector" discusses community development workers that require strong skills and knowledge that can bring the community together while participating in a project.... The practitioner must understand the values upheld by the community.... hellip; The practitioner should have the ability to mobilize the community and encourage their participation in a common project....
10 Pages (2500 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us