You want to get product development projects right the first time as this can be a costly mistake. It can mean either your Unit Prime Cost is higher than you want and/or your specifications are not as you wanted resulting in a lower demand for your product if they are wrong. There could be two … Continue reading Question of the Week: How do I correct a failed Product Development Project? | MikesBikes Advanced Business Simulation
What is Customer Relationship Management (CRM)? Three periods into the simulation and you will be given control of your firm’s Customer Relationship Management strategy. Customer Relationship Management or CRM is an approach to manage a company’s interaction with current and potential customers. Retention of Existing Customers is a key part of how to win AdSim … Continue reading Customer Relationship Management in AdSim Advertising Simulation
Disruptor Daily featured Smartsims’ CEO, Dennis Gain to understand how Smartsims is using AI to transform education, and what the future of the education industry holds. Smartsims began as we wanted to provide students with an experiential learning environment to bridge theories and concepts taught in class with real-life experience (you can read more about … Continue reading AI in Education: Smartsims Business Simulations
Your Objective Your objective is to create wealth for shareholders and so you will be evaluated on the cumulative change in Shareholder Value that your firm generates. To see the shareholder value of your firm choose the “Financial Results for All Firms” report from the Key Reports menu. Being evaluated on shareholder wealth is significantly different … Continue reading Measuring Your Firm’s Success in MikesBikes Business Simulation
Devon Palmer (pictured above), a student of Professor Harold Lowe from Nova Scotia Community College has previously used our MikesBikes Introduction simulation in his Business course. Upon completion, he was asked by Professor Lowe to also trial both Music2Go Marketing and AdSim Advertising simulations for his work placement. The review below is written by Devon. He shares … Continue reading A Student’s Perspective on AdSim Advertising Simulation
The quote above by Ruben Chavez of Think, Grow, Prosper acknowledges the impact of experience as the best way to learn. This holds true with one of our students, Sharon Capps from University of St. Mary. She’s currently using the MikesBikes Advanced simulation in their Strategic Management course taught by Lisa Parrott. The review below is … Continue reading A Student’s Perspective on MikesBikes Advanced Strategic Management Simulation
Perceptual Map The Perceptual Map is a convenient way of visualizing the differences between the different market segments in terms of the different level of Style / Design and Technical Specifications that each of the market segments desire. The center of these circles represents an “ideal” product for each market segment. So demand for your … Continue reading Question of the Week: What is the Perceptual Map in Music2Go Marketing Simulation?
Your market analyst in AdSim have suggested dividing the market into two segments: Existing Digital Camera owners and New Digital Camera owners. Existing Customers This is the base segment of market demand and as stated above the simulation starts off with approximately 1.7 million Existing Customers with approximately half of them expected to purchase a … Continue reading Two Market Segments in AdSim Advertising Simulation
Good people will stay longer, are more motivated and will work harder if you provide them with an opportunity to learn, and grow. Some people will choose comfort and security, even if they’re not fully engaged with their jobs. This is both bad for them and for you. According to current research, opportunity for growth … Continue reading MikesBikes Advanced Question of the Week: What happens if you invest in people and they leave?
Adrian Cenon is a Master’s student and MikesBikes Mentor from The University of Auckland. He was also recently invited by Audrea Warner, professor at the Graduate School of Management to share his experience using MikesBikes Advanced in the Managing People and Organizations course. We thought it would be a great idea for Adrian to share his experience … Continue reading Student Success Stories: Adrian Cenon from The University of Auckland