Making mistakes simply means you are learning faster. Weston Agor Who likes making mistakes? Majority of us probably don’t like making one or try our best to avoid it. In school, we always thrive to do the best we can to avoid making mistakes in our exams or essays to avoid failing. At work, would … Continue reading Business Simulations: where making mistakes are encouraged
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
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. The purpose of a Customer Relationship Management strategy in the AdSim Advertising Simulation is to decide which policies you … 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
Sharon Capps, a student from the University of Saint Mary, is using the MikesBikes Advanced Business Simulation in her Strategic Management course. Sharon shares her insight and lessons learned from the simulation. There are some real benefits from this short-term and intense competition between our teams. We do not have time to get complacent, we are … Continue reading A Student’s Perspective on the 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?