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