The 2017 MikesBikes World Championship winners Siyi Tang , William Setiawan , Jiedong Chen, Jayca Y. Siddayao, Mingchang Liang and Robbi A. Harnass of Exodus from the University of Auckland have joined the MikesBikes Wall of Champions with their impressive performance in the competition!
Team Exodus competed against the best teams from around the globe and have achieved a Shareholder Value of $327.81.
To wrap up the 2017 MikesBikes World Champs, we have interviewed the team and ask them about their experience in the competition and what they thought about the simulation.
What is your decision making process within the simulation?
First, we analysed the market scenario then we looked at trends in pricing, marketing, financial performance and so on. We then compared these trends with our previous decisions and results.
Finally, we were able to determine whether we would have an offensive or defensive strategy. The most important thing for us is that the final decisions entered have been approved by all team members.
What was your strategy going into the simulation?
Our strategy was focused on developing low prime cost bikes. This strategy did not require a high investment in plant or workforce.
We then focused on our marketing campaign. We developed a marketing mix suitable for our strategy.
Knowing how to calculate the optimum marketing mix, we were able to reach more customers than if we just allocated a high expenditure on every media channel.
Finally, with regards to our financial decisions, we made sure to repurchase shares as soon as we had the additional funds and no profitable use for our extra cash. We were also able to pay out dividends to shareholders.
What challenges did you face? How did you overcome these?
Our competitors undoubtedly did their best to compete. They presented us with fearsome competition during the Championship. Our team also felt that some of the firms just gave up along the way and purposefully destroyed the market by dumping their prices. Pity moves indeed. But then again, it was one of the “unexpected” things that you would not expect to happen, especially during a fierce competition such as this.
Was there anything, in particular, you did that you think helped to prepare yourself?
One of the things that helped us win the world championship was the opportunity to compete with our fellow classmates. In a way, we were used to playing in such a competitive environment, with fearless competitors. However, even with such experience, there were moments during the world championships that we felt very overwhelmed by our competitors’ moves. Thus, once again, kudos to all who fought until the end.
What do you think of the business simulation?
We think MikesBikes simulation is a great way to teach people who want to learn Business Management. It has both practical and theoretical application that gives us real world experience that we would never get from attending traditional lectures and doing written tests.
For example, when we were looking to enter a more competitive market, we were intrigued to find more detailed information. Reports such as the Income Statement, Cash-Flow Statement, Balance Sheet, and Equity Movements Statements were extremely helpful. We made sure to analyze these reports every rollover.
Comments on your experience with the simulation itself
We had a great experience with the simulation. We are glad that we have used this simulation, especially for those of us who have never worked in the industry. By competing in the course competition at the University of Auckland and entering the MikesBikes 2017 World Championship, we learned so many new things, such as:
- How to allocated our Marketing Expenditure in more attractive media channels
- How to turn a significant investment in project development into something more profitable in the long run
- How to calculate the cause and effect of the decision of repurchasing shares and dividends.
Nevertheless, we are honored to be called the winners of MikesBikes 2017 World Championship. There are many decisions that we made, which definitely could be further improved. We hope that newcomers will join the next world competition of MikesBikes, to stand beside us, and the rest of the MikesBikes World Champ Winners.
Check out the 2017 Competition Results here and the previous winners here.