You can’t look at the competition and say you’re going to do it better. You have to look at the competition and say you’re going to do it differently. -Steve Jobs Students from New Jersey Institute of Technology definitely did things differently which led them to succeed in the The Fourth Annual Strategic Management Showcase with … Continue reading 2018 Strategic Management Showcase at New Jersey Institute of Technology
On-Screen Warning on Unsaved Decisions Some students miss out on saving their decisions when they move onto a different screen or click away. So we have now added a new on-screen warning to notify students if a decision they have entered has been left unsaved. On-Screen Warnings on Decision Screens (MikesBikes Introduction) Forecast Sales and … Continue reading SMARTSIMS PRODUCT UPDATES: December 2018
Get to know the latest addition to the Smartsims Team, Sunil Abinandan. He shares his experiences doing the MikesBikes Advanced simulation as a student, mentor and how these successfully helped him land the job here at Smartsims!
The Industry Benchmark Report is a summary of all firms’ key results so you can benchmark yourself against your competitors. Click on the image below for an example report: The Sales Revenue listed for each is the total wholesale sales revenue for each company’s products. The Cost of Goods Sold is the number of units … Continue reading AdSim Advertising Simulation Report Guide: Industry Benchmark Report
In Music2Go you make decisions for an entire year, but your factory has a limited ability to adjust the number of units produced to try to meet actual demand during the year. This is called Demand Responsiveness. Demand Responsiveness allows the actual number of units ordered to increase or decrease by up to 20% to … Continue reading Question of the Week: Why did I receive a different number of units from what I ordered? | Music2Go Marketing Business Simulation
Agency Selection The first key decision you need to make for each of your products is whether you will employ the services of an advertising agency to assist you with your media selection. Four Agencies Internal Plan The Internal Plan means trusting your own media selection ability and going at it alone, which often obtains … Continue reading Question of the Week: Which Agency should I choose in AdSim Advertising Simulation?
There are three ways on how you can test your decisions in MikesBikes Introduction to Business Simulation. 1. Live Forecast The figures on the Live Forecast update in real-time as you click “Apply” on any decision screen. This enables you to easily see the impact of individual decision changes on overall performance. The figures can … Continue reading How do I Test My Decisions in MikesBikes Introduction to Business Simulation?
Updated Product Development/Launch Screens (MikesBikes Introduction & Music2Go Marketing) The decision screens which enable students to modify an existing product and launching new products now feature additional information to help students make more informed decisions. Launching a new product Previously students would need to navigate to the Market Information and Market Summary Report for this … Continue reading Smartsims Product Updates: September 2018
More than a mathematical analysis of risks and returns determines the value of a share. It is also affected by how much the investment community knows and understands about the company concerned, and their perceptions of the quality of the firm’s management. Hence to ensure that their shares are fairly valued, firms need to make … Continue reading Question of the Week: What is Investor Relations?
The following are Smartsims product updates available from August 2018. Where product names are noted in the heading, that update only applies to these products. Smartsims Support Center Goes Live! The Smartsims Support Center is our online knowledge-base for all simulations. This live resource enables users to find instant answers to their questions, as well … Continue reading Smartsims Product Updates: August 2018