The video above will show you how you can launch a new product in the MikesBikes Advanced Strategic Management Simulation.

The written script for the video is below:

“In MikesBikes Advanced, you can choose to undertake Product Development to enable you to launch new products and modify existing products. In this short video, I will demonstrate the process of launching a new product. For detailed instructions on how to do this, please watch the MikesBikes Advanced Video 5 – Design & Development, both of which are available under the Manuals and Videos of the Smartsims website once you log in.

To launch a new product, you first need to navigate to the Design and Development Menu and click on the New button. This will allow you to create a new project.

On the decision screen, we will decide to create a project to enter into the Leisure segment.

Name the Project first.

We can now select Style and Tech Specs. We can see the consumer preference for the Leisure segment is at around 51 Style and 10 Technical, so we will enter these figures. When you tab out of the decisions, you will notice that the Prime Cost has auto-updated to $55, being calculated by the simulation itself, so leave it as it is.

We can also see that the recommended expenditure for next period is $1m, so leave that as is, and Apply your decision.

Now remember, a project only becomes available to launch as a product after one period in the simulation. In Single-Player, you can process the rollover yourself, while in the Multi-Player, you will need to wait for the rollover to be processed.

After the rollover, navigate to the Products Screen, and then click on the Launch button. The project that was created before the rollover has now become under the Select Project menu. So we will first enter a product name, then click on the New Leisure project, and then Apply. This completes the process of successfully launching a new product. You should also watch the MikesBikes Advanced Video 5 – Design & Development if you have not already done so.

If you have any further questions, please feel free to email us.

Student dropout rates cause serious concern for society and higher-education institutions. A 1993 study showed 40% of students leave without receiving a degree and 75% of those drop out within the first two years of college (Tinto, 1993). This has shown little improvement over time. In 2013 only 59% of students of students graduated within 6 years of beginning a 4 year degree (NCES, 2014). This should be a real concern for higher-education institutes as studies show students are several times more expensive to win back than retain (Joseph et al., 2005).

 

Students who stop studying, according to Keaveney and Young (1997), are either not committed to the university or to their degree. Researchers discoverd this was the result of no satisfaction or dissatisfaction with the college experience. Studies found that course content and faculty support were the main driving factors to student satisfaction (DeShields, Kara & Kaynak, 2005).

Higher-education is increasingly being recognized as a service industry. By placing a service lens on this phenomena we can determine student satisfaction is derived from expectation (Swan & Combs, 1976). While student expectations may differ from institution to institution; there is still the overarching expectation from all students that higher-education should improve their career prospects. This is reflected in the DeShields, Kara and Kaynak’s (2005) study which discovered factors contributing to course satisfaction were derived from real-world relevance, course scheduling and the development of skills.

In contrast to these well-understood expectations, unemployment and underemployment rates of recent graduates are significantly higher than in previous years. Approximately 44% of young college graduates in the 20-30 age range are either unemployed or underemployed (New York Fed, 2014). This means 44% of graduates are not yielding a return on the investment in their future.

To redress these issues, higher-education institutes must adopt a market-oriented approach to satisfy expectations, and therefore, reduce student dropouts. When adopting this approach, there are questions that need to be asked:

“What are employer’s looking for?”

The National Association of Colleges and Employers (Forbes, 2015) outlines the three top desirable skills sought by recruiters:

1) Ability to work in a team structure

2) Ability to make decisions and solve problems

3) Ability to communicate verbally with people inside and outside the organization

“What are the best methodologies and methods to teach these skills?” 

Designing a course which meets student and employer expectations requires us to address the question of how to deliver content. Despite students placing value in the formal lecture, both students and instructors find it ineffective (Sanders, Stevenson, King & Coates, 2000). There are many new engaging methods for content delivery due to recent changes in technology. Teaching resources and methods of content delivery have seen dramatic change. MOOCs have risen in the form of Kahn Academy and iTunes U. Students are choosing and picking the content they’re consuming as well as getting involved with active learning practices. Increased access to knowledge and information empowers individuals to adopt a more active role (Prahalad & Ramaswamy, 2004). That is to say students are no longer content being passive consumers of education.

In acknowledging all of these factors; higher-education institutions are presented with a number of solutions. Each has the potential to satisfying student’s expectations and reducing student dropout rates, whilst also maintaining a high quality learning experience:

Experiential Learning: Based upon behaviourial learning theories; Experiential Learning Theory (ELT) stresses the importance of direct experience and reflective observation (Kiili, 2005). In essence, non-stop learning with a continuous learning feedback cycle which provides a basis for goal-directed action.

Examples of Experiential Learning Methods: Business Simulations, Flipped Classrooms, Role-Playing, and Reflective Work Experience.

Active Learning: A process whereby students engage in activities, such as reading, writing, discussion or problem solving activities that promote analysis, synthesis and evaluation of class content.

Examples of Active Learning Methods: Business Simulations, Flipped Classrooms, Case studies, Role-Playing, Group projects, and Peer Teaching.

In summary, student dropouts are a significant cause of concern for higher-education institutions as well as for the betterment of an educated society. To maintain student engagement, students need relevant materials aimed at improving their employability. Higher-education institutions not only need to address concerns regarding course content but how content is delivered. Traditional teaching methods are considered ineffective by both instructors and students. However, there are many alternate teaching methodologies which are proven to be effective in engaging students and also improving employability.

By Brook McFarlane.

 

Sun Tzu was a legendary Chinese military general who authored The Art of War, an ancient book on military strategy. His principles have been used by leaders for over 2,000 years, and today are used by business strategists to gain the competitive edge.

As a student using the MikesBikes Business Simulation you not only have the opportunity to run your own company, but your company will be competing against other student-run firms. This competitive element of MikesBikes mirrors the real-world where companies compete for customers and a dominant position in the market.

So how can you apply the philosophy of Sun Tzu to your MikesBikes Company? We have listed six key messages from The Art of War below to give you a competitive edge and lead you to victory!

1. “Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.”

Your first step as a management team must be to formulate your company’s strategy. A strategy sets out your vision, mission and strategic objectives. A well-founded strategy is necessary to win the battle for your customer’s attention, and win the war for market dominance.

Strategy is the foundation in which the tactics are born. Tactics are the specific actions used to fulfil your strategic objectives. Such as a change in Retail Price or the Launch of a New Product.

2. “All can see my tactics but none can see my strategy out of which victory is evolved”

Although your opponent may see your tactics, they must never know your strategy. It is by this which victory will be yours.

3. “Know thy self, know thy enemy. A thousand battles, a thousand victories”

Know your company: How has your company and product been performing? What are your strengths and weaknesses? This will help you to develop you to develop your own tactics.

Know your customers: What drives their desire to buy one bike over another? Where do they buy their bikes from? What media do they watch? This will help you to develop customer-centric tactics.

Know your competitors: What are their strengths and weakness? What tactics have they implemented? When you study your competitor you can identify their strategy, and therefore predict their next move before they make it. When you know your competition’s strategy you can beat them a thousand times.

4. “Victorious warriors win first and

then go to war, while defeated warriors go to war first and then seek to win” Plan, plan and then plan some more.

5. “In peace prepare for war”

Never get complacent. As the simulation progresses you should continue to review your company’s tactics, keep your eye on competitor’s actions and identify what their next move may be.

6. “You have to believe in yourself”

If you have done the work in building a knowledge base of your company, the market and your competitors, then go out there and execute your killer strategy with no remorse!

By Ian McPherson

Engaged students are effective learners. Disengaged students suffer, avoid learning and fall behind.
Studies show that a typical undergraduate student is spending less and less time studying outside of class with each passing year. Student drop-out rates are increasing and students are taking longer to complete their four-year degrees. Therefore, it is imperative for instructors to adopt student engagement techniques to re-engage and motivate their students. Motivated students undertake classroom tasks seriously and find mastering taught skills a valuable exercise.

Determining which students are entertained, engaged or disengaged whilst teaching is often difficult. There are the obvious symptoms of disengaged students such as low attendance rates, disinterest looks on students’ faces or; students performing familiar finger swipes on laptops of cell phones synonymous with viewing social media. However, some symptoms are not always as obvious:

Continue reading Are my Students Engaged? Three Symptoms of Disengaged Students →

Cheers were heard from Auckland’s Amora Hotel conference room as 31 students from the University of Delaware’s study abroad program participated in a MikesBikes-Intro Business Simulation competition on the 11th of January. Facilitated by Smartsims, the MikesBikes-Intro Business Simulation allows student teams to run their own virtual bicycle manufacturing business as they compete against other student-run companies.

Smartsims’ staff began the event by discussing how they have overcome various sales and marketing challenges with clients spanning the globe, providing students with some real-world business exposure.

Students were then split into teams of five to formulate and implement their own business strategy for their virtual company. During the competition, Smartsims staff moved about the conference floor providing advice on how best to approach their desired strategies, answer questions and provide guidance where necessary.

Each new decision period in the simulation saw a rise in the student’s competitive spirit as teams were neck-and-neck and the leaderboard in constant flux. All of the teams performed admirably well but by the end of the simulation “Nick and the chicks” took away first-place with a Shareholder Value of $59.92, followed by “FabFive” in second with a Shareholder Value of $55.57.

The University of Delaware launched America’s first study abroad program in 1923. Now more than 1,100 students participating in 57 study abroad programs across 28 countries each winter. The program exposes students to the global business culture and environment. It was a privilege for our Auckland office to host this group and we certainly had as much fun as the students. We would like to wish “Nick and the Chicks” and “FabFive” a huge congratulations for their outstanding performance in the event!

– Brook McFarlane

“The secret to success is to do the common thing uncommonly well.”

-John D. Rockefeller Jr.

When students ask us for advice on what to do or how to achieve a high Shareholder Value, we tell them, making decisions that closely mimic the initial or default set of decisions will not help add value. You have to do something different and stand out among other firms to achieve your goal. At the beginning of MikesBikes-Advanced simulation, everyone has the same Shareholder Value and has access to the same reports, but in order to do better they have to make the most out of the reports available to them and come up with a strategy that will help them win the competition. The seven top-performing teams in the first Strategic Management Showcase by New Jersey Institute of Technology (NJIT) were successful in doing this. These students are enrolled in the Strategic Management fall semester capstone course offered by NJIT’s School of Management.

Congratulations to the winning team and participants of the first Strategic Management Showcase!

The winning team, Champion Wheels, consisted of Mohammed Isahawk, Kelly Scharch, Erica Clemons and Cesar Lazo. They were mentored by Jim Schworn, a 2006 EMBA graduate who is Chief of Procurement and Support Services for N.J. Transit and the Mayor of Branchburg, N.J. They achieved a Shareholder Value of $136.78 and also received a cash prize of $1,300.

“Allowing students to play the simulation game, such as MikesBikes encourages them to get a feel for how they will apply their knowledge outside of the classroom. All in all, it was a great experience.” 

– Kelly Sharch (Member of Champion Wheels)

The competition centered around one of our simulations, MikesBikes-Advanced. This give students an opportunity to manage a Bicycle Manufacturing company and make all the key decisions involving Price, Marketing, Distribution, Finance, Operations, Human Resource and Research & Development. It requires students to continually analyse the changing market and understand the need of their customers, therefore it reinforces the importance of planning, implementation and evaluation of strategy. It is a good opportunity for students to have hands on experience of what it is like to manage their own firm in the real world. Shanthi Gopalakrishnan, professor in the School of Management organized the event. She said, “All the students displayed remarkable “strategy acumen” and very impressive decisions-making skills. The top teams displayed remarkable judgement and competitive spirit.” ¹

The Strategic Management Showcase was founded by Ray Cassetta, a municipal labor negotiator and chair of the School of Management Board of Visitors.¹ He said, “Be proud of the fact you’re here. All of you should look at what others did and learn from it.”¹ By looking at how other teams performed and what they’ve done differently, you’ll then be able to figure out how to do something common, uncommonly well.

Watch the event here.

References:

1. Crovetto, Christina. “Strategy for Success: SOM Capstone Students Compete in Real-Time Business Simulation” New Jersey Institute of Technology. New Jersey Institute of Technology, Dec 2014. Web. 28 May 2015.

– Camille Canuto

Iron is defined in the dictionary as “strong and capable of great endurance”⁴, while an Accountant was defined by Peggy Bishop Lane (Wharton Accounting professor) as someone who can speak the “language of business”.⁴ She said Accounting is the language of business as “it’s how businesses communicate about what they’re doing to their investors and to their creditors and to anybody interested in the performance of the firm. And so, if you want to understand anything about business or communicate about business, you have to understand accounting, because it’s the language.” – Peggy Bishop Lane.⁴ That’s what makes an Iron Accountant.  

Congratulations to all the winners and participants of the Third Annual Iron Accountant Competition held at Loyalist College last March 10, 2015.  

Among 40 participants from eight Quinte-area high schools, we have three teams who bagged the top three prizes:

Coming in First Place is a team from Moira Secondary High School, calledBike and Ike consisting of a trio, Erin Taylor, Ben Bacic and Damien Rikley who achieved a Shareholder Value of $54.10. They also received Go Pro cameras, a $500 tuition rebate certificate from Loyalist College and a position in MikesBikes’ World Championships in December.

In Second Place is a team from Quinte Christian High School, called Alpha Eagles Inc.represented by Brayden Stoffers, Andrew Rosenthal, Noel Hangelveld, James Bootsma and Garrison Oosterhof, who achieved a Shareholder Value of $51.53. They also received a $25 Cineplex gift card and a $300 rebate tuition certificate.

In Third Place is a team from Centennial Secondary School featuring Thomas Cheng, Zach Amolins, Zack Turner, Jake Waplak and Shenlong Li who achieved a Shareholder Value of $40.97. They received a book about personal finance and a $200 rebate tuition certificate.

Professor Carol Coupland, a member of Loyalist College’s accounting faculty said, “Each year the level of competition increases and I’m always amazed at the analytical skills these high school students bring to the event. We’re finding that business accounting is slowly starting to disappear from the high schools, so our goal with Iron Accountant is to reach out to students to give them a taste of what a career in accounting could look like. Each high school team has been assigned a third-year Accounting student as their mentor for the day. It’s a great opportunity for our Loyalist students to share their knowledge and experience.”

A team from Bayside Secondary School gathers around a computer during Loyalist College’s Iron Accountant competition. The event was designed to teach students about the analytical side of accounting.

Photo by: Beleville News (Steven Petrick

 

 

 

The competition centred around one of our simulations, MikesBikes-Intro which gives students hands on experience of what it’s like to manage their own firm and to show a different aspect of Accounting. The simulation also gives them a chance to manage all the key functional areas of a firm. It provides them an opportunity to apply basic business concepts in a real life context, such as a Bicycle Manufacturing Industry. They get to experience making critical price, marketing, operations, product development and financial decisions. As managers of their firms, their primary goal is to enrich their shareholders (owners) by providing a positive return to their investments.

Accounting is like solving puzzles as Lane mentioned. It’s not just about math; it’s about making sure that the whole financial picture fit together.⁴ Professor Coupland also mentioned, ‘”there’s so much more to accounting, it requires analytical skills and the ability to see the big picture.” ³This all ties up, as an accountant needs to be someone who is well rounded and able to communicate their findings. Loyalist College aims to show students the bigger picture of Accounting and MikesBikes-Intro provides that experience to students, who participate in the simulation.

Again, congratulations to all the Iron Accountants on this outstanding achievement from everyone here at Smartsims!

References:

1. Hamilton, Bevan. “Moira Secondary School Students Win Iron Accountant Loyalist Competition.” Q Net News. 10 Mar 2015. Web. 27 May 2015
2.   Petrick, Steve. “Iron Accountant Shows students the creative side of number crunching.” Inside Belleville. 16 Mar 2015. Web. 27 May 2015.
3. Lorimer, Kerry. “Loyalist College Hosts Iron Accountant Competition for High School Students, March 10.” Loyalist College. 5 March 2015. Web. 27 May 2015.
4. “Peggy Bishop Lane on Why Accounting Is the Language of Business.” Knowledge at Wharton High School. 23 Sept 2013. Web. 28 May 2015.

– Camille Canuto