Everyone learns from experience. Business simulation allows students to apply the acquired theoretical knowledge by taking decisions and analyze the results of their actions. The simulation is cross-functional and integrates all major elements of the business decision-making process .Students deal with market analysis, strategy formulation, and management of strategy, and they see the immediate results of their actions. With this approach, they retain much more information than with the use of traditional learning methods. The business simulation consists of competing teams, which run hypothetical companies. Each team will have the opportunity to set corporate strategies and apply strategic concepts and techniques within a practical decision-making framework. They come to understand the entire business process and its nuances in a simple and unforgettable manner.
EDI provides the simulation experience on MikesBikes-Advanced business strategy game and Sim Venture.1. MikesBikes-Advanced
Strategic Management Simulation provides students with the unique opportunity to evaluate, plan, and implement strategy as they manage their own company within a realistic-competitive environment.Overview
Through our interactive interface students will be taught the cross-functional disciplines of business, and how the development and implementation of strategy involves these disciplines. The competitive element of MikesBikes encourages students to understand these principles and have fun doing it!
- Students form the management team of a Bicycle Manufacturing company making all the key functional decisions involving Price, Marketing, Distribution, Finance, Operations, HR, and R&D
- Students analyze real financial reports and market data. MikesBikes-Advanced also has detailed Operations and Cost Accounting reports
- Formulate a comprehensive strategy, starting with your existing product. Then adapt as you develop new products for emerging markets
- Students compete against others in their course in an online multiplayer environment. The competitive nature of MikesBikes makes the simulation so enjoyable for students, while encouraging involvement and learning in a way that no other teaching methodology can
- MikesBikes uses a dynamic marketplace so that students must continually analyze the changing market and understand the needs of their customers, therefore will reinforce the importance of planning, implementation and evaluation of strategy.
- Takeovers / Mergers and Acquisitions (optional). Face a greater challenge by buying your competitors and dealing with their management teams.
SimVenture allows people to setup and run their own virtual company and learn about business and being an entrepreneur.Who uses SimVenture?
SimVenture is typically used by people who want to learn about business and/or entrepreneurship. Students and budding entrepreneurs benefit from using the software and vocational learners find the software particularly appealing. The business game is also a powerful training resource for organisations seeking to develop teamwork, broaden skill-sets and fast-track thinking.
- Market Research, Competitor Research, Customer Feedback
- Pricing, Sales Channels, Sales Promotions, Customer Support, Distributors, Personal Selling
- Target Markets, Selling Points, Promotions
- Business Planning
- Advertising, Direct Marketing, Public Relations, Networking, Website, Events and Exhibitions
- Product Design, Purchasing, Production, Quality Control
- Banking, Accounts, Credit Control
- Loans, Equity Investment, Grants, Overdrafts
- Forecasting - Profit & Loss, Cashflow, Budgets, Targets
- Premises, Relocation, Resources, Legal
- Recruitment, Selection, Management, Skills, Training, Stress
- Time Management, Priorities, Efficiency
- Unexpected events – e.g. burglary, supply problems, illness
- Monthly Reports - Evaluation, Profit & Loss, Cashflow, Balance Sheet
- Variable and dynamic data.
- Multiple currency options
- Notepad to record player's notes.
- Custom content
- Business Plan Template
BUSINESS SUBJECTS COVERED Finance
|Accounts & Expenditure||Interpret profit and loss accounts and balance sheets|
|Bookkeeping||Keep up-to-date business records|
|Accounting and Finance||Classify costs, net and gross profit, contribution and use a break-even analysis tool to determine price|
|Budgeting||Understand the purpose of budgets and use them for business and campaign plans and forecasting|
|Cash Flow Management||Understand the importance of cash and distinguish between cash and profit|
|Ratio Analysis||Tackle concepts and calculations including: ROCE, Gearing & Asset Turnover|
|Sources of finance||Access family loans, bank loans, overdraft facilities, equity support and grants|
|Business Planning||Write and structure plans for internal and external use|
|External Influences||Understand the market and competition, changing market and supplier conditions as well as managing capacity and demand|
|Identifying opportunities||Undertake small budget research and marketing; create a profitable product|
|Legal Issues||Review the role and impact of some laws regarding health and safety, employment, company creation and contracts|
|Interest rates||Appreciate interest variations, their effects on demand and related finance decisions|
|Management by objectives||Provide tasks to staff or contractors and complete and review work & delegation|
|People||Understand culture of a new start-up & small business. Make decisions and deal with consequences that all business owners have to face|
|Practical problems||Appreciate issues related to: finance, location, building a customer base, cash flow, business planning and personal stresses & strains of self employment|
|Recruitment and training||Recruit staff and experience different methods of selection and choice of approaches to training|
|Adding value||Use unique selling points and identify the best mix of design, price, promotion and service|
|Markets||Complete research, market analysis, segmentation analysis and assess market size/share|
|Marketing||Identify, target and satisfy customers using marketing objectives, strategy and tactics|
|Marketing Strategy/Planning||Understand links between market research, marketing strategies and the desired goals. Appreciate the difference between strategies and tactics|
|Niche & Mass Marketing||Find out about the benefits and drawbacks of niche marketing and compete in large markets through product differentiation|
|Place||Use distribution channels and choose premises to support the sale of business products|
|Pricing||Use different strategies for attracting business as well as linking pricing to financial management|
|Promotions||Plan and execute campaigns including: Advertising, Direct Marketing, PR, Networking, Websites, Events and Exhibitions|
|Sales||Choose strategies, budgets and tactical activities to generate revenue|
|Starting a Small Firm||Appreciate the differing needs, problems and opportunities of small businesses|
|Operations Management||Operate stock control, buffer stock, re-ordering and manage lead times and stock levels|
|Quality control, improvement & assurance||Use different approaches to ensure the product is built right first-time|
|Product||Design and develop a product in line with customer needs|
|Production||Build products and/or manage contractors to produce stock for you|
|Suppliers||Choose from and manage different supplier accounts. Ensure supplier payment|
|Time & Efficiency||Manage personal and staff time to ensure work is done. Identify inefficiencies and work to improve business performance|
|Key Skills||SimVenture also supports the following Key Skills:
Application of Number
Communication and Information Technology
Decision-making and Problem solving
Reflection & Evaluation
Analysis of Information
Milestones Based Learning
Milestone based learning is introduced for PGDM-BE students to enable them to achieve the stated milestones which will act as stepping stones in their entrepreneurial journey. These milestones will provide students a momentum to get involved in various aspects of their family business or new enterprise creation by taking small steps forward consistently to achieve their goals. List of 26 entrepreneurial milestones are identified and shared with students. Based on learnings during the program, they are required to achieve few milestones in first year of the program and many of them in the second year. It is desirable for students to achieve minimum 5 bonus points in 1st year and minimum 7 bonus points in 2nd year of the program. It is compulsory to achieve minimum of 12 points at the end of 2nd year to be eligible for Certificate of Appreciation under Milestone Based Learning activity. At the end of 2nd year, top 10 scorers of the batch (in terms of bonus points earned) will be awarded Merit Certificates.