Mission Statement Capsim project PDF

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Mission Statement Capsim...

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Mission Statement Team Digby’s mission statement is clear and concise: We will gain market share in our industry through developing the best products at the lowest possible price. By infiltrating a wide range of industries to the quality and affordability of our electronic sensors, Team Bigby plans to outperform their competitors. Both our exceptional technology and hard working team are open to the world in hope of the start of something extraordinary. Through R&D, Marketing, Finance, and Production our company will establish a differentiation between its competitors and prove itself as the leader of the market.

External Environmental Factors When capsim began there were many external factors that our group decided to focus on. These factors would either contribute to the success of our products or the downfall of our company. In this simulation it is important to assess what factors will make our products sell. Along with selling our products it is key to question which product will be our best seller and which one will likely be our worst. All of this is fairly recognizable in the first few rounds of capsim. The capstone courier guided our decision making process by laying out which external factors each product thrives on. By identifying the external environmental factors of each product we were able to do our best at selling as many products as possible while remaining in our budget. The main external factor we focused on in our traditional segment was age considering it made up 47% of our traditional customer buying criteria. The ideal age was two so if we were unable to make our products ideal age close to two the rest of the criteria would not be efficient in producing an effective product. Price, ideal position, and reliability only made up 53% of our customers buying criteria with reliability being as low as 9%. Our money was not as

heavily invested in the traditional segments reliability as it was age and the success of this allocation of resources would lead to more sales in our product. On the contrary, when looking at the performance customer buying criteria reliability made up almost half of the importance weighing in at 43%. With a heavy focus on reliability it made sense to not to allocate a high amount of resources to age which made up only 9% of the importance in this segment. It is clear that each segment would require a different percentage of resources for the growth of our products. This was the hardest challenge of deciding where our resources should be issued to without leaving a certain criteria vulnerable. Two vital external factors that played a large role in our decision making were each segments growth rates and market share at the time. Each segment had a different expected growth rate which is why balancing the allocation of our resources with these proportions was very important. Traditional segment was expected to grow at 9.2% while the size segment had a growth of 18.3%. Using this information to our advantage was helpful in focusing our time and energy on making these predictions true. On the other hand market share helped us assess which products were thriving in their industry and coupled with expected growth we were able to make better decisions moving forward. Gaining market share was difficult but only achievable through allotting to the products that needed it. Finding the right external factors was not easy but the ability to proportionately invest in said factors was our main struggle. Looking back a better analysis would have been done paired with diligent calculations to pinpoint the ratios needed for each external factor. What were the lessons learnt? What factors influenced the performance of the firm? Some lessons learned was how the group needed to take the time to read the details. For example the group struggled early on with forgetting to upload or save the official document. This would result in no work being represented and the group having nothing to show for their

work. The group learned from this mistake and made sure to save the official document. Another lesson learned was that the group learned to communicate better with each other as early on the communication was an issue for the group as two members would do one section and another section would be left undone. Some factors that influenced the performance of the firm were the other groups/competitors who were challenging Digby for leverage throughout the entire simulation. Other lessons the team learned is not to jump to conclusions as early on in the practice simulations Digby struggles off the bat with competing with other groups. But as the simulation progressed so did Digby’s determination. Digby started off rather slow and were able to get their stock rating all the way up to an A which happened to be the group’s goal from the beginning. Overall I think the group did a great job communicating with each other as well as staying focused. They easily could have given up right away after discovering that they were in last place. But instead the group talked it over and tried new strategies until they found one which was productive for them....