Question

can you share 3 theoretical concepts or theories you applied to capsim (Business Simulations and Assessments Applications) during the simulation? How?

Answer 1

Talking about the theories that can be applied during the basic stimulation or we can say the growth stage wherein the company can take and handle all the situations which will be very much helpful for the company or the team to understand and grow, the prior stage is the stage wherein all the things are new and wherein the company needs to work on it and get it resolved which will make the company to grow and achieve the target which they have thought of.

1. The first theory which an be used at the initial stage is the porters model, as this this theory is the concept at the basic stage where the company thinks of all the things and tries to achieve all the parameters where they can grow and make the things happening in life, lets say the porters model is the theory which explains Buyers Power, how the buyer thinks and how the challenges are been faced in terms of what challenges and conditions buyer apply to make the person work into the competition, the other term which the company faces is the Suppliers power, now the supplier is also thinking about how the things are going as the supplier is also having their own terms anc conditions which we need to follow as well, this are things are followed and come up facing this challenges. As you are the company in the business where the competition is also plays a major role hence Threats of new entrants, as well as Threats of new substitution, also is the biggest challenge which the company faces, this are the major things which the company or the person needs to think at the initial stage and think about it to grow.
2. The second model which needs to be taken care of is BCG growth matrix, the process is knowing and growing the market, the growth matrix is the product which will be very much helpful in defining what is is going to define and share as it is showing how the ROI (Return of Investment) will be measured from the investments which are done, lets say this model is defined in four categories Dogs, Question mark, Stars and Cash Cows, the above given points are the stages where in all the things pertaining to the the model of achievement of ROI are defined, as this will help the company to grow the process and this will make the company to understand at what pace and at what level should the investment should move on and how you can cover from it this is the major process wherein the company understands what type of investments are necessary and how they are required to be done, this will help the investment to be covered up.
3. The third and the final process which needs to be understood is the core competence which turns into innovation, the company needs to understand its major competence and needs to understand its major strength to move on rather than to work on its weakness, the weakness needs to be improved up however the major thing is strength competence where the company needs to think and take care of, this will help the company to improve more and more and due to which the company will grow and it will make the company work on it more and more, the company needs to think in the perspective of growing the product as well as growing the employees to make the company work and make them grow according to the trend and culture how the company needs to achieve the target.