Question

Capsim is a simulation of a business and gives the person the possibility to run a business as a manager before the actual business becomes into effect. During the simulation a person takes responsibility of a business and run the company as a manager. In addition, it gives the person the ability to see what a person can do better in order for their business to compete and be better with competitors.   Different things I had learned from business capsim. Some of them are Production, right marketing, research, and one of the most important one, finances.

Marketing is very important aspect of capsim. Marking is used to advertise the product that the business will be selling. For example, some people create web pages, rent billboard, and use social media to reach out to people in the community. Marketing is the main way how a business will reach to their customers. Customers would respond back base on the proper marketing in the community. In addition, the production and marketing would go together. When the business is advertising their product, the business has to assured that the business is providing what it is being advertised   Many times, word of mouth will be another way to reach client. Which it goes back to the production of the business, the customer is expecting to be blown out by the business. If that is achieved that customer is likely to referred the business to someone else. It is important to make the right impression on the first time.

Another important part is research. Research will help reach customers that are not being reached with billboard or advertisement. Research can be complete over social media, such as, Twitter, Instantgram , snapchat, facebook or other platform. Additionally, people are willing to try new places as long as they find the place is worth and the prices are right for them. I feel that research can help the business reach those goals and sustained them.

Finally, finances, which I feel is the most important of all. Finance is the center of the business. Without the proper capital the business can suffer and decline and missed clientele that could be reach. The reason I believe finances is the most important of all, if the business has money to spend, the business can make progress. The business can utilize money to do marketing and research in order to reach the proper client.

Responding to the comment above by my classmate. Response should be at least 200 words.

Answer 1

The given comment highlights the relevance of the marketing, research and the finance in performing the business effectively. The opinion of the writer which highlights the marketing and research as a key component for a successful manager is absolutely acceptable. Through effective marketing process the managers can persuade and grab the attention of the targt audience towards the products and services. The effective marketing generates value for the products and services. Similarly the research enables the manager to formulate a perfect marketing strategies and decision making.

Likewise the financing is also the important factor in running a business. Without financing the business won’t happen. Hence importance should also be given to find the credible sources of finances of the effective implementation of the businesses. Since the capsim simulation program enables the individual or the manager to gather the better understanding about these important concepts of the managerial functions it can be considered as an effective program.

Apart from these key components the managers should also look into the factors like the planning, decision making, problem solving, implementing effective communication etc which can make the manager effective and result oriented. Integrating these functions can add value to the managerial key factors like the marketing, financing, and research.