Business Report for SimVenture

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In the process of using this application the user will have the chance of viewing business from a wider perspective and in the process acquire a strategic mindset which is a prerequisite to modern-day business.&nbsp.Increasingly, organizations seek critical thinkers with insight and the ability to reflect. In today’s business team players with the ability to discern social cues and respond accordingly to those cues are in great demand, this simulation helps in inculcating these skills. This learning experience encourages proper financial management and efficient time utilization. this eventually leads to robust financial gains.
There should be an organized effort to gather information about customers and the prevailing markets. Marketing activities within the simulation have different levels of effectiveness, depending upon which target segment is selected. Information on how effective the activity will be in reaching the different segments is available in some cases, such as Advertising, giving percentages to guide the user in selecting an appropriate method to reach their chosen market segment. Generally, a broad approach will help to reach a greater percentage of the chosen market segment and will result in a high number of enquiries being generated. (Thatcher 1990)
This is a crucial business activity for any business entrepreneur. Analysis of the competitors is an ongoing process which will give a clear understanding of the weakness and the strengths of the competitor. Some of the benefits of conducting competitive research include better targeting of customers, a better understanding of the markets, proper forecasting of the potentials of the market and understanding what the competitors are offering. The product competitors are studied extensively. this will guide the designing of the product. To deliver a great customer experience, you must engage with your customers, listen to their feedback, and make improvements based on what you learn.&nbsp.