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An Introduction to Mikes Bikes Advanced

An Introduction to Mikes Bikes Advanced. Presented by: Peter Janciw. What is a Business Simulation?. A representation of a real world company Governed by real life business conditions trying to achieve goals and strategies

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An Introduction to Mikes Bikes Advanced

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  1. An Introduction to Mikes Bikes Advanced Presented by: Peter Janciw

  2. What is a Business Simulation? • A representation of a real world company • Governed by real life business conditions trying to achieve goals and strategies • You are placed the role of Management and must make strategic decisions • It is NOT just a game, it is a learning experience

  3. Why simulations are used • Application of theoretical business concepts (everything you learned in IB1!) • Used in both the academic and business realm • Simulations build teamwork skills and provide an enjoyable way to learn. • Manitoba International Marketing Competition

  4. We will now look at… • What is Mikes Bikes? • Simulation interface elements • The importance of strategy • The main functional areas of the business • Things to watch for

  5. What is Mikes Bikes? • You are the new manager of a manufacturer in the bicycle industry • 5 market segments and 3 distribution methods exist • 2 versions: Single-Player and Multi-Player We will be using the Multi-Player version • Rollovers are automated!

  6. Multi-Player Structure • Course • World • Firm • User

  7. Simulation Interface Elements • Decision Screens – Enter the values for all functional areas for the next period • Reports – View company results and analyze for next decision • The Advisor - The Mikes Bikes “helper.” Provides tips and assistance

  8. The Importance of Strategy • Strategy – How you will achieve your organizational goals • Each Marketing, Production and Financial decision you make ties into your overall strategy! • Monitor strategy by constant analysis (via reports) then make the right decisions

  9. Applying The Strategy • Big Picture > Main Objectives > Low Level • Meeting Main Organizational Objectives • Making Profit • Having enough Product • Keeping Customers Happy

  10. The Main Functional Areas • Marketing – Advertising, Public Relations, Branding, Price, etc • Production and Operations – Our capacity to produce • Finance – Costs, Cash Flows, Profit • R and D – Developing products the consumer wants • HR – Size of our workforce, training, etc

  11. 1. Marketing • Promotion – Advertising, Public Relations • Distribution (Place) – Departments Stores, Bikes shops, and Sport Shops • Price – How much will we/can we charge our customer? • Product – Creating what the consumer wants

  12. 2. Production and Operations • Plant capacity measured in SCU’s (Standard Capacity Units) • Control batch size, set up time reduction, preventative maintenance • Forecast sales to determine production values • Factory efficiency of 70% - 80% is very good

  13. 3. Finance • We want to cover our costs and make a profit! • We can increase or pay back long term debt • Shares can be sold to raise capital, or be bought back. • Provide shareholders with dividends from cash surplus

  14. 4. Research and Development • Modify existing products or create a new one • Choose product attributes: Design/Style and Technical Specs • Use the product placement and the perceptual map to determine which attributes our target market wants

  15. 5. Human Resources • We can increase or decrease the size of our workforce • We need to decide how much to pay our employees • We need to decide how much we are going to spend on training our employees

  16. Things to watch for… • Plant capacity – Too much will be a waste of resources. Under capacity will result in not being able to meet our customer demands (opportunity costs). • Marketing decisions - Be sure to spend the right amount of resources in the proper areas.

  17. Things to watch for… • Financing decisions - Watch your debt to equity ratio. Too much debt and not enough equity will hurt share price! • Is the price right? – Having a price that is too low results in lower revenues. Having a price that is too high results in lower sales. • Don’t stock out!

  18. Simulation Schedule • 2 practice moves • Fri May 20th, Tues May 24th • 6 actual moves • Move 1: Fri May 27th • Presentations to the board • Show how your company has performed over the past 5 periods

  19. The Group Experience • Do key tasks AS A TEAM • Listen to everyone’s ideas and opinions • Deal with situations as the occur

  20. Downloading and Playing • Download all software and player manuals from http://www.smartsims.com • Smartsims e-mail: help@smartsims.com • 2 team members can register at a cost of $50 each. This amount is spread over the team to lower costs • Smartsims will e-mail your registration information to you

  21. Downloading and Playing • Firewall configuration • Access Multi-player software in 3C13 • UserID: student-01 • Password: NetMike • Smartsims access: • Login: stuwinnipeg • Password: canada • pjanciw@hotmail.com

  22. Walkthrough • How to make a round of decisions…

  23. Questions

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