The Practice Rounds
Q.1 Please share what you learned from The Practice Rounds. Comment on how your team is forming and what communication methods you have decided on.
Q.2 Write a reply
The Capsim simulation on rounds 1 to 3 of the practice competition gives me a broad insight into how to run a business well in order to succeed in the market. I gained additional knowledge, in particular, on how to create and implement broad company strategies successfully. My team had to come up with a marketing strategy as we compare the outcomes of prior rounds, we tend to concentrate on the marketing and broad differentiation initiatives, focusing our marketing strategy on gaining market share, pursuing new markets in the future, and growing our product line, reduce our fixed costs to increase our margins, which has to do with HR and TQM. We also talked about how crucial team communication is. To communicate and work together efficiently, we choose to combine email, video conferencing as well as cell phone chat and this made it possible for us to remain in sync and guarantee that everyone was aware of all the choices and decisions that were taken as well as future plans. This is accurate despite the fact that the team is still developing and figuring out our strengths and weaknesses.
Sample Solution
Major financial support is provided under communist governments. Theoretically this is a beneficial policy, but realistically it isn’t as beneficial as it is intended to be. At least 20 percent of Soviets lived in poverty compared to 14 percent of Americans in 1988 (Fein, 1989). The average Soviet only has to dedicate 6 percent of their income to paying rent, whereas Americans dedicate 26 percent of their income to living expenses (Fein, 1989). The Soviets denounced the existence of poverty in their country up until Gorbachev’s leadership, and instead claimed that poverty was only brought on by capitalism. The large number of people who were experiencing economic hardships sought for change in the USSR. Despite Soviet officials claiming that the poverty was caused by laziness, many believe that poverty was brought on by the economic state of the USSR. The economy under Gorbachev suffered immensely, causing over 20 million people to live impoverished lives (Fein, 1989). The communist Soviet Union crumbled soon afterward.
A defining factor of a capitalist economy is its economic freedom. The five most economically free nations are Hong Kong, Singapore, New Zealand, Switzerland, and Australia according to the Index of Economic Freedom (2018). Hong Kong is a part of China, yet the only things the Chinese government controls in Hong Kong is foreign relations and the military. The population grew in Hong Kong from 600, 000 to 6 million in fifty years (Friedman, 1998). This population growth was due to people fleeing from the communist state of China to Hong Kong. A major downside to reduced economic freedoms, is the reduced political freedom that typically comes with it. Both issues have gradually diminished in China since the height of their communist reign. It’s evident that people prefer freedom over control from the fact that people fled from their controlling to country, to a free country.