Running head: WEEK 4 JOURNAL 1

Week 4 Journal

Brandon Ruff

Prof. Michael Hamlet

Ashford University

August 12th ,2019

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 WEEK 4 JOURNAL 2

Week 4 Journal

Grow your business simulation has been a very enlightening experience over the past

several weeks. I’ve learned various business strategies that can be used my future endeavors. The

main ones are marketing and pricing strategies, which is needed to reach HISCOS desired

customers (Bauman & Skitka, 2012). Trying to stay profitable while keeping variable cost low is

my main challenge. Predicting market forecast based on competitor analysis gives excellent

insight on future percentages but predicting correctly or within a reasonable margin of error can

yield positive results if done correctly. I’ve also learned that knowing where to take the business

can rely heavily on talking to the correct people at the exact time (Bauman & Skitka, 2012). The

role plays that are a part of the simulation if used correctly, can yield useful information into

where the company is direct and allows you to budget accordingly.

In week one, I created a SWOT analysis based on HISCO’s business information, keeping

track of strengths allows us to focus on where the company lacks and then develop opportunities

to turn the weakness into strengths. Business plans and goals build based on the SWOT analysis

to achieve business goals each quarter. If a business strays too far away from an original idea, it

can hinder future growth (Gupta, Malhotra, Czinkota, & Foroudi, 2016). Knowing my quarter

one SWOT analysis, I’ve had to change my strategies to respond to the growth of the

competition to stay competitive. Threats such as competition in the same market space can be

mitigated with knowledge (Simpson, 2017). In my future career, having this knowledgebase can

help me in the future as it gives me reliable support of understanding on how to analysis a

business’s current standing in a competitive market. Using these various tools will help me deter

fears of the unknown by implementing new business strategies that have growth potential.

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 WEEK 4 JOURNAL 3

Reference

Bauman, C. W., & Skitka, L. J. (2012). Corporate social responsibility as a source of employee

satisfaction. Research in Organizational Behavior, 32, 63–86. doi:

10.1016/j.riob.2012.11.002

Gupta, S., Malhotra, N. K., Czinkota, M., & Foroudi, P. (2016). Marketing innovation: A

consequence of competitiveness. Journal of Business Research, 69(12), 5671–5681. doi:

10.1016/j.jbusres.2016.02.042

Simpson, C. (2017, April 27). The Ins and Outs of SWOT Analysis for Marketing Growth.

Retrieved from https://www.entrepreneur.com/article/293196

References

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 WEEK 4 JOURNAL 4

Aaltonen, P., & Ikävalko, H. (2002). Implementing strategies successfully. Integrated

Manufacturing Systems, 13(6), 415–418. doi: 10.1108/09576060210436669

Conforti, R., Leoni, M. D., Rosa, M. L., & Wil M. P. Van Der Aalst. (2013). Supporting Risk-

Informed Decisions during Business Process Execution. Notes on Numerical Fluid

Mechanics and Multidisciplinary Design Active Flow and Combustion Control 2018,

116–132. doi: 10.1007/978-3-642-38709-8_8

Medlin, C. J., & Ellegaard, C. (2015). Conceptualizing competition and rivalry in a networking

business market. Industrial Marketing Management, 51, 131–140. doi:

10.1016/j.indmarman.2015.05.009

Sukumaran, A. K. S., Anushan, S. C. S., & Thiyagarajan, R. A. A. S. (2015). Diagnosing SWOT

through Importance-performance Analysis. Research Journal of Applied Sciences,

Engineering and Technology, 9(9), 792–796. doi: 10.19026/rjaset.9.2626

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