Marketing Plan Essay

1924 words - 8 pages

Executive Summary

The purpose of writing this report is to evaluate and provide sound advices to the company, Venture Simulation Ltd on its business simulation game, Sim Venture. Several recommendations will be given for future improvements based on the main business areas of the company. In recent years, the business simulation industry is growing rapidly. With outstanding product design and feature, more and more educational institutes and commercial organizations demand the business simulation to provide their students and staffs quality business and entrepreneurship learning. Since there is a potential market opportunity for the product, it is necessary to introduce a new product ...view middle of the document...

The business simulation game was developed and designed by brothers Paul and Peter Harrington, founders of Venture Simulation Ltd. The company specifically commits to developing and innovating business simulation technology. Peter Harrington, one of the organization founders, was inspired by an innovative idea that the traditional approach to business learning and training should be enhanced by the application of business simulation. After few years of research, he then partnered with his brother, Paul who has more than 20 years’ experience in the software design industry, to invent a business simulation game and finally created the simulation. The business simulation is widely used in education institutions and commercial, public and voluntary sector environments in order to promote advanced learning process about the entrepreneurship and business. This report is prepared to evaluate and advise on the business. It mainly focuses on its market opportunity, product uniqueness, business innovation and business model. Strategies and recommendations will also be provided for effective venture success.

2. Background of the Company

Venture Simulation Ltd was established by brothers Paul and Peter Harrington in UK since 2006. The company had launched a business simulation game named Sim Venture. It was designed by the founders of the company to promote accelerated learning about the entrepreneurship and business. Peter Harrington has a strong entrepreneurial background whereas his brother, Paul has more than 20 years’ experience in the software design industry. By integrating their innovative ideas, they took nearly 4 years to develop the simulation. As an educational tool, the simulation is now widely used by many educational institutes and commercial sectors. Since the business simulation industry is still growing, there is potential market opportunity for the product.

3. Market Opportunity

The business simulation, Sim Venture has a great market opportunity as the industry is still considerably growing in recent years. Due to advanced information technology today, computer games and consoles can be easily found in many places. Most students have already been playing computer games since primary school. In a sense, recent college and university students will also have some experience in gaming (Jones, 2003). Current generation of students prefer to learn by practicing and are conducted as experiential learners. Therefore, the business simulation has become one of the educational tools that provide them an effective learning environment (Williams, 2011). In this respect, more and more business schools and companies emphasize the usage of business simulation game in their curriculum. As a result, this trend affords the potential market opportunity for the business simulation products.

4. Product Attractiveness

Sim Venture is a Window-based business simulation game. It requires the player to formulate a strategy and make...

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