Doing business is not a child?s play. But what if the strategies to run a business can be understood just by playing a game! Sounds exciting, isn?t it! Well, that?s not a hypothetical situation but it?s actually possible through the Business Strategy Game (BSG).
For those, who are unaware of the term, Business Strategy Game is an online exercise in which the students of a class are sectioned into different teams and then these teams are assigned the task to give each other head-to-head competition which running the business of an athlete footwear company. The game is to compete with the businesses of other teams and trying to gain a competitive edge to stay ahead of them.
Though it?s just like an online game it?s not that simple. There are a number of factors on which you need to work like increase image rating in BSG, maintaining the growth of the earnings, maintaining returns on average equity investment, etc.
Though to acquire success in the business, it is important to work on all the factors but here we?ll be talking about how to get image rating up in BSG game and stay ahead of the competition.
Image Rating in BSG: What is it exactly?
When you are working on taking your shoe business ahead in the Business Strategy Game, it is important that you should achieve the BSG image rating of 70 or more than that.
The image rating of each company in the game is based on different aspects which are giving below:
- The branded Styling/Quality (S/Q) rating of the business in each of the geographic region.
- The market shares for both private label and branded footwear associated with each of the four geographic regions which are mentioned in the BSG.
- And lastly, it depends on the actions of the company to display the corporate citizenship its practice of conducting the business operations in a way which is socially responsible for at least over 4?5 years.
Improving the BSG Image Rating
When playing, you just can?t skip the importance to increase image rating in BSG. While working on it, consider working on the best-cost strategy. It benefits the image of the company as increased S/Q rating and having a lower price is directly associated with reaching the aim of acquiring a high image rating.
When 5 teams are competing, it is important for each to aim for at least 20% market share in each and every segment. This is because when the business is evenly represented across the geographical regions, it will do well to the overall image of the company. If there are even other groups who are following the best-cost strategy, then aim at becoming the first team to get to 10 stars.
Also, you can consider CSR as a CSR initiative can also help in boosting up your image rating. But as you take this way, it is important to be cautious about how much you plan on spending on this section.
What to do if the image rating went down?
In case, you observe that your image rating dropped, then it is important that you should consider increasing the S/Q of the shoes you?re selling or you can consider increasing it by indulging into corporate citizenship. It has also been observed that by adding the S/Q upgrade you can boost your S/Q by 1 and it will reflect in increasing your image rating again.
Keep focusing on bringing the image rating of your company above 70 and this will surely help you stay ahead. Meanwhile, stay focused on other sections too.
Originally published at businessstrategygametips.com on March 31, 2019.