As the business in the simulation goes through various generations, it is faced with various external and internal factors that affect its business model in different ways
You have learned some new concepts, and this new knowledge may impact how you make business decisions. For this assignment, you will complete another run of the 30-minute business simulation https://forio.com/app/harvard/family-business/#/ . This time, you will make decisions while bearing in mind the key business segments in the company’s BMC.
During this second run of the simulation, pay specific attention to your company’s business model and any business environment factors that may impact your plan. Then, complete and submit your journal assignment here. Make sure you’ve included all the required elements by reviewing the requirements and rubric.
Overview
As the business in the simulation goes through various generations, it is faced with various external and internal factors that affect its business model in different ways. You may have also made decisions that affected the company’s business strategy including its value proposition, customer segments, revenue models, and other factors. In this journal, you will reflect on these factors and decisions and discuss how the business model changed across generations, and then determine the feasibility of these changes by running them through the BMC framework.
Prompt
In your journal, reflect on the different BMC segments, such as value propositions, channels, customer relationships, customer segments, revenue streams, key resources, activities, partnerships, and cost structure, and how they affected the decisions made in the simulation and consequently the company’s growth and direction.
In this journal, select two BMC segments to use in answering the following questions:
- BMC segment changes: How have the selected BMC segments changed over the various generations?
- The effect of decisions: How have your decisions affected the BMC segments?
- Explore your decisions: How did you come to your decisions?
- Assess your decisions: Do you believe you made the right decisions in the simulation? Why or why not?
Guidelines for Submission
Submit your journal as a 1- to 2-page Word document using 12-point Times New Roman, one-inch margins, and double spacing. Sources should be cited according to APA style.
