Reference no: EM13812846
Answer the following questions concerning forming a business.
1. Management: Discuss the strategy you used to hire, schedule, and compensate employees and managers. How successful was the strategy in competing in the restaurant marketplace? Were the employees compensated properly to ensure the success of the organization?
2. Marketing: Discuss the marketing strategy you used to advertise your business and price your products competitively. Was your strategy successful? What measures did you use to evaluate the effectiveness of your strategy? What changes did you make in your strategy to improve the performance of your business?
3. Operations: The primary goal of operations management is determining the demand for its products and designing a system capable of producing outputs in numbers equal to the demand. What was your strategy for hours of operations? How did you determine the amount of coffee you would have to purchase to meet the projected demand?
4. Accounting/Finance: The accounting system provides management with the critical information needed by management to guide and control the business. Explain how you used the financial information (income statement, balance sheet, cash budget analysis, etc.) to guide your decisions in operations, human resources, and marketing.
5. Final Impressions: Briefly explain your impressions of the simulation. What did you learn? How would you approach the simulation in the future?
Each answer should be 200 to 250 words in length.
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