Reference no: EM132116491

Answer the following in bold based on this information,

Diamonds R 4 Ever Team Building Business Game

Teams will form to pursue profit and success as they trade and refine highly valuable gems from the depths of mines in exotic corners of the world, and eventually to the necklines of discerning consumers.

Diamonds is a game of negotiation skills: fast, memorable and pragmatic - guaranteeing that every participant will talk at some stage to one another.

Taking only a few minutes to explain the proceedings, the action starts early and by the final phase reaches a climax of stock market proportions.

Each team represents a jewelry firm that has at their disposal, gems, metals, cash and of course industry know how. The aim of the game is to be the most profitable firm by the end of the year. Teams negotiate their way to success using the matrix of information, cunning guile and tactical negotiating skills.

Market forces, go vernments and the demands of fickle consumers will influence trade. Good strategies and timely execution of deals enable teams to maximize opportunities with diamonds, sapphires, rubies, emeralds and gold bullion and transform them from valuable raw materials into even more valuable works of saleable art.

Initially teams will exploit opportunities to maximize short-term profits, but later in the game unexpected events will occur to force teams to refine plans to enhance buying power, efficiency and profitability. Each team must compete using accurate information, good relationships, and teamwork whilst balancing profitability with trust, good outcomes and customer focus.

High energy trading and networking will ensue throughout the game as getting to know people around the room forms an integral part of the nexus of relationships that will enable profitable deals to be done quickly and effectively. Each team will have sections of the market that is more profitable for them, and a central bank will call the shots for overall market forces and financial transactions!

Learning Outcomes

Networking and Relationships

This is a fast paced and enjoyable networking experience where people basically get to meet everyone else in the room as they “wheel and deal”. Quality relationships is also an issue as teams that take short term opportunities to “rip off” another team may have it come back to haunt them later in the game when that team has something to hold over them. Developing and sustaining good relationships can help win the game.

Information is power

Within the game teams have opportunity to obtain information about other teams, the market, future trends and pitfalls. Teams fail to accumulate and integrate information that will give them better situational awareness at their peril. A team that collects and properly analyses available information will easily be able to manipulate other teams and anticipate events within the market. This enables them to maximise profitability, avoid pitfalls and make the most of opportunities as they arise.

Decision Making Superiority

Accumulating information is one thing, but being able to process and interpret it and then act appropriately based on it is quite another. Teams that can move through quick and high quality decision-making cycles within the game will be far better placed to make quality decisions to un-balance competitors and beat them to opportunities.

Market Forces and Change

Changes in market forces and consumer demand throughout the game demand that teams must be able to adapt quickly to change and understand market forces to remain profitable and viable in the competitive environment the game creates.

Negotiation

Teams will need to negotiate frequently as an absolute necessity for advancing in the game and to obtain valuable market intelligence and rare gems and resources to satisfy their clients. Good deals need to be negotiated to derive maximum profit, but fairness and “win win” attitudes will help keep good ongoing relationships in place for crucial deals later in the game as it gets increasingly harder.

Planning and Execution

The game requires a careful balance between planning and execution as not enough planning will lead to poor decisions in the marketplace, however not executing in a timely manner may mean that crucial deals and opportunities are missed for vital resources and information required by the team to generate long term profit.  

Discuss what you would do to ensure that the team-building event you selected is successful.