Capstone Component 1: Executive Summary
This is a comprehensive discussion of business plans and strategies used by a sensor company within eight years. The discussion comprises the company’s trajectory, thus increasing the visibility of the past, present and forthcoming pursuance. To realize the objective of the assignment, this first part of the assignment is subdivided into five significant categories, including the progress, current situation, future, challenges (legal, social and ethical) like any other developing company (Turkmen et al., 2019). Moreover, the paper concludes with a professional reflection of the capstone project.
Progress of the Company
Similar to other new ventures, the company joined a low-tech industry while burning with ambition with Able as a pioneer product. And in the inaugural year, the company was able to realize 16% of the market share. This gain can be attributed to the creation of new products in the market. Being a year of the test, the company did put in place multiple strategies to make more gain. Unfortunately, the company experienced losses by the third year, which implored that some decisions made earlier own were not good enough. The company revived its success, especially in the fifth year.
Future of the Company
The most urgent priority regarding the future of the company is future expansion. This is majorly ensuring that they maintain a competitive edge within the market. Therefore, the company hope to introduce products and ideas which will cover not only the low tech but also the high tech makes. It is critical that the company come up with the system in which they can forecast the future demands of their customers and their desires to have proper planning (DeMoss, Costello & Osborn, 2019). Most importantly, the company will emphasize on coming up with viable goals that will help them to be sustainable in the end.
Ethical, Legal, and Social Challenges
As a result of the performance trend that was already established, there are a number of challenges faced by the company. The major one is the integrity which is an ethical issue. There is a need for the company to ensure that its employees are well taken care of and that the demands of their customer are fulfilled (Tanwar et al.,2019). These form the significant challenges that should be taken care of.
Current Situation
In the primary year, the company was fair enough in terms of its completeness. Regrettably, the company had its deficiencies. The strength was best shown in the investment of their workforce. However, there are so many weaknesses like lack of actual investment, mismanagement of funds, and lack of effective projections. The company has an opportunity of grabbing manufacturing and having a new product. In the course of operations, there are threats such as regaining the trust of their customer.
Global Considerations
At the moment, the company remains in a condition for no global expansion; this can only take place in the future. Global expansion needs some time, as a small startup, it can lead to a lot of disruption. The global expansion ought to be sequential, and the key elements should be addressed, such as carrying out of the Deep Dive Due Diligence (Thanasas, Kontogeorga & Drogalas, 2018).
Capstone Component 2: Professional Reflection
The capstone simulation was more of a real-life experience about the management and operation of the business. Generally, the acquired skills, knowledge and the entire experience was phenomenal and will be assistive in any company management. With the help of Capsim, it was easy to come up with products skewed to meet the demands of the target market, which includes high-tech or low-tech market and using different strategies of research to make a determination of the number of goods to be produced and their range of prices.
Learners were introduced to various departments as well as aspects that make up an organization. The aspects include marketing, financing, TQM, production and human resources. The departments or aspects play integral roles in ensuring the ultimate success of any company; thus, they needed the same analysis as well as research to accrue more benefits to the company. Similar to establishing a real-life venture, it was challenging to comprehend some processes a concept.
At the start there were many difficulties such as deciding of what to produce, the best population target and probably whether or not to increase or lower budgets and where should recruitment and training of employees come in. However, as time passed the concept became more apparent. It was becoming easier to understand, and the analysis of the market grew to be very interesting, giving various options to provide efficiency. The experience with the capstone project was a reminder of the very first semester in the SNHU. At this time when every new student finds all things unfamiliar, especially with online interaction for a and the software in which the online classes we to be accessed. Completing assignments, a navigating the platforms is quite challenging at the start. Nonetheless, with time everyone become familiar with Brightspace and Blackboard, which are the primary learning environment.
Owing to the ambitions of many business students of owning their ventures in the future, Capstone has a serious link with such future goals. The simulation program helps one to gain insight regarding various programs that comprise an organization. Therefore, one has the chance to learn the anticipated tasks early enough. Most significantly, the course leaves every learner with the ability to make financial goals and acquire various business strategies to empower them into better leadership.
Proper and effectiv3e business communication was available during the entire course. With the help of feedback from peers and the professors, learning becomes communal as one is there for you to help with ensuring you did the right thing. I learned areas that my company can best improve from various responses given by peers and instructors. Such essential communication skills will be carried forward to aid in other classes of Southern Hemisphere University (SNHU). At the workplace, I will be communicating changes to the team with the best skills.
Collaboration with classmates was made possible and effective through the discussion blackboards. In the platform, feedbacks were given for each round of the simulation. Others would give an opinion regarding the progress of the projects, and the thing that they felt should have been done better. Correspondingly, a lot of changes would be witnessed in the subsequent rounds to take care of mistakes in the previous simulation rounds. In a nutshell, the capstone simulation project was vastly enriching with knowledge and experience that will not be beneficial for my personal life but also apply them professionally.
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References
DeMoss, N., Costello, T., & Osborn, S. (2019). Brewing Up a Sustainable Future. Resource Magazine, 26(5), 14-15.
Tanwar, S., Tyagi, S., Kumar, N., & Obaidat, M. S. (2019). Ethical, legal, and social implications of biometric technologies. In Biometric-Based Physical and Cybersecurity Systems (pp. 535-569). Springer, Cham.
Thanasas, G. L., Kontogeorga, G., & Drogalas, G. A. (2018). Does the “capstone” of the “comply or explain” system work in practice? Evidence from Athens Stock Exchange. Corporate Governance: The International Journal of Business in Society.
Turkmen, A., Peng, A. S., Miller, M., Dassow, B., Bauer, D., Mills, L., … & Batzler, R. (2019, February). Development of a Home Energy Monitoring System: A Capstone Project Experience. In 2019 IEEE Power and Energy Conference at Illinois (PECI) (pp. 1-6). IEEE.