Identify the impact of store layout and merchandise displays on sales. The lower your delivery performance rating, the less likely that retailers will want to stock your bikes. Students learn to assess the proper staffing levels to manage the volume of consumer traffic. Finally, students use what they have learned to decipher the financial statement of a struggling fashion business and make business decisions and changes to make the company profitable. Fountain Inn Animal Clinic is a full-service veterinary clinic. They invest $1,000 for a year and find their return. Operations Management questions and answers. Knowledge Matters here! The product specs rating is a measure of how close your product is to the segments ideal dimensions for tech and style. I am able to discuss and analyze event transportation and parking options. Take your time with these. The Agency Fees let you know whether your competitors are using an Agency or not and how much it is costing them. Students monitor their health and discover a problem with nutrition. Perhaps you dropped your price to $900, and your retail margin to 45% you can now sell 12,000 units. So what does this mean for you in MikesBikes? The graph below shows the motivation index achieved by changing the firms average salary from $25,000. Although you might reach the same number of consumers as before, they are now being bombarded with five times the amount of advertising. 3 Key Terms . Students will understand how to utilize periodic sales to expand their purchasing power. Okay, now youre in the challenge phase. Vendors of bikes can be broken into three categories: (Note: Sports Stores are only available in Multi-Player in MikesBikes Advanced). &\text{e. jovial}\\ In this lesson, students will learn how to design fashion based on popular trends. But for the weighted average we look at the amount of demand for each product. Students purchase shares of two different international stock funds. (9 hours). They will make payments on time on their car loan for three months. Students continue this pattern to build a better credit score. Give me one second and I will explain. First, they experience a robbery (without being insured) and calculate their loss. Students will understand how medical insurance works and the relationship between co-pays, deductibles and premiums. They can test their management and fashion business skills running two popular fashion stores in the same shopping center. For instance, if you have 1 million units of unsold stock at the end of the year at a cost of $40 per unit, then you have $40 million of inventory which will cost: 3.5% *$40 million = $1.4m in holding cost. As MikesBikes progresses you will be offered numerous product development projects that will improve the product spec ratings of your products, if your product spec ratings are lower than your competitors it means that they are spending more money on product development than you are. I see students running their simulation years and years into the future not changing anything and expecting their profit to change. Business management simulation for high school students VIRTUAL BUSINESS MANAGEMENT powered by Knowledge Matters Virtual Business - Management gives your students the chance to be the boss of their own company. Students will understand how to compare money market funds. Learning by active involvement is an established method that guarantees long term skill retention.