- UnEARTHing Iowa, College of Growth in Iowa

UnEARTHing Iowa, College of Growth in Iowa

Rhonda Greenway | Main Page | Daniel Hanawalt

Alex Frescoln

The Industry Masters program was a very interesting experiment. Through the process I learned how to manage a business and gained a better understanding about the core ideals that determine market competition; such as product maturity. It had never occurred to me that there was more to selling a product, eventually that product would become outdated or the patent would run out. Therefore, you always need to be investing in research and development along with innovation. Another fun thing that occurred to me midway through the game was to enter other people’s markets in order to sabotage them. This strategy actually paid off at the end of the game, and led to our victory.

The areas that needed improvement were establishing what we were going to reinvest in. Halfway through the game we decided to not re-launch our products and try to save money to move into the bio-fuels market. It wasn’t until the other team started to catch up that we decided not to go into bio-fuels and instead focus on the products we had already invested in. Eventually our revenues grew rapidly and we were able to move into the already established markets that our competition were in. This led to our victory, but it was to our detriment to stop focusing on re-launching our products.
 
I wasn’t really confused on any aspects of the business simulation, but I found it interesting that it did not take into account differing economic conditions.
Aug 11, 2009 9:19 AM |Add a comment
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