Decision-making
Each round of the simulation teams had 4 big decisions to make:
- PRICING – Finding their pricing sweetspot with respect to their customers and, of course, other teams – too high and they lose customers but too low and they leave money on the table
- STRATEGY – A choice of 4 strategies – each team seeking to differentiate itself and also making sure their Strategy and Pricing are consistent
- EXECUTION – A choice of 4 management priorities to effectively execute their strategy noting that anybody can have a good strategy but only the best can execute it well
- MARKET DEVELOPMENT – Should they do market development knowing that visitors may well buy from their competitors and should they collaborate with other teams on this?