Based on my team's sales and profit/loss results, we came third to last in the first round with a minor profit, then moved up three positions in the second round by increasing sales and then came fourth in the last round by increasing our profit margin.
I the first round, our team strategy, since it was three of us, we assigned a task to each one; I did the pricing of the the products, other group member did marketing and one reviewed our bottom line (profit/loss) during the selling of products. This was our weakest round and what we could've done better was to make use of the multiple windows you can have open to monitor other departments of our company (e.g marketing) and other business activity like prices competitors were charging for similar products. Instead, we just had our specific job task window open to use, which made us to make decisions on prices and marketing without other helpful resources.
In the second round, we improved by everyone having multiple windows of different data open to aid us making our decisions. I think this was the key factor in our increase in sales and also, the communication between our group member in charge of inventory and I (the price maker); as I was able to let him know what we needed more of through what was selling the most, vice-verse.
In the third and final round, we improved greatly by increasing our sales and profit margin. The key behind our performance in this round was better pricing of our products and this was a collected team effort through, my group members aiding me with information on the market prices for each products. Then, I was able to price our products at a better price than our competitors.
Overall, I think my team did a fantastic job and given more rounds we would likely have gained top spot as we were steadily improving at a rapid rate. Also, I learned that in a business' operations, everything depends on each other in some way like marketing and pricing or inventory and pricing. More surprisingly, communication plays a vital role in making vital business decisions because good or lack of communication in a a company can be the difference in a company loosing a lot of money or an opportunity to make a lot of money.
One thing I forgot to include is that profit is not the only thing to consider in business and know return on equity, sales margins and sales strategy with profits all are dependent on each other which makes them equally important.
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