Essay on Business Analysis Package

In the contemporary business environment simulation projects are widely-spread and many companies use simulation projects to forecast possible effects of the introduction of new products, strategies or changes in their organizational structure, or policies, or business and marketing strategies. In such a situation, many organization underestimate possible problems that may arise in the course of the development and implementation of simulation projects. This is why it is important to discuss in details possible problems and difficulties that may arise in the development and implementation of simulation projects. At this point, organizations using simulation projects should come prepared to overcoming possible difficulties and problems and develop plans of the implementation of the tested change, which should be flexible enough to introduce changes, if the real business environment differs consistently from simulated one. In actuality, to conduct the detailed analysis of the current business environment and to develop the simulation projects on the ground of all stages, essential for its accomplishment starting from definition of goals to conducting and analyzing the simulation. In this regard, the analysis of each stage of the simulation project can help to identify possible difficulties and problems that may arise and solve them or prevent them in the course of the development of new simulation projects.

In order to understand possible problems and difficulties that may arise in the course of the development and implementation of simulation projects, it is possible to refer to a simulation projects. In this regard, it is possible to simulate customer behavior in response to the celebrity endorsement used by a company to attract customers to its products. At this point, it is worth mentioning the fact that many companies use celebrity endorsement as a tool to attract customers and to enhance the promotion of their products and brands in the market. In such a way, companies spend substantial costs on the celebrity endorsement but they cannot always be sure in positive effects of this strategy on their products and brand. For instance, the choice of the celebrity is very important and, if companies fail to choose the proper celebrity, their promotional campaign may fail, whereas costs will be lost. Therefore, the use of a simulation project concerning the celebrity endorsement can be very helpful because the simulation project will allow the company to forecast possible effects of the celebrity endorsement on consumers’ behavior and response. If the response of consumers is positive, the company can implement the celebrity endorsement, but if the response is negative, than the company should not implement this new strategy at all.

At the same time, to conduct the simulation project of the celebrity endorsement successfully, the company should focus on key stages of the simulation project and avoid pitfalls that accompany them (Peters, 75). In this regard, the first stage of the simulation project is the setting of goals the simulation project is supposed to reach. In terms of the simulation project of the celebrity endorsement, the main goal is to test the response of the consumers to the celebrity endorsement used by the company. To put it in simple words, the point is to test whether the celebrity endorsement will bring positive effects on the consumer behavior or not. In such a way, the company should use the simulation project to conduct the detailed analysis of the consumer behavior and to forecast their responses to the suggested change in its policy.

The next step in the simulation project will be the choice of methods to conduct the simulation and its analysis. In fact, the choice of methods is extremely important because methods used may define outcomes of the simulation and their reliability and validity. Taking into consideration the goal of the simulation project, the qualitative methods should be used, such as interviews, questionnaires and focus groups, because they help to reveal the qualitative response and effects of the celebrity endorsement on the consumer behavior. In fact, the qualitative study helps to identify actual responses of customers to the celebrity endorsement and the customer behavior after the introduction of this policy. At this point, it is worth mentioning the fact that the use of interviews is very helpful in terms of obtaining the personal opinion of the subjects of the study, whereas questionnaires help to identify specific issues, which the company may be interested in, such as whether the customers like the celebrity involved by the company in the celebrity endorsement or not. Focus groups can allow the company to obtain different opinions of customers on the policy and contribute to the discussion of this policy and its detailed analysis with the involvement of potential customers.

The next stage in the simulation project is the data collection and processing. At this point, it is important to place emphasis on the fact that the data collection implies the collection of all information from interviews, questionnaires and focus groups and their processing by the simulation project management team. In this regard, it should be said that the information should be collected and processed by the team and it is important to process the information accurately without any errors.