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BUSINESS SIMULATION FOR STARTUP EDUCATION
“APPLIED LEARNING AND MARKETING PLANS”
BY
MS. SUNIT KUKREJA
AN INDEPENDENT STUDY SUBMITTED IN PARTIAL
FULFILLMENT OF THE REQUIREMENTS FOR
THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION
(GLOBAL ENTREPRENEURSHIP) INTERNATIONAL MASTER IN
BUSINESS ADMINISTRATION
FACULTY OF COMMERCE AND ACCOUNTANCY
THAMMASAT UNIVERSITY
ACADEMIC YEAR 2015
COPYRIGHT OF THAMMASAT UNIVERSITY
BUSINESS SIMULATION FOR STARTUP EDUCATION
“APPLIED LEARNING AND MARKETING PLANS”
BY
MS. SUNIT KUKREJA
AN INDEPENDENT STUDY SUBMITTED IN PARTIAL
FULFILLMENT OF THE REQUIREMENTS FOR
THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION
(GLOBAL ENTREPRENEURSHIP) INTERNATIONAL MASTER
IN BUSINESS ADMINISTRATION
FACULTY OF COMMERCE AND ACCOUNTANCY
THAMMASAT UNIVERSITY
ACADEMIC YEAR 2015
COPYRIGHT OF THAMMASAT UNIVERSITY
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Independent Study Title BUSINESS SIMULATION FOR STARTUP
EDUCATION
“APPLIED LEARNING AND MARKETING
PLANS”
Author Ms. Sunit Kukreja
Degree Master of Business Administration
(Global Entrepreneurship)
Major Field/Faculty/University International Master in Business Administration
Faculty of Commerce and Accountancy
Thammasat University
Independent Study Advisor James Edward Rubesch, Ph.D.
Academic Years 2015
ABSTRACT
BizCat is a hybrid product-service provider with a purpose to provide
business and startup-specific knowledge to entrepreneur-to-bes through gamified
learning experience. The process is to have a group of customers learning about the
topics they would like to know by playing our original multi-player board games. The
first topic we provide learning as a game is related to “opportunity selection” which is
crucial for entrepreneurs in both their startup decision-making or even along their
business life cycle as a competing firm. We also plan to commercialize our products
as official board games that everyone who is interested in learning the topics through
games can buy. We are inventing more business games along with those activities
specified as we have a goal to become the center of business and startup education
through gamified solution.
Keywords: Simulation Game, Startup, Business Education, Gamification, Game-
based learning, Board game
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ACKNOWLEDGEMENTS
I would like to take this opportunity to express our profound gratitude and
deep regards to our advisor Dr. James Edward Rubesch for his guidance and constant
encouragement throughout the course of this independent study. The comments and
feedback had helped us in improving ourselves as well as our project.
I would also like to thank the committee members for all the useful
advices, suggestions, comments and feedback. Special Thanks to Assistant Professor
Patnaree Srisuphaolarn for all the guidance and comments which helped us to think
back and reflect on our project directions in our difficult moments. The help and
guidance will always be cherished and remembered.
Furthermore, I would like to thank my team member for sticking together
and going through all the difficulties. We had ups and downs but we supported each
through and through.
I would also like to take this opportunity to acknowledge all the current
and prospect customers who help shared and provide all the information necessary to
make this study possible.
Last but not least, I would like to express my deepest appreciation to
our parents, family, and friends for their constant encouragement without which this
paper would not be possible.
Ms. Sunit Kukreja
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TABLE OF CONTENTS
Page
ABSTRACT (1)
ACKNOWLEDGEMENTS (2)
LIST OF TABLES (7)
LIST OF FIGURES (8)
CHAPTER 1 ORGANIZATION 1
1.1 Background 1
1.2 About BizCat 2
1.3 Mission 2
1.4 Vision 2
1.5 Assumptions/Hypothesis 3
1.6 Team Members 3
CHAPTER 2 APPLIED LEARNING THROUGH SIMULATION GAME 4
2.1 Our services 4
2.2 Theories of Effective Learning 4
2.2.1 Bloom’s Taxonomy 5
2.2.2 Kolb’s Learning Cycle – The Experiential Learning 6
2.2.3 Constructivism 7
2.2.4 Traditional Learning Method versus the New Learning Method 9
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2.3 Application of gamification technique in education 10
CHAPTER 3 GAME DESIGN AND TESTING 15
3.1 Process of gamification 15
3.2 Game Overview 16
3.2.1 Ocean Game Objective 16
3.2.2 Game Description 16
3.2.3 Learning Outcomes 16
3.3 Game Testing 17
3.3.1 Small Testings 17
3.3.2 Full Paid Session at Ma.D Hub for Social Entrepreneurs 17
3.3.3 Further Testings 18
CHAPTER 4 MARKETING PLANS 19
4.1 Problem and Opportunity 19
4.2 Market Trend 20
4.3 Target Group 21
4.3. 1 Target Customers 21
4.3.2 Target Needs 22
4.4 Competition 22
4.5 SWOT Analysis 23
4.5.1 Strength 23
4.5.2 Weakness 23
4.5.3 Opportunity 23
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4.5.4 Threat 23
4.5.5 Competitive Strategy 24
4.6 Marketing Strategy 24
4.7 Marketing Channel 25
4.7.1 Offline Channel 25
4.7.2 Online Channel 26
4.8 Sales Strategy 27
4.8.1 Booths and Roadshows 27
4.8.2 Advertisements 27
4.8.3 Partnering with other Workshops/Events 28
4.8.4 Discount Method 28
4.9 Customer Retention Strategy 28
4.10 Indicators of success 28
4.11 Scale-up Plan 29
CHAPTER 5 FINANCIAL PLAN 30
5.1 Operation Work Flow 30
5.2 Financial Projection 31
5.3 Cash Flows 34
5.4 Balance Sheet 34
5.5 Financial Ratios and Summary 35
CHAPTER 6 CONCLUSIONS AND RECOMMENDATIONS 38
REFERENCES 40
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APPENDICES 42
APPENDIX A OCEAN GAME PRE AND POST QUESTIONNAIRE 43
APPENDIX B EXPLORATION TRACKING 45
APPENDIX C SESSION FEEDBACK 47
APPENDIX D RETAIN RUBRIC 49
BIOGRAPHY 50
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LIST OF TABLES
Tables Page
2.1 Learning approaches and their perceptions 9
2.2 Application of Game-based learning using Bloom’s Taxonomy 11
2.3 Application of Game Based Learning using Kolb’s Cycle 13
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LIST OF FIGURES
Figures Page
2.1 The Learning Cone 5
2.2 Six Levels in the Cognitive Domain of the Bloom’s Taxonomy 6
2.3 Kolb’s Model of Experiential Learning 7
2.4 Constructivism in Learning 8
2.5 LM-GM Model Applied to Bloom’s Taxonomy 12
3.1 Dynamics, mechanisms and aesthetics applied to the ‘Ocean Game.’ 15
4.1 Effectiveness of Gamification 19
4.2 Buying Patterns of Worldwide Game-based Learning Market 2013-2018 20
4.3 Worldwide simulation-based Five Year Growth rates by region 21
5.1 Operation Workflow 30
5.2 Total revenue for overall BizCat’s products and services 32
5.3 Annual projected Income Statement for 2016 - 2020 (5 years) 33
5.4 Cash Flow from operation 34
5.5 Balance Sheet for 2016 - 2020 (5 years) 35
5.6 Operating Income to sales for 2016 – 2020 35
5.7 Gross profit margin for 2016 – 2020 36
5.8 Net profit margin for 2016 – 2020 36
5.9 Net Present Value calculation for 2016 – 2020 36
5.10 RoA / RoE calculation for 2016 – 2020 36
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CHAPTER 1
ORGANIZATION
1.1 Background
Entrepreneurs have been known to drive the economic growth of the
country. Entrepreneurship creates job opportunities and innovation which allows the
country to sustain competitiveness in the times of increasing globalization and
increases the chance firm survival. The trend of entrepreneurship is increasing as
secure employment is no longer a guarantee. According to Global Entrepreneur
Monitor 2014, nascent entrepreneur rate in Thailand is quite high and decision to
startup is opportunity driven (nascent entrepreneur refers to the rate of individuals
involved in setting a business that has not yet received salaries, wages and payments).
However, many of them fail or people did not have the knowledge and motivation to
continue them.
After some exploration, we found that majority of people wanted to
startup a business but many have not been able to due to factors like lacking the
know-how, no good idea and fear of failure. Entrepreneurs have the needs to learn the
know-hows in an engaging environment and are looking for skills that would help
them startup and run the business.
Game-based learning has been proven to have high potential for learning
support since it uses human’s natural desires to motivate learning. Well-designed
game can create optimal learning experience for players and provide realism. Skills
from these games usually are analysis, interpretation and problem solving. These
skills are related to educational objectives which are why games are often used for
education and in increasing productivity by boosting motivation.
One form of game that can make learning more compelling and increases
motivation is the method of gamification. Gamification is the use of game design
elements in non-game context in order to positively impact performance, productivity
and engagement of participants. Gamification enhances the player’s experience,
allows interactivity between users and may help player acquire certain skills.
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Teaching entrepreneurs using gamification technique thus allow the entrepreneurs to
acquire skills they need to run the business in an engaging manner.
1.2 About BizCat
BizCat offers a training class for entrepreneur-to-bes that has interest in
starting up their own business and are looking for the opportunities and step by step
guidance to startup a business. Our method of teaching is through the use interactive
simulation game as we hope to enhance the engagement and learning experience of
the participants. We plan to offer varieties of games with learning outcomes centered
on idea generation and validation with the aim of teaching skills that could
specifically be adopted by entrepreneurs.
Our first game is called ‘Ocean Game’ and will teach the aspect of
opportunity analysis. Opportunity analysis is defined as knowledge about opportunity
selection and the understanding of the market structure and analyzing the market trend
and direction based on Porter’s five forces and product life cycle.
1.3 Mission
Our mission is to help young adult entrepreneurs start a business and
understand the fundamental business knowledge about opportunity analysis and the
startup process.
1.4 Vision
We simulate the learning about the process of starting up a business and
motivate entrepreneurs through the use of interactive simulation game.
Each year, we aim to assist 1000 young adults who are interested in
starting up a business by providing business knowledge and motivating them through
interactive simulation game that encourages experiential learning.
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We started initially with the topic of opportunity analysis and selection.
1.5 Assumptions/Hypothesis
1. An effective approach to learning is by doing.
2. Startup simulation game is effective in teaching young adults about
opportunity analysis.
3. Startup simulation game increases the engagement and makes the learning
fun.
4. Players’ knowledge and experience about the opportunity analysis will be
enhanced after the game session.
5. The simulation game help players understand about the marketplace
research.
6. The knowledge from the simulation game can be transferred and applied
to their work or projects.
1.6 Team Members
Mr. Ratana Ratanakul will be responsible for Game Design and Financial
Plans. With background in computer engineering and work experiences as IT
consultant, he is capable of developing the game platform and mechanics of
operations as well using his consulting experiences to provide support to the startups
and advice about the steps to be taken.
Ms. Sunit Kukreja will be responsible for Product Background Research,
and Marketing Plans. With prior experiences in marketing, health promotion and
article writings, she will be able to contribute to the product background research,
Marketing strategies, contents of the platform and the teaching materials.
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CHAPTER 2
APPLIED LEARNING THROUGH THE SIMULATION GAME
2.1 Our services
Aiming to teach business knowledge through the use of experiential
learning to young adults, we gathered data about the specific topics that the target
group felt that they need to know, which are Idea generation and validation. Our
primary objective is to enhance the learning experience about the startup process and
motivate entrepreneurs through the use of game based learning. Hence, our focus is to
teach the concepts of idea generation and idea validation with the first game focusing
towards opportunity analysis and market selection.
Our services include:
1. Educational sessions consisting of lecture and simulation Game
2. Personal Coaching and mentoring
3. Educational contents for young adults who are interested in starting
their own business
2.2 Theories of Effective Learning
Theories of effective learning used by educators suggest that learning is
most effective when it is active, experiential, has real world connection and delivers
rapid response (Catalano, Luccini, & Mortara 2014). Educators are now focusing on
trying to make the teaching practical. Existing tools for such teaching include case
studies, simulations, and business games. Through ‘learning by doing,’ knowledge
transfer occurs as a result of making mistakes and learning from those mistakes.
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Figure 2.1 The Learning Cone
The figure above of the learning cone demonstrates that people learn best
when they are participating and doing. By getting involved in the discussion,
presenting ideas and simulating real experiences, we usually remember 90% of what
we do and say.
Theories used to evaluate learning such as Bloom’s Taxonomy and Kolb’s
learning cycle all suggest that the best practices for learning are when the learning is
situated, the cognitive load is minimized, the learners are engaged constructively and
the learning task is facilitated. Moreover, there must be some form of flexibility,
exploitability and evaluation for the learning. In other words, the learning can be
applied to a new context.
2.2.1 Bloom’s Taxonomy
Bloom's Taxonomy was created in 1956 by educational psychologist
Dr Benjamin Bloom in order to promote higher forms of thinking in education, such
as analyzing and evaluating concepts, processes, procedures, and principles, rather
than just remembering facts (Anderson, 2001).
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Trainers and educators often refer to learning as knowledge, skills
and attitudes. In other words, this taxonomy of learning behaviors may be thought of
as “the goals of the learning process.”
Figure 2.2 Six Levels in the Cognitive Domain of the Bloom’s Taxonomy
2.2.2 Kolb’s Learning Cycle – The Experiential Learning
According to Kolb (1991), experiences play a central role in the
learning process whether it is in life, work, education or play. Ideas are formed and
reformed over and over again in an iterative process through the process learning
experience. This is important to trainers and facilitators in that it suggests that people
learn best through exploration and when they get hands on experience, hence the
classroom setting should be student centered and activities should allow the learners
to reflect their learning and apply it.
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Figure 2.3 Kolb’s Model of Experiential Learning
The four pillars of learning begin when learners acquire the date,
observe and reflect with their previous learning and think/create something. After the
creating, they then learn through experimentation which then becomes the basis for
their next learning.
2.2.3 Constructivism
To create the environment of active learning, there must be a shift in
the classroom paradigm from instruction to construction. Constructivism of cognitive
knowledge refers to individual’s reaction to the experience and the application of the
acquired knowledge to construct their own knowledge.
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Figure 2.4 Constructivism in Learning
Constructivism helps in meeting the challenges of the world to
come. Usually it focuses on depth over breadth. It concerns with thinking as well as
knowing. It recognizes the importance of critical thinking and adapting information in
meaningful ways specifically related to each learner. Learners are asked to apply
knowledge in situations to solve important problems and create products that are
important to someone in the outside world.
Steps in problem based learning are as follow:
1. Group Setting – 4-5 people per group
2. Problem Identification – Problems related to the theme
3. Idea Generation – Participants throw in ideas
4. Learning Issues – Idea Sharing
5. Self-directed Learning
6. Synthesis & Application
7. Reflection & Feedback
This type of learning aims to help participants in gathering facts,
generating ideas, understanding the learning issues and coming up with the action
plan.
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2.2.4 Traditional Learning Method versus the New Learning Method
There are many existing approaches to learning, with the most
widely used being the through books, lectures and videos. These traditional methods
provide knowledge in-depth and are considered the most reliable form of learning.
Limitations include the fact that most of the time, it is not practical and that the
knowledge transfer depends too much on the instructor’s skills. Second approach to
learning is through self-learning. This approach relies heavily on learning from
other’s experiences and seeking self-experience through trial and error. It is quite
risky and time consuming and requires clear directions and specific scope of study,
otherwise the learner might get lost or gather irrelevant data. Lastly, the new approach
to learning, simulation/serious game, the most widely used approach for learning real
world problem and stimulating for the learners as they see the effects of their decision
and get feedback on what they did wrong. It usually reflects a theme and help learners
gain insights of the problems faced in real life.
Table 2.1 Learning approaches and their perceptions
Approaches Examples Perceptions
Traditional - Lectures
- Books
- Videos
- Workshop
- Discussion
- No rapid feedback
- Reliable
- Cost-saving
- Nothing new
- Not practical
- Too much dependent on the
instructor’s skills
- Not Effective and Efficient
Self-
Learning
- Own Experience
- Asking others for
story/experience
- Internet Searches
- Online Courses
- Trial and Error
- Risky
- Time-consuming
- Easy to get lost
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New Simulation/Serious Game - Saves time
- More stimulating to learn
- Useful and effective for defining
influencing factors of a scenario
- Interesting for those who are not
accustomed to the conventional way
of learning
2.3 Application of gamification technique in education
Gamification occurs when game mechanics are used in non-game
contexts to influence behavior, improve motivation and enhance engagement. It is
what you get when you take elements and ideas from games and apply them to things
that are not games.
Our products fall into Serious Game /Simulation category of a
gamification technique. A serious game is a game with purpose. It has all the
elements of a real game, will look and feel like a real game, but has some defined
purpose and specific objectives that the designers want to convey. Simulation games
are slightly different, but still fit into the same category. Rather than being a game
with defined purpose, they are designed to simulate problems found in everyday
world.
According to Bloom’s Taxonomy, Simulations moves learning from
recalling facts to the application and retention of knowledge. In the game context,
participants learn by doing and are later asked to demonstrate how they can apply
what they learned. The table below summarizes the learning goal of the 6 thinking
skills of Bloom’s Taxonomy and the application of serious games in meeting these
goals.
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Table 2.2 Application of Game-based learning using Bloom’s Taxonomy
Learning Goal Mechanics
Remembering Games are good for memory retention because it uses images,
animations and scenarios that trigger the players’ feelings.
Understanding Games may not be very efficient in making the players understand the
context especially if compared with other educational tools which can
provide in depth knowledge. If not supervised properly, players may
get lost during the game. In general, an effective game limits the
amount of information.
Applying Games are efficient for using acquired knowledge into practice and in
a new context.
Analyzing Games provide real-time feedback useful for evaluating and devising
the strategy to boost the performance.
Evaluating It is difficult to understand the reasoning behind the player’s choices
and its effects; hence, guidance from the facilitator is necessary during
the player’s assessment and self-reflection.
Creating Creativity is quite limited when learning through serious games.
Nevertheless, complex simulations could help player come up with
new solutions and see other outcomes that the designers may have left
out.
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Bloom’s theory and the digital taxonomy of Anderson and Krathwohl
(2001) can be used to link commonly found game mechanics to learning mechanism
(Arnab et. al 2015). The figure below of the LM-GM model focuses on task-centered
learning indicating that games can be seen as a continuous learning tool where players
can learn and gain knowledge as they continue moving to the next level.
Figure 2.5 LM-GM Model Applied to Bloom’s Taxonomy (Arnab et.al 2015)
In serious games, game play supports experiential learning. Therefore, it
makes sense to assume that the game mechanics can meet the learning goals and that
knowledge and skill can be acquired through the use of game.
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Table 2.3 Application of Game-based learning using Kolb’s Cycle
All games have some benefits and limitations when used as an educational
tool. Benefits are increased participant’s engagement, improved knowledge
absorption and retention and the skills of collaboration and team work. Game
mechanics applied will allow the players to transfer their knowledge and apply their
learning to real life situations. Moreover, interactive games also generate the
environment of competitiveness and provide immediate feedback to players through
the use of leaderboard so the players learn the critical skills of analysis, situation
interpretation and problem solving.
Learning Stage Mechanics
Concrete experience
(feeling)
Serious games allow players to experience realistic
scenarios and make decisions. The interactions with
users often enhance the play experience.
Reflective Observation
(Watching)
Games provide varieties of information and this
information must be observed by the players during the
game. Hence, presentation must be clear and precise so
that result interpretation can be easily done.
Abstract conceptualization
(thinking)
The abstraction process is usually difficult in games
because players are too focused on how to win or
complete the task on time rather than thinking about
the data provided. Therefore, wrap-up and facilitator’s
guidance is needed alongside with the use of other
theoretical tools such as books.
Active Experimentation
(doing)
Games are definitely designed for active learning or
learn by doing. Drawback of this approach includes
lack of theory based knowledge, poor abstraction
capabilities and ignorance of long term goals.
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Limitations of game based learning are that it doesn’t meet the learning
needs of all participants. People have different skills and different needs for
development. If there are situation where participants feel lost or bored, they might
give up playing the game. Lastly, the use of game based learning may distract learners
from the learning objectives which means that wrap up are necessary and must be
clear and strong enough to bring the attention back towards the game deliverables.
This indicates that serious games have to significantly evolve in order to become an
effective and efficient tool that could be successfully and reliably used in higher
education
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CHAPTER 3
GAME DESIGN AND TESTING
3.1 Process of gamification
Well-designed gamification activities consist of clear educational
objectives and learning outcomes. Pre-requisites must be identified and contents and
game instructions must be clear, relevant and accurate. Good games offer a challenge
and mastery through winning and the employment of pleasing color schemes in the
layout. Moreover the instruction and rules of game play must be clear, concise and
easy to understand (Caufield, et. al, 2012).
There are 4 types of users (Bartle 1996): Killers/ Enjoyers, Achievers/
Farmers, Explorer/ self-seeker, and Socializer/ Networker. Killers/Enjoyers are
motivated by scores and leaderboards. Achievers/Farmers are motivated by clear
goals. Explorer/ Self-seekers are motivated by discoveries. Socializers/Networkers are
motivated by friends and teams. Each player type responses differently so different
kinds dynamics and story must be used to engage them.
Figure 3.1 Dynamics, mechanisms and aesthetics applied to the ‘Ocean Game.’
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After adding the analytics, the game will go through user tests in order to
gain feedback and the game will be refined until solution can be released.
3.2 Game Overview
The first startup simulation game we developed is called ‘Ocean Game.’
The game will deliver the skills of opportunity analysis when looking at the market
place.
3.2.1 Ocean Game Objective
The objective of this simulation game is to aid the players in
identifying opportunities in the market place. Players will be able to identify the
characteristics of different types of market such as common market, fad market, high
barrier market and niche market. This will guide the entrepreneurs-to bes how to find
an interesting business to get in and how to be competitive in the market. Porter’s five
force model will be applied as a tool to come up with strategies to survive the
competition.
3.2.2 Game Description
‘Create the new marketplace or survive the existing competition.’
1. Description: A turn-based game introducing a simulated
environment of several industries and their status including
market size, profit margin and no. of players in the industries.
2. Number of Players: 20-30 players
3. Pre-requisite: Basic Understanding of the business environment
4. Duration: 60 minutes
3.2.3 Learning Outcomes
At the end of the game, participants should be able to:
1. Understand the nature of the marketplace
2. Identify five forces that shape the industry
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3.3 Game Testing
In order to measure the successful implementation of gamification in
training, we used three tools for data collection: pre and post questionnaire,
exploration tracking survey, RETAIN evaluation rubric for game assessment, and
feedback survey to measure the level of satisfaction.
3.3.1 Small Testings
We did several testings starting from internal testing to small testing
session to full session testing at University of Thai Chamber of Commerce. Objective
of these sessions were to verify the game flow and effectiveness of the game.
RETAIN evaluation rubric were used as a guideline for measurement. We also asked
the participants to do pre-test and post-test about the learning deliverables we provide
through gaming session in order to see the effectiveness of the learning through our
game and to use the feedback to continually improve our product / service.
We found out that more than 90% of the participants’ scores have
increased, however, we also spotted that the challenge the participants got is about
language barrier.
3.3.2 Full Paid Session at Ma.D Hub for Social Entrepreneurs
On 31st January 2016, we organized a full paid session at Ma.D Co-
working Space. 28 participants joined the workshop. Target group were working
people aged 20-35 who are looking to startup their own business or expanding their
family business.
We would like to measure their understanding about the topic so we
used project-based learning approach to test their knowledge and application.
Participants were divided into groups of 4-5 members and were assigned to design a
business solution for the specific theme and present them to investors. We noticed that
all groups did researches for the product and the market on the internet to find more
statistics or information that would be beneficial to them even though we did not tell
them to do so.
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3.3.3 Further Testings
Further testings were organized at Millenium Hotel and PTT Co. to verify
the tools and techniques that can be beneficial for the researching activity. The result
affirmed the hypothesis that the business simulation with reflection session helps
motivate the participants to do research related to their business ideas and the
characteristics of the market including existing competitors.
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CHAPTER 4
MARKETING PLANS
4.1 Problem and Opportunity
Games as compared to traditional lectures could bring about more
positive, real-time effects on participants. It is quite an effective approach when it
comes to teaching adults. TalentLMS conducted a survey on gamification that
included corporate learners and students and found that participants are looking for a
productive learning environment that would motivate their learning and game ranked
as one of their highest of options for interactive learning.
Figure 4.1 Effectiveness of Gamification
Young adults often face difficulties in organizing their work, making
decisions alone, and using the knowledge they acquired to solve problems in real life.
They are looking for learning methods that would solve these needs and offers
experiential learning. Simulation, as an experiential learning tool, can be valuable for
entrepreneurial educators who wish to teach nascent entrepreneurs since they allow
knowledge transfer of principle business theories and knowledge such as in
management, leadership, and business principles (Le Roux & Steym, 2007).
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Insight from the simulation game is similar to that of the real world. If
young adults could develop skills important for execution such idea generation,
opportunity analysis, self-confidence, repetitive decision, they would be developing
attitudes that encourages them to startup their own business. Games could teach them
those skills and would engage them more than the traditional method of learning.
This solution along with the statistics from Ambient Insight (Adkins,
2014) suggest that there is an opportunity for using games to teach business
knowledge and principal theories such as idea generation, research, marketing,
finance, management and leadership to consumers.
Figure 4.2 Buying Patterns of Worldwide Game-based Learning Market 2013-2018
(Adkins, 2014)
4.2 Market Trend
The trend of game-based learning is on the rise. The global growth rate of
the worldwide game-based learning market is 6.7%%. By 2018, the revenue is
expected to be $2.4 billion dollars.
As for simulation-based learning, the annual growth rate is 18.9% with the
revenue doubling to $7.1 billion by 2018.
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Figure 4.3 Worldwide Simulation-based Five Year Growth Rates by region (Adkins,
2014)
The figure above demonstrates that simulation-based learning is on the
rise especially in Latin American and Asia. This indicates an opportunity for us to use
simulation based learning in teaching in Thailand and in other countries in Asia and
that there is room for growth in the sector of game-based learning and education
games.
4.3 Target Group
4.3. 1 Target Customers
Our customers are startups at the seed stage that needs support and
guidance in starting a business. We focus on young adults ages 18-35 as defined by
United Nations who are interested in starting up a business and learning through the
interactive simulation game. We will reach out to these customers by approaching
learning hubs, education centers, advertising through social events and online
advertisements.
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4.3.2 Target Needs
An online survey went sent out to potential target groups directly
and startup community online. This survey aimed to learn about target their needs and
understand their perspectives on using game based learning.
We found that the majority of our targets are interested in learning
about identifying opportunity, idea generation, market research, idea validation and
leadership. In regards to perceptions to using simulation game, they responded that it
would be interesting to learn in a different way and that simulation games would
definitely help them identify possible factors that might come into play when starting
up a business.
4.4 Competition
Existing players are focused on either board games or online simulation
games designed for edutainment purposes. Current serious learning games are
developed towards online simulation games. The online simulation games used for
teaching entrepreneurship include Hot shot business, Sim Venture, and Any Business.
Other players are board games that teach some skills of specific to
entrepreneurship such as Cash Flow, Go Venture and The Settlers of Catan. The
existing players teach general business management skills, though some of them can
be applied to entrepreneurship. Hot shot business teach very general concepts of
entrepreneurship, though user friendly, there is no challenge and difficulty level. Sim
venture, however, was too focused on one aspect of entrepreneurship that the game
experience was limited and other key aspects of entrepreneurship like innovation was
not mentioned. Cash flow focuses on the concept of personal finance and the settlers
of Catan focus on negotiation. These skills though applicable to entrepreneurs, are not
specific enough for entrepreneurs who are looking for ideas to startup their own
business.
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4.5 SWOT Analysis
To understand our competitive advantage, we have done SWOT analysis
to understand the internal and external factors that affect the operations of our
business.
4.5.1 Strength
One of the strength of our business is that the model is cost efficient.
Our game is a multiplayer game is a classroom setting meaning that 30 players can
play at the same time. The minimum number of participants required for our game is
approximately 15 people. Once the game is fully developed, we plan to patent the
game which will help in retaining our company’s competitiveness. Our game
addresses the specific needs of the target group who are looking to acquire skills such
as idea generation and idea validation to startup a business. Lastly, we have a large
target size which is good for future scalability.
4.5.2 Weakness
Thailand has many edutainment companies and game meaning that
there is high competition and those games are developed from large companies which
are more credible. Furthermore, we have limited expertise in designing serious
gaming products and services.
4.5.3 Opportunity
Since we are the first movers, we can expand our products further to
solve the increasing needs of entrepreneurs who are looking for skills and education
in entrepreneurship.
Increased internet access is an opportunity for us. It means we are
able to reach out to more customers. Digital Media and mobile application is the
upcoming trend. There are chances that BizCat could create mobile application and
software for our simulation game which would provide convenient access to the
entrepreneurs.
4.5.4 Threat
One of the major threats for our business is perception that
simulation and Game-based Learning are very expensive. Since it takes a lot of hard
24
work in designing the game and there are not many players in the market, customers
may feel that we are overcharging. Another perception which poses a threat to our
business is the perception that simulation games are meant to be only just for fun
Economic downturn may pose a threat towards business startups.
Small startups may lose the opportunity to grow. It may also affect the customer’s
decision in buying the product and services.
4.5.5 Competitive Strategy
One of our competitive advantages is that we are the first mover in
the market in Thailand. We create real-life simulation game that urges interactions
between the players and the outcome of the game are specific knowledge about the
skills that the players are looking for. The fully developed game will be patented thus
creating our business identity and sustaining our competitiveness.
Our game will offer predefined scenarios and long playability to
keep the game interesting and game can be replayed without the feeling of boredom.
Challenge levels will continuous be added to keep the game on the run. More
elements of surprise and mystery must also be added to gain their attention and make
them want to revisit the session. Overall, to compete with competitors, game must
provide concept of competition, challenge level, mystery and yet must have the aspect
of realism that the players can relate to. Interactions should be encouraged by the use
of competition in the same market keeping the game exciting with something new and
continuous thinking of situation interpretation and decision making.
4.6 Marketing Strategy
In order to be well-known, we must create brand reputation and market
our position. We will reach out to our prospect customers by doing publicity among
the local or regional community online and offline, social learning hubs, etc.
1. We will host events and seminars (ideally 1 session every other
month). In these events and seminars, we will invite speakers for
special topics to gain more public attention.
25
2. We will co-host workshop with other event or start-up promoting
activities establish ourselves amongst our target group ideally once
every other month.
3. We will establish our brand by participating in social events and other
events hosted by professional associations.
4. We will organize sessions at academic institutions/organizations such
as universities and schools (once every 6 months). These sessions aim
in raising awareness, building credibility and in emphasizing
entrepreneurial mindset.
5. We will create relationship and communicate with the target market
and build interest through the use of Facebook and blog.
Our goal is to gain 1000 active users over 12 month period. These
marketing strategies will build our brand reputation, enhance the learning experience,
build positive feedback, increase the engagement of the participants, expand our
customer database and generate sales. More aggressive marketing strategies such as
roadshow and booth in startup events will be launched when there are changes in the
project phase.
4.7 Marketing Channel
Offline and online channels will be used to raise awareness of BizCat’s
products and services. Offline channels include educational workshops, consultation,
social events and institutional visits and learning hubs. Online channel include
website and social media such as Facebook and Instagram.
4.7.1 Offline Channel
Since our business is a service business, we plan to use educational
sessions and personal coaching/mentoring as tools to generate sales. These sessions
will help us to further understand what the customers are looking for and build the
customer database. Free consultation will help in generating potential sales.
26
Social events participants can also be an advertising channel for our
business. By joining events that encourages startups, we get to meet people with
expertise in different areas and potential target customers. During the event, we can
promote our business and upcoming events which may act as free advertisement and
increase our sales.
Academic Institution visits at universities will help in raising
awareness amongst young population and will help us establish credibility towards
educating the crowd. Furthermore, during these visits, we can test our products and
receive feedback about our products and services from both educators and the
learners.
Lastly, we can use the learning hubs to establish ourselves amongst
the target group. We can join their sessions to develop our skills and jam with them
when they have events to introduce and promote our products. This can create word
of mouth and reach out more.
4.7.2 Online Channel
Website and social media such as Facebook will help in reach out to
the customers in the wider range. Communication with the target market must be done
regularly. It is a necessity that we produce our own publicity materials, stories and
portfolios to make our brand stronger.
The use of Facebook increases our company’s social proof. The
Facebook posts and status aid in event and product advertisement. The upload and
contents is generated every other for continuous presence. There will be innovation
updates to urge the entrepreneurs to consider innovation an important factor of their
success. There will also pictures of the activities and tips and tricks of the day to build
trust and relationship with the audience.
Channel of communication is primarily done through online
channels such as Facebook and website. News posts are updated every other day.
When there are events, advertisements will begin at least one month in advance with
aggressive advertisement 2 weeks before the event. During the event, the activities
will be uploaded in real time to ensure the customers of the value delivered in our
workshop. The learning from the workshop will continuously be updated for other
participants who missed the workshop and to build trust.
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Blog/content will be another tool used for marketing. Contents will
be constantly on our website and social media in Thai and English. The theme of the
blog will vary each month but the blog’s main focus is towards opportunity selection
and analysis, knowledge and idea validation related to startups. From our continuous
upload, people prefer to read case studies, success stories and pictures from real
occurring events. They also like tips and techniques for starting up a business. The
blog entries will introduce us to the audience and help reach out to our prospect
targets.
4.8 Sales Strategy
We plan to use the following strategies in building customer database and
boosting sales especially during the introduction and promotion of new products and
services.
4.8.1 Booths and Roadshows
Booths and roadshows will help reach out to broader group of
customers. We intend to join exhibition like Startup Summit, Thailand Startup Expo,
Startup Ecosystem Thailand, E-Biz Expo, etc. where we can meetup with other
entrepreneurs and startup community. We can promote our workshop and sell games
and even have small sessions there to test as well as prove to the customers about the
effectiveness of game-based learning.
4.8.2 Advertisements
Advertisement will be distributed both online and offline. For all the
advertisements, there will be testimonials from customers who used our services. The
testimonials will help emphasize our value proposition and the learning outcome. The
interesting infographics wills gain more attention and demonstrate the creative
thinking. Infographics can be made by our team member meaning there will be no
incurred costs.
Sales can also be increased when we have guest speakers to share
experience with the participants. People always like to hear success stories from
successful entrepreneurs.
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4.8.3 Partnering with other Workshops/Events
Partnering and joining with other workshops and event can be
another method for generating sales. By joining with them, we save cost and capture
customers more easily. We also build trust among participants and this technique
creates more value for the customers in that they can gain more knowledge and save
time.
4.8.4 Discount Method
In order to boost sales, we plan to use discount method for some
events and when there are introduction of new products and for early birds. Discounts
will also be given to old customers who came back for our services.
4.9 Customer Retention Strategy
We plan to retain our current customers by using monthly update
newsletter, discount for revisits and the special deals for referral to new customers.
Testimonials will also be used on the website to demonstrate the ongoing quality
services. The objectives of these strategies are to increase customer database, social
proof, and encourage revisits.
4.10 Indicators of success
Accomplishments of the effectiveness of the startup simulation game
should be clearly and transparently displayed to the customers and the audience of the
community. Effective marketing strategies and promotion can attract more
entrepreneurs and create a brand reputation. Below are some indicators of success for
the Startup Simulation game.
1. Increased awareness of the product
2. Increased number of participants in the sessions
3. Increased number of engagements in the website and Facebook page
4. Participants are willing to pay for the session
5. Participants revisit the future sessions
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These indicators can signify how well the business is doing. Most of the
above mentioned indicators are short to medium term goals. Long term goal can be
measured by the number of licenses sold and number of startups launched after using
our services.
4.11 Scale-up Plan
We saw the opportunity of scaling up our business when we were
adjusting the game mechanics of our simulation game. To develop a board game,
certain mechanics need to be readjusted to ensure the balance between fun and the
learning outcome of the game.
Game patent will be made in the year 2016. During the process and
alongside the workshop, the game will be redesigned and readjusted with the help of
game designers to make it an educational board game. The first game box should be
produced and ready to be sold by 2017. The game will be introduced during our
workshop for interested customers.
There will be sessions where we invite gamers, game designers, educators
and entrepreneurs to test and review our game. These game reviews will be used as
testimonials for our potential customers. Game will be distributed through website,
educational centers, learning hubs and board game café. To gain credibility, we plan
to ask for sponsorship from academic/educational centers that support innovative
learning such TCDC and C-ASEAN. The encouragement of innovation and research
through both the workshop and board game should help in capturing the value
proposition of and in the long run, combined with testimonials help in the
sustainability of the business.
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CHAPTER 5
FINANCIAL OPERATIONS
5.1 Operation Work Flow
Our operation work flow begins from the process of gamifying the
learnings and testing the game with potential target groups. Once the game has been
test and has shown to be able to deliver the learning outcome, the full session
consisting of lecture and simulation will be organized. Customers join the session and
pay for the fees. The customers joining the session will come from learning hubs,
academic institutions and online advertisements.
Figure 5.1 Operation Workflow
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Before the session, customers will be asked to do a pre-test so that the
results could be recorded and be compared to post-test after the session. The
customers will listen to introduction, and instructions of the game. The game
commences for the duration of one hour. After the game, there will be discussion,
wrap-up, feedback and post-test. The time left will be used for networking.
After that we will do the calculations of the two tests to measure the
effectiveness of the game. The results can be used for advertisement and will help in
receiving testimonials and referrals that will bring in more customers. The feedback
from the session will be used to refine and develop the game further until it can
become licensed and sold as a board game.
5.2 Financial Projection
BizCat’s revenue streams come from two possible sources - directly from
workshop entrance fee and board game sales.
There are four phases to the workshop.
Phase 1: The Ocean game will be used as the game for the half-day
workshop we hold in the Q1 – Q2 of the year 2016. Workshop size will be 25 - 30
people and workshop fee of 500 baht per person will be collected.
Phase 2: During the Q3/2016 – Q4/2017, the second original game will be
included into the workshop to increase learning deliverables and the session will be
increased its length to full-day. Workshop size will be increased by 5 - 10 people and
the fees will be increased to 1,000 baht per person.
Phase 3: From the Q1 of the year 2018 onwards, three games will be used
to teach three different business related topics for start-ups. Workshop size will be
increased from phase 2 to the maximum size of 50 participants in order to maintain
effectiveness and interactions in the class. The workshop fee will be increased to
1,500 baht per person and will remain unchanged until the end of year 2018.
Phase 4: As a result of aggressive marketing campaign during the
previous phase and all the testimonials from the previous participants and educational
institutes, we expect the intensive simulation game course for start-ups will be more
popular amongst target audiences and we expect 20 – 30 percent increase in demand
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comparing to the demand of the year 2018. In this phase, from January 2019 until the
end of December 2020, we will increase the fee from 1,500 baht to 2,000 baht per
person. All of the other attributes remain the same.
The number of participants in total for year 2016 will be 300, and will be
increased to 480 in 2017. In 2018, we plan to do aggressive marketing campaigns and
roadshows, and at the same time increasing the size of participants in each workshop.
As a result, we will get the total number of 1,000 participants for the year 2018 as we
set our goal to be. From 2019 onwards, we will be exceeding our goal of training
1,000 entrepreneurs to be 1,200 and 1,440 respectively.
We plan to patent our original board games for business education and
then commercialize them as products. We expect to complete the patenting process
within 2016 and start selling the game by the end of the first half of the year 2017.
Projected revenues from above could be concluded for the next five years
as the followings:
Figure 5.2 Total revenue for overall BizCat’s products and services.
BizCat’s expenses are accounted mainly for the workshop venue’s rental,
stationeries, advertisements and administrative overhead. We, as a two-person team,
will be speakers and running the workshop with a help from a temporary staff that we
hire to help facilitate the workshop when required.
BizCat’s financial projection can be calculated as in Figure 5.3.
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Figure 5.3 Annual projected Income Statement for 2016 - 2020 (5 years)
34
5.3 Cash Flows
We will not be investing in Fixed Assets since we are mainly service
provider and not a producer. All of the work that need investment in Fixed Assets will
be outsourced and the cost will be included into the cost of goods sold. Therefore, our
projected cash flows for the year 2016 – 2020 can be shown as followings:
Figure 5.4 Cash Flow from operation
5.4 Balance Sheet
We will inject 250,000 baht as an initial investment for the workshop
to be held. By the end of Q3/2016, we should be able to use the profit from holding
workshop as investment for board game production in preparation for the sales.
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Figure 5.5 Balance Sheet for 2016 - 2020 (5 years)
5.5 Financial Ratios and Summary
Operating Income to sales is projected to be approximately 45.97% in
2016, and will be increasing drastically to 64.75% in 2017 due to a longer period of
sales. Then it will be gradually growing to reach 73.70% by the end of year 2020.
Figure 5.6 Operating Income to sales for 2016 – 2020
Gross profit margin overall will be 74.02% by the end of 2020 as shown
below:
Operating Income to sales2016 2017 2018 2019 2020
EBIT 280,404 1,903,722 4,663,306 5,809,110 9,021,263Sales 610,000 2,940,000 6,600,000 8,130,000 12,240,000Operating Income to sales 45.97% 64.75% 70.66% 71.45% 73.70%
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Figure 5.7 Gross profit margin for 2016 – 2020
Net profit margin is projected to be 58.96% by the end of 2020 and the 5
years figures are shown below:
Figure 5.8 Net profit margin for 2016 - 2020
With the cost of capital of 15%, BizCat’s NPV is calculated to be
10,044,845.24 baht as shown below:
Figure 5.9 Net Present Value calculations for 2016 - 2020
The return of assets and return on equity are stated below:
Figure 5.10 RoA / RoE calculation for 2016 – 2020
Gross profit margin2016 2017 2018 2019 2020
Sales 610,000 2,940,000 6,600,000 8,130,000 12,240,000Cost of goods sold 309,896 1,014,078 1,906,594 2,288,610 3,179,901Gross profit 300,104 1,925,922 4,693,406 5,841,390 9,060,099Gross profit margin 49.20% 65.51% 71.11% 71.85% 74.02%
Net profit margin2016 2017 2018 2019 2020
Net Income 224,324 1,522,978 3,730,645 4,647,288 7,217,010Sales 610,000 2,940,000 6,600,000 8,130,000 12,240,000Net profit margin 36.77% 51.80% 56.52% 57.16% 58.96%
Net Present Value (NPV)2016 2017 2018 2019 2020
Cash inflow 224,324 1,522,978 3,730,645 4,647,288 7,217,010Cash outflow 0 0 0 0 0Net cash flow 224,324 1,522,978 3,730,645 4,647,288 7,217,010
Cost of capital 15%NPV ฿10,044,845.24
ROA / ROE2016 2017 2018 2019 2020
NOPAT 224,324 1,522,978 3,730,645 4,647,288 7,217,010Total Assets 390,217 1,688,871 3,871,654 4,788,298 7,341,430Total Equity 390,217 1,688,871 3,871,654 4,788,298 7,341,430
ROA(%) 57.49% 90.18% 96.36% 97.06% 98.31%ROE(%) 57.49% 90.18% 96.36% 97.06% 98.31%
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Since the policy of BizCat is to raise fund internally only through equity
injection and earnings are retained for future growth, both short-term and long-term
debt are not required. Moreover, we sell products and services in a pre-paid manner,
so there will be no Account Receivables incurred in our financial plan. However, in
the upcoming future if we are scaling up and credit trade is required, we will consider
adjusting our financial plan accordingly.
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CHAPTER 6
CONCLUSIONS AND RECOMMENDATIONS
Application of gamification in creating real life interactive simulation
game and applying it to training about the specific entrepreneur skills such as
opportunity analysis is a new approach to training.
BizCat aims to engage players and increase their learning experience
through the use of interactive simulation game in teaching entrepreneurs the crucial
skills of idea generation and idea validation. The goal is to motivate players’ learning
by creating the environment of competition, making the players strive for
achievements, and needs for self-expression, altruism and closure. Our first startup
simulation game, ‘Ocean Game’ focuses on the topic of opportunity and had made us
realize that there are yet many aspects of game-based learning to be considered when
teaching through the use of game. One limitation is perhaps the different learning
needs of each student and lack of depth as well as limited realism.
To demonstrate the importance of marketplace research, the simulation
game must provide concept of competition, challenge level, mystery and yet must
have the aspect of realism that the players can relate to. Interactions should be
encouraged by the use of competition in the same market keeping the game exciting
with something new and continuous thinking of situation interpretation and decision
making.
Moreover, when using game to teach, various methods may have to be
used. In this study we used pre-test and post-test questionnaire and project based
learning to assess the knowledge. The assessment can be done to some degree but
perhaps the combination with other forms of collaborative learning i.e. problem-based
learning and inquiry-based learning would make it more relevant to the participants.
Values were delivered through the use of lecture, simulation game and reflection
which may reduce the depth of the topic since games have to be simple, so in order to
increase the depth, the knowledge provided during the lecture and game application
have to be very specific knowledge. This knowledge combined with the participant’s
prior experiences will help in integration the process into their projects to solve real
world problems. This blending approach will then provide knowledge in both the
39
cognitive dimension and in task-centered learning. To sum up, simulation game is
useful for higher education yet some form of measurement towards collaborative
learning is required to ensure experiential learning and knowledge transfer.
40
REFERENCES
Electronic Media
1. Adkins, S. (2014). The 2013-2018 Worldwide Game-based Learning and
Simulation-based Markets Key Findings. Ambient Insight Research.
2. Anderson, L. W., & Krathwohl, D. R. (Eds.). (2001). A taxonomy for
learning, teaching and assessing: A revision of Bloom's Taxonomy of educational
objectives: Complete edition, New York : Longman.
3. Arnab, S., Lim, T., Carvalho, M. B., Bellotti, F., de Freitas, S., Louchart, S.,
Suttie, N., Berta, R., & De Gloria, A. (2015). Mapping learning and game mechanics
for serious games analysis. British Journal of Educational Technology, 46(2), 391-
411. doi: 10.1111/bjet.12113
4. Catalano, C. E., Luccini, A. M., & Mortara, M. (2014). Best Practices for an
Effective Design and Evaluation of Serious Games. International Journal of Serious
Games, 1(1). doi: http://dx.doi.org/10.17083/ijsg.v1i1.8
5. Cauflied, C., Maj, S.P., Xia, J., & Veal, D. (2012). Shall We Play a Game?
Modern Applied Science, 6, (1), 2-16.
6. Kolb, Rubin and Osland (1991). Organizational Behavior: An Experiential
Approach, 5th Edition.Englewood Cliffs, New Jersey: Prentice-Hall.
7. Le Roux, I. & Steyn, B. 2007. Experiential learning and critical reflection as a
tool for transfer of business knowledge: an empirical case study of a start-up
simulation intervention for nascent entrepreneurs. South African Journal of Economic
and Management. 10(3):330–347.
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8. Singer, S., Amoros, J. E., & Moska, D. (2015). GEM 2014 Global Report (G.
E. R. Association, Trans.). London, United Kingdom: Global Entrepreneurship
Monitor.
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APPENDICES
43
APPENDIX A
OCEAN GAME PRE TEST AND POST TEST QUESTIONNAIRE
1. List the stages in the industry life.
(A)_________________________________________
(B)__________________________________________
(C)__________________________________________
(D)__________________________________________
2. What are the characteristics of the mature market stage?
(A) New to the market, slow growth, high price and high risk
(B) Rapidly increasing demand, low competition and improving profitability
(C) Little or no growth with high barriers to entry
(D) Negative growth, high competition, and excess capacity
3. Which market stage is attractive to start business / invest in?
(A) Introduction & Development
(B) Growth
(C) Maturity
(D) Decline
4. In a pure competitive environment (price war), a firm has
(A) No control over pricing
(B) Some control over pricing
(C) A great deal of control over pricing
(D) Depends on the product
5. Why is it important to understand the marketplace of your business?
(A) To identify gap in the market and create a niche
(B) To understand what the competitors are doing and be different
(C) To understand the customer’s wants and needs
(D) All of the above.
44
6. What is/are the effect(s) of competitors in the market?
(A) Lower sales
(B) Few customers
(C) Price discrimination
(D) All of the above
7. What are the characteristics of high barrier to entry markets?
(A) Few players in the market
(B) Low profitability
(C) Easy to enter
(D Common product
8. The solution to price competition is to develop a differentiated
(A)Product and price
(B) Promotion and package
(C) Package and label
(D) Offer and delivery
9. Why is Blue Ocean more attractive than Red Ocean?
(A) Because Blue Ocean is at the maturity stage
(B) Because Blue Ocean is the market of common products
(C) Because Blue Ocean has fewer competitors
(D)Because Blue Ocean has more competitors
10. Blue Ocean Strategy
(A)Creates contested market space
(B) Makes competition relevant
(C) Creates and captures new demand
(D) Offers lower price to attract customers
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APPENDIX B
EXPLORATION SURVEY
1. How much time do you spend in a week to search for business ideas that you
are interested in?
o Less than 1 hour
o 1 – 3 hours
o 3 – 6 hours
o More than 6 hours
2. How much time do you spend in a week to research about market and its
competition?
o Less than 1 hour
o 1 – 3 hours
o 3 – 6 hours
o More than 6 hours
3. How frequent you spend time reading and refreshing yourself with business
news?
o Everyday
o 3 – 5 times per week
o 2 times per week
o Once a week
o Once in a while
4. How many people you talked to in order to gain more understanding and
insights of the most recent problem or idea you are working on?
o Never
o 1 – 2 people so far
o 3 – 5 people so far
o 6 – 8 people so far
o More than 8 people so far
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5. For a problem you choose to work on, how many solutions you could think
of?
o Definitely one
o 2 – 3 options
o 4 – 5 options
o More than 5
6. Would you like to start your own business, and when?
o Yes, I have already started!
o Yes, I will be going to start within 3 months
o Yes, I will start within this year
o Yes, I will start in 2 years
o Yes, but still don’t know when
o No, I don’t want to start a business soon
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APPENDIX C
SESSION FEEDBACK Simulation Game (Rank 1-5 with 1 being the lowest score and 5 the highest
score)
The game was fun and enjoyable. (1) (2) (3) (4) (5)
The game improved my understanding about the topic. (1) (2) (3) (4) (5)
The game made me feel more engaged and competitive. (1) (2) (3) (4) (5)
The game allowed to me to identify opportunities. (1) (2) (3) (4) (5)
The game made me comfortable in taking risks. (1) (2) (3) (4) (5)
The game allowed me to identify the mistakes I make during the game. (1) (2)
(3) (4) (5)
The game motivated me to develop new ideas. (1) (2) (3) (4) (5)
The game motivated me to develop strategies to solve the problems I face. (1) (2)
(3) (4) (5)
The instructions of the game were clear. (1) (2) (3) (4) (5)
The deliverables of the game were clear. (1) (2) (3) (4) (5)
Score of the game overall… (1) (2) (3) (4) (5)
What did you learn from the session today?
_____________________________________________________________________
_____________________________________________________________________
How would you link and apply your learning today with real life situations?
_____________________________________________________________________
_____________________________________________________________________
What did you like during the session today?
_____________________________________________________________________
_____________________________________________________________________
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What should be improved for the better understanding about the session?
_____________________________________________________________________
_____________________________________________________________________
Would you be interested in joining the next session? Why or why not.
( ) Yes __________________________________________________
( ) No ______________________________________________________
What topics would you like to learn about? (You can choose more than one)
( ) Marketing Analysis
( ) Idea Generation
( ) Researching
( ) Prototyping
( ) Shaping Business Model
( ) Other, please specify ______________________
Would you like to receive news and update about the future sessions?
( ) Yes
( ) No
If yes, please provide your email address.
____________________________________________________________________
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APPENDIX D
RETAIN RUBRIC
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BIOGRAPHY
Name Ms. Sunit Kukreja
Date of Birth October 10, 1988
Educational Attainment
Work Position
Work Experiences
Academic Year 2011: Bachelor of
Health Science, Bond University,
Health Research and Promoter
(Consultant)
2011-2013: Assistant Hospital
Management and Health Promotion,
Bangkok Hospital
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