Knowledge Matters Explanation Sheet.docx - Course Hero I am working on the "Market Segmentation" simulation - the "challenge". Develop a knowledge of the home-buying process Understand steps involved in applying for a mortgage Understand and compare various types of mortgages Identify actions to take when selling a home presentation slides 5-A the home-buying process 5-B qualifying for a mortgage 5-C types of mortgages 5-D closing costs 5-E selling your home Diagnose the problems that a troubled fashion retailer is experiencing. Paris le-de-France destination - official website | VisitParisRegion Sim one week, see what has sold, what has not, and adjust accordingly. No other services require parts. A bed will help sleep; a treadmill will help exercise; a living room set and TV will help relaxation. Students take the math quiz (optional). So remember to maintain an appropriate balance in managing your workforce rather than using a slave labor model even if your overall strategy is to be a low cost manufacturer. Next, they miss a payment entirely and learn how finance charges and late fees can cause their balance to balloon. This tells you essentially where to display the items. Designers and brands are discovering new ways to adapt social media to benefit their businesses and increase their exposure, and maintaining an online presence has become a must for any fashion business. back to top Just being active on social media isnt enough. It doesnt have to look pretty, but as long as nothing is blocked you should use all spaces in your store that are available. You will see three primary types: Need: Position these items along the walls, customers are coming in specifically for these items, Complementor: These items are usually paired with a need, so place them near a need item. Students will understand how to check account balances. Virtual Business Challenge | FCCLA - Family, Career and Community Students can fully design the retail layout of their stores. Retail Management Reflection and Simulation Exercise, https://courses.lumenlearning.com/wm-retailmanagement/chapter/why-it-matters-retail-image-layout-and-visual-merchandising/. . Poorly motivated and poorly trained workers can contribute to significant staff | MikesBikes Business Simulation, Getting the Promotion Mix Right in MikesBikes Introduction, Marketing Decisions in MikesBikes Advanced, Customer Relationship Management in AdSim Advertising Simulation, Measuring Your Firms Success in MikesBikes Business Simulation. Participants will utilize a competition version of the Virtual Business classroom software. It is the average Price / Awareness / PR / Distribution / Quality index weighted by the volume of demand for each product. Discuss how the root -voc- influences the meaning of the word equivocate. They also learn to watch for sales that allow them to purchase goods for less. The Market Summary Report is a market research report giving a side-by-side comparison of all the products currently being sold in the market. Example: Railroads in the United States begunbegan\overset{\text{began}}{\cancel{\text{begun}}}begunbegan with a few horse-powered lines, in the 1800s. 384 views, 0 likes, 0 loves, 0 comments, 0 shares, Facebook Watch Videos from Knowledge Matters: Knowledge Matters offers visually immersive business simulations for both high school and college. Paris tourist office - Official website In general, well trained and motivated workers are more productive than poorly trained workers, so you need to employ fewer workers to achieve a given level of worker capacity. They will make payments on time on their car loan for three months. Students take the reading quiz (optional). Students begin their journey into investing by trying out two safe investment alternatives: savings accounts and money market funds. Use consumers impulse and needs purchase behavior to design a profitable store. Use social media marketing to promote a fashion business. indirect multiplication effects of energy savings from end users. Learn the many steps to the sales process - pre-approach, approach, determining needs and wants, presenting the product, etc. Students will be able to research and compare potential job openings. Identify the impact that different physical locations have on the success of retail fashion stores. spreadthroughj. But, while designing fashion items, students will learn the maximum price that consumers will pay. In this lesson, students will learn how to design fashion based on popular trends. These are hints for the Personal Finance track for the DECA and FBLA Virtual Business Challenges. For instance, if you sold 10,000 bikes at $1000 with a 50% retail margin, then your distributors would make 10,000 * 50% * $1000 = $5 million. Throughout the project, students consult the financial reports for their fashion business to determine what changes they should implement to increase their sales and profits. Choose your answer from the modals listed at the top of this page. and the supplier will contact guests with relevant event arrangements and matters according to the situation. Students will be able to explore different apartments in order to facilitate a schedule that accomplishes their goals. Students complete the reading assignment (optional). This free competitive event consists of two competition rounds, Fall 2022 and Spring 2023. If a firm updates a product with a new design or abandons it altogether then all existing inventory is dumped at 93.5% of what the firm paid for it. Knowledge Matters' visual sims allow . What level of a customer service do you want to provide? No score submission will be accepted after 5:00 PM EST on the last day of the Challenge round. Finally, students take control of pricing for a fashion retailer - they determine initial pricing, adjust pricing based on inventory and rate of sales, and eventually work through the markdown pricing while always striving to make a profit on all sales. They next improve their relaxation and exercise levels by devoting more time to these and making purchases that improve their time efficiency. In this lesson, students discover how fashion designers track street trends to determine consumers fashion tastes and interests. Students comparison shop for goods that help them exercise, sleep, and relax more efficiently. SUPWAY | Marine Ecological Exploration Tour - Roaming Ting Kok Mangrove If done correctly you can make a $10,000 swing in only a few moments. Plan staffing schedules to balance customer satisfaction vs. cost of wages. Question of the Week: What are the Inventory Costs in Music2Go Marketing Simulation? driveawayc. With this online simulation, students begin by managing a small facility and controlling limited factors. Online business simulations for teaching high school students Collaboration Sims Pricing VIRTUAL BUSINESS HIGH SCHOOL powered by Knowledge Matters Students love them. And if so what type? Assess multiple variables in making purchasing decisions - quantity, style, manufacturing costs for self-designed fashion items, etc. So what can we do with this information? in terms of special promotions and discounts) costs are required to enable product training of retailers and providing promotional literature. &\text{h. explosive}\\ I see students running their simulation years and years into the future not changing anything and expecting their profit to change. Students will understand that diversification can reduce risk while maintaining return levels. 09 Nov. 2016. Students investigate the relationship between risk and return in investing. Students will understand the importance of insurance in protecting themselves financially. Understand the importance of social media/online promotion for the success of a fashion business. I need help with the Simulation Challenge from | Chegg.com Students will be able to read and identify key information on a W2 wage and tax statement. back to top Lesson: Design In MikesBikes the only control you have over quality is how much money you allocate to your quality improvement budget each year. Study Trend Reports to determine the popular fashion styles and trends. Here's some tips: 1. In this case, your Distribution Index would fall slightly as your distributors made less retail margin in total. Students continue this pattern to build a better credit score. How to beat Knowledge Matters Retail Final Simulation in One - YouTube Looking for the same product in multiple stores to find the best price, or to find the best product. I recently completed the virtual business consumer behavior simulation from knowledge matters. Finally, while staying within a limited budget, students purchase a series of items that improve their health. Students take the math quiz (optional). The game rewards players with achievement badges. As seasons and styles fluctuate, pricing tactics can be used to manage the transitions. Fashion buyers must read and predict trends accurately and order the correct number of garments for a store. Lesson: Fashion Mogul - Unique City Per Class. $1 million of inventory would be dumped for $935K giving a loss of $65K. A Win-Win Classroom Story of Simulation Success - Louis DiCesare, Featured Educator, How Career Exploration Can Change A Student's Path In Life, Helping Students Gain Financial Literacy Skills for Career and Beyond - Yoelin Cabrera-Fernandez, Featured Educator, Offering a Virtual Internship Gave Students More Than a Certification - Halee Porter, Featured Educator (knowledgematters.com). Grocery stores highlight perishables; sports stores highlight seasonality; electronics stores highlight personal selling. The Cost of Goods Sold is the number of units of a particular product sold multiplied by its manufacturing cost. Track markdown pricing as fashion items are on the shelves longer and new inventory comes into the store. The number of stores in the channel that decide to stock your products will depend on the retail price, margin, unit sales history, and extra support offered. either type. They experience a large medical bill, but see that most of the expense is covered by the insurance. Students will see how payroll taxes and income tax deductions cause their net pay to be less than their gross pay. So what should you do to ensure that your staff are highly motivated? For instance, if you sold 10,000 bikes at $1000 with a 50% retail margin, then your distributors would make 10,000 * 50% * $1000 = $5 million, Perhaps you dropped your price to $900, and your retail margin to 45% you can now sell 12,000 units. Students will explore buying a car as an alternative to taking the bus. Whether their future will be as an employee, a business owner, or a consumer, Change one variable at a time and see what works and what doesnt work. The average salary level you set will affect not only your bottom line, but also worker motivation and effectiveness. Your email address will not be published. Students will understand how key percentages are used to determine how much housing expense a person can afford based on their gross income. throb. In this lesson, students discover how fashion designers track street trends to determine consumers fashion tastes and interests. With this online simulation, students begin by managing a small facility and controlling limited factors. (simulation exercises only) to 31 hours (simulation exercises, readings assignments, I am taking a Marketing 606 class. Students recognize the importance of saving money for an emergency fund. Learn what a tech pack is in the fashion industry - an informative sheet that designers create to outline to manufacturers all the necessary components needed to construct a product. Students will understand how apartment location, transportation, and their schedule must work together. Since their job does not offer health insurance, students look at the cost of purchasing this on their own. They remedy this problem by purchasing food and scheduling time to eat. Students will be able to allocate time and make smart purchases to improve their health. Extra Support (e.g. Shopping sim answers Flashcards | Quizlet Shopping sim answers 3.5 (4 reviews) Step 1 of 6 Owning certain possessions will help you enjoy life and even improve your health. She enjoyed seeing how what she learned applied in the real world. Brandon Roberts 10 subscribers Subscribe 517 views 6 months ago Tips on how to pass the Knowledge Matters. Next, they shop for insurance and explore the relationship between the deductible and the premium. If you want more layout tips, check out this chapter from Lumen Learning: https://courses.lumenlearning.com/wm-retailmanagement/chapter/why-it-matters-retail-image-layout-and-visual-merchandising/. Students learn how specific social media content impacts sales and revenues. Next, they read a 1099-INT and record interest earned from a bank account. 6.2), the . This is achieved through distribution channels in this case through retail outlets. Need Basic requirement for survival. Teams may participate in one or both rounds. Fountain Inn Animal Clinic is a full-service veterinary clinic. The Evaluation Research expenditure lets you know how much market research your competitors are purchasing. Students view their pay stub and compare their gross pay to their net pay. to access a series of videos to help you get your classroom up and running with Virtual Business. Note: The market segments all have medium sensitivity to Distribution apart fromthe Commuter segment, which has low sensitivity to distribution (see the MarketInformation report under the Key Reports menu). An awareness rating of 0.50 means that 50% of the consumers in that segment are aware of your product. Recognize how social media and fashion bloggers have impacted the fashion design process. Students will be able to invest wisely to build wealth without taking on undue risk. Track and analyze the profitability of different locations for a retail fashion store. Heres some tips: Theres a lot to know when it comes to consumer behavior, but for this simulation you just need to understand the basics. There are two types of inventory costs in Music2Go. Firms with large inventories are over forecasting demand. Students will be able to correctly enter deposits (credits) in a check register. Students will understand home ownership and opportunities in real estate investment. Knowledge Matters is the leader in virtual experiential learning, providing simulations for High Schools, Colleges and Universities FOR HIGH SCHOOL Immersive simulation experiences to teach high school business, marketing, and personal finance. Give me one second and I will explain. Files will be automatically scored, ranked and posted under the rankings page. (9 hours). The Challenge will start at 10:00 AM EST on the start date for each round. The book that you reserved has not yet arrived. Finally, students focus on buying dresses to simulate all the principles of fashion buying that they have learned. Finally, students use this principle to make further investments to reach a target value for their portfolio. Students learn the tough business decisions that impact their common shopping experiences - why stores are located where they are, how stores decide to price products, etc. &\text{i. spread through}\\ Fax: 703-439-2662 For instance, if you have 1 million units of unsold stock at the end of the year at a cost of $40 per unit, then you have $40 million of inventory which will cost: 3.5% *$40 million = $1.4m in holding cost. Students take the reading quiz (optional). The product specs rating is a measure of how close your product is to the segments ideal dimensions for tech and style. &\text{f. highest or farthest point}\\ Shopping Flashcards | Quizlet Virtual Business - Retailing is our bestselling sim of all-time. Here is a quick checklist to glance over before you hit start your first week. Designers and brands are discovering new ways to adapt social media to benefit their businesses and increase their exposure, and maintaining an online presence has become a must for any fashion business. Use Trend Research to make fashion purchasing decisions for a retail store. Nick from Hoover High School uses the real life skills he learns through the Knowledge Matters simulations in his job at a restaurant and shares how they can prepare him for a future in business. They then find a condo they can afford. To your calendars. VBC Accounting Pricing, staffing, marketing, and layout have remained the same since the beginning of simulation time. Primary Need All can increase your profit but one specifically will increase your customer traffic around all areas of the map and make the simulation considerably easier. Students learn to shop effectively, so they can obtain goods that improve their lives at the lowest possible cost. You should only invest money (for example in new plant, new product development, or on factory improvements) if you believe that the return on these investments will be greater than what shareholders could achieve elsewhere at the same level of risk (e.g. Did you select a store?Have you set your pricing?Have you set up your staffing?Have you set up your purchasing?Have you set up your sales floor and backroom?Have you put in some security measures?Tip 3: Start Slow You just did a ton of work and there is nothing more discouraging than running the sim forward and failing immediately. Finally, students invest in the stock fund to reach an investment goal over time. Students will learn that some jobs provide health insurance and some dont. N.p., n.d. VB Personal Finance Choosing and Balancing a, Choosing and Balancing a Checking Account Mat, Knowledge matters Choosing and balancing a ch, The Curious Incident of the Dog in the Night-, VB Personal Finance Fixing Your Credit (SIM), Group Sales Reading Quiz IM ON BET AWARDS XD, Edge Reading, Writing and Language: Level C, David W. Moore, Deborah Short, Michael W. Smith. Students will then purchase a car with an auto loan, get auto insurance, buy gas, and use the car to get to work. Perhaps you dropped your price to $900, and your retail margin to 45% you can now sell 12,000 units. Teenagers love to shop, and this online simulation teaches students the business basics and exposes the secrets of retailing. Fashion companies need to charge more than their costs to make money. Students will be able to compare the cost of buying vs. leasing a car. Students will be able to use diversification to reach an investment goal. Knowledge Matters has a wide range of business simulations for both the college and high school levels. knowledge matters personal finance sim cheats. Students will be able to read a pay stub and understand gross pay, payroll deductions. ($100 + $50) / 2 = $75). Online business simulations for teaching high school students Start by solving these basic problems and do so slowly to not lose too much cash starting out.Tip 4: Store Layout Matters The first time I set up my backroom I did it in a way that my stockers would have to walk the shortest distance for my highest selling products. shareholders can earn returns of 8% by investing in a term deposit). A great, well curated fashion store can fail if the store is in a bad location and not easily accessible to consumers. However be careful, as some segments are more sensitive than others to stocking out. They switch apartments and change their mode of transportation. You should know that you will lose money for at least the first 2 weeks, most likely the first 4. To download free take control of your knowledge matters, inc.you need to register.