1. 150 word minimum for each paper.. give your feedback(your
opinion) on each paper. Should be two separate 150 word
feedbacks.
PAPER#1 Shan
In today's world, Strategic Management is becoming more
intensified. Businesses can no longer depend on reducing prices
and improving the quality of their products. (Mandych,
Mykytas, Ustik, Zaika, & Zaika, 2021, pg.22). The world
around us is becoming more internet-driven, and we are relying
on how fast things are accomplished. Businesses have to
respond faster with their decisions. Management is becoming
more challenged to produce results and conclusions rapidly.
Businesses that have a better approach tend to have the upper
hand. Strategic Management must analyze the business's
external environments to seize all advantages that can help them
determine their threats and opportunities. These strategies can
make or break a business. This approach is where the business
will determine the company's visions and directions. The system
will help determine the goals and objectives they will follow,
allowing them to maintain that competitive edge. The process
assessments involve planning, monitoring, and analysis. These
processes are ongoing. Investigation analysis ensures that the
business environment is supported by monitoring the strengths
and weaknesses along with the objectives. The business must
execute its strategies and control them by adjusting them when
needed. This is maintained by developing strategic strategies
that align with the external environment's opportunities and
threats with their internal strengths and weaknesses. This
analysis relates to Porter's Five Forces Model by allowing the

2. company to have the upper hand to increase their competitive
advantages with successful thought-out strategies. This analysis
relates to Porter's Five Forces Model by enabling the company
to have the upper hand to improve its competitive advantages
with a successful thought-out plan.
In 1979, Porter transformed the field of strategies with the Five
Forces Model (Ryall, 2013, pg.83). The relationship between
Strategic Management and Porter's Five Forces Model is that
the model allows for aiding managers in evaluating threats that
could hurt the business. This guidance will enable companies to
plan and neutralize the problem before they occur (Rice,2022,
pg.130). The model allows businesses to structure their
organization that will enable them to protect their future returns
and perform above standard returns. The model can provide
businesses with some insight into profit-seeking opportunities,
which they could potentially overlook if they failed to have a
process before events happen. The surrounding environment is
going to be vital in delivering results. Strategic planning is
crucial before implantation. Strategies have been used for many
things throughout history. The processes used can help
determine how successful or unsuccessful the company is or
becomes.
References
Mandych, O., Mykytas, A., Ustik, T., Zaika, S., & Zaika, O.
(2021). The Development of Theoretical, Methodological, and
Practical Recommendations of the Innovative Development
Vectors of Business Process Reengineering and Strategic
Management of Enterprises. Technology Audit & Production
Reserves, 6(4), 21–25. https://doi.org/10.15587/2706-
5448.2021.249830
Ryall, M. D. (2013). The New Dynamics of
Competition. Harvard Business Review, 91(6), 80–87.
Rice, J. F. (2022). Adaptation OF PORTER'S FIVE FORCES
MODEL TO RISK Management. Defense Acquisition Research
Journal: A Publication of the Defense Acquisition

3. University, 29(2), 126–139. https://doi.org/10.22594/dau.21-
890.29.02
Paper#2 Jeff
Strategic management can be described as the continuous
process of determining the mission and goals of an organization
within the context of its external environment and its internal
strengths and weaknesses (Parnell, 2014). Moreover, strategic
management involves the formulation and implementation of
strategies, while exerting strategic control in order to ensure
that the firm’s strategies are successful in attaining its goals.
More specifically, the strategic management process can be
summarized in five steps. First, external analysis involves
analyzing the opportunities and threats or constraints that exist
in the company’s external environment.
Next, internal analysis involves analyzing an organization’s
strengths and weaknesses in its internal environment (Parnell,
2014). Then, the third step of the strategic management process
is strategy formulation. This step concerns the formulation of
strategies that will build and sustain a competitive advantage by
matching an organization’s strengths and weaknesses with the
environment’s opportunities and threats. Strategy execution is
the fourth step, which consists of the implementation of the
strategies that have been developed.
Finally, the fifth step of the strategic management process is
strategic control (Parnell, 2014). This step involves measuring
the success of the strategy and making corrections if the
strategy is not producing the desired outcomes. Strategic
management has a correlation to Porter’s “five forces” model.
More specifically, Michael Porter, a leading authority on
industry analysis, proposed this systematic means of analyzing
the potential profitability of companies depending on five basic
competitive forces.

4. The five forces of Porter’s model consist of the intensity of
rivalry among incumbent firms, the threat of new competitors
entering the industry, the threat of substitute products or
services, the bargaining power of buyers, and the bargaining
power of suppliers (Parnell, 2014). Moreover, the purpose of
developing a model of environmental threats is to aid managers
in evaluating these threats so they can become more successful
in creating strategies to neutralize them (Rice, 2022). The
evaluation of threats is how Porter’s five forces relate to the
strategic management process. While Porter focuses on external
threats, it is the author of the assignment’s opinion that both
internal and external threats are crucial to identify and address
early on in order to ensure the success of an organization.
References
Parnell, J. A. (2014). Strategic management: Theory and
practice (4th ed.). SAGE.
Rice, J. F. (2022). Adaptation of Porter’s five forces model to
risk management. Defense Acquisition Research Journal: A
Publication of the Defense Acquisition University, 29(2), 126–
139. https://doi.org/10.22594/dau.21-890.29.02
ECO 201 Project
Memo
To: My Business Partner
From: Michael Rickman
Date: 24 July 2022
Re: Microeconomics Simulations
Introduction
This memorandum report identifies and explains key
microeconomic principles using a set of simulation games. The
outcome of these games illustrate how microeconomic

5. principles can be applied within real-life situations to help us
make better business decisions. This report is a summary of the
simulations I played and their results, which include the key
takeaways and their significance, for your review and reference.
It is divided into the following sections:
1. Comparative Advantage
2. Competitive Markets and Externalities
3. Production, Entry, and Exit
4. Market Structures (including the Price Discrimination and
Cournot simulations)
5. Conclusions
6. References
Comparative Advantage
Figure 1.1
Figure 1.2
The amount of money lost while purchasing a good or service is
referred to as opportunity cost. Comparative advantage, on the
other hand, refers to the capacity to manufacture things at a
lower opportunity cost than a rival. It is clear from figures 1.1
and 1.2 that this notion was worked out using the Burger
simulation and the Fry's simulation games. Since the production
cost of hamburgers and fries compares with and without trade, it
is evident that opportunity cost appears to play a significant
part in comparative advantage. To explore how the production
potential frontier (PPF) affected the decision-making process, I
performed these simulations while providing random results
outside of the game. When leveraging comparative advantage in
trade, producers that choose to give away less of their products

6. in order to manufacture their own commodities frequently
experience relatively low opportunity cost. There is a scarcity
of commerce with comparative advantage if multiple producers
of the same items charge the same price.
Comparative Markets and Externalities
Figure 2.1
Figure 2.2
In comparison to the earlier simulations, this one is a little more
sophisticated as it advances into the externalities and
competitive marketplaces. It is simple to take control of the
supply in a way that will enhance its demand among the clients
if policy initiatives are included. This decision will
significantly contribute to the company's rise in earnings and
sales. Basically, a number of factors that are useful for
forecasting market change lead the elasticity of demand to
fluctuate often. The availability of alternatives is one factor in
the elasticity of demand since certain products are classified as
necessities or luxury items while others are classified according
to the percentage of money spent on purchases. Based on the
conclusion of the scenario in both figures, it is clear that price
elasticity may demonstrate to a company how far it can raise the
price of a product before experiencing a loss.
Production, Entry, and Exit
Figure 3.1
According to the viewpoint of a business owner (figure 3.1),
before entering a new market, a person should take into account
a number of variables, including production, client base, and
other variables. Additionally, it's critical to be aware of the
market prices that your potential rivals have established their
goods in order to determine the price at which you may outbid
them. Decisions on marginal costs may depend on the volume of

7. goods that must be produced and sold (Mankiw, 2021). The
fixed cost of goods and services should also be emphasized
because it depends on marginal cost. Understanding the period
of year when you must modify the market pricing depending on
the current market needs is crucial.
Market Structures
Market Structure
Number of Firms
Type of Product Sold
Price Taker?
Price Formula
Freedom of Entry?
Short-run Profit?
Long-run Profit?
Industry Examples
Perfect Competition
Many
Differentiated
Yes
P>MC
Yes
No
Yes
Agriculture markets, foreign exchange markets, and internet-
related businesses
Monopolistic Competition
One
Unique
No
P<MC
No
Yes
Yes
Restaurants, hotels, and bars, as well as consumer services like
a hairdresser
Monopolies

8. Few dominant firms
Differentiated
Yes
P=MC
Yes
Yes
Yes
Providers of energy, telecommunications, water, and natural gas
Oligopolies
Few dominant firms
Differentiated
No
P=MC
Yes
No
No
Mass media and new outlets. Such as Walt Disney, Time
Warner, CBS, and NBC.
The four types of economic market structures are oligopoly,
monopoly, perfect competition, and monopolistic competition.
In oligopoly, there are only a few producers, few producers
exist in perfect and monopolistic competition, and there is only
one producer in a monopoly. No matter if a market has several
sectors or just one, oligopolistic marketplaces determine their
own pricing. Profit margins are thus bigger than they would be
in a market that is highly competitive. With monopolies and
monopolistic competition, a single product rules a market while
also having a small number of competitors. These might
interfere with cost assessments across the market.
Conclusion
It is clear from our review of the instances in the table above
that simulation games play a significant role in the conception
of economic ideas. Business owners may make better judgments
and have a better understanding of the financial games life has
to offer by understanding the visual side of these economic

9. systems. We can better grasp how to manage this new business
by examining comparative advantage, competitive marketplaces,
externalities, production entrance and exit, and market
structures.
Reference
Mankiw, N. G. (2021). Principles of microeconomics (9th
Edition). Cengage.
Competencies
In this project, you will demonstrate your mastery of the
following competencies:
Inform business decisions using microeconomic models and
theories
Determine the impact of economic costs on organizational and
individual decision making
Explain how market structure impacts a business’s entry and
exit into a market and its ability to generate economic profit.
Scenario
You and your friend from college have just graduated. You
majored in business, and your friend majored in a creative field.
Your friend is highly inventive and has come up with an
excellent idea for a new product. You both believe in this idea
so much that you have agreed to become business partners.

10. However, before you embark on your entrepreneurial adventure,
you will have to explain some key microeconomics concepts to
your partner that are important to make sound business
decisions.
Your business partner is less than enthusiastic about this
prospect and has never had an interest in what is often described
as the dry and boring field of economics. Every time you have
tried to engage your partner in practical discussions, they brush
you off and decide to go play video games instead.
Aha! This gives you an idea: What if you could convince your
friend to learn about economics through games? You have found
several simulation games that demonstrate in real and
interesting ways the economic principles that you know your
partner needs.
Once you have played the games, you will create a
memorandum report summarizing for your friend the
educational value of your experiment. In your memorandum,
you will restate the key principles and takeaways of each
simulation, as well as illustrate how these ideas are relevant to
your future entrepreneurial success.
Directions
First, assemble the materials that you will need to complete this
assignment:
You will need several simulation report images for your
memorandum. All the necessary data visualizations will be
generated after you have completed each simulation game. You
will be required to save image files of your simulation reports
for your simulation discussions. These should also be used to
create your memorandum report for the course project. If you
have any questions or concerns about the simulation data that
should be used for your project, you should promptly reach out
to your instructor.

11. Review and use the Project Template located in the What to
Submit section.
You are expected to reference any source material used in your
memorandum report with appropriate citations. To support you,
a References page has been added to the project template with a
citation for this course’s reading already provided. Any other
references you add should be cited according to APA format.
Once you have assembled the required materials listed above,
you can now begin drafting your memorandum report by
completing the following steps:
Comparative Advantage: Discuss the Comparative Advantage
(With Trade) simulation that you played in Module Two. You
should add the Production Decisions graph and the Production
Trade graph (i.e., the graph showing how many hamburgers per
fries) from you simulation report into the project template as
Figures 1.1 and 1.2. Then, answer the following questions in the
paragraphs below the figures:
How does this simulation demonstrate how individuals evaluate
opportunity costs to make business decisions? Use the
Production Decisions graph from the simulation as a reference
to explain what role the production-possibility frontier (PPF)
has in the decision-making process.
Explain how comparative advantage impacts a firm’s decision to
engage in trade. Would a business’s decision to trade cause a
change to its PPF? Provide specific reasoning to support your
claims.
Competitive Markets and Externalities: Discuss the Competitive
Markets and Externalities simulations (both with and without
policy interventions) that you played in Modules Three and
Four. Add the Supply and Demand chart and the Outcomes by
Market table from your simulation reports into the project
template as Figures 2.1 and 2.2. Then, answer the following
questions in the paragraphs below the figures:
What impact do policy interventions have on the supply and

12. demand equilibrium for a product? Provide specific examples
from the simulation to illustrate.
What are the determinants of price elasticity of demand?
Identify at least three examples. Based on the outcome of the
simulation, explain how price elasticity can impact pricing
decisions and total revenue of the firm.
Based on the results of the simulation, can policy market
interventions cause consumer or producer surplus? Explain why
using specific reasoning.
Production, Entry, and Exit: Discuss the Production, Entry, and
Exit simulation that you played in Module Five. Add the
Aggregate Outcomes chart from your simulation report into the
project template as Figure 3.1. Then, answer the following
questions in the paragraphs below the figure:
Analyze a business owner’s decision making regarding whether
to enter a market. For example, what factors determined the
driver’s market entry and exit in the simulation? Use economic
models to support your analysis.
How does a business owner applying the concept of marginal
costs decide how much to produce? For example, how did the
driver determine how many hours to drive each day? Use
economic models to explain.
How does the impact of fixed costs change production decisions
in the short run and in the long run? Use the average-total-cost
(ATC) model included in the module reading chapters to
demonstrate this impact.
Market Structures: Discuss the market structures simulations
(Price Discrimination and Cournot) that you played in Modules
Six and Seven. Then, do the following in the project template:
Complete Table 4.1 as a reference guide for your business
partner. The table should compare the attributes of each of the
four listed market structures.
Answer the following questions in the paragraphs below the
table:
Explain what market inefficiencies derive from monopolies and
monopolistic competition. Use examples from the textbook to

13. support your claims.
How do firms in an oligopolistic market set their prices? Use
specific examples from the simulations or from the textbook to
support your claims.
Explain how firms that compete in the four different market
structures determine profitability. Use specific examples from
the simulations or the textbook to support your claims.
Conclusions: Draw your overall conclusions about the relevance
and significance of microeconomics. How will microeconomics
principles impact your business decisions moving forward?
Provide recommendations to your business partner for your
future business venture.
Finally, ensure that all of your sources are properly cited using
in-line citations and references according to APA format.