With a different format compared to previous rounds, RMIT’s Bachelor of Digital Marketing second-year student Huynh Hong Thien Huong said the simulation demanded a fast and accurate strategy in a limited time.
“The simulation demanded us to be quick and precise in our logical thinking, to make a fast connection and correctly measure the impact of our actions,” Huong said.
“There were three main major areas what we could make decisions on including sales gaining, production management, and financial optimisation,” Huong added.
“Therefore, each member of our team led an area and then came up with the final decision on how to effectively allocate our resources.”
There were many changes and developments at the beginning of each round, which required the team to think ahead and plan for upcoming rounds.
“We found that not only we had to plan for the current round, if we wanted to win then we would have to start thinking forward and plan for the upcoming rounds too,” Huong said.
“Together with that long-term strategy, we focused on increasing production capacity while testing sales strategies since there were changes in market each round and plans to expand in the business.”
RMIT’s Bachelor of Business (Logistics and Supply Chain Management) graduate Nguyen Ha Tu Anh said the team learned precious lessons that will make them become more resilient in the future.
“Our team learned the harsh lesson of “bigger risk, bigger return” since we were playing it safe and did not recognise the change of market prioritisation to generate the highest profit, leading to a failure in the final round,” Anh said. “We also realised our subjectivity in not carefully analysing competitive strategies when leading the market in Round 3.”
The Global Final of the P&G CEO Challenge 2021 included nine representative winning teams of regions including North America, Latin America, Europe, Asia-Pacific, China and India, Middle East and Africa. The competition aimed at offering youth access to knowledge, skills and resources which can help them in their future
Story: Le Mong Thuy