Help me create an abstract for the following:

$1.$ Describe two problems that you came across while completing the Competition Rounds. Answer the following questions for each problem:

a$.$ What was the problem?

During the Capsim competition rounds, we encountered several challenges that tested my strategic thinking and decision$-$making skills. Two specific problems that I came across were related to managing production and forecasting demand. The first problem I faced was with managing production efficiently. As the rounds progressed, I found it increasingly difficult to balance the supply of products with the fluctuating demand in the market $($Kramer$,$ L$.(2024,$ June $26).$ This led to excess inventory in some periods and shortages in others, impacting on our overall performance and profitability. It became evident that a more thorough analysis of market trends and consumer behavior was necessary to make informed production decisions $($Cornish$,$ M$.(2024,$ February $29).$

The second problem I encountered was forecasting demand accurately. Despite using historical data and market research to predict future sales, there were instances where our projections exceeded expectations. This inconsistency made it challenging to optimize our production levels and pricing strategies effectively. It highlighted the importance of continuously monitoring market conditions and adjusting our forecasts accordingly to stay competitive $($Gadhavi$,$ J$.(2024,$ March $19).$

Those two problems underscored the complexities involved in running a successful business in a dynamic marketplace like Capsim. By addressing issues related to production management and demand forecasting, I learned valuable lessons about adaptability, resource allocation, and strategic planning. Moving forward, I will apply these insights to improve my decision$-$making process and enhance my performance in similar simulation exercises or real$-$world scenarios.

b$.$ Where$/$how did you identify the problem?

During the Capsim competition rounds, the identification of problems was a critical component of navigating the complexities of business strategy $($Clark$,$ L$.(2024,$ March $15).$ The simulation provided a multifaceted environment where various factors influenced company performance, including market conditions, production capabilities, and financial management. One particular instance that highlighted my ability to identify a problem occurred during the analysis of our product lines' sales performance. A significant increase in market share for one of our key products prompted an in$-$depth investigation into consumer preferences and competitive positioning.

To diagnose the issue effectively, we utilized various analytical tools provided within the Capsim platform. By examining sales reports and customer survey data, it became evident that our product's features were not aligned with evolving market demands $($Kenton$,$ W$.(2024,$ May $31).$ Additionally, competitor analysis revealed that rival firms had launched superior products with enhanced features at competitive prices. This discrepancy indicated a misalignment between our research and development efforts and the actual needs of consumers.

The identification of this problem catalyzed strategic adjustments in subsequent rounds. We reallocated resources toward product innovation and marketing initiatives aimed at repositioning our offerings within the marketplace. Furthermore, We engaged my team in discussions about refining our differentiation strategy to better appeal to target demographics. Ultimately, recognizing this issue not only mitigated further losses but also fostered a culture of proactive problem$-$solving within our team. This experience underscored the importance of continuous monitoring and adaptability in achieving success within dynamic business environments.

c$.$ What were the effects of the problem?

As a result of Baldwin$$s challenges with forecasting product demand and managing production, Baldwin frequently stocked out of products and failed to have its actual market share reach its potential market share. Potential market share refers to a firm$$s prospective control of a market considering product demand, forecasted growth opportunities, historical data, market research, and customer surveys $($Mastuti et al$.,2024).$ After Round $1,$ Baldwin stocked out of products in the traditional and low$-$end segments. Because of Baldwin$$s cautious product forecast for these items, the company did not produce enough items to meet market demand. This event caused Baldwin to experience $4\mathrm{.}5\%$ and $4\mathrm{.}8\%$ discrepancies between actual and potential market share for its traditional and low$-$end products, respectively. Had Baldwin met product demand for its traditional products, it would have sold $302$ more units and positioned itself to have the highest market share in that segment out of every company. Although it already had the highest market share in the low$-$end segment, meeting demand would have allowed Baldwin to s