The CGMA Competition 2023, renowned for its focus on management strategy, offered a chance to tackle real-world business challenges, particularly in the hospitality sector. A team of 4 business students, Candice, Tracy, Ka Yan, and Thomas eager to apply the theoretical knowledge and showcase their ability. The case involved helping a company expand into a foreign market. in management, marketing, accounting, and finance aspects. With strong support from PolyU and Dr. William Wong, the team advanced to the Hong Kong finals and secured the first runner-up position, gaining essential experience in leadership, teamwork, and practical problem-solving.
Ms. ZHAI Danjie Tracy
Mr. LUN Kocki Thomas
Ms. NGAI Yee Ting Candice
Ms. WAN Ka Yan
School of Accounting and Finance
Faculty of Business
The competition emphasized the importance of management strategy, particularly in the context of expanding a business into a foreign market. This involved analyzing macro-environmental factors and developing strategic recommendations for successful market entry and growth.
Understanding financial statements, cost management, and controlling tasks were crucial in evaluating the company’s financial health and making informed decisions. This knowledge was applied in assessing the feasibility of the business expansion and ensuring financial sustainability.
The competition required a deep dive into market analysis, including identifying target markets, understanding customer behavior, and crafting marketing strategies tailored to the hospitality industry. This knowledge helped in positioning the company effectively in a new market.
Participants were responsible for examining the financial aspects of the case, focusing on accounting and controlling tasks. This involved analyzing financial statements, budgeting, forecasting, and evaluating the financial viability of the expansion plan. This knowledge is crucial for making informed decisions that align with a company's financial health.
The competition included tasks related to management and marketing, where participants had to create marketing strategies that would appeal to the target market in the foreign country. This involved understanding consumer behavior, market segmentation, and positioning, which are essential for crafting effective marketing campaigns.
The team learned how to effectively manage and guide a diverse group toward a common goal. Balancing different perspectives and skill sets while keeping the team motivated was crucial in achieving success in the competition.
Working closely with team members from various backgrounds, I realized the importance of trusting others and relying on their expertise. This collaboration fostered a strong team dynamic, which was essential for our success.
Juggling a full-time internship with the demands of the competition required them to hone their time management skills. Prioritizing tasks and maintaining a balance between competing responsibilities were key to meeting deadlines and ensuring quality work.
The competition involved tackling complex, real-world business scenarios, particularly in expanding a company into a foreign market. This experience enhanced my ability to analyze situations, identify challenges, and develop practical, strategic solutions.
Delivering a compelling and persuasive presentation was critical in the competition. Refining my communication skills, from scripting to utilizing body language effectively, helped leave a strong impression on the judges and is a skill that will be valuable in any professional setting.
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Financial Analysis and Accounting
Financial Analysis and Control
Marketing Strategy Development
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