This week was all about strategy or ¿crushing your competitors¿ so to speak.
Monday¿s lecture was the key driver in delivering the message across to the class that it¿s game on from now onwards. The strategies discussed in class were very diverse which indicated that the outcome of MikesBikes market could be very different as teams often pursue strategies that are not always the same as their competitors - though they may be similar in some cases.
In a typical real world market competitors compete against each other, but at the same time they also want something that puts them ahead in the industry.
Going back a few weeks to the reading by Collins (2005) - week 3 reading - where he/she discussed that having core competencies in a company that are unique can often set teams apart from their competitors - in this case he outlined that having an effective human resource base in the company that yields out great leaders and great followers in teams is a strong and effective core competency for any team in any firm in any industry/world. Alongside human resources I believe that there are many other core competencies that can set teams ahead from their competitors.
In this week¿s reading by Kim and Mauborgne (2004) I was able to draw upon this notion of core competencies, in particular human resources as core competency. The Blue Ocean highlighted in this article provides me with an understanding that there are undiscovered markets out there, untainted by competitors and that once they are discovered, a firm can single-handedly monopolize or attempt to monopolize that market, as the case with Cirque de Soleil. Therefore when a firm has an effective human resource base, its human personnel (i.e leaders and managers) with the ability in them can identify blue oceans within their industries and be able to work their way from red to blue oceans in order to set them apart. Forecasting, predictions and sometimes assumptions usually take place therefore having a daring and confident team to look beyond the borders of Red Ocean and seek other undiscovered industries can set teams apart from their competitors.
In relating this to MikesBikes, it is quite clear that this applies but to an extent. This is because our markets are set up for us in MikesBikes. In our respective worlds we are given the choices, our ¿red ocean¿, and we can either choose to enter the Kids market or the Racers market or the Commuters market or all markets and so forth, however the notion of ¿blue ocean¿ remains in question as we don't know whether there are other undiscovered markets in MikesBikes. It is possible that there may be some undiscovered blue ocean in MikesBikes and only this can be determined when a team has that important core competency in them - effective and confident leaders that dare to look beyond the borders of their existing boundaries.
The reason I choose to elaborate and focus on just this issue ¿human resources as core competency¿ in my journal this week is because I realize that this is probably one of the most important factors in determining whether we thrive or wilt in MikesBikes this semester. I believe that the team I am in this semester has the ability and the willpower in them to lead us to success despite being in a very very VERY competitive world with 5 other firms.
At the conclusion of our group meeting this week I realized that in MikesBikes you make assumptions here and there as you just don't know what your competitors are up to - and because I am a sucker at making the correct assumptions I find that in times like that I can take comfort in my team and trust my team members as I believe they are confident, effective and they know what they are doing.
Collins, J. C. (2005). Level 5 leadership: the triumph of humility and fierce resolve. Harvard Business Review, 83(7/8), 136--146
Kim, W. C. & Mauborgne, R. (2004). Blue ocean strategy. Harvard Business Review, 82(10, 75--84