At the beginning of the week my team was at a complete loss as to what to do and where to start, with our SHV and profit looking low we were all at a complete loss. We had amazing sales but out profit never reflected that so we all came to the conclusions that maybe we were doing something wrong. At the start of the week we found ways we could cut back on cost to try and make somewhat of a profit, for example we decided to bring out marketing budget back down to 4 million. However after emailing both peter and smartsims we found out that we are actually doing a lot of things right and we shouldn’t cut back on things such as our marketing, and with a bit of fine tuning (such as getting the correct marketing mix) we could actually succeed in Mikes Bikes for this semester, which got our confidence levels right back up. And as the dreaded rollover came this week we were very happy do see that SHV increase, finally. It was good to see that though we were at a complete loss this week, our determination to do well never failed and it is definitely reflected in this week’s rollover.
Davies and Easterby-Smith (1984) argued that formal training is not as effected as natural learning for managers as a learning tool. Which I believed is very true, that natural learning in the “field” is much more affected than any class can teach you. And this was proven corrected when they did the study and found that none of the participants felt they learned or developed any skills when they attended the training sessions. I feel like this could be reflected in MGMT 300 or any class to be honest. There is only so much you can be taught in a class or in training, but by actually getting a job or an internship (any way to get out there) you learn and gain that little bit of extra knowledge that can never be taught, especially in a class.
This week has been a very interesting week, and overall I am very happy with how everything has played out, hopefully next week goes just as well, I hope high hopes!
Davies, J., & Easterby-Smith, M. (1984). Learning and developing from managerial work experiences. Journal of Management Studies, 21(2), 169--182. doi:10.1111/j.1467-6486.1984.tb00230.x