One problem our team had this week became apparent to me after reading through and gaining an understanding of the reading by Kim and Mauborgne (2002). It was that our team lacked a clear and concise strategy as an overarching motivator for our business decisions within Mikes Bikes. As described by Kim and Mauborgne (2002) there tends to be a lack of focus on the ‘big picture’ when it comes to strategy and strategic planning. This is something that I think is especially relevant to our group.
We had made some decisions (such as only expanding to one new market and instead redeveloping our adventurer bike) which in hindsight may have cost us an advantage in the game. These choices seemed like the right ones at the time, but perhaps we were focused too narrowly and failed to see the bigger picture of the wider simulation. Focusing on where we knew we could succeed rather than focusing on where the biggest opportunities were was probably what we did wrong here.
One thing that could aid us to avoid falling into a similar trap in the future is developing an analysing a strategic canvas of our business model and those of our competitors in line with the what was described by Kim and Mauborgne (2002). Trying to see where our strengths and differences lie and whether or not these are successful has potentially to really improve our decision making for the weeks to come.
I think that perhaps at the start of the coming weeks session we could sit down as a team and formulate a longer term, fixed concrete strategic plan following the tips from this reading. This would allow us to make decisions in a more forward, future thinking manner.
Kim, W. C., & Mauborgne, R. (2002). Charting Your Company’s Future. (cover story). Harvard Business Review, 80(6), 76–83.