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I am unable to reflect on this week¿s class as I was absent due to sickness and other personal issues.

The main point raised in this week¿s readings is that organisations need a clear and simply strategy. A second point is that a strategy takes into account your competitors and not just how the business will work (Magretta, 2009).

Charting Your Company¿s Future

(Kim & Mauborgne, Charting Your Company's Future, 2009)

The reading describes a ¿strategy canvas¿, a three part plan to simplify how a firm competes or should compete in an industry. The three stages are as follows. Firstly what are the factors which influence competition now and in the future. Secondly it looks at which factors your competitors are investing in. Finally how your own company makes use of these factors (Kim & Mauborgne, Charting Your Company's Future, 2009).

After reading this journal I am interested in forming a ¿strategy canvas¿ for our Mike¿s Bikes (MBs) world. I could find the factors which companies will be able to compete on. However as it is only the first week it is impossible to do it as no firm has released any new bikes yet. Due to this I cannot make any judgement calls on their strategies. I plan to analyse my own firm¿s strategy in the coming week so that we have a better idea of how to focus our efforts. I hope that I can make a strategy which sets my firm apart from our competition.

Why Business Models Matter & Blue Ocean Strategy

(Magretta, 2009) & (Kim & Mauborgne, Blue Ocean Strategy, 2009)

The most important aspect I found in this article was simple; make what the customer wants but do it differently to your competitors (Magretta, 2009). This idea relates very closely to the ¿Blue Oceans¿ reading. I noticed that the organisations in the readings designed their strategies by looking to see where their competitors were and who they were focusing on. Once they understood this they then focused on a less competitive area of the market (Walmart) or created innovative business practices (Dell) (Magretta, 2009). This concept is much like Blue Ocean Strategy (BOS) as it looks for areas with no competition to become differentiated from competitors. The largest benefit being reduced costs and differentiation (Kim & Mauborgne, Blue Ocean Strategy, 2009). The BOS is similar to the example of Walmart given by Magretta (2009). Walton purposely looked for areas that weren¿t being targeted by other large firms during the 1960¿s and was able to thereby reduce the risk of competitors as there would be no space for them in the market. He was differentiated as he was the only company targeting small towns with large department stores. He could reduce his costs as he ran the same model as the large department stores.

I hope I can apply this concept of strategy to MBs. Assuming my team can manage to get into a market and secure it before any other team can get a solid footing. By doing this I think we can reduce the amount of competition we face. This is much like what Peter said last week when he explained how he knew someone who completely taken over the leisure bike industry in MBs. I think it will be difficult as all the groups are aware of this type of strategy now and competition will be fierce in all areas. The next few weeks are probably going to be the fiercest and I expect people will start trying to apply BOS and fill the overlaps as well as the main market segments. There¿s going to be a lot of blood in the water with six teams in each world. 

References

Kim, C. W., & Mauborgne, R. (2009). Blue Ocean Strategy. Harvard Business Review, 76 - 84.

Kim, C. W., & Mauborgne, R. (2009). Charting Your Company's Future. Harvard Business Review, 76 - 83.

Magretta, J. (2009). Why Business Models Matter. Harvard Business Review, 86 - 92.

2 Comments

  1. Hey Gareth, thanks for the opportunity to review your learning journal. The main thing of which you have demonstrated learning is in your paragraph on Blue Ocean strategy. You have shown that you have learned why and how business's carry out the 'blue ocean' tactic; you state businesses look where their competitors are, and then focus on a less competitive area or create a new innovative business practice. In terms of Daudelin's advice regarding the stages in the reflection process, you have shown the first two steps. Articulation of a problem and analysis of a problem. This could explained by your thought process at the bottom of each paragraph, showing your thoughts on the theory and how it could relate to your group. You are not quite there yet in terms of the last two steps; formulation and testing of a tentative theory to explain the problem, and action (or deciding whether to act). This could be explained as ¿progressing further with an issue and your idea's on how to resolve it. You have not really engaged very deeply with any over-arching ideas anyway, so it is hard to interpret from this. As you explained you had complications this week, so it is entirely understandable. 

    Regarding blooms taxonomy, I believe you showed learning along the lines of the 'analysis' section. You have shown you can break down a problem into different parts and determine a relationship between them. This is done when you explained the strategy canvas, and how you think those principles could apply to your team. You showed this leaning in this sentence; " I could find the factors which companies will be able to compete on. However as it is only the first week it is impossible to do it as no firm has released any new bikes yet. Due to this I cannot make any judgement calls on their strategies. I plan to analyse my own firm¿s strategy in the coming week so that we have a better idea of how to focus our efforts." 

    To achieve higher levels in blooms taxonomy, you would need develop a deeper thought process regarding your own learning from the week gone. Rather than just discuss the reading, and what you think you can take/apply from it; dig deeper and find some issues that you can pull apart. Try find something you disagree with and critically approach it from your own viewpoint, then raise those concerns within the journal. Show you can understand the message of the readings, and how you interpret them.

    Thanks for sharing, 

    Ben

  2. I will be the first to admit that this isn't my best work and I would like to make some improvements to this piece.

    After some further reflection I have noticed some similarities from these readings to my work in my marketing strategy paper which I found very interesting. I hope that I will be able to apply some of the principles that I have learnt in that paper to run an even more thorough analysis of our market and our strategy. I think it would be beneficial to me to do this as it is further practice not only for my marketing paper but will also allow me better understand my management of the information in this paper. I think this would show a higher level of learning outlined by Blooms taxonomy as it draws knowledge from different disciplines to apply them. 

    I think it is a great idea to reflect on our own journals as we can see which direction we are heading in. Each week I have taken the time to read the comments left by others and I have tried to apply those comments to my next journals. For example last week I was told to select fewer ideas from the text and discuss them more which I aimed to do this week. I do believe I need to go back and read the Daudelin and Blooms taxonomy reading to get a fuller understanding of how to reflect on future readings.

    I appreciate the feedback that Ben has left me this week and I think it is a good exemplar for leaving feedback. I hope I can achieve the same level of feedback in the coming weeks.