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Articulation

This week the mistake I made and I guess what I learnt was that spending in the wrong areas proves to be costly. (ha ha) 

Analysis

The reasons that we are spending in the wrong areas it quite probably due to lack of information and lack of expertise in the areas we are advocating for. Basically we are spending with no real intention or plan of improving our SHV. We spent a lot of advertising this week and while it was a well thought out idea, I then advocated for raising our prices in the hope that because we spent so much on advertising we could afford to raise our prices as demand would be high. Unfortunately we got severely undercut in our prices and they spent just as much on marketing. This meant we lost a lot of sales and spent a lot of time in our factory with idle workers. 

Formulation

In order to improve what we are doing we have to look at whether it is worth it to spend in certain areas. Looking at the pros and cons of the areas we spend in is vital to helping us improve our SHV. In order to gain more knowledge as to why we should spend in those areas we should try to find out by doing more practice rollovers and therefore seeing what helps us where. We also have to be mindful of how our decisions can effect other teams. 

Action

In the future i think we have to gain more knowledge in our specific roles, the ways we can do this are to read the manual "get help" section. This will help us to be confident in what areas of spending will affect what. This could then help us improve our SHV. Lastly, before we make our decisions we should think about how our decisions will be affected by other teams, this means we should thoroughly think about what other teams are going to do. Basically, we should spend more time reflecting on our past decisions and how they were affected in order to help us improve for the future. 


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3 Comments

  1. Please tag your learning journals with the appropriate labels. If you're not sure how to do that, here's a short video.

  2. Hey Theo 

    I am definitely with you on the whole lack of expertise and information and just overall a little lost for spending thing ... trust me you're heart breaks when you're at the bottom of the pack! But anyway overall I think your learning journal this week is concise but very clear which is good. 

    I guess you could further improve the journal itself by being more specific within your problem section - as in what aspects of the spending didn't go so good/how did that show up in the roll over? Another aspect you could take is to question yourself a bit and challenge more analysis than relying on the simulation alone - maybe this will challenge you to think of how real businesses would act in a situation (I know this is a simulation but it all counts!) 

    Have a good weekend! 

    Tayla 

  3. Hi Theo

    Great work on your learning journal this week - to me it seems to be well set out and that you have covered each aspect of the reflection in a fair amount of detail. (smile) 

    In terms of improvement, I agree with Tayla above regarding expanding the problem section.  Maybe some details on why you chose to spend in marketing and how this is inline (/ or wasn't) with your long term strategy, could have helped to do this. 

    Overall, very good. (smile)

    Thanks

    Zoe