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Every company wants to be successful, which is good but if a company really starts to succeed, it has to deal with problems, such as competitors. According to Magretta (2002), the way to do this is to have a good business strategy that you use to differentiate yourself from the competition and show customers a good value proposition, which will make them want to buy from you.  What I have learned is that a good business strategy is important because it provides clarity on what your business is providing for customers (a clear value proposition), which enables a company to differentiate itself from its competitors. Peter mentioned in class that in the context of MikesBikes, most people are going to try to put a bike in every segment, rather than focus on one segment. What I have learned is that a company that is not focused on a particular segment will end up losing to other firms that are focused. This is due to the unfocused firm not being able to get the same efficiency gains from producing one kind of bike and because the focused firms are able to put more resources into a few products rather than spreading their limited resources over a larger number of products. A good example of an unfocused firm is Kmart (Magretta, 2002) because they tried to tap all the possible segments that it could, rather than focusing on a particular group of customers. A firm like Kmart that is trying to enter all segments fails to find a way to differentiate itself from its competitors and be unique (Magretta, 2002). It is tempting to enter all segments because you think that you will be able to make more money that way, but if a firm tries this, they will be beaten every time.

Reference List

Magretta, J. (2002). Why business models matter. Harvard Business Review, 80(5), 86-92

2 Comments

  1. Thank you for the opportunity to review your learning journal. The main thing of which you have demonstrated learning is in that you have realised the importance of a good business strategy which will translate into a better performance by your team in MikesBikes. In terms of Kolb's cycle I would say that over half of your journal is concrete experience while the other half does not even register on the cycle but rather is just you stating theory from the readings rather then reflection based on your experiences of applying the theory. The highest level of Bloom's taxonomy demonstrated in this journal is comprehension. This was done when you said "What I have learned is that a good business strategy is important because it provides clarity on what your business is providing for customers (a clear value proposition), which enables a company to differentiate itself from its competitors." This journal could be improved if you worked on the next stage of Kolb's cycle which is that of being able to observe and reflect on the concrete experiences stated from many perspectives which involves the application of theory to your experiences to improve your learning. Thanks for sharing your work, this has greatly helped me to review my journal in light of what I have said here.

  2. Thank you for the opportunity to review your learning journal. The main thing of which you have demonstrated learning is the importance of a good business strategy and according to Daudelin, you haven't done any of the steps.

    The highest level of Bloom's taxonomy demonstrated in this journal is comprehension, where you mention "What I have learned is that a good business strategy is important because it provides clarity on what your business is providing for customers (a clear value proposition), which enables a company to differentiate itself from its competitors."

    To improve, go through the steps mentioned in Daudelin, where you articulate a problem, analyse it, test hypotheses on solving it and find out what the results of the 'tests' were.

    Thank you for sharing your work and it has helped me realise that I need to balance what I put into the journals; I can mention what i learned but I need to put it into the context of a problem and go throught he steps to solving it