My team is getting better as time passes. We have been working well together and everyone is coming to team meetings prepared. We did quite well in our practice multi-player and comfortably came second in our world. At the start of this week's meeting, our team noticed that we were deciding our decisions a little too easily, and without any constructive debate. We decided to look at our decisions again, and looked to construct criticism of our decisions, in the hope that we could improve even more. After our first rollover, our firm is in second place in our world. This shows to be the importance of people voicing their opinion and challenging each other to get better. For our team to improve next week, we need to continue to challenge each other's opinions.
Margetta (2002) states ¿a good business model remains essential to every successful organization, whether it's a new venture or an established player¿. I thought this was quite interesting, as our teams will all need to look at this and see which model they want to adapt. I am definitely of the opinion that there are a couple of business models that the majority of the firms will look to employ. Margetta (2002) also states the difference between a business model and a business strategy. I think this will be very important to all of the teams in the mikes bikes simulation. It will be interesting to see which teams pay attention to this area, as I think the teams that do well will employ both a successful model and strategy. I think everyone will do similar strategies in the first few rollovers ie cost leadership, so it will be interesting to see what strategies other firms adopt to create value.
Kim & Mauborgne (2004) talks about the idea of blue oceans and red oceans. Red oceans represent the existing competition in the industry and the increasing competitiveness (Kim & Mauborgne, 2004). Blue oceans represent new demand that has been created by firms in a red ocean (Kim & Mauborgne, 2004). Although we have learnt about creating demand in previous classes, it is good for it to be reinforced into our minds. At the moment I'm not sure how to create demand in the mikes bikes simulation, as it looks like we are pretty limited in terms of differentiating our product. It will be very interesting to see if any firms think of some really innovative ways to create market demand and separate themselves from the competition.
Kim, W. C. & Mauborgne, R. (2004). Blue ocean Strategy. Harvard Business Review, 82(10), 75--84
Magretta, J. (2002). Why business models matter. Harvard Business Review, 80(5), 86---92