Strategy and Why it’s Important
This past week represented the start of the MikesBikes simulation that we will be assessed, which corresponded with our first big “Oops” moment. After two successful practice rollovers in the MikesBikes simulation, the moral in the team was very high, as we led our Palmerston North region during the practice with a SHV of $80+. When preparing for this weeks turnover, a lot of ideas were being considered, and with our successful practice run our goals were much greater, as we understood that we have accumulated enough knowledge to best our practice runs SHV. By our first “Oops” moment i mean that our team had faced our first big setback when it came to the simulation, this can be very much attributed to many reasons. After this turnover we ended up with just over $15 SHV, which was far from our $24 in our practice runs. and to make it even more of a setback our cash is very low, which means we might possibly need to reassess our planned strategy for the coming rollover. This means that our main goal is to reform our understood direction for the coming week, so that by the week 3 turnover we would be able to realign our companies approach with our main long term strategy.
Magretta argues that identifying the key factors of competition is far from straightforward(Magretta, 2002) . This analysis is very true, as it seems that we had failed to really distinguish our competition and the factors that very much influence the results in this new market. Magretta identifies the four steps of visualizing strategy(Magretta, 2002) , in which i think we had used a very similar procedure in establishing our understood strategy canvas, and our overall strategy.
Visual awakening ,Visual; Exploration, Visual Strategy Fair and Visual Communication represent the four steps of visualizing strategy (Magretta, 2002). I think what we most importantly need to accomplish as a team is to carve out a new short term strategy to get the business back into a form that would enable us to proceed with our long term goals that we had established.
Magretta,J.(2002). Why Business Models Matter. Harvard Business Review, 80(5), 86-92.