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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.




Reference

Magretta,J.(2002). Why Business Models Matter. Harvard Business Review, 80(5), 86-92.


2 Comments

  1. Hi!

    In this journal you did a good job of articulating your problem. It was very clear that your problem was the fact that you had a much lower shareholder value than expected after the first rollover. However, you did a poor job of analysing the different possible reasons for it.You hinted that you were going to but then didn't. 'This can very much be attributed to many reasons" would be a good introduction to explaining the causes of the problem but you instead focused on an explanation of the problem and its effects. Your first use of Magretta seemed a little forced and although it related to your problem, it was too short. A longer, more in depth paragraph would give you a much better opportunity to reach the higher levels of Blooms taxonomy. 

    Your conclusion to the reflection was pretty weak aswell and I didn't see how what you wrote previously finished with that conclusion. Once again, more detail would have been better. Saying you need to carve out a new short term strategy has about as much meaning as saying you need to put more effort in. A very important part of coming to the future action stage of Daudelin's guideline for reflection is that you are able to determine how you came to that conclusion and how it will fix the problem at hand.

    The writing itself wasn't too bad, it was just a little on the short side

  2. Hi there, well done on last weeks journal entry.

    I found that i can relate to your problem you identified in the journal as i too found we had a lower shareholder value than my team had hoped we would achieve. However this leads me on to my problem with your journal, i found that you did not have a clear enough job of identifying the possible causes for why there was a lower shareholder value than you had expected. At times it seemed as though you were going to mention the causes and elaborate on them, but you never quite got there i feel.

    In saying this however, i do believe that you have made a great attempt at this reading journal, in the next one just ensure to not only mention your problem, but give reasons for it and also touch on how to overcome it.