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This week hailed the start of the real MikesBikes competition and after Monday¿s class it became apparent that no one wanted to say anything as they kept their cards close to their chest. After Monday¿s class my team¿s approach to MikesBikes was relatively unchanged and became apparent in our Wednesday meeting where we discussed what we wanted to do. We decided that we wanted to pursue the same strategy as the previous two weeks with a few minor changes based on what we learnt during the practice weeks. Our strategy seems to have paid off (for this week at least) as after the roll over we found ourselves in a very favorable position and one that we hope to capitalize on in the future weeks.

This week¿s reading made me as a member think about strategy in terms of not only MikesBikes but also as we move out into the working world and possibly start our own companies. Magretta, (2002) discusses why the business model is so important and how a successful model in one part of the world will not necessarily work as well in another; she uses the Disney Theme parks to highlight this. Magretta also talks about ¿the narrative and numbers test¿ and how they are often critical to a successful model.

Kim and Mauborgne, (2004) reading on blue and red oceans interested me the most. It interested me the most because of the way in which it can be applied to MikesBikes and the real business world in a bid for success. Although it is talked up as a winning strategy, it needs to be taken with a pinch of salt in my opinion. Although moving into an untapped market does suggest that profits will and potential be unlimited there are also a lot of risks associated with doing so; there is no guarantee that the product will sell and that demand will be as high as expected. For these reasons it is therefore much easier for companies to follow a red ocean strategy and follow those who have gone before and simply move into a market where others have already been successful.

In terms of MikesBikes a blue ocean strategy as such in its truest sense is hard to undertake as all of the bikes are laid out for us in a perceptual map, although it is possible to enter a segment of the market that no other team is in. It also makes sense to do this than trying to compete with other teams in the world in the center of the perceptual maps so teams will just end up losing sales. I therefore think that a blue ocean type strategy will be more profitable in MikesBikes then a red ocean one.

Moving forward with MikesBikes and our team strategy I think that we will need to watch what other teams are doing and based off this, plan our strategy around there¿s so we can try and maximize our sales, profit and ultimately capitalization.

As I move into the world of full time employment I feel as though it is important to remember that strategy is vital to an organization¿s success and that a solid business model is often the foundation of this. Therefore it is important to make sure that your organization has a business model that is functional and passes the narrative and numbers tests.

References:

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

3 Comments

  1. Hi Andrew,

    Thank you for the opportunity to review your learning journal. The main thing of which you have demonstrated learning is by relating your new understanding of the importance of strategy to an organisation's success. This learning is apparent as you have summarised it in the final paragraph of your journal.

    In reference to Daudelin's approach of writing a learning journal your have articulated a problem in regards to implementing a red or blue ocean strategy. You have analysed the problem by stating that there are risks involved (eg; "no guarantee that the product will sell"). I feel like you have gone through all the steps of 'the stages in the reflection process' but perhaps the last two steps could be explained with more detail in your future journals. 

    I believe the highest level of Bloom's taxonomy demonstrated in this journal is the synthesis level. This was demonstrated when you said "It interested me the most because of the way in which it can be applied to MikesBikes and the real business world in a bid for success," and then continued to discuss this application in a 'real world' scenario. 

    To improve on your future journals, as I stated above, you could benefit from going in depth more about the third and fourth stages of reflection as recommended by Daudelin. 

    Thank you for sharing your work and I hope this feedback is of use to you. Your journal has helped me learn how to incorporate the readings into my writing better and allowing the ideas to flow on. 

  2. Hi Rochelle,

    Thanks for your comments. Moving forward with the reflective journals ill take what you have suggested on board and try to discuss the 3rd and 4th steps of Daudelin more.

    Now to review myself....

    Thanks,

    Andrew

  3. After re-reading this journal and a couple from previous weeks i think that i am heading in the right direction with these learning/reflective journals. I have stopped focusing on a weekly recall of what happened in class and in the readings and instead am trying to focus on single or a couple ideas that 'pop' out at me.

    As Rochelle has pointed out above i think that i need to try and further delve into the material and try to get a little bit more out of what i am saying to make those final steps. 

    Hopefully as i move forward i will try to go this as i approach the final weeks and ultimately the final reflection.