The paper "Strategic Management - Business Game Simulation" is a great example of a management case study. The key learning aspects studied under strategic management business game simulation are business objectives and measures, marketing strategy, product development strategy, teamwork, and information strategy. The development of these aspects and the experience and knowledge gained are extensively discussed in this reflective report. The significances of the aspects are also well outlined. Marketing strategy In learning about marketing strategy, I acquired the knowledge on how to set target inventory levels and deciding on the size of the sales force.
In this study, I was taught how to handle customers and competition. I was also taught to consider whether the strategic focus of a product is on technological leadership, market development, growth, profitability or cash provision. I learned about how products can be described. As per the knowledge I received, I was asked to assume that I am marketing a particular product and then describe it in detail in terms of features and benefits it gives customers. I was also asked to describe how the product is produced.
Listing the price of the product and description of the pricing strategy was necessary for my learning. In my case, I chose the product from a line of cosmetics. In the strategy section, I included information about lipsticks that have prices ranging from five dollars to fifteen dollars per item. I described price flexibility that is usually common with large purchases. I outlined discounts that can be provided for long-term customers, prompt payment and bulk purchases. As a way of setting the marketing strategy, I included terms of sales such as net due within thirty days, extended time of payments and acceptance of credit cards.
Setting a good marketing strategy is very important particularly for firms that are facing stiff competition. A good marketing strategy increases the market share of an organization and thus its profitability. Product Development Strategy The study of product development was highly motivating. I learned that products in a company consist of an active ingredient, a catalyst, and a filler ingredient. It was also interesting to know that teams in an organization normally develop new products by specifying the quantities of active and filler ingredients and the source of the catalyst.
I learned that the combination usually produces a product with an exclusive strength that matches market requirements. The designs of the products should fit the gaps in the market at a cost that is very low. As a way of developing skills on how to develop product strategy, I was asked to choose a product and suggest a strategy that can be used to develop it. I, therefore, selected insurance products and suggested diversification strategy as a way of developing it since the market for insurance products is saturated and revenues and profits in this market are stagnant. Since the product development diversification strategy takes an organization outside its normal business and develops a new product for a new market, I decided to develop a financial education program that targets students from colleges.
This new product is not revolutionary because there are other organizations that produce the same product, but to the insurance company, it is a new product. Though other students suggested other ways of developing a product such as product modification strategy, revolutionary product development and benchmarking the process, I was congratulated by the teacher and the students for my well-done task.
I, therefore, learned that product development strategy is very important since it enables organizations to be prominent as compared to their competitors, to continuously satisfy their customers and to expand their current market.