Strategic Management - Business Game Simulation - Case Study Example

Name: xxxxx Tutor: xxxxx Title: Reflective Report on Strategic Management Business Game Simulation Institution: xxxxx Date: xxxxx Introduction The key learning aspects studied under strategic management business game simulation are business objectives and measures, marketing strategy, product development strategy, team work 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 on 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 learnt 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 in my learning. For my case, I chose the product from 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 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 about product development was highly motivating. I learnt 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 learnt that the combination usually produce 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 learnt 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. Information Strategy Under information strategy I was taught on how to research on new products, market requirements and the competition. The research included estimating the costs and power of the products, market testing and reversing engineering competitive products. I was taught on how to capture, integrate, process, deliver and present information in a clean, consistent and timely manner. In my learning about information strategy, I learnt that a well established information strategy is very important for the development of an organization. I came to understand that information is an asset and need to be handled as such. Similar to other assets, information has value. The value of information is its accessibility and accuracy. As a way of developing my skills on information strategy I participated in several activities that involved information presentation. As a class representative I ensured that clear information from lecturers is delivered to my colleagues. I effectively executed this task by emailing the information to my fellow students and pinning the information on the notice board. I also ensured that students’ queries are well delivered to the respectable authority at the right time and in the right context. As a student, I participated in class presentations where I ensured that my presentation is short, precise and understandable, and delivered within the stipulated time. Knowledge and Skills on information strategy can be greatly applied in future. An information strategy can be applied in an organization in a way that it manages, governs and provides access to assets of concerned organization. Team Work Under team working, I was taught on how to work in small groups. The groups had a chance of sharing experience, knowledge and present various viewpoints. Team working is usually important particularly in situations where participants are from various several functions. A team, according to what I learnt, is a mature group with highly independent members who are fully committed to a common goal. Members in a team are committed to a common purpose, a set of performance goals and an approach in which they are mutually accountable. As a way of developing my skills in team working, I participated in group discussion. As a group we could identify and discuss possible solutions to the problem. Every person’s ideas was taken into consideration and combined to come up with concrete solutions. Different people displayed different behavior in the group. There were members in the group who were not active and could contribute very little in the discussion. Some members in the group were mean with their information and were not ready to work as a team. As a team leader in the discussion group, I managed to understand members’ characters and handle them in a manner in which they feel secure and comfortable to work within the group. In managing team dynamics, I tried to identify team dynamics by looking for forces that influence team behavior. I therefore identified forces such as personality styles and team roles. After identifying team dynamics, I determined whether they are acting for good or not. For the ill team dynamics, I made interventions to make the effect of the dynamics more positive. Team working can be positively applied in future in an organization to improve performance. Workers can be encouraged to work in a team so as to simplify operation in an organization. Business Objectives and Measures In our learning about business objectives and measures we were taught as students on how to formulate and measure effective business objectives. As a way of learning these skills, students were asked to decide and quantify objectives and measures. Students were placed into different groups and each group was asked to come up with a business topic of interest. We were then asked by the teacher to write down measurable objectives that are in line with the chosen topic. The objectives were supposed to be short and precise. They were supposed to be quantifiable and relate to the study topic. The objectives were also expected to provide a solution of a problem at hand. We were asked to write down objectives for every level of the organization. We, students, were expected to identify and formulate objectives for managers, units and organizations. The formulated objectives were supposed to be achievable and challenging since unachievable objective in an organization can demoralize employees. Though majority of the groups concentrated a lot in formulating business objectives that were quantifiable, we in our group formulated objectives that were achievable and challenging by ensuring that our objectives enables people to understand what an organization is attempting to achieve, what organization’s need to do so as to meet the objectives and how human resource need to assist in attaining the objectives. Our objectives were considered the best by the teacher and students from other groups were asked to seek direction from our group. Formulating an objective that is achievable and challenging is very important since it usually motivate employees in an organization and with time the performance and profitability of the organization increases. Conclusion The key learning aspects discussed under strategic management are business objectives and measures, information strategy, product development strategy, team work and marketing strategy. Under business objectives and measures students were taught on how to formulate and measure effective business objectives. In learning about marketing strategy they were taught on how to set target inventory levels and deciding on the size of the sales force. In product development students were taught on how to develop or establish new product in the market and team working they were taught on how to work in small teams. Bibliography Gollakota G., & Gupta V., 2007, Business Policy and Strategic Management: Concepts and Applications, PHI Learning Pvt. Ltd: New York. Read More