A Way of Thinking About Strategy - Assignment Example

Business Simulation Assignment 1b: Improving the Effectiveness of a Team It is important to have an effective team so as to achieve the goals and objectives of a company or business venture. After the merging of the teams, there are various techniques that can be used to improve the effectiveness of the newly merged supply chain team as indicated below. The first thing to do as a manager is to understand all the members in the new team, how they are and how they were used to functioning in their previous separate teams. Newly merged teams tend to take quite some time before they can be free with each other, or before they can trust one another in their duties (Woodcock & Francis, 2008). As such, it is important to involve them in fun activities and make them introduce themselves to one another so that they can break the ice (Dyer & Dyer, 2013). Secondly, I would ensure that each team member develops a common understanding of the various job roles within the new team (Bendaly & Bendaly, 2012). Each team member should be aware of what another member of the team is responsible for (Franz, 2012). Therefore, as everyone thrives to work to their highest standard possible, they should also help their team mates in the same, strengthening the ream spirit of working together (Kayes, 2004). A final strategy of improving the efficiency of the newly formed team would be to set the team goals and create a plan of how to achieve them. I would also conduct regular progress reviews to identify the achieved goals and clarify the responsibilities of each team member towards achieving the set goals (Ditullio, 2010). Assignment 2: Factors that Drive the Success of a Business Having carried out the business simulation, I have gained a lot of experience in the business fields of marketing, strategy, team effectiveness and finance. As such, I believe I can highly contribute to a business team and work effectively towards achieving the set goals and objectives (Lussier & Achuna, 2010). The understanding of the factors that make a business successful makes me a potential team player in your business, and I can add value to it (Cox, 1997). Through the tough work and harsh conditions involved in the business simulation, it is evident that being decisive is a key element towards the success of business (Tracy, 2002). There are times when one is faced with situations in which they have to make prompt decisions that affect the business. These decisions can lead to either success or failure, but they have to be made. It is better to have a wrong decision than a delayed one (Skrabec & Benedict, 2003). The decisiveness of an individual in a business, especially in the managerial role, can involve creating mergers, making business deals and deciding on partnerships (Safko, 2012). These decisions affect the business directly, and one has to be aware of the future repercussions of each decision (Gagliardi, 2006). The business simulation had many instances of such occurrences, some of which had positive outcomes and contributed to the success of the said business. Another key factor that can lead to the success of a business is the understanding of the market and competition. The business simulation pushed me towards intensive research on the target market and the players in it who can pose great competition against the business. Understanding one’s competitors enables one come up with strategies that are unique and that will take over the market. Coming up with effective and competitive strategies involves studying the techniques used by the competitors in approaching the market (Rogers & Amy, 2009). Identifying the strengths and weakness of the competition is essential in knowing how much of a threat they are, and how they can be beaten in the fight for a larger market share. Sometimes it can take simple strategies of doing things differently in a way that the competitors have not done before, or using similar techniques and trying to kick them out of the market. All in all, it is important to understand the competition so as to succeed in a business (Dent & Brent, 2006). The business simulation involved a lot of strategizing. Some of the strategies used were created so as to differ or appear better than those of the competition. The field of business used in the simulation is highly competitive and has many industry players indulging in it. The difference between the successful and unsuccessful ones was based on the size of their customer base, which can be narrowed down to their competitiveness in the market (Chapman, 2008). A third strategy that affects the success of a business is its marketing foundation. To be successful as a business, you have to make people aware of your existence and your ability to bring change in the market. You should also show them that they need you, and that you can satisfy this need through your products or services. Having an effective marketing strategy is a crucial element of a successful business (Cleveland, 2002). The marketing strategy depends on the business and can involve various forms of marketing tools. Modern businesses use social platforms such as Facebook and Twitter to reach out to customers, although the television and radio advertisements also contribute to a lot of marketing success (Charania & Abjani, 2012). In the business simulation, we had to come up with creative ways of advertising the business and marketing our products. One has to determine their target market before they can build up on marketing (Cox & Thompson, 1998). Having identified this target market, you should thoroughly study their preferences and get to know how easily they can be reached. Some markets have to be approached physically by marketing personnel, others can be contacted via email or phone, while other can be reached through media advertisements (Conwell, Allen & Wanamaker, 2007). Once they have been reached, you should be in a position to convince them to buy your goods or services. This part calls for the complete understanding of the products and the use of techniques that are convincing, such as giving out samples and doing demonstrations. One can also give amazing facts about the product that make it better than the others that are currently in the market (Kaputa, 2005). Most businesses succeed through taking risks. The risks involved can be those of creating mergers, coming up with new products, making some financial decisions and even employing some people. Making investments is also risky as one is never aware of whether they will succeed or fail (Mababaya, 2003). Taking risks, however, does not involve carelessness. Every move should be planned for, as it affects the business (Rigsby, 2011). Therefore, a great team player is one who takes calculated risks that are well outlined (Bjergegaard & Milne, 2014). The business simulation involved risks that included the creation of a newly merged supply chain team that had not been tested (Schoemer, 2010). This risk, however, was a calculated one in that there were benefits that had been identified if it were to be successful. Among these benefits was the improved overall effectiveness of the business in meeting customer demands (Khanna, Palepu, & Bullock, 2010). Having a successful business also entails keeping appropriate records in a logical manner (Nicholls, 2011). A business involves a lot of activities, transactions and plans. To be successful in it, therefore, calls for the recording of information that can be referred to and be relied on in the operations of the business (Watkins, 2003). One such important record are the financial records of the business. These records trace all the financial transactions in and out of the business but that are involved in the business and that affect its financial accounts (Apostolico, 2007). The art of book-keeping is important in running a successful business and should be adhered to so as to achieve success. Book-keeping involves keeping a record of all the financial transactions of the business. From these records, one can analyze the economic strength of the enterprise, as well as determine whether the business is making profits or losses. These financial records are important when it comes to approaching investors. They have something to base their investment on as they can see the financial position of the company. The records also help the company in planning its operations, such as the ventures to take part in, and the strategies to implement so as to maximize on profits. With these records, the company can trace its entrance into the market and give an outline of its growth as it develops. Therefore, it is easy to know the way in which to work out the business strategies and the lines of business to avoid. Having implemented records in the business simulation, one gets to understand its importance when carrying out the growth simulations. These records on the revenue earned and the amount spent per business strategy helped plot graphs of the business’ history, which is crucial in the growth of the business. Records are also important in noting and preserving the mission, vision and goals of the business. The objectives should also be recorded in an orderly manner, and accompanied by written responsibilities of various team players within the business. These records act as a reminder of the purpose of the business and remind the team members of their duties towards achieving the goals and objectives of the same. Through the business simulation, I got to learn the importance of having records. I also got to learn the various ways of keeping these records and analyzing them over time through graphs and other statistical means. The supply chain team had goals and objectives to achieve, and being their manager, I had these in record. The team would be reminded of the exact records in every team review meeting and it helped boost their morale and keep them in the right track of operations (Pilot, 2014). In the modern world of business, a lot of technology and innovation have to be incorporated. Businesses are changing from the traditional form of doing business to modern innovative ways. Such innovations involve incorporating technology in operations, such as the use of smart systems, mobile technology and advanced modes of communication to reach out to customers. Innovation is key in transforming a business and gaining competitive grounds in a competitive market. Through technology, the business can be analyzed and statistical analysis conducted to yield reports of progression and growth of the business. Flaws can also be identified and areas of change be highlighted by advanced technologies. Having worked on a business simulation, I got to use simulation tools that enabled the team involved to identify the factors that could be worked on to improve the profitability of the business. Such factors include the profitability of the business, future projections of sales and analysis of the customer preferences. The projections were essential in determining the ways in which to improve future profits of the business. They also assist the business in determining the relevance of some of the departments within it. Some can be disbanded, others created and others merged depending on software predictions. One also gets to understand the importance of networking in the success of a business. For success in a business venture, one needs to make and build relationships with other players in the same industry. It is wrong to believe that one should shun competitors. Through them and their healthy relationships, one gets to get ideas of how other successful businesses run their activities. They also get advice on how to operate, and how to get the best employees. This networking can even lead to profitable coalitions and mergers among businesses. The business simulation was a crucial experience in learning how to interact with others for the sake of the growth of the business. This simulation involved interacting with other team players and learning the skills that they can bring to the table for the development of the business. As such, I learnt how to create useful networks of people that can assist in the business, and this skill can be used in the growth of your business teams and operations (Spitzer, 2007). References WOODCOCK, M., & FRANCIS, D. (2008). Team metrics: resources for measuring and improving team performance. Amherst, Mass, HRD Press. DYER, W. G., DYER, J. H., & DYER, W. G. (2013). Team building: proven strategies for improving team performance. San Francisco, CA, Jossey-Bass. BENDALY, L., & BENDALY, N. (2012). Improving healthcare team performance the 7 requirements for excellence in patient care. Toronto, John Wiley & Sons Canada. http://www.123library.org/book_details/?id=56751. FRANZ, T. M. (2012). Group Dynamics and Team Interventions Understanding and Improving Team Performance. Hoboken, Wiley. http://grail.eblib.com.au/patron/FullRecord.aspx?p=875438. KAYES, A. B. (2004). The Kolb team learning experience: improving team effectiveness through structured learning experiences. Boston, MA, Hay Resources Direct. DITULLIO, L. A. (2010). Project team dynamics: enhancing performance, improving results. Vienna, VA, Management Concepts. LUSSIER, R. N., & ACHUA, C. F. (2010). Leadership: theory, application, skill development. Australia, SouthWestern/Cengage Learning. COX, A. W. (1997). Business success: a way of thinking about strategy, critical supply, chain assets and operational best practice. [Boston, England], Earlsgate Press. TRACY, BRIAN. (2002). The 100 Absolutely Unbreakable Laws of Business Success. Berrett-Koehler Publishers. http://www.myilibrary.com?id=230006. SKRABEC, Q. R., & BENEDICT. (2003). St. Benedicts rule for business success. West Lafayette, Ind, Purdue University Press. http://www.lib.sfu.ca/cgi-bin/validate/books24x7.cgi?isbn=1557532540. SAFKO, L. (2012). The Social Media Bible Tactics, Tools, and Strategies for Business Success. Hoboken, John Wiley & Sons. http://public.eblib.com/choice/publicfullrecord.aspx?p=822013. GAGLIARDI, G. (2006). 9 formulas for competitive business success: the science of strategy. Seattle, WA, Clearbridge Pub. ROGERS, D. E., & AMY L. HARTZER. (2009). Business success through innovation: an insiders guide to the world of United States Patents. [Scottsdale, Ariz.], IsoPatent LLC DENT, F. E., & BRENT, M. (2006). Influencing skills and techniques for business success. Basingstoke [England], Palgrave Macmillan. http://public.eblib.com/choice/publicfullrecord.aspx?p=736506. CHAPMAN, G. (2008). The 5 pillars of guaranteed business success: why most businesses will stay small and what you can do about yours. Camberwell, Vic, Empower Business Solutions. CLEVELAND, P. M. (2002). 50 steps to business success: entrepreneurial leadership in manageable bites. Toronto, ECW Press. 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G. (2010). Change is Your Competitive Advantage Strategies for Adapting, Transforming, and Succeeding in the New Business Reality. Cincinnati, F+W Media. http://public.eblib.com/choice/publicfullrecord.aspx?p=789800. KHANNA, T., PALEPU, K. G., & BULLOCK, R. J. (2010). Winning in emerging markets: a road map for strategy and execution. http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=675004. NICHOLLS, S. (2011). Social media in business: succeeding in the new Internet revolution. London, Bookinars WATKINS, M. (2003). The first 90 days critical success strategies for new leaders at all levels. Boston, Mass, Harvard Business School Press. http://www.lib.sfu.ca/cgi-bin/validate/books24x7.cgi?isbn=1591391105. APOSTOLICO, D. (2007). Poker strategies for a winning edge in business: learn winning strategies to succeed financially in life! : develop a poker mind-set in all aspects of business. Amherst, N.Y., Prometheus Books. PILOT, J. (2014). Driving sustainability to business success: management system integration and automation--the DS factor. SPITZER, D. R. (2007). Transforming performance measurement: rethinking the way we measure and drive organizational success. New York, AMACOM. Read More