Hi Everyone,
I was hoping we could share some "lessons learned" from our experience with MikesBikes. Our team learned a lot about risk and reward (especially in regards to product development). It was also challenging to keep our strategies aligned with our company mission - in the midst of an constantly changing environment.
Thoughts?
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Pulling it all together..Throughout the semester we have done well to focus on the individual components of the strategic management process,but it all seems to finally come together when you look at the large picture at hand. After completing our project, I can say I finally get it, how every thing plays a pivotal role in the eventual success or troubles of your company. I can't imagine skipping over a section of the process and still be able to be successful. Finally, like Juliana mentioned, its so important to do your best aligning your strategies with your company vision and not be tempted to follow the competition blindly or else you will lose sight of what means the most to your firm.
ReplyDeleteOur team learned the valuable lesson about the delicate balance between not enough investment and too much investment (especially in marketing). We also saw how critical it was to align the different departments to both formulate and implement strategies. I certainly learned how cross-functionality is the key to success in strategic management.
ReplyDeleteBusiness is like a big video game.
ReplyDeleteJust kidding, actually there were some really good lessons. There has been a lot of discussion how every little change has a large effect, but I was impressed about how much it was the large decisions were the ones that really mattered in success. There was some variance in execution of the strategy, but overall, as long as one small choice did not throw everything completely haywire, the guiding strategies made a difference.
Also, it was very difficult to maintain a particular strategy when you hear a firm reached $350 in the other section through shock & awe tactics, but the pressure to do that would be much higher in the real world where shareholders want management to emulate the Googles of the world and will actually punish the share price if they do not pursue such radical growth.