Discussion 1: Did Your Team Develop A Cohesive Business Stra ✓ Solved

Discussion 1 Did your team develop a cohesive business strategy

Did your team develop a cohesive business strategy before embarking on completing the entries for your decision rounds? How well developed was that strategy? Yes, our team managed to develop a cohesive business strategy after we all sat down together and assigned specific areas to each member of the team. After that we all basically worked as a team until we figured out how changes in one area altered previous changes in another area. In the end, we all just sat down together and worked through each page as a unit.

Did your team focus on ensuring your decisions would attain all five of the key goals the board set for your firm (EPS, ROE, Credit Rating, Image Rating, Stock Price)? How did these goals impact your strategy decisions? If you didn't attempt to achieve meeting or exceeding in all 5 metrics, which ones did you knowingly sacrifice on and why? Yes, definitely. It was hard to juggle the key goals as we implemented our strategy. It was kind of a ‘catch 22’ in such that our strategy would initially hurt our stock price and image rating. With that being said, we chose to implement a strategy during the practice round in hopes of better understanding the outcome beforehand for the ‘real’ game.

How well did you actually implement your strategies? Did things turn out as you expected? If not, what types of things went wrong and why do you think they went wrong? To be honest, our plan actually backfired and we had to significantly change our approach for year 12. We were led to believe our strategy would have worked if more aspects of the game had been ‘unlocked’ and not just practice. I guess we will find out.

What were the key changes you made to your strategies and decision entries after your Year 11 results were posted? Did you change your strategy? If so, why? Did you change the way in which you were trying to execute your strategy? If so, how? The key changes we made in our strategy were the way we began to base our moves around the cost changes in supplies and changes other companies made. By doing this, we ended up changing our strategy significantly due to our plan not going as anticipated in the previous year.

Paper For Above Instructions

In managing a cohesive business strategy, teams often encounter a dynamic landscape of decision-making processes that require adaptability and focus. The collaborative approach undertaken by my team highlighted how essential it is to engage every member from the start. Establishing assigned roles allowed us to focus on our core strengths, ensuring that we addressed the multitude of variables facing us in each decision round. The initial phase of our strategy development included identifying individual competencies which helped us collaborate effectively to achieve our objectives.

Regarding the board's five key goals (EPS, ROE, Credit Rating, Image Rating, Stock Price), our team embraced the challenge of aligning our strategic goals with these expectations. Achieving a balance between these varying performance metrics proved to be difficult, yet rewarding as it demanded an understanding of the interconnectedness of our decisions. Early on, we realized that focusing heavily on one area often had trade-offs in others, especially with stock prices and image ratings. Our discussions revolved around whether to prioritize short- or long-term strategies, which formed the backbone of our strategic planning.

As we engaged in the practice rounds, the true impact of our initial strategy became evident. Despite feeling confident, the outcomes revealed significant discrepancies with our expectations. This led to a critical reevaluation of our strategies, allowing us to pivot towards a more data-driven approach. Instead of relying on our initial analysis, we began to emphasize the five key goals, understanding that sustainable success relied on their simultaneous attainment.

Moving forward from practice round results to strategizing for actual gameplay, we had to make critical changes. The need for agility in decision-making became increasingly apparent as we encountered competitive shifts in the market. For instance, in response to the cost changes in supplies and observing shifts made by our competitors, we recalibrated our strategies, adjusting our pricing models and promotional strategies to enhance our market presence. As a collective, we prioritized gathering and analyzing data that could inform better decisions in subsequent rounds.

In retrospect, our ability to adapt and refine our strategies in real-time proved essential. By embracing feedback loops stemming from previous rounds' performance, we implemented a more responsive strategic framework. This iterative process involved making roster changes within our roles to ensure that expertise was being leveraged appropriately, further enhancing our collective capacity to make nuanced decisions.

In conclusion, the development of a cohesive business strategy within a team setting involves understanding diverse opinions, adapting to changing circumstances, and strategically prioritizing defined goals. The challenges faced in the initial rounds served as pivotal learning opportunities, ultimately guiding us toward more effective, comprehensive strategies in subsequent rounds. Reflecting on our journey reveals not only the practical aspects of strategy execution but also the necessity of adaptive thinking in the face of unexpected outcomes.

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