The differentiation strategy is a marketing strategy which company’s use to distinguish a product from similar offerings in the competitive market. Differentiation strategy gives the company a competitive edge in the market, and that is what enabled Business Strategy Game (BSG) to have a competitive share of the market. I feel my company performed extremely well due to prompt decisions we made (Hill & Jones, 2017). The company did well because we were aware of what the competition is doing differently from us which helped in the decision-making process. From our exposure, I learned that it is paramount to adjust according to the market changes, time and season.
Also, I learned that endorsing a celebrity in the initial stages of strategizing would have been an added advantage in BSG. Celebrity endorsement influences customer purchase because customers have a high affinity for certain celebrities. The testimonials of a local celebrity add credibility to a company’s products, for example, a consumer may acquire the attitude that if an apparel looks good on a particular star, then it will also look good on her.
On the other hand, every business has its limitation for instance, in our company, building more plant capacity was the challenge. Limited growth to small groups of customers is limiting hence, to reverse the situation the team can identify new target markets and decide if the preference is on reaching a niche market or the general market. In conclusion, I have realized that it is necessary for a company to focus on a single business strategy at a time and make the right decision at the right time. Timely decisions result to a positive impact on the entire business framework.
Hill, C. H., & Jones, G. (2017). Strategic management (12th ed.). Boston: Cengage Learning.
The global marketplace is constantly evolving and thus requires managers who are capable of coming up with new insights and strategies to aid an organization to achieve its objectives. The purpose of the Business Strategy Game (BSG) is that it is meant to assist the learner in developing those same or better strategies in helping the company succeed. The execution of these approaches will contribute to distinguishing which companies are better placed in developing appropriate strategies for their enterprises to be ahead of the competition (Hill, Schilling, &, Jones, 2017). Also, the Business Strategy Game tests the ability of managers to work efficiently as a team. There are some lessons that I gained from participating in the BSG. Each of these lessons showed what challenges managers often face when designing and executing strategies for a company.
The athletic footwear company that my teammates and I were running performed exceptionally well. The company was able to achieve many of the goals that we set out for it to achieve. Some of the decisions we made that helped in making the company achieve such results involved coordinating different aspects of the business to work together. Another decision is the choice of differentiating the products we were selling from the competition. There are particular issues about the organizational strategy that I learned.
Coordination plays a vital role in ensuring the entire firm works according to the strategy proposed by the management. Another aspect is that cooperation between various departments in the organization is critical to the success of a strategy. Some of the challenges we encountered included lack of sufficient planning and teamwork. The cooperation issue could be overcome by ensuring that the design of the management decisions was done as a group than based on a single individual. The planning of the strategy would need to be done considering all the different circumstances the firm would face but allow for flexibility
Hill, C., Schilling, M., & Jones, G. (2017). Strategic management (12th ed.). Boston: Cengage Learning.