Three Simulations
Thinking Strategically
The simulation mentions that "Strategic thinking is a readiness for action based on market realities, organizational competencies and brand equities. It is supported by long-range objectives, strategic flexibility and a need to stay ahead of change." A lesson I have learned was that an enterprise needs to build long-term objectives to align with the strategic goals and manage the consequences of contemporary decisions.
BJ's Prosports (BJ's) is currently running thirty- five stores and ranked #3 among bicycle retailers that plans to achieve aggressive growth. Mark Walton, CEO wants to establish a strong competitive edge in retail market, to improve profitability from 28 percent to 38 percent, to achieve annual revenues of 130 millions, and then a strategy would be to manufacture with low-cost. By analyzing the external and internal information, the author first evaluated external reports as U.S. Specialty Bicycle Consumers Study that will give information about customers and The National Specialty Bicycle Retailing Industry Report that will give industry information to achieve long-term objectives. It seems external analysis will be at a higher cost to develop it.
All experts in the simulation recommend their opinions of internal environmental information to finalize long-term objectives: Lillian, VP of Finance, aspires for the No.1 status in terms of revenue allows them to explore avenues for growth other than increasing the number of stores. Ryan, VP of Operations, plans to revamp up their marketing efforts to improve customer passage and to open new stores. Kensington, strategy consultant, expands BJ's as its retail presence in ...