University of Maryland University College
Turnitin Originality Similarity Index:
April 22, 2013
Long or short term projects or activities in most cases adjourn with a lessons learned or “hot wash” activity so as to provide information on what went right, what went wrong, and to provide a performance rating of the team members. Lessons learned provide value to project/team members, as it allows for the way ahead for identifying potential risks, challenges, or even opportunities that the group may encounter when accomplishing the tasks at hand.
DigiCam effectively participated in a virtual business simulation game focused on marketing, business strategy, and competing with several digital camera companies. Students represented the corporate leaders of the each company. In DigiCam’s case, Nene Akintan, Khalid Golden, and Jessica Maldonado, served as the corporate managers. By applying knowledge obtained from conferences and the Glo-Bus textbook by Thompson, the team members set out to make appropriate decisions in an effort to gain a competitive edge in the global digital camera market.
DigiCam faced many challenges throughout the simulation and sought to overcome the challenges through application of several strategies and resource decisions. The purpose of this paper is to provide information on the competitive strategies, offensive and/or defensive strategies, strategic approaches, resource decisions, value chain activities, spending efforts, and the internal decision-making operations used by DigiCam during the course of the simulation.
There are five competitive strategies that companies employ to enable a competitive advantage over rival firms. According to Thompson, “A company’s competitive strategy deals exclusively with the specifics of management’s game plan for competing successfully—how it intends to please customers, offensive and defensive moves to counter maneuvers of rivals, responses to shifting market conditions, and initiatives to strengthen the company’s market position and achieve a particular kind of competitive advantage (2010, p.88). These strategies include: * A low cost provider strategy
* A broad differentiation strategy
* A focused strategy based on low cost
* A focused strategy based on differentiation
* A best-cost provider strategy
The low cost provider strategy aims at achieving lower costs than rivals in an attempt to use lower costs as an advantage to attract a broad base of buyers centered upon low-cost products. With the broad differentiation strategy, organizations pursue ways in which to differentiate the company’s product from that of rival firms in order to appeal to a broad spectrum of buyers. The focused strategy based on low cost targets a narrow concentration of buyers and outduel rivals with lower costs, thereby earning buyer favor. A focused strategy based on differentiation also focuses on a narrow buyer segment; however the company markets and produces products designed for specific tastes and requirements of niche members better than rival companies. Lastly, the best-cost provider strategy is based upon achieving a competitive advantage over rivals by developing the capability to incorporate high quality products at significantly lower costs than rivals.
Of the five competitive strategies noted above, DigiCam focused on the strategy based upon broad differentiation. After initially producing a higher number of both entry-level and multi-featured components, DigiCam changed strategy from practice years and decided to reduce the number of models in an effort to increase the level of quality products with added features to attract buyers and gain their trust and allegiance. Additionally, DigiCam sought to increase sales in all markets overall. The significant challenge to our organization was to develop a product with sufficient quality, while at the same time,...
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