Reflection Paper
Weekly Reflection
During the past week in our Strategic Management Business class, Learning Team C learned more about one another, and I have no doubt several of us has even learned a great deal about ourselves. First, we were educated about certain topics that made each individual feel comfortable discussing such as growth, stability strategies, and retrenchment strategies, also known as the three grand strategies (Hunger & Wheelen, 2010). We reflected on a variety of topics that made us struggle a bit, such as portfolio analysis and the process of strategic choice. Last, the Team connected what was learned during the former week to one particular field of work; evaluating a current warehouse operation and how the idea of implementing a third party vendor will improve delivery times and inventory management.
Comfortable Topics Discussed
This week the members of Team C felt comfortable discussing directional strategies. Directional strategies consist of three grand strategies. The three grand strategies are growth, stability strategies, and retrenchment strategies (Hunger & Wheelen, 2010). The directional strategy that the team focused on this week was growth. The two growth strategies are concentration and diversification. The members of Team C enjoyed learning about and discussing the two concentration strategies, which are horizontal and vertical growth.
Businesses achieve vertical growth when they take over a role formerly provided by means of a dealer or by a distributor. “The company, in effect, grows by making its own supplies and/or by distributing its own products” (Hunger & Wheelen, 2010). On the other hand, businesses achieve horizontal growth by expanding operation to other geographic locations and by increasing the range of products and services offered to current markets (Hunger & Wheelen, 2010). Studies show business that grows horizontally has a higher survival rate.
Topics that our team struggled with
Learning Team
During the past week in our Strategic Management Business class, Learning Team C learned more about one another, and I have no doubt several of us has even learned a great deal about ourselves. First, we were educated about certain topics that made each individual feel comfortable discussing such as growth, stability strategies, and retrenchment strategies, also known as the three grand strategies (Hunger & Wheelen, 2010). We reflected on a variety of topics that made us struggle a bit, such as portfolio analysis and the process of strategic choice. Last, the Team connected what was learned during the former week to one particular field of work; evaluating a current warehouse operation and how the idea of implementing a third party vendor will improve delivery times and inventory management.
Comfortable Topics Discussed
This week the members of Team C felt comfortable discussing directional strategies. Directional strategies consist of three grand strategies. The three grand strategies are growth, stability strategies, and retrenchment strategies (Hunger & Wheelen, 2010). The directional strategy that the team focused on this week was growth. The two growth strategies are concentration and diversification. The members of Team C enjoyed learning about and discussing the two concentration strategies, which are horizontal and vertical growth.
Businesses achieve vertical growth when they take over a role formerly provided by means of a dealer or by a distributor. “The company, in effect, grows by making its own supplies and/or by distributing its own products” (Hunger & Wheelen, 2010). On the other hand, businesses achieve horizontal growth by expanding operation to other geographic locations and by increasing the range of products and services offered to current markets (Hunger & Wheelen, 2010). Studies show business that grows horizontally has a higher survival rate.
Topics that our team struggled with
Learning Team
References: Wheelen, T. L., & Hunger, J. D. (2010).Concepts in strategic management and business policy (12th ed.). Upper Saddle River, NJ: Pearson Education.