Lessons Learned
University of Maryland University College
Turnitin Originality Similarity Index:
MGMT 670 April 22, 2013
Introduction
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.
Competitive Strategies 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
Turnitin Originality Similarity Index:
MGMT 670 April 22, 2013
Introduction
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.
Competitive Strategies 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
References: Thompson, A.A. (2010). Custom eBook, GLO-BUS PREMIUM (includes online simulation + eBook, Thompson, Strategy: Core Concepts and Analytical Approaches + e-cases). New York, NY: McGraw-Hill. ISBN NO. 0077459474