MIke bikes

Topics: Strategic management, Decision making, Management Pages: 8 (2570 words) Published: September 15, 2014
MikesBikes Lessons Learned

During a MikesBikes wrap-up session, students offered these “lessons learned” to future players. The number of “votes” recorded for each suggestion is used to rank order of the items.

General Strategy

During the simulation, use the off-line rollover in the multi-player version (88) Research your markets, sensitivities and thresholds, then get off to a quick start: dominate new markets early (29). Late entry into crowded markets is a poor move (11) Plan all of your decisions ahead of time (29)

Stick to your chosen markets (15)
Do continual calculations (14) such as unit costs, how much can you sell, plant efficiency. Don’t get too big, too fast (10)
Use the player’s manual (7)
Good team communication is very important (4)
Don’t go into every market (3)
Porter’s 5 forces is very important (2)

Marketing

Reduce retail margins (53)
Don’t overprice (1)

Finance

Sell shares at the beginning to raise capital (23)
Tracking cash flow is very important (18)
Investor relations is an important expenditure (14)
Re-purchase your shares (9)
Pay off your debt (4)

Operations

Improve your quality (17)
Strive for a high efficiency plant and increase batch size, lower visual inspections, and increase prevention type expenditures (4)

New Product Development

Continually consult the perceptual map and modify your bikes accordingly (14)

Selected Quotes from MikesBikes Final Reports – Lessons Learned Section

Permissions were obtained to use the following quotations from the Lessons Learned sections of MikesBikes Final Reports. They are organized by category.

On the MikesBikes Business Simulation

“MikesBikes was a very meaningful and practical experience.”

“MikesBikes is an interesting, fun, and effective way of simulating some of the real-life management decisions required to run a business. The software is easy-to-use- and allows the user to analyze individually the decisions that were implemented. The competitive nature of the program also encourages students to independently gain a better understanding of their decisions as well as the concepts and strategies involved in business.”

“We learned the most from the mistakes that we made.”

“The MikesBikes simulation was a fun and interesting way to gain knowledge about the development of a business. It allowed us to expand on the ideas taught in class such as creating a business strategy and using tools like SWOT.”

“On the whole, we found this exercise both stimulating and challenging.”

“Operating a simulated bicycle manufacturing corporation over a period of seven years was an opportunity to gain insights on a real entrepreneurial experience. Our team entered the simulation under many assumptions regarding the nature of business operations but was quick to learn our shortcomings through inherent challenges, and many trials and tribulations. These skills cannot be learned by the usual form of lecturing.”

“Probably the most engaging aspect of the simulation for our group was the competitiveness. We practiced the Single Player Version thoroughly, and mastered every aspect of it. We were excited to begin playing against other teams.”

“We learned that in order to be number one in the world you have to: predict what your competitors are going to do, use all of the data and information provided in the program, play offline to test decisions, develop a strategy, and have excellent team dynamics.”

“The MikesBikes’ learning experience was enjoyable for all because we were enthusiastic and out team was very successful. For each of us, this was our first comprehensive introduction to many business management concepts. Each time we faced a difficult decision, we would discuss it among ourselves with each person having a different perspective, creating a very educational environment. This environment certainly contributed to a personal, long term understanding of the business...
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