Strategies Essays

Strategies Essays Strategies Essay Strategies Essay Strategies Name: Institution: Lecturer: Course: Date: Strategies Introduction In order for any serious business to cut a niche in a competitive market, the business entity needs to employ a definite business strategy that is both aimed at attracting new customers and retaining them. In order to put into practice the theoretical knowledge pertaining to product leadership strategy and at the same time developing the relevant market skills, the team was taken through a simulation of a realistic corporate situation. Simulation is a very important learning aspect as it provides both a positive learning experience and a chance to correct possible errors unlike the real corporate environment, which is mainly unforgiving. In deliberating on the various decisions and issues facing the business entity, the top-level managers have to employ various leadership strategies. These deliberations have a direct impact on the performance of the company. This simulation was mainly focused on the product leadership strategies and its various aspects such as the design of new products and the restructuring of the organization’s structure. During the simulation, the team comprised of members of five individuals. This team comprised of A who acted as the director of operations, B the chief financial officer, C the director of sales and marketing, D the director of administration and E the director of administration. The simulation process took place in Virtual Technologies Incorporated a leading developer and producer in mobotics. Product leadership strategy comprises of three main strategies. These are customer intimacy, operational excellence and product leadership. Customer intimacy refers to various processes that enhance the relationship between the company and the customers. This works a lot in creating strong bonds and loyalty within the market. Operational excellence mainly focuses on the infrastructure management process. It defines how the managerial structure is defined within the organization. This works a lot in determining how efficient the entire team is executing the various processes. Product leadership refers to the various product design and innovation processes. This works a lot in attracting new customers and retaining them. In the initial stage of the session, formal introductions were done and the various positions and responsibilities held by the different members identified. The ssimula5tion was initiated by gong through the various issues bedeviling the company and the relevant strategies to take in meeting the objectives. After agreeing on the most suitable strategy of accomplishing the set out goals the team deliberated on the most efficient and effective means of communicating this to the rest of the staff. The best communication strategy agreed upon by the team was to convene a company wide meeting where the message would be addressed to the entire staff. In this way, all the members of staff will get to be informed at the same time. The benefit of this communication strategy is that the message is not distorted as it is being relayed by different personnel. However, this strategy had the disadvantage of time wastage since various processes had to be halted for everyone to attend the meeting. A follow up to this strategy would be to convene interdepartmental meetings where the information would be tailored to suit each of the departments. The various roles played by the members comprising the group worked a lot in helping the team in its decision-making processes. After going through the simulation, it is evident that all the ideas were being contributed by the various members of the team and deliberated upon. This shows that outside of the boardroom meetings, the members were busy doing their homework and looking for new ways of meeting the objectives. Some members like the chief financial officer going out of his way to researching on technology and bringing in technology experts. Although not every member concurred with the decisions being arrived at, each of them was supportive of everyone and none attempted to jeopardize any of the strategies. In any natural instance, it is not possible for every member to agree with the various deliberations, but it is imperative for each to be supportive of every decision that is arrived at. This works a lot in ensuring efficiency and making the team accomplish its goals. Member B, the chief financial officer failed to indicate any leadership qualities since he could not be relied upon and never stood on his word. For instance, in the case regarding the selection of the priority of the three suggested imperatives, it was difficult to identify the members stand. At first, according to his statement, the member seemed to object the idea of having to cut down the prices of the mobots. He was of the thought of never considering cutting down the prices of the products. In the beginning, the member also exhibited failure to believe in the deliberated strategies through his comments. He commented that all that was being done was all talk and would only believe on seeing the numbers of the income statement. Such talk ought to not be tolerated by the leader since it tends to discourage some of the weak members and thereby affecting the morale of the group. If unchecked, the price would be costly since it would affect on how the team meets the various goals. However, after hearing my opinion and the fact that one customer accounts for thirty percent of the company’s sales, he immediately concurred with cutting down the prices for them. He further refuted as to having objected to the idea of cutting down the prices for any customer. Although anyone is allowed to change ones mind, it is unethical to deny or refute a stand that one originally stood for. Grace also exhibits some vices since she fails to believe in some of the members. She is pessimistic on most of the actions and opinions held by the financial director. This is a very costly vice for any leader. Every leader should exhibit confidence in the various members comprising the team. In case of any disagreement, the leader ought not to share the thoughts with other team members. The various assumptions taken by the team as they made the assumptions include the company was that the financial position of the business was above par since this the running costs of the strategies were not taken into account during the deliberation process. Another assumption was that the company was a relatively small company thus the ability to hold a single meeting with the entire staff in one venue. Simulation Experience I would consider the entire simulation process as highly informative and imparting. The simulation enabled me to through the simulation, I was able to learn various managerial processes and acquire the relevant skills on how to approach and tackle different conflicts that affect a company. I have learnt that conflicts bedevilling a company not only comprise of external factors such as competition and market dynamics but also a rise from internal conflicts within the team members. Solving the internal conflicts is as much imperative as dealing with the external conflicts. Solving the internal conflicts within the team works a lot in enabling the administration work efficiently in achieving the goals of the organization. When working as a team, every personnel is qualified in their own field and thus each of the members will come with their own ideas. The leader ought to provide each of the members with their right to express themselves. However, the entire team should deliberate on each idea and agree on the most plausible idea or opinion. Although some of the members may not concur with some of the decisions reached upon by the rest of the team, the leader is to resolve the conflict immediately and convince such on the importance of harmony within the team in achieving the expected results. With further persistence, the leader ought not to shy away from taking drastic actions such as expulsion of members from the group since the unity of the team is paramount in achieving the set out goals.