Mgt 578 Simulation Reflection Paper

1358 words 6 pages
Simulation Reflection Paper

Schiobhan Hopkins

MGT 578 – Strategy Formulation and Implementation

Rodney Klein

February 14, 2006

Thinking Strategically

According to the Thinking Strategically simulation, "Strategy, in business, is the combination of foresight, planning, and decision-making that prepares an enterprise to achieve long-term goals and manage the consequences of contemporary decisions." A lesson learned was that one needs to properly construct long-term objectives to be able to align to the company's strategic goals. This helped in some development of my strategic plan. For example, if the CEO of a company wants to establish a strong competitive position and cares less about profits in the short-term,
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Creating a Strategic Road Map A strategic roadmap "helps align an organization's strategies with its vision and long-term objectives" (Strategic Road Map Simulation, 2006). The purpose of this simulation is to build a strategic roadmap for ConstructWell in order for them to accomplish their objective to become a global leader. By creating a detailed strategic road map, one is able to produce a great strategic plan. First, implementation of the three strategies was done. These strategies are to diversify into related businesses, reinforce the product line, and forge partnerships to expand operations. I wanted to focus our attention on strategies that related to our business as opposed to diversifying ConstructWell into fields that are unrelated to what we already do. After the strategies had been selected, the goals that will enable us to have success at those strategies were defined. The first strategy was to diversify into related businesses. To do so, the first goal should be to expand into complimentary areas and secondly, to invest in capital-intensive segments. Overall, this will allow for new opportunities to open and added revenue in the future. The second strategy was to reinforce our product offering. A good goal to reinforce this would be to introduce renovation services as an alternative. A second goal would be to differentiate our