The workforce grew progressively to 5500 employees in round 4. Daniel P. Keegan Partner, Price Waterhouse Executives and managers of all levels will find something in this book that will help them improve the bottom line. However, for it to achieve its vision and targets, it ought to make better decisions at manufacturing and distribution level. — 375 p. — 4th ed. [Pdf] Strategic Management: A Competitive Advantage Approach, Concepts and Cases [RENTAL EDITION] (17th Edition) ReviewThis [Pdf] Strategic Management: A Competitive Advantage Approach, Concepts and Cases [RENTAL EDITION] (17th Edition) book is not really ordinary book, you have it then the world is in your hands. Better communication practices will definitely be employed. Nonetheless, since all the cars were sold by the end of round 2, it may be concluded that the company received an expected and deserved response in the market. However, it needs to improve in the future rounds. Since no sales are made in the first round, the manufacturing cost of fixed assets is treated as an expense while selling price as zero. Principally, the decision was made for the continuance of business operation. The variable costs for producing each car model have been rising with each round while the prices remained constant or slightly decreased. During the game, we focused more on ensuring that the new lines of production or models of cars are incepted well. Apart from the changes made for the initial budgeted pricing in the first round for car speed1 and speed2 from £15,000 to £9,800 and £10,500 respectively, the movement of pricing was constant throughout for the two. Revised Selected Papers. However, the price of Speed3 was adjusted from £24,000 to £23,000 in round four. As such, financial statements reflect on many events that take place within and outside the business. These statements entail various important information that archives how finances were used in each accounting period, the events and products that were used for and their impacts on the revenues and costs of the company both in the short run and long run. PROFESSOR IS EXTREMELY PICKY. The brand can create competitive advantages when these three fixers are clear: Target Market: Perfect knowledge about buying from the brand, what the brand wants from the brand, and if any strategies can start to buy from the brand, it is essential to create a competitive advantage … It has had a steady rise in the total sales which implies it has been experiencing a constant increase in its market share. The closing bank balance in this round is a negative value. Speed3 recorded a gross margin of 25.5% in round 3 but was reduced to 17.79% in round 4. 11, A. It ensured that it hired enough workers to enhance the production of new lines of model cars. management policy and strategy strategic framework for competitive advantage. The produced number of Speed1 was 54,000 units while those of Speed2 were 14,000 units. What Is Competitive Advantage? The total sales for round 3 improved significantly compared to that of round 2. Skillset: Positive or Negative: Which is More Persuasive? Technology Based Competitive Strategy. This enabled the creation of frameworks for assessing the strengths and weaknesses of an organization in relation to the threats and opportunities in its external environment. In business, a competitive advantage is the attribute that allows an organization to outperform its competitors. When you have got an excellent product and great customer service but want to gain market share, it is probably time to think about how to get ahead of the competition and stand out from the crowd. Furthermore, the experience gained to this point in the game gives us hope that all is not lost and we can still make short term profits and correct the unfavorable cash flows. With such a detrimental trend, the firm risks being bankrupt and failing to finance its production in the future. The company maintained a similar level of sales for all the automotive as was in round 3. The strategies are applied in order to have proper planning and appropriate allocation of funds for the accomplishment of the goals of the company. It begins from the purchase of raw materials, processing in the plants or firms to finished commodities. instead of Strategic Management: Creating Competitive Advantages, 9th Edition ISBN: 978-1-259-90045-7 which is what they advertise, they sent me strategic management Text & Cases ISBN: 978-1-259-81395-5. Pearson Education Inc., 2012. Use strategic-management and critical-thinking skills to gain a truly competitive advantage. Meaning that the sole reason for the existence of strategic management is to gain competitive advantage. Critical reflection ……………………………………………………………………………………………………. Strategic Human Resource Management is a combination of Strategy and Human Resource Management (HRM). The experience was quite incredible especially in the manner in which we communicated as leaders. If you want to know how to strategically manage in order to gain a competitive advantage, start by examining what you do best and what your competition does better than you do. The company recorded an increased market share from round 3. Marketing acts as interface between a company and its surroundings, especially with customers, and is seen as one of the central activities of modern corporate management. Introduction ………………………………………………………………………………………………………………. This enabled the creation of frameworks for assessing the strengths and weaknesses of an organization in relation to the threats and opportunities in its external environment. He was responsible making important decisions regarding the production of the cars. In round 3, the company incurred a pre-tax loss of £237,980. In order to maintain a competitive advantage a strategic manager must have a clear view of an organization’s resources and how there can be used in the best possible way to achieve corporate objectives. Start the process of mapping your organization’s system of interconnected choices 4. The marketing department was allocated to Peizhe Wang. Click the button below to choose your expert for free. However, for a company that requires continuous running especially in the next rounds of simulation, it requires a different source of liquid finance. Within each of these divisions, managers can save the company considerable amounts of money by getting an edge over its competitors. The advice from the tutor not to over or under produce was the basis of our decision making. Nonetheless, all the three achieved their estimated production levels at the set prices. By breaking down business strategy and value creation to its essential elements, you’ll develop your strategic thinking skills. A majority of decisions that were made could be accounted for in the next round since nothing of significance took place in the market place. Further information about general assessment criteria, ARTA regulations, referencing and plagiarism can be found on the module’s site on the e-Learning Portal. With an increased production, the company should experience an augmented sales and increased market share. Strategic Management and Competitive Advantage: Concepts and Cases strips out the unnecessary, by presenting material that answers the question: does this concept help students analyse real business situations? 11 Figure 5: Workforce at each round………………………………………………………………………………… 15. In fact, the bank balance in this round has been determined in the presence of the bank loan. Decisions whose outcomes are not in consistent with the vision and mission for the organization, he altered them or rescinded them altogether. In the end, he inquired from each team leader on the impacts of the alteration of the decisions on every department. With a reduced price, Speed3 was able to meet the targeted sales of 30000 and adding to the previous unsold stock of 3771. In Porter's view, strategic management should be concerned with building and sustaining competitive advantage. 5, II. He recorded the minutes for each meeting and prepared the agendas that would be discussed. He researched on the most effective and economical ways in which the organization can do the sales promotion. The responsibility of reading individual team leaders’ decision in a broader way was entrusted to him. Knowledge held by organizational members is the most strategic resource for competitive advantage and through the way it is managed by executives. As understood, skill does not recommend that you have wonderful points. In Porter's view, strategic management should be concerned with building and sustaining competitive advantage. In this round, another line of production for Speed3 automotive was introduced by the company in the market. The external stakeholders affected by this department are the debtors. On this basis, it may be true to conclude that the company may have underproduced for each brand in the market. When you do what you do very well, you gain a competitive advantage over those doing it the longer and slower way. Competitive advantage is when one company produces a product or service that meets the customer's needs in a way that their competitors cannot. Figure 2: Gross margin for Speed1, Speed2, and Speed3. This explains the bank loan as shown in the income statement of the company for round two. the ISBN and the picture on on the description are different from the book I got. The goal of much of business strategy is to achieve a sustainable competitive advantage. After that, ensure that the avenues that will be chosen, possibly TVs and social media. From this scenario, it may be right to deduce that the company may have underproduced Speed3. Each chapter has four short sections that cover specific issues in depth, allowing professors to adapt the text to their particular needs. When the term financial material is mentioned, the first thing that comes into mind of a manager is the financial statements of the business. 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