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About Management Processes (Planning, Organizing, Directing, Controlling). The most valuable lesson I learn, Management processes is essential key for better of operation effectiveness which is important thing for outcompeting with rivals companies, before we do company activities there should have plan what kind product would be produced, what customer segmented our targeted, what market should be entered, how many marketing target would be achieved, and how is produced in efficient way to minimize the cost of production.
In order to accomplish above, there are many option that could we do in the Business game exercise that give me valuable decision-making practice and develop my powers of business judgment. In making the strategic and operation decision that arise in the business game, I and my CAN Group will encounter an array of fairly typical business issues. We'll encounter a need to assess changing industry and competitive conditions, diagnose the strategies of competitors and anticipate their next moves, pursue ways to secure a competitive advantage, evaluate different courses of actions, chart a strategic course for our company to take, and adjust strategic plans in response to changing conditions.
I have learned what it means to "think strategically" about a company's competitive market position and the kinds of actions it will take to improve it. As my skills in "market-watching" and "competitors-watching" get sharper, my sense of business judgment about how to strengthen a company's competitive position and financial performance will improve.
About Management Functions (Strategy, Marketing, Operations, Finance, Human Resource, etc.)
As a Company goal is to maximize profitable and going concern, we have learned in the business games that before performed strategic plan, the important thing is I should gain a stronger understand of how different functional pieces of business (production, marketing, finance and so on) fit together, thus integrating the knowledge from business courses I have taken. The business strategy game draws upon many of the standard topics I have studied in our production, marketing, finance, accounting, human resources, and economics courses.
The business strategy game, it is a "big picture" experience that requires looking at decisions from a total company perspective and unifying decisions in a variety of functional areas to create a cohesive strategic action plan. I learn why and how decisions made in one area affect outcomes in other areas of the company.
The business strategy game gave me more insight into the ins and outs of the global competition, the different strategies companies can pursue in world markets, and the challenges of competing in a global market environment. The game brings into play many of the business issues and competitive conditions characteristic of today's global market.
The business strategy game boosted my understanding of basic revenue-cost-profit relationships. I get valuable practice in reviewing operating statistics, identifying costs that are out-of-line, comparing the profitability of different market segments, assessing financial condition, and deciding on what remedial and proactive approaches to take.
Finally, playing the business strategy game built my confidence in analyzing the revenue-cost-profit economics of business, help me understand how the functional pieces of a business fit together, and develop my powers of managerial judgment.
I have gained an experience and practice in assessing business risk, analyzing industry and competitive conditions, making decisions from a companywide perspective, thinking strategically about a company's situation and future prospects, developing strategies and revising them in light of changing conditions.
About Working in Teams (as leader and/or follower)
The most valuable lesson I learned about working in teams, we discuss together for keeping the company profitable, earning an adequate return on equity investment, protecting the company's bond rating, endeavoring to maximize shareholder wealth via increased dividend payments and stock price appreciation, and developing an effective business strategy for making company profitable and going concern.
We as a team have to live with our decisions for better or even for worse, we have to manage the company after the decision already taken for having best performance, doing planning for the next year strategy in conjunction with the condition given such as exchange rate fluctuations, tariff barriers, production cost differences, and we as a team will have to decide whether to locate plants where wages rates are low or whether to avoid import tariffs by having a production base in each primary geographic market.
Another challenge if we have to closed one plants caused of not profitable and invest to another world market for instance in Asia, the reason should make sense or logic thinking for having approval from other members in a teams.
What do I plan to do to take advantage of this experience and lessons back at my work place?
A. As the leader of my unit.
As the leader in my unit, first I have to create strategic plan for my unit as a whole, and define those strategic plan to all of my subordinates for having understanding and commitment from them. After that analyze the opportunity and threat that would impact our strategy.
In the way of achievement of the strategy I would review if there are some alternative to eliminate or minimize the failure of my unit goal, or any serious threat that I should anticipate soon. The decision should take for those situation whether the decision good or bad, as a leader should take responsibility base on consideration of my member and another logic reasons.
Finally, as a leader I have to gain a stronger understand of how the different of my subordinate could affect better in decision making caused of the input came from various kind of thinking, and at the end of day will have the organization outcompete and give the value added to the other function.
As a leader should have to adopt and evaluate any changes in my organization and environment as well, take the opportunity that might be occurred or address and mitigate if there is any risk.
As a member of my management team.
As a member of my management team, I have to release that a teamwork is a needed for having better result in the management team, I have learned which is every member of CAN group could give the opinion in order to get the good judgment either in the marketing policy or operation effectiveness. If we respect to other opinion of a member, we will enrich our solution to outcompete with the rivals in the real business.
Besides that, I have practiced that to manage the company in the globalization era is not as simple as in the words, it's very complex situation and economic condition, so many parameter we have to think much which is every company in the industry will give all their effort to win the competition, once the decision is taking in our unit, we as a member should have to give our best effort to accomplish our organization goals.
Finally, as a member I have learned much about how to convince the other member with telling the fact findings and logic argument for winning the competition in the bad situation especially when we have different opinion and argument to each others, so hopefully in having agreeing with other member we will have strong commitment to achieve the business target.
I would thanks to have learning the business strategy game.