Business strategy game review

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Example: While this is still accurate, it does not give a good understanding of how these goals are actually achieved. To allow for a better and more granular understanding, I will refer to the former definition in the following chapters. Before we get into the details of building a strategy, it is vital to understand how a strategy differs from a tactic.

While both terms are often interchangeably conf used, they are two entirely different things:. In other words, it shows the path to achieve the defined vision. A tactic refers to the specific actions taken to reach the set goals in line with the strategy.

Their managers then need to negotiate with suppliers to reduce the costs of the electronic components used in production. This is a tactic to achieve the set strategy. Strategy is buying a bottle of fine wine when you take someone out for dinner.

Tactics is getting them to drink it. There are three levels at which strategies are typically used: The corporate , business and functional level. They guide decisions around growth, acquisitions, diversification and investments.

Business Level: Business level strategies integrate into the corporate vision, but with a focus on a specific business. At this level, the vision and objectives are turned into concrete strategies that inform how a business is going to compete in the market. In fact, this is essential to ensure that the different needs of each layer are accurately reflected. Although multiple strategies carry the risk of conflicting priorities and objectives, these risks can be reduced if managed correctly.

We will come back to this point in a second. Essentially, it reflects the strengths and weaknesses of the company and answers how the company plans to respond to the threats and opportunities in the market in which it operates. A strategy takes into account the resources at hand and how to best deploy them to achieve its set objectives.

This incoherence always results in a loss of competitive power that will be exploited in the market. A strategy needs to outline the vision of a business, define its targets and how it is going to grow and compete long-term.

Most online sources suggest that strategy formulation should begin by defining the objectives of an organization. But this reaches too far too fast, as it presumes that the offering, the market and the target customers have already been defined. This is an important step in the strategy building process because it ensures that the designed strategy reflects the actual needs of the relevant market. The former lays out what goods and services are offered, while the value proposition explains why people should buy them in the first place.

Note that the value proposition answers why a firm exists and how it is different from its rivals. In other words, it explains how a firm plans to create demand and compete in the market.

To illustrate this with an example, take a look at Shopify. Their value proposition is to offer a single ecommerce platform that lets its customers sell across multiple channels. If not, the backlog of orders keeps piling up and needs to be satiated in the subsequent quarters. Play the game multiple times and try to refine your strategies and entrepreneurial skills with each attempt. Learn a little more about the theoretical concepts behind the game in our Free MBA course.

See how each business strategy impacts the end result. Alright, enough talk. Premium users can continue to access it using their login accounts.

And your students get to play the full game for 12 quarters instead of 4. Read more here — BizMAP pricing. If this looks interesting, send us an email: info [at] mbacrystalball [dot] com. You may also be interested in trying our Supply Chain Management Game.