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Refletion on Thinking Strategically Thinking Strategically "Strategy, in business, is the combination of foresight, planning, and decision-making that prepares an
Submitted by prettypearlz on January 13, 2008
Category: Miscellaneous
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Thinking Strategically
"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". (Simulation) In this simulation, I was the Vice President of BJ's Pro Sports, a one-stop shop for bikes. My goals were to decide on a long-term objective and identify the strategies to achieve the long-term objective. The CEO, Mark Walten entrusted me to formulate the strategy that will guide BJ's actions.
In deciding on a long-term objective, my first step was to determine the company's needs. Secondly, assemble the critical internal and external information. Although the internal information was free, I had to purchase the external information, which was to be covered by my budget of $15,000. Based upon the advice of Kensington Sherman, Strategy Consultant, I decided to purchase the U.S. Specialty Bicycle Consumers Study for its statistical significance at a cost of $7595 and the U.S. Bicycle Retailing Industry Analysis for its level of detail at a cost of $5995. The U.S. Bicycle Retailing Industry Analysis features trends analysis, statistical data, and information specific to specialty bicycle retailers. The total for both reports purchased was $13, 590, which was well within my budget.
The decision was then made that BJ's would aspire to be the industry leader in terms of revenue. This could be done by ramping up top line growth by expanding retail presence in the geographies where demand was growing. Some key factors included:
BJ's cash position was strong enough to support expansion.
BJ's drove more sales into the stores through a sustained marketing program. This could consolidate existing product and customer categories, and address untapped one such as women customers and the extreme bikes segments.
The end result was that the long-term objective chosen was most suitable to the...
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