BUS-485 – Strategy Guide

Introduction to Strategy

Whether you aspire to be an entrepreneur, a consultant, or a top executive, this introduction to the Strategy Guide is designed to introduce you to the basic concepts used in business strategy, equipping you with the vision to think big and the tools to make those visions a reality.

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Each of these sections also directly applies to the MEGA Learning Simulation: The Global Customer Value Challenge, which is incorporated into BUS-485. In the simulation, you and your team will need to understand and apply these concepts and utilize the strategic tools presented (and others) to help you diagnose the competitive landscape and craft a strategy you will attempt to execute through a series of decisions in an attempt to outperform your peer teams. The simulation is robust, competitive, and dynamic.

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Each round of the simulation will be unique, and the outcomes are based on the individual decisions made by the competing teams. The algorithms built into the simulation reflect realistic and time-tested competitive dynamics. Your understanding of the strategic concepts in this guide and their proper application through the simulation decisions are highly correlated with success in the game.

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The materials presented in this resource are intended to introduce you to foundational business strategy concepts.  The material in Topics 1-4 will be the subject of a midterm exam. The exam contains multiple-choice and a few true-false questions. Most of the exam questions will require you to understand and apply the concepts. Knowing the definition alone will not be sufficient to score well.  

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This guide provides a series of mini cases at the end of the first five topics. These cases are intended to demonstrate the various concepts within an often fictional but realistic situation. For any ideas presented in this guide, you should attempt to apply them to a real-life scenario you create. This could include a situation at your current employer or in a company for which you would like to work in the future. You may also be able to apply these to family business situations of which you are aware or perhaps a situation faced by one of your loved ones in their professional life. In all cases, applying the ideas to situations will help you understand them more deeply and will prepare you for the questions on the midterm exam.

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The MEGA simulation will also require the application of these concepts throughout the course of the game. At the end of each chapter, you will find a "MEGA Moment." The purpose of this section is to give you some insight into how you are likely to utilize the information in this guide in the simulation competition. The MEGA Moment is not intended to be instructional as it relates to the actual simulation, and you will have to read and understand a variety of MEGA-related support documents provided to students in order to navigate the simulation.  

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Strategy is about successfully reaching your goals in the future. Regardless of the field of study, everyone aspires for greater things, both professionally and personally. This is why strategy is so important and why the tools and techniques provided in this guide can only help you to think through the complex environment you will necessarily face. Strategy is for everyone.

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This class is designed as a capstone experience. This class is intended to give you the chance to apply everything you have learned in all of your previous studies, regardless of your major. No individual student, or professional for that matter, has all of the knowledge required to successfully operate in this complex world. Successful competition in the MEGA simulation will require the assimilation of all business disciplines. You will be learning much more about the MEGA simulation before play begins, but it is important to note that your competition will be with your peer teams only. Just like businesses, well-rounded teams who have mastered their respective fields of study and value of the contribution of teammates from different disciplines are most likely to perform well. This means that you will need to work closely with and rely on the knowledge of all of your teammates.    

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Finally, as you prepare to dive into this class, and the rest of your life, it is helpful to keep a few thoughts in mind:

1. The Essence of Strategy: Strategy is about making choices. It is about deciding where to focus your energy and resources to achieve a desired outcome. It is not just about what you will do, but also about what you will not do. Every choice has trade-offs, and understanding those trade-offs is crucial.
2. Embrace Uncertainty: The future is inherently uncertain, and no strategy can predict it with complete accuracy. Instead of fearing uncertainty, embrace it. Recognize that it brings both challenges and opportunities. Being adaptable and open to change is more important than having a perfect plan.
3. The Value of Flexibility: While it is essential to have a plan, it is equally vital to remain flexible. The world changes rapidly, and rigid plans can become obsolete overnight. Cultivate a mindset that allows you to pivot when necessary.
4. Continuous Learning: Stay curious. Read widely, engage with diverse perspectives, and never stop asking questions. The knowledge you accumulate becomes a compass in ambiguous situations.
5. Acceptance of Mistakes: In uncertain environments, mistakes are inevitable. What is crucial is how you respond to them. Instead of viewing them as failures, see them as learning opportunities. Analyze what went wrong, adjust, and move forward with newfound wisdom.
6. Scenario Planning: One way to deal with uncertainty is to envision various future scenarios. By imagining multiple possible futures and strategizing for each, you can prepare for a range of outcomes.
7. Trust Your Instincts: While data and analysis are vital, there will be times when you have to rely on your intuition. Trust it, but also be ready to recalibrate if things do not pan out.
8. Seek Diverse Opinions: Surround yourself with people who think differently than you do. They will challenge your assumptions, offer fresh perspectives, and help you see blind spots in your strategies.
9. Focus on the Long Term: While immediate challenges will demand your attention, always keep an eye on the long-term vision. Short-term setbacks can often be stepping stones to long-term success if you stay focused on the bigger picture.
10. Personal Well-Being: Dealing with ambiguity and uncertainty can be stressful. Remember to take care of your mental and physical well-being. A clear mind and a healthy body can significantly enhance your strategic capabilities.

Conclusion

While the future's ambiguity and uncertainty can be daunting, this makes life exciting and full of potential. Strategy, at its heart, is about navigating this uncertainty to create a desired future. Embrace the journey, learn continuously, and remember that all great strategists, from business leaders to military generals, have faced and overcome similar challenges.