University of Maryland University College Turnitin Originality Similarity Index:
MGMT 670 April 22, 2013
Introduction
Long or short term projects or activities in most cases adjourn with a lessons learned or “hot wash” activity so as to provide information on what went right, what went wrong, and to provide a performance rating of the team members. Lessons learned provide value to project/team members, as it allows for the way ahead for identifying potential risks, challenges, or even opportunities that the group may encounter when accomplishing the tasks at hand. DigiCam effectively participated in a virtual business simulation game focused on marketing, business strategy, and competing with several digital camera Thompson notes this as one of the options for an offensive strategy, “deliberately attacking those market segments where a key rival makes big profits” (2010, p.109). Another offensive strategy used was offering an equally good or better product at a lower price. With our low cost strategy, DigiCam sought to go on the offense by offering both our entry-level and multi-featured cameras at lower prices than rivals. However, our competitors routinely responded by shifting prices year-after-year in response to DigiCam’s attempts to gain a market share in targeted regions. In regards to defensive strategies, the company probably faltered by not protecting regions areas such as Latin and North America from offensive maneuvers by rival companies. Basically in these regions, DigiCam stood pat and only employed minimum market and promotion strategies. In all competitive markets, all firms are subject to offensive challenges from rivals (Thompson, 2010, p.111). This is precisely why DigiCam should have taken up more of a defensive posture against rival firms.
Strategic Approaches DigiCam sought the middle ground and pursued the Think Global, Act Local strategy. The Think Global, Act Local “approach entails utilizing the same basic competitive theme (low-cost, differentiation, best-cost, or focused) in each country but allowing local managers the latitude to (1) incorporate minor country-specific variations in product attributes to better satisfy local buyers,
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