Lessons Learned - Week 2
.pdf
keyboard_arrow_up
School
New York University *
*We aren’t endorsed by this school
Course
002
Subject
Management
Date
May 6, 2024
Type
Pages
2
Uploaded by ConstableSalmon3879 on coursehero.com
Lessons Learned – Week 2 – 04/11/2024
What topic was interesting in today’s discussion? Explain briefly.
I explored several aspects:
1.
Competitive and Supply Chain Strategies
: It's crucial for a company's competitive strategy, which defines how it intends to meet customer needs, to be supported by its supply chain strategy. This includes decisions on procurement, manufacturing, distribution, and post-sale services.
2.
Achieving Strategic Fit
: Strategic fit is about aligning the supply chain capabilities with the competitive strategy to meet customer demands effectively. We discussed the importance of consistency between a company's competitive strategy and the capabilities specified by its supply chain strategy.
3.
Steps to Achieving Strategic Fit
:
•
Understanding the Customer and Supply Chain Uncertainty
: This involves recognizing the uncertainties in customer demand and how the supply chain can address them.
•
Understanding Supply Chain Capabilities
: Assessing how responsive and efficient the supply chain needs to be to meet customer demands and handle uncertainties.
•
Finding the Zone of Strategic Fit
: Adjusting the supply chain's responsiveness and efficiency to align with customer expectations and business goals.
4.
Supply Chain Drivers and Metrics
: We covered how different drivers like facilities, inventory, transportation, information, sourcing, and pricing influence supply chain performance.
5.
Role of Forecasting in a Supply Chain
: Forecasting is critical for making informed decisions in supply chain management, such as production scheduling, inventory management, and workforce planning.
6.
Forecasting Techniques
: Different methods like moving averages, exponential smoothing, and regression analysis were discussed to understand how they help predict future demand based on historical data.
Overall, the lecture highlighted the necessity of strategic fit within supply chain operations and the analytical approaches to forecasting that support supply chain decision-making. This discussion not only deepened our understanding of supply chain strategies but also equipped us with practical tools to apply in real-world scenarios. I Learned mainly about how to use Excel functions like moving average, exponential functions, holt, and regression functions and their applications in determining demand forecasting.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
There are a number of techniques employed to conduct an analysis of strategic options fromwhich an organization can choose from to aid its attainment of long term objectives. As staff of a Holdings Company, co-opted into a business development committee, you have been tasked to do thefollowing;a. What is the Boston Consulting Group’s Growth-Share-Matrix (BCG-GSM)b. Present a well labelled graphical illustration of this model (Boston Box)c. Explain each of the four quadrants in this matrix with appropriate strategies that maywork out for each quadrant.
arrow_forward
IDENTIFICATION: PLEASE PROVIDE AN ANSER ON THE FOLLOWING QUESTIONS.
1. This is a strategy primarily for achieving low-cost leadership among industry competitors
2. This is also known as channels that link the organization to its customer.
3. It determines the means to implement the strategies.
4. This includes both political and legal factors.
5. It is the function responsible for acquiring and evaluating market and consumer -based information for decision making.
6. A respondent can answer these questions in his/her own words.
7. It is the body of the survey questionnaire.
8. It is the stage in the process where the questionnaires are administered to the selected respondents.
9. She/he is the person who tries to convince others of the need for the product/services and influences the purchase decision.
10. It is a status hierarchy in which individuals and group.
arrow_forward
1. What is the current business level strategy that AdRoll uses? Is this the appropriate strategy? If not, what would you recommend? What other strategies are they using? For example, what types of functional (finance, marketing, management/HR, etc.) strategies are they using? Can you recommend any changes to help the organization?
2. Does AdRoll have a competitive advantage? If so, what is the competitive advantage? Is the competitive advantage a sustainable competitive advantage? Why? If not, why?
Strategies & Competitive Advantage
AdRoll’s business level strategy was overall low-cost leadership. Before AdRoll was founded, retarget-ing advertisements were primarily used by wealthy customers. AdRoll expanded their target market to include small businesses, retailers, and Fortune500 companies. Furthermore, AdRoll had a heavy emphasis on customer service. The company always made itself available to its customers to gain a com-petitive advantage through ease of use.…
arrow_forward
What are the issues and problems facing GoPro, Inc? (Sort them by importance and urgency). What is the firm's strategy, in terms of the five strategy elements, for competing in this context? GoPro, Inc. engages in manufacturing and selling camera and camera accessories.
arrow_forward
The entries in the boxes in the center of a TOWS matrix represent
A) the opportunities and threats within the external industry environment.
B) the company's strengths and weaknesses
C) the company's strengths and weaknesses and the threats and opportunities that exist in the external environment.
D) possible strategic actions that company might take to address external conditions using the company's internal resources
E) market challenges that top management needs to address
arrow_forward
Identify a key strategic challenge for the bike company (for example, continuing to maintain its current levels of success or overcoming a key limitation that is preventing the company’s full success) and explain how/why, and based on what strategic analyses/frameworks, you reached this conclusion. b) Identify your key recommendation for addressing the strategic challenge, and explain how the company could implement this recommendation and how it would help in achieving your stated intended objective.
arrow_forward
When using the strategic management process, firms should start by
A) developing a strategic vision, mission and values.
B) developing a proven business model, deciding on the company's top management team, and crafting a strategy.
setting objectives, developing a business model, crafting a strategy, and deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage.
C) coming up with a statement of the company's mission and communicating it to all employees, setting objectives, selecting a business model, and monitoring developments and initiating corrective adjustments to the business model when necessary.
D) deciding on the company's board of directors, setting financial objectives, crafting a strategy, and choosing what business approaches and operating practices to employ.
arrow_forward
4.1)
Creating a sustainable competitive advantage may be the most important goal of any organisation and may be the most important single attribute on which each business must prioritise. Explain the importance of managing information for sustaining competitive advantage.
arrow_forward
A) According to the assigned video: Introduction to generic business strategies, business strategy can be classified into four quadrants: overall cost leadership, overall differentiation, cost focus, and differentiation focus based on scope and source. The Andrews Family Restaurant is in the process of hiring a five-star chef who can cook a variety of food to meet customers’ tastes and wants. In addition, the restaurant is designed to provide complete privacy to customers. Therefore, tables ought to be separated by no less than 5 feet. Think about what the Andrews Family Restaurant’s business strategy is. Please explain your answer.
B)The Andrews Family Restaurant is in the process of hiring a five-star chef who can cook a variety of food to meet customers’ tastes and wants. In addition, the restaurant is designed to provide complete privacy to customers. Therefore, tables ought to be separated by no less than 5 feet.
Consider the examples of competitive priorities in Table 1.3 in…
arrow_forward
The management of Magic Vision would like to have an efficient supply chain for their high-end eyewear, but unfortunately, they are not satisfied with the performance of their marketing intermediaries in promoting the product. The company decided to sell its products only through its own efforts since its objective is to reach the target sales for the year. Do you think that the owner's decision is an effective strategy? If yes or no, justify your answer.
Note: please don’t repeat answer, the 1st answer was not helpful
arrow_forward
107- What factor does the GE-Mckinsey matrix use to compare BU?
a. Growth and market share
b. Growth and market attractiveness
c. Competitive strengths and industry attractiveness
d. Growth and industry attractiveness
arrow_forward
STRATEGIC INFORMATION SYSTEMS
Technology has evolved over time with key aspects being discovered with the advent of new information systems whose management has been at the center stage of operations by governments and big organizations.
Required:-
Discuss the Frameworks for integrating IS strategies with business strategies
arrow_forward
4) A company has many sources of information to draw upon, which can be traditionally be categorized as internal vs. external. An information system is designed specifically to implement an organizational strategy meant to provide a competitive advantage through one or more of the following. Being the B tech accounting specialization student, explain the role of information systems in the present business scenario.
arrow_forward
Please Help! This is for a 3-year strategic plan for the Business Strategy Game based on footwear.
Write two to four sentences setting forth the long-term direction and strategic path that management intends to follow.
The statement should clearly articulate your answer to "Where we are headed?" and should explain why the direction in which you intend to point the company makes good business sense.
Your strategic vision statement should describe the kind of company that management is trying to create and the market position you are trying to stake out.
You may want to summarize the essence of your strategic vision with a phrase or company slogan.
arrow_forward
V9
Critically evaluate the key resources available for the McDonald organization to effectively and successfully compete within its boundary and attain a competitive advantage? Discuss whether the McDonald organization market position is supported by its value chain and other key internal resources. As a strategist, what recommendations you would suggest to help the chosen organization to stay ahead of its rivals.
arrow_forward
4-38. What is ToMS’s target market? How might this market change in the future?4-39. What revenue streams does ToMS have that support how the firm competes? How sustainable are these revenue streams?4-40. What key assets does ToMS possess and how sustainable are those assets?4-41. What are the major challenges ToMS faces as the firm continues implementing its business model as a means of reaching its mission? Which of these challenges is the most serious and why
arrow_forward
Strategy: a set of choices for how we will differentiate ourselves with customers and from competitors
Assess the current strategy for your department, unit, or organization. How does the current strategy align with the contextual factors and vision you’ve identified for your business for the next three years?
Use the following questions to guide your development of a strategy and think about your strategy as a set of choices.
What set of key choices will define how your team, department, unit, or organization delivers on the vision and mission in the next three years?
Think about how you will execute externally: What choices are you making about differentiating yourself in the marketplace?
Think about how you will operate internally to make that execution possible.
How does those set of choices differentiate your team, department, unit, or organization from others trying to deliver value for end users?
What sensible and attractive options are you NOT going to pursue as an…
arrow_forward
Those factors that provide possibilities for a business to expand so as to make more sales and profits. Constraints are those factors that limit the ability to grow and reduce sales and profit potential. A useful way of assessing opportunities and constraints is to carry out what is known as a SWOT analysis. Strengths and weaknesses are internal to an organisation.
Typically, they relate to the resources of the organisation, and its structure and leadership, as well as the extent of its marketing. Market focused organisations are strong because they know what their customers want.
Opportunities and threats (constraints) exist in the external environment. Opportunities relate to the market, to the development of new technologies, and external factors such as government policies. Threats relate to what the competition is doing as well as legal and other constraintsA good example of external opportunities and constraints is that of the building industry in the UK today. The government is…
arrow_forward
bme specific ..Discuss what is the most typical cause as to why a delegator may indeed fail in the delegation of authority when it comes to executing a strategic plan?
arrow_forward
Identify two current organizations—one organization facing a low-risk competitive environment and one facing a high-risk competitive environment.
For each of these organizations, explain why you have evaluated its competitive environment as either low risk or high risk, using strategic planning and analysis concepts (such as Porter's Five Forces Model)
For each of these organizations, recommend a pairing of a system design tool and a system operation tool that you believe will work especially well in the competitive environment faced by the organization. Be sure to explain why the tools you have chosen are uniquely suited to the competitive environment faced by that organization.
arrow_forward
Explain QVCs current mission, objectives, strategies, and policies.
Indicate if they are clearly stated or are they barely implied from the performance.
arrow_forward
Explain phases of development of strategic management
1. Long-range planing2. Strategic Management3. Strategic (Externally Oriented) planning4. Basic money financial (Budgeting)5. Complex Systems Strategy:
arrow_forward
In class, 10-25 Minutes for Teams Assume that youhave recently been hired by a firm that manufacturesfurniture. You feel that marketing should have an input into supplier selection for the firm's products, butthe purchasing department says that should not bea concern for marketing. You need to explain to thedepanment head the importance of the value chainperspective. In a role-playing exercise, explain to thepurchasing agent the value chain concept, why it is ofconcern to marketing, and why the two of you shouldwork together.
arrow_forward
• Which of the following is the first step in strategic planning?
a) Set objectives and goals.
b) Develop business portfolio.
c) Define the company mission.
d) Plan marketing strategy.
e) Identify threats and weakness.
arrow_forward
Business Strategy
Business strategy refers to the overall plan for a business. The strategy sets out the direction for the company and what it wants to achieve in the long term for business success. The strategy defines which markets the business needs to compete in,which activities will give it a competitive edge and how its resources will be used to achieve the overall plan business strategies and practices continuously adapt to a changing world. In an increasingly competitive global environment, without a clear vision a business will lack direction and may not survive. A vision should be both aspirational and inspirational for stakeholders.
The Vision is: to earn the lifetime loyalty of our customers by consistently delivering frequent, high performing public transport services which offerexcellent value. Underpinning the Vision are a common set of Values, an organisation's values are the guidingprinciples that influence its activities across the business. Values show how the…
arrow_forward
3.Using Porter's Generic Strategies, analyse the competitive strategy employed by Unilever.Support your analysis with evidence from the Unilever case study.
arrow_forward
The key reasons that an organization
should adopt planning and strategic
management are to
1/develop a competitive advantage,
decrease costs, and increase synergy
2/provide direction and momentum,
encourage new ideas, and develop a
sustainable competitive advantage
3/develop MB0, encourage new ideas, <
and increase profits
4/provide direction and momentum,
Increase
organizational diversity, and decrease
cost
Jo 11:07 /
GIF ls JI
arrow_forward
Identify the Generic Strategy that PennyMac Financial Services Inc is using to compete currently. Other Significant strategies? Give as much details as possible.
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON
Related Questions
- There are a number of techniques employed to conduct an analysis of strategic options fromwhich an organization can choose from to aid its attainment of long term objectives. As staff of a Holdings Company, co-opted into a business development committee, you have been tasked to do thefollowing;a. What is the Boston Consulting Group’s Growth-Share-Matrix (BCG-GSM)b. Present a well labelled graphical illustration of this model (Boston Box)c. Explain each of the four quadrants in this matrix with appropriate strategies that maywork out for each quadrant.arrow_forwardIDENTIFICATION: PLEASE PROVIDE AN ANSER ON THE FOLLOWING QUESTIONS. 1. This is a strategy primarily for achieving low-cost leadership among industry competitors 2. This is also known as channels that link the organization to its customer. 3. It determines the means to implement the strategies. 4. This includes both political and legal factors. 5. It is the function responsible for acquiring and evaluating market and consumer -based information for decision making. 6. A respondent can answer these questions in his/her own words. 7. It is the body of the survey questionnaire. 8. It is the stage in the process where the questionnaires are administered to the selected respondents. 9. She/he is the person who tries to convince others of the need for the product/services and influences the purchase decision. 10. It is a status hierarchy in which individuals and group.arrow_forward1. What is the current business level strategy that AdRoll uses? Is this the appropriate strategy? If not, what would you recommend? What other strategies are they using? For example, what types of functional (finance, marketing, management/HR, etc.) strategies are they using? Can you recommend any changes to help the organization? 2. Does AdRoll have a competitive advantage? If so, what is the competitive advantage? Is the competitive advantage a sustainable competitive advantage? Why? If not, why? Strategies & Competitive Advantage AdRoll’s business level strategy was overall low-cost leadership. Before AdRoll was founded, retarget-ing advertisements were primarily used by wealthy customers. AdRoll expanded their target market to include small businesses, retailers, and Fortune500 companies. Furthermore, AdRoll had a heavy emphasis on customer service. The company always made itself available to its customers to gain a com-petitive advantage through ease of use.…arrow_forward
- What are the issues and problems facing GoPro, Inc? (Sort them by importance and urgency). What is the firm's strategy, in terms of the five strategy elements, for competing in this context? GoPro, Inc. engages in manufacturing and selling camera and camera accessories.arrow_forwardThe entries in the boxes in the center of a TOWS matrix represent A) the opportunities and threats within the external industry environment. B) the company's strengths and weaknesses C) the company's strengths and weaknesses and the threats and opportunities that exist in the external environment. D) possible strategic actions that company might take to address external conditions using the company's internal resources E) market challenges that top management needs to addressarrow_forwardIdentify a key strategic challenge for the bike company (for example, continuing to maintain its current levels of success or overcoming a key limitation that is preventing the company’s full success) and explain how/why, and based on what strategic analyses/frameworks, you reached this conclusion. b) Identify your key recommendation for addressing the strategic challenge, and explain how the company could implement this recommendation and how it would help in achieving your stated intended objective.arrow_forward
- When using the strategic management process, firms should start by A) developing a strategic vision, mission and values. B) developing a proven business model, deciding on the company's top management team, and crafting a strategy. setting objectives, developing a business model, crafting a strategy, and deciding how much of the company's resources to employ in the pursuit of sustainable competitive advantage. C) coming up with a statement of the company's mission and communicating it to all employees, setting objectives, selecting a business model, and monitoring developments and initiating corrective adjustments to the business model when necessary. D) deciding on the company's board of directors, setting financial objectives, crafting a strategy, and choosing what business approaches and operating practices to employ.arrow_forward4.1) Creating a sustainable competitive advantage may be the most important goal of any organisation and may be the most important single attribute on which each business must prioritise. Explain the importance of managing information for sustaining competitive advantage.arrow_forwardA) According to the assigned video: Introduction to generic business strategies, business strategy can be classified into four quadrants: overall cost leadership, overall differentiation, cost focus, and differentiation focus based on scope and source. The Andrews Family Restaurant is in the process of hiring a five-star chef who can cook a variety of food to meet customers’ tastes and wants. In addition, the restaurant is designed to provide complete privacy to customers. Therefore, tables ought to be separated by no less than 5 feet. Think about what the Andrews Family Restaurant’s business strategy is. Please explain your answer. B)The Andrews Family Restaurant is in the process of hiring a five-star chef who can cook a variety of food to meet customers’ tastes and wants. In addition, the restaurant is designed to provide complete privacy to customers. Therefore, tables ought to be separated by no less than 5 feet. Consider the examples of competitive priorities in Table 1.3 in…arrow_forward
- The management of Magic Vision would like to have an efficient supply chain for their high-end eyewear, but unfortunately, they are not satisfied with the performance of their marketing intermediaries in promoting the product. The company decided to sell its products only through its own efforts since its objective is to reach the target sales for the year. Do you think that the owner's decision is an effective strategy? If yes or no, justify your answer. Note: please don’t repeat answer, the 1st answer was not helpfularrow_forward107- What factor does the GE-Mckinsey matrix use to compare BU? a. Growth and market share b. Growth and market attractiveness c. Competitive strengths and industry attractiveness d. Growth and industry attractivenessarrow_forwardSTRATEGIC INFORMATION SYSTEMS Technology has evolved over time with key aspects being discovered with the advent of new information systems whose management has been at the center stage of operations by governments and big organizations. Required:- Discuss the Frameworks for integrating IS strategies with business strategiesarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill EducationManagement (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSONSpreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
- Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSONBusiness Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSONFundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON
Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON