MIke bikes

2554 Words Aug 30th, 2014 11 Pages
MikesBikes Lessons Learned

During a MikesBikes wrap-up session, students offered these “lessons learned” to future players. The number of “votes” recorded for each suggestion is used to rank order of the items.

General Strategy

During the simulation, use the off-line rollover in the multi-player version (88)
Research your markets, sensitivities and thresholds, then get off to a quick start: dominate new markets early (29). Late entry into crowded markets is a poor move (11)
Plan all of your decisions ahead of time (29)
Stick to your chosen markets (15)
Do continual calculations (14) such as unit costs, how much can you sell, plant efficiency.
Don’t get too big, too fast (10)
Use the player’s manual (7)
Good team
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We learned how to read and understand financial reports allowing us to determine what areas interact and how to balance the effects of decisions. We were able to learn hot to pick out the important variables in business reports to examine our results in comparison to other teams.”

General Advice

“It is now very clear to us that you cannot run a business half-heartedly. Clear, good decisions cannot be made at the last minute; time and energy must be put into every decision in order to do well in the business world.”

“One of the most important lessons learned was never to assume you’ve won before the simulation is over. We possessed the highest shareholder value for all rollovers except the final round. Our placement dropped to fourth in the final round as a result of poor allocation of funds due to the assumption that we couldn’t be beat.”

“When the simulation began, we felt confident in our team’s vision, goals, and strategic plan. After the first rollover, we quickly became aware that the success of a company relies heavily on the dynamics of the market. The strategic decisions of competitors weigh heavily on the overall direction of a company. Our original plan quickly became obsolete in the tumultuous bike industry, and we were forced to re-evaluate our competitive positioning. To this end, we learned

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