“The secret to success is to do the common thing uncommonly well.”
-John D. Rockefeller Jr.
When students ask us for advice on what to do or how to achieve a high Shareholder Value, we tell them, making decisions that closely mimic the initial or default set of decisions will not help add value. You have to do something different and stand out among other firms to achieve your goal. At the beginning of MikesBikes-Advanced simulation, everyone has the same Shareholder Value and has access to the same reports, but in order to do better they have to make the most out of the reports available to them and come up with a strategy that will help them win the competition. The seven top-performing teams in the first Strategic Management Showcase by New Jersey Institute of Technology (NJIT) were successful in doing this. These students are enrolled in the Strategic Management fall semester capstone course offered by NJIT’s School of Management.
Congratulations to the winning team and participants of the first Strategic Management Showcase!
The winning team, Champion Wheels, consisted of Mohammed Isahawk, Kelly Scharch, Erica Clemons and Cesar Lazo. They were mentored by Jim Schworn, a 2006 EMBA graduate who is Chief of Procurement and Support Services for N.J. Transit and the Mayor of Branchburg, N.J. They achieved a Shareholder Value of $136.78 and also received a cash prize of $1,300.
“Allowing students to play the simulation game, such as MikesBikes encourages them to get a feel for how they will apply their knowledge outside of the classroom. All in all, it was a great experience.”
– Kelly Sharch (Member of Champion Wheels)
The competition centered around one of our simulations, MikesBikes-Advanced. This give students an opportunity to manage a Bicycle Manufacturing company and make all the key decisions involving Price, Marketing, Distribution, Finance, Operations, Human Resource and Research & Development. It requires students to continually analyse the changing market and understand the need of their customers, therefore it reinforces the importance of planning, implementation and evaluation of strategy. It is a good opportunity for students to have hands on experience of what it is like to manage their own firm in the real world. Shanthi Gopalakrishnan, professor in the School of Management organized the event. She said, “All the students displayed remarkable “strategy acumen” and very impressive decisions-making skills. The top teams displayed remarkable judgement and competitive spirit.” 1
The Strategic Management Showcase was founded by Ray Cassetta, a municipal labor negotiator and chair of the School of Management Board of Visitors.1 He said, “Be proud of the fact you’re here. All of you should look at what others did and learn from it.”1 By looking at how other teams performed and what they’ve done differently, you’ll then be able to figure out how to do something common, uncommonly well.
Watch the event here.
References:
- Crovetto, Christina. “Strategy for Success: SOM Capstone Students Compete in Real-Time Business Simulation” New Jersey Institute of Technology. New Jersey Institute of Technology, Dec 2014. Web. 28 May 2015.
– Camille Canuto