Essay on Bike Mikes

2029 Words Sep 29th, 2011 9 Pages
What is MikesBikes-Intro?
MikesBikes-Intro (MB-I) is an Online Business Simulation that will give you the opportunity to run your own company, managing all the key functional areas of a Firm. It is used as an interactive tool to enhance the integration and learning of the basic concepts of business in a real life context:. You will get hands on experience at making critical price, marketing, operations, product development, and financial decisions.

Your team will take over an existing Bike Company starting as Brand Managers, but the Company President has announced their intention to retire in 3 years time. Your team has been selected as their successor so over the next few years will be gradually given more control over the company,
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A mission statement outlines the fundamental purposes of the organization, i.e. why does it exist?
2. ANALYZE YOUR SITUATION
Situation analysis involves analyzing what your company's strategy has been, how has it been doing, and what is it likely to face in the years ahead? Many firms approach this task by performing a SWOT analysis. This involves your firm identifying and evaluating its most significant Strengths, Weaknesses,
Opportunities, and Threats. To fulfill its potential your firm needs to capitalize on its key strengths, overcome or reduce its major weaknesses, avoid significant threats, and take advantage of the most promising opportunities.
3. SET YOUR FIRM'S ORGANIZATIONAL OBJECTIVES
An objective is simply a desired outcome. Your firm needs to create a set of objectives that combined will allow your firm to fulfill its mission. Effective planning begins with a set of objectives that are to be achieved by carrying out plans. To be worthwhile and workable, objectives should be: clear and specific, stated in writing, ambitious but realistic, consistent with one another, able to be measured, and tied to a particular time period. For example; a weak objective would be to increase our product quality rating, a workable version would be to increase our product quality by 20% within three years. 4. SET YOUR FIRM'S

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