Thinking Strategically
Thinking Strategically When I reviewed BJ’s ProSports I focused mostly on the strategic thinking process in order to establish what influence it had on managerial decision-making. I also focused on influences that global competition and culture have on managerial decisions, because the environment changes constantly. Managerial decision-making is important when business is attempting a long-term objective for the company. I have learned that human thinking is an important part to an organization. With that being said, strategic thinking is important to apply when trying to solve problems in the organization. Human beings should be able to use their talents and skills by thinking appropriately and constantly. I learned that human beings can be very creative if they use their mind constructively. Thinking strategically is necessary in order to plan and implement changes appropriately. In the first simulation strategic thinking was used in each step of the way and at all stages of the organization. In the “thinking strategically” simulation the long-term objective that the Chairman proposed was, “to become the number one specialty retailer in the U.S. in terms of revenues (target $130 million”). I figured that if the business is number one in the nation it will eventually increase their profitability from 28% to 38 %. I believe that if the company is not number one profits would not be increased. Maybe a little, but not to the extent of the company’s goals. In doing the strategic analysis I chose cash position as a strength for BJ’s ProSports. In order to be number one in world a strong cash position is necessary to accomplish the objective. The concept I would apply in developing my strategic plan is the Long-Term objectives. According to (Pearce and Robinson), seven criteria that an organization should use when preparing long –term objectives. I will certainly use these criteria when developing my strategic plan. These criteria are as
References: University of Phoenix. (2006). Simulation: Creating a Strategic Roadmap University of Phoenix. (2006). Simulation: Developing Grand Strategies Pearce, J. & Robinson, R. (2004). Strategic Management: Formulation, Implementation, and Control, 9e. Formulating Long-Term Objectives and Grand Strategies: The McGraw-Hill Companies.