Lessons Learned Oct 30

Experience

This week was the start of the Graded Team Rounds, I was nervous and excited at the same time. Eagerly awaiting the first two rounds to be submitted. I’m working on team chester, and I’m really happy with my group at the moment. They both put in more than their fair share of work and they really add their two cents even if we disagree. We’ve already changed our strategy multiple times to be able to adjust to industry demand. Its great being able to work on a team that is willing to accept changes as need be.

Reflection

Looking back this week on the team rounds and the practice team rounds I can see that there were several things that we were able to improve on. We noticed that our prices were pretty high because of the product placement in low tech, so we’ve decided to change that up and lower the placement. We’ll be trying for a revision every 3 to 5 years, so we’re trying to get it so the product is right at the edge of the low cut when we revise it and it will have about 4 maybe even 5 years old. We might lose some sales when we revise but we’ll plan on lowering the forecast.

Identifying key learnings

Something that I don’t want to forget is our high tech strategy. Entering high tech and getting the right customer survey score and then getting the right product market share. We are still testing this out in the rounds but it’ll be interesting to see how much market share we can get in the next round. Ideally I’d like 18% but I don’t know if that is possible. If we make it we’ll do great but if not we’ll crash pretty hard.

Action Planning

1. For some specific actions I’d like to apply are first giving more time and responsibility to the other team members. They are very talented team mates and I trust them to make great decisions in the company.
2. For evaluation criteria, I’ll see how they are doing in capsim and help them make the right choices.
3. The measurement procedures are straightforward with capsim we can just see at the end of the round how we did.

Applying

Now, it’s just up to me to apply these things this week as we work through rounds 3 and 4. I’m excited to see what my other two teammates will come up with. I’d like to see how our strategies play out and how well we are able to do as a team against the others. We’ve had some fantastic competition this round and I’m looking forward to see how these group rounds play out.

$100 Challenge

This week on the $100 challenge I was able to sell another 4 bowls for $60 bring my total sales revenue up to 291, and profits to 271. It also looks like I wasn’t able earn more than $500 by the end of October. This is contributed to the lack of time I was able to contribute to the project. In the last few weeks I’ve only been able to put in minimal hours to the project to keep up with the rest of my school work. Again I find myself falling behind in my school work, requiring more work to be completed on the weekends.

I was happy about this sale because Kay seemed very interested in the bowls with the bark on the outside, buying three of them. They seem to be fairly popular. Looking at my inventory I think I only have one bowl left so I’ll need to replenish my stock before I can sell more bowls. It seems like the number one factor contributing to lack of sales is just lack of product. I simply need to make more bowls.

On the plus side I figure that it is okay that I’m not able to put much more time into the bowls to give my other classmates a little bit of a head start. I would like to get busy in the next few weeks to come to take advantage more of the christmas sales. Looking at my schedule, this Saturday is already full, and Saturday’s are really the only days I can turn bowls because of my school work.