Business Strategy Learning

Business strategy has taught me many lessons this year. In writing my first reflective essay I was of the opinion that the value I have gained from my other courses was not as useful as the lessons I have learnt from Business Strategy. I see now that I was wrong. Although many of my other subjects are theoretically and quantitatively based, they each provided me with a foundation of business tools which enable me to fully grasp the lessons taught in business strategy.

I found the personal strategy assignment at the beginning of the year to be of huge value to me in strategically planning my career. Before the assignment my view was restricted to thinking that scenario planning was used mainly in business, I now see the value of this tool in all major decisions in my life. The assignment was the first time I had seriously explored the possibilities my future held. I am now more aware of what could happen and better equipped to deal with scenarios as they play out. I have learnt that setting targets and goals is vital to ensuring future successes. As I have been applying for internships and graduate programmes I find myself constantly thinking back to that strategy and being aware of the flags I identified. The 20twenty case deepened my understanding of the importance of thinking about each possible scenario and planning for it accordingly. Situations which the 20twenty team members had not planned arose for and we were able to see, with hind sight, the value scenario planning would have had in perhaps lessening the damages.

The need for scenario planning was further emphasised by guest lecturer, Clem Sunter. He taught me the importance of thinking of scenario planning beyond my personal life decisions and specific businesses and considering the economy as a whole. He views business as a game, with winners, losers, competitors and outcomes. He emphasises the need to study the outside factors that could affect the game, such as different economic forces....