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Simulation Reflection Paper

Schiobhan Hopkins

MGT 578 – Strategy Formulation and Implementation

Rodney Klein

February 14, 2006

Thinking Strategically

According to the Thinking Strategically simulation, "Strategy, in business, is the combination of foresight, planning, and decision-making that prepares an enterprise to achieve long-term goals and manage the consequences of contemporary decisions." A lesson learned was that one needs to properly construct long-term objectives to be able to align to the company's strategic goals. This helped in some development of my strategic plan.
For example, if the CEO of a company wants to establish a strong competitive position and cares less about profits in the short-term, then a possible strategy would be to keep prices low in order to establish the company within the market. In order to arrive at an objective, one must analyze the internal and external environments. External analysis is done at a higher cost......

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Approximate Word Count: 1378
Approximate Pages: 6 (250 words per double-spaced page)

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