BUS 400 Module Two Journal PDF

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BUS 400 module two journal assignment...

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Kathryn Johnson BUS-400 Module Two Journal

Value creation and competitive advantage I think that the company did well regarding value creation and gaining a competitive advantage across generations. While the company started slow throughout the first two generations, maintaining a family environment and focusing only on pure honey, through the later generations the decision was made to hire outside of the family and to diversify the company. Diversification allowed the company to gain a competitive advantage over other companies in the same industry. At the end of the simulation, Honey Farms decided to add gourmet food, cosmetics, and apparel to their product line and had the ability to buy out two gourmet food competitors with talk of acquiring a French cosmetic company as well. The company also chose to bring in outside professionals to help maintain longevity of Honey Farms which allowed the company to continue to thrive and grow. Thought process I thought differently than I originally thought I would during this simulation. I am the daughter of a man who built his own business from the ground up, which is currently thriving. After reading the prompt of this simulation, I thought the decisions would be made to ensure the family is kept at the helm. However, when it showed that some of the family members were either uninterested or under qualified to work for this company, my thought process changed to ensure that the company was able to survive and thrive. Hiring “outsiders” became an easy decision to make to ensure that the company was run by the most qualified employees and not someone who solely got the job because they were “family”.

Discovery During this simulation I discovered a couple of things: 1. You will never make everyone happy, 2. Ensuring the longevity of a company can mean making the “unpopular” choice, 3. Diversification is key to success. When making the decisions about who will work for the company, what the company will sell, and how to spend my time while working for the company it became obvious that I would never be able to please everyone with one decision. The decisions made came down what I thought would be best for the company, regardless of what some of my family members felt about those decisions. I also learned even though the decisions I made were sometimes viewed as “unpopular”, again, ultimately the decisions that needed to be made came down to one goal: ensuring success and longevity for Honey Farms. Finally, I learned that diversification is key for a company. Having all our assets in one product line (pure honey) could have been detrimental when the loss of bees affected Honey Farms and caused increased production costs. Having the ability and means to diversify the company led to greater profits and revenue, by allowing us to develop additional product lines and in the end, buying out some of the competitors in those industries....