What I Didnt Learn in Business School by Jay Barney Paper

MG 69016 MG 69016 What I Didn’t Learn in Business School: How Strategy Works in the Real World A Book Report By: Kaitlin Bauer What I Didn’t Learn in Business School: How Strategy Works in the Real World A Book Report By: Kaitlin Bauer 08 Fall 08 Fall 1. What lessons do you learn from Justin’s experience in terms of the limits of some of the core strategy frameworks you learned in theory (examine for example, Michael Porter’s Five Forces and the challenges Justice faced in applying it, value chain analysis, the Resource Based View) Some of the concepts/models that are applied to strategic problems vary in meaning depending on the setting one is in whether it be in the actual real world or in the classroom. These†¦show more content†¦Justin’s situation expresses to the reader that the real world isn’t easy and how case studies don’t really prepare you, as they should in the end. Justin has learned that in order to evaluate new markets, putting to use these frameworks is necessary but he has also learned that there is more to it then just applying these methods. First, Porter’s Five Forces analysis method is used as an â€Å"initial step† in evaluating new markets. This method is first introduced in the book during Justin and Scott Beckett’s, VP and General Manager of Oil and Gas division at HGS, meeting in which they discussed their analysis of the men’s white dress shirt industry. Beckett goes as far as using the Five Forces model to describe how all kinds of threats are high (Rivalry, Buyer Power, Substitutes, Entry, and supplier Power). Justin quickly buys into Beckett’s argument and how the men’s white dress shirt industry is not a viable option for Plastiwear to enter. This is an example of Justin deterring from his original views and altering them to agree with the other party, which cannot be necessarily correct in the situation regarding Beckett’s view. As senior director, Ken McCombs states, the most attractive industries according to the five forces approach would have no rivalry, n o close substitutes, no threats, and no powerful buyers or suppliers. This type of industry makes us go with lower risk markets, whichShow MoreRelatedStrategic Management Process12814 Words   |  52 Pagesplans, projects and programs. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Strategic management is a level of managerial activity under setting goals and over Tactics. Strategic management provides overall direction to the enterprise and is closely related to the field of Organization Studies. 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