The globalization of each chapter, a prominent feature of the two previous editions, is carried over and strengthened in this edition, plus more illustration capsules have been added to highlight the strategies of non-U.S. companies. We will continue to provide text updates and Business Strategy Game updates via this value-added website. Simulation games are the single best exercise available for helping students understand how the functional pieces of a business fit together and giving them an integrated, capstone experience. First and foremost, the exercise of running a simulated company over a number of decision periods helps develop students' business judgment. The Business Strategy Game is very typical in this respect.
Students learn about risk-taking by plotting their competitive strategies each decision period.
They respond to changing market conditions, react to the moves of competitors, and choose among alternative courses of action. They chart a long-term direction, set strategic and financial objectives, and try out different strategies in pursuit of competitive advantage. They become active strategic thinkers, planners, analysts, and decision-makers. And by having to live with the decisions they make, they experience what it means to be accountable for decisions and responsible for achieving satisfactory results. All this serves to drill students in responsible decision-making and improve their business acumen and managerial judgment.