Thinking Strategically in an OrganizationAccording to the Thinking Strategically Simulation, "Strategy, in business, is the combination of foresight, planning, and decision making that prepares an enterprise to achieve goals at long-term" goals and managing the consequences of contemporary decisions." Lesson learned is that it is necessary to properly construct long-term goals in order to align them with the strategic objectives of the company example, if the CEO of a company wants to establish a strong competitive position and is less concerned with short-term profits, then a possible strategy would be to keep prices low to establish the company in the market objective you need to analyze internal and external environments External analysis is performed at a higher cost because information must be collected and analyzed. Additionally, external data is not immediately available and may take some time to obtain. In-house environmental analysis can be obtained at a fraction of the cost and is usually readily available. One of the most common internal environmental analysis techniques is the SWOT analysis. Once both environments have been analyzed, it is possible to select objectives in line with the company's strategies. The CEO of BJ's wanted to lead the industry in profitability, which would mean increasing profitability from the current level of 28% to 38%. Furthermore, the CEO wants to reduce the production costs of the bicycles to below $100. The first decision is to decide how much internal and external information is needed to finalize the long-term goal. A good decision would be to get a combination of consumer and industry research reports. The U.S. Specialty Bicycle Consumer Study is a good choice because it will provide information about our customers. Another purchase was the National Specialty Bicycle Retail Industry Report which will provide the industry with much-needed information.