Strategic Management
Aim:
The aim of this module is to introduce the students to the theory and practice of strategic management, and the holistic way in which it draws upon a wide variety of managerial functions in its creation. It will establish the main principles against which strategic decisions are made, how strategy is created and the forms it might take, and the problems and issues associated with its implementation. Particular emphasis will be given to the process of business innovation and the implications of change and its management within organizations. Where possible, the module will draw on existing knowledge and develop it from a strategic perspective. Students will be encouraged to apply their knowledge and awareness of strategy to the practitioner environment in a variety of ways such as debates, discussions, case studies, analysis, presentations and problem solving.
Learning outcomes:
On successful completion of this module, the student should be able to:
- Obtain a systematic understanding of the key aspects of strategy. This will be gained through the acquisition of coherent and detailed knowledge of relevant aspects of strategy, which will range from classical theories to the latest thinking in the subject.
- Develop the ability to accurately deploy established strategy techniques and approaches, as well as the latest thinking, regarding analysis, enquiry and application to strategy related concepts and practical situations.
- Gain a conceptual understanding which enables them to devise, contribute to and sustain strategy related arguments and discussions, whether concerning classical aspects of strategy, or the latest thinking on strategy and its environments.
- Develop a range of problem solving techniques and approaches which can be used to understand and resolve theoretical and practical situations.
- Be able to appreciate the areas of uncertainty, incompleteness, ambiguity, contradictions and the limits of knowledge relating to strategy and its environments.
- Be able to apply the methods, techniques and approaches learnt to review, consolidate extend and apply their knowledge of strategy and related areas to initiate strategy related tasks and projects, from theoretical or practitioner perspectives.
- Understand and critically evaluate arguments, assumptions, abstract concepts, uncertainties and data relating to strategy, which will enable them to frame questions, make judgements and develop solutions to theoretical and practical problems relating to strategy and its environment.
- Gain appropriate skills and knowledge which will allow them to enquire, make decisions and resolve problems in the complex, ambiguous, incomplete and unpredictable world of strategy and related areas.
- Be able to exercise their own initiative and responsibilities regarding undertaking further training and learning in strategy and related areas.
- Be able to develop and manage their own approaches to learning and training, identifying appropriate research articles and data, as well as identifying their future training needs in areas relating to strategy.
Indicative Content
Student will obtain knowledge and information relating to a wide variety of topics on strategy and related areas including being able to:
- Describe the strategy process, and show an understanding of different approaches to strategy.
- Evaluate the business models of various organizations and discuss the appropriateness of their approaches to strategy.
- Distinguish between external and internal analysis, and how they are used in the strategy process.
- Discuss and apply various types of strategies that could be used at the business, corporate and global level.
- Describe the main factors and requirements for the successful implementation of new strategies, innovation and change.
- Select and apply appropriate strategic management tools and techniques to analyse business problems and issues and be able to evaluate the implications from such an application.
Specifically, students should obtain knowledge on:
- The strategy process and strategy creation
- Visions, missions and business models
- Strategic thinking and environmental influences: industry analysis
- Resource-led strategy
- Competitive advantage and its sustainability
- Business level strategy: differentiation or cost leadership
- Corporate level strategy: integration or diversification
- Corporate performance, governance and business ethics
- Globalisation of aspects of strategy
- Technology data and analysis
- Communicating strategy
Part 1. Analogical Measurement: Coherent and Relevant Aspects of Strategy
Section A:
Instruction: Do you agree or disagree with the following statements? Why Yes or why No? Defend your answer in two lines.
1. A strategic capability to become a competitive advantage, it has to be unique.
2. Threat of new entrants is high when product differentiation is low.
3. It is important to distinguish between objectives and strategy.
4. The most important corporate objective is to maximise profit.
5. "Positioning" is how a firm fights competition.
Section B:
Consider yourself as a consultant of the following types of organisation, you are asked to develop and recommend a tagline that would create a space in the minds of the target clients the business organisation is in? Answers can be benchmark from the example shown below.
Examples:
a. Sarah del Serrano, the beauty expert, said "I don't sell cosmetics, I sell hope",
b. A marketing manager of an insurance company said, we sell "Peace of Mind".
1. A five-star hotel
2. A travel agent
3. A restaurant (specialising organic and healthy food)
4. A hypermarket
5. A house-builder
Part 2: Apple's profitable but risky strategy
The Case Brief:
1. Undertake a competitive analysis of both Apple and Nokia on Who is Stronger, applying relevant concepts on value added, sustainability, processes to deliver strategy, competitive advantage, linkages, vision.
2. Identify possible problems knowing how the market and the competition will change over the next few years? What are the implications for strategy development?
3. Based from your analysis results, what lessons do you think other companies learn from Apple's strategies over the years?
LEARNING OUTCOMES:
This portfolio will test the following learning outcomes:
- Obtain a systematic understanding of the key aspects of strategy. This will be gained through the acquisition of coherent and detailed knowledge of relevant aspects of strategy, which will range from classical theories to the latest thinking in the subject.
- Develop the ability to accurately deploy established strategy techniques and approaches, as well as the latest thinking, regarding analysis, enquiry and application to strategy related concepts and practical situations.
- Gain a conceptual understanding which enables them to devise, contribute to and sustain strategy related arguments and discussions, whether concerning classical aspects of strategy, or the latest thinking on strategy and its environments.
- Develop a range of problem solving techniques and approaches which can be used to understand and resolve theoretical and practical situations.
- Be able to appreciate the areas of uncertainty, incompleteness, ambiguity, contradictions and the limits of knowledge relating to strategy and its environments.
- Be able to apply the methods, techniques and approaches learnt to review, consolidate extend and apply their knowledge of strategy and related areas to initiate strategy related tasks and projects, from theoretical or practitioner perspectives.
- Understand and critically evaluate arguments, assumptions, abstract concepts, uncertainties and data relating to strategy, which will enable them to frame questions, make judgements and develop solutions to theoretical and practical problems relating to strategy and its environment.
- Gain appropriate skills and knowledge which will allow them to enquire, make decisions and resolve problems in the complex, ambiguous, incomplete and unpredictable world of strategy and related areas.
- Be able to exercise their own initiative and responsibilities regarding undertaking further training and learning in strategy and related areas.
- Be able to develop and manage their own approaches to learning and training, identifying appropriate research articles and data, as well as identifying their future training needs in areas relating to strategy.
Attachment:- Apples profitable but risky strategy.rar