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MGMT 205

Strategic Management

Session 1

Introduction

Session topics

• (^) An introduction to strategic management that enables student to reflect on: - (^) what constitutes strategy - (^) strategy statements - (^) different levels of strategy - (^) who works with strategy
• (^) An overview of the Exploring Strategy model
• (^) A discussion of the course Textbook: Chapter 1

• (^) ‘Strategy’ from the Greek word strategos – the commander-in-chief of the ancient Greek states
• (^) Strategos – composed of two other words: stratos (army) and agein (to lead)
• (^) The etymology of strategy relates it to leadership. In this context, the main role is to formulate and implement a strategy.

Definitions of strategy

Sources : A.D. Chandler, Strategy and Structure: Chapters in the History of American Enterprise , MIT Press, 1963, p. 13; M.E. Porter, ‘What is strategy?’, Harvard Business Review , November–December 1996, p. 60; P.F. Drucker, ‘The theory of business’, Harvard Business Review , September–October 1994, pp. 95–106; H. Mintzberg, Tracking Strategies: Towards a General Theory , Oxford University Press, 2007, p. 3.

Strategy is about…

the long-term direction of the

organization

The ‘big picture’

• (^) A mission statement aims to provide employees and stakeholders with clarity about what the organisation is there to do.
• (^) A vision statement is concerned with the desired future state of the organisation; an aspiration that will enthuse, gain commitment and stretch performance.
• (^) Objectives are statements of specific outcomes that are to be achieved (e.g. financial, market, social).
• (^) A statement of corporate values communicates the underlying and enduring core ‘principles’ that guide an organisation’s strategy and define the way the organisation operates.

• Johnson, Whittington and Scholes, Exploring Strategy , 9th Edition, © Pearson Education Limited
• Slide 1.

• (^) Corporate-Level Strategy is concerned with the overall purpose and scope of an organisation and how to add value to business units.
• (^) Business-Level Strategy is concerned with the way a business seeks to compete successfully in its particular market.
• (^) Operational Level Strategy is concerned with how different parts of the organisation deliver the strategy in terms of managing resources, processes and people.

Levels of strategy

1.2. Where to from here?

The Course

• (^) Learning objectives
  • (^) Explain and think critically and creatively about strategy
  • (^) Undertake and effectively communicate strategic analysis, alternatives and recommendations.
  • (^) Engage with global and multicultural perspectives of strategy.
• (^) How we achieve them…
  • (^) Lectures and textbook
  • (^) Tutorials and cases
• How we gauge achievement: Assessment
  • (^) Individual assignment 1 (40%),
  • (^) Individual assignment 2 (30%)
  • (^) Final take-home assessment (30%)
• (^) Communication (other than sessions)
  • (^) Blackboard, email, class representative

The Exploring Strategy model

Strategic position – Weeks 2-

The strategic position is concerned with the effects on strategy that come from the macro environment , the industry environment, the organisation’s strategic capability and the organisation’s stakeholders. Fundamental questions:

• (^) What are the environmental opportunities and threats?
• (^) What are the organisation’s strengths and weaknesses?
• (^) How can the organization be aligned around a common purpose?

Strategy in action – Weeks 10-

Strategy in action is about how strategies are formed and how they are implemented. The emphasis is on the practicalities of managing. Fundamental questions

• What kind of strategy-making process is needed?
• Who should do what in the strategy process?

Assignment 1: Case analysis

It is based on concepts covered in Weeks 2-5:

• (^) The case and the guidelines for the assignment will be posted on Blackboard.
• (^) Prepare a written answer of what you consider to be the key issues in response to the questions posed for the case. The assignment is:
• (^) worth 40%
• (^) due 2pm Tue 10 August
• (^) 2000 words (excluding references)