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SIM336 Strategic Management Assignment Help L1

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SIM336 Strategic Management Assignment Help L1

SIM336 Strategic Management Assignment Help L1

Module Overview

• The module consists of 10 lectures & seminars of Strategic Themes

• This lecture is an introduction to the module

• Thereafter follows lectures 2 to 10 on various topics within business strategy

• Lecture 5 and lecture 10 are to assist you with your assignment

Reading

• De Wit, B. and Meyer, R. (2010), Strategy Process, Content, Context, An International Perspective (Fourth Edition), Cengage Learning EMEA.

• Johnson,G., Scholes, K.,Whittington, R., Angwin, D., and Regner P.,(2014) Exploring Strategy Text and Cases, 10th Edition, Pearson Education Limited or earlier editions.

• Johnson,G., Scholes, K., and Whittington, R. (2011), Exploring Strategy, 9th Edition,

• Johnson, G., Scholes, K., Whittington R., (2008), Exploring Corporate Strategy: Text and Cases 8th Edition, Pearson Education Ltd.

• Lynch, R. (2012), Strategic Management, 6th Edition, Pearson Education, Edinburgh Gate, Harlow.

Lecture Sequence

1. Introduction

2. Schools of Thought in Strategic Management

3. The Classical Perspective

4. Inside Out and Outside In

5. Assignment Tips

6. Models

7. Global Organisations

8. Public Sector Strategy

9. Risk Management

10. Assignment Support

DefiningStrategic Management

• The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.

• Strategic management is used synonymously with the term strategic planning. Strategic Plan

• A strategic plan is a company’s game plan.

• A strategic plan results from tough managerial choices among numerous good alternatives, and it signals commitment to specific markets, policies, procedures, and operations.

Stages Of Strategic Management

 

Strategy Formulation

• This includes developing a vision and mission, identifying an organization’s external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue.

• Deciding what new businesses to enter

• What businesses to abandon

• How to allocate resources

• Whether to expand operations or diversify

• Whether to enter international markets

• Whether to merge or form a joint venture

• How to avoid a hostile takeover

Strategy Implementation

• This requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed

• This is often called the action stage

Key Terms In Strategic Management

• Internal strengths and internal weaknesses

–an organization’s controllable activities that are performed especially well or poorly relative to competitors

• Objective

 –specific results that an organization seeks to achieve in pursuing its basic mission

– long-term means more than one year

– should be challenging, measurable, consistent, reasonable, and clear

Key Terms In Strategic Management

• Strategies

– The means by which long-term objectives will be achieved

– May include geographic expansion, diversification, acquisition, product development, market penetration, retrenchment, divestiture, liquidation, and joint ventures

• Policies

– The means by which annual objectives will be achieved

– Include guidelines, rules, and procedures established to support efforts to achieve stated objectives

– Guides to decision making and address repetitive or recurring situations

Benefits of Strategic Management

• Historically, the principal benefit of strategic management has been to help organizations formulate better strategies through the use of a more systematic, logical, and rational approach to strategic choice

• Enhanced awareness of external threats • Improved understanding of competitors’ strategies

• Increased employee productivity

Why Some Firms Do No Strategic Planning

• Lack of knowledge in strategic planning

• Firefighting

• Waste of time

• Too expensive

• Laziness

• Content with success

• Overconfidence

• Prior bad experience

Pitfalls In Strategic Planning

• Doing strategic planning only to satisfy accreditation or regulatory requirements

• Too hastily moving from mission development to strategy formulation

• Failing to communicate the plan to employees, who continue working in the dark

• Top managers making many intuitive decisions that conflict with the formal plan

• Top managers not actively supporting the strategic-planning process

• Failing to use plans as a standard for measuring performance

• Delegating planning to a “planner” rather than involving all managers

• Failing to involve key employees in all phases of planning

• Failing to create a collaborative climate supportive of change

Excerpts From Sun Tzu’s The Art Of War Writings

• War is a matter of vital importance to the state: a matter of life or death, the road either to survival or ruin. Hence, it is imperative that it be studied thoroughly

• Know your enemy and know yourself, and in a hundred battles you will never be defeated

• Skilful leaders do not let a strategy inhibit creative counter-movement

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