mgt510 strategy management (project paper)
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Unit title:Strategic Management (Project Paper)
Unit code:MGT510
Credit points:8cp
Unit description:This course is the capstone unit of the MBA program. Students are expected to apply the different knowledge of concepts and techniques gained from other functional business units, including accounting, finance, marketing, operations management and economics in order to develop an understanding of strategy as an integrative discipline.
Specifically, it defines the processes of strategic management and policy formulation. It examines how marketing, finance, operations and human resources can be integrated to attain corporate goals and explores the different ways strategies and policies are implemented, controlled and evaluated for maximum impact. It offers to analyze complex corporate problems on the basis of strategic management fundamentals, real life scenarios and case studies. Students studying in these areas learn how to start their own businesses, become global managers, and to formulate corporate and business level strategies.
There is no examination or assignments in this unit. Each student works individually on his/her project paper. Approved in advance by the supervisor, the student writes a substantial paper on strategy themes or issues in business with a plan on how to use analytical models and techniques to aid in business decision-making or solve a variety of business-management problems. The project paper provides a full and comprehensive assessment of their participation in the MBA program.
Unit objectives:This unit is designed to enable students to:
Knowledge
1. Understand the fundamental concepts in strategic management
2. Be aware of the various impacts of external environmental forces in business and corporate strategy.
3. Identify the primary ingredients of strategy formulation
4. Differentiate between symptoms and basic causes of business problems.
5. Identify the contribution of strategy towards successful performance
Skills
1. Critically think independently and act strategically
2. Recognize the multiple role of strategy within organizations
3. Able to work out business strategies and implementation plans in a rational and defensible manner
4. Develop analytical tools to make strategic decisions
5. Develop a habit of orderly analytical thinking and a skill in reporting conclusions effectively
Values/Attitudes
1. Exhibit unconventional thinking abilities
2. Apply knowledge from functional areas to complex business cases
3. Develop and reinforce the general management point of view
4. Familiar with the practical realities of running difficult businesses
Unit outcomes:1. Offers useful theoretical frameworks of strategy and strategic management applications to understand the link between the firm and its environment in order to develop successful corporate or business strategies.
2. Concerned with the strategic management of the whole organization to optimize its performance over the long term.
3. Focuses on the choices, tradeoffs and activities of managers and entrepreneurs striving for a strong competitive position.
Readings:Recommended texts:
1. David, F. R. (2003), Strategic Management: Concepts & Cases, 9th edn., Prentice-Hall
2. Fahey, L. & Randall, R.M. (2001), The Portable MBA in Strategy (Portable MBA), John Wiley & Sons
3. Hitt, M.A., Ireland, R.D. & Hoskisson, R.E. (2004) Strategic Management : Competitiveness and Globalization: Cases, 6th edn., South-Western College
4. Johnson, G. & Scholes, K. (2002), Exploring Corporate Strategy, 6th edn., Prentice Hall
5. Kaufman, R., Oakley-Browne, H., Watkins, R. & Leigh, D. (2003), Strategic Planning for Success: Aligning People, Performance And Payoffs, John Wiley & Sons
6. Pearce II, J.A. & Robinson Jr., R.B. (2000), Strategic Management: Formulation, Implementation and Control, 7th edn., McGraw-Hill
7. Thompson Jr. A.A. & Strickland III, A.J. (2003), Strategic Management: Concept and Cases, 13th edn., McGraw-Hill
Supplementary readings
1. Porter, M. E. (2000), What Is Strategy?,Harvard Business School Press
2. DeWit, B. & Meyer, R. (2004), Strategy: Process, Content, Context - An International Perspective, 3rd edn., South-Western College Pub.
3. Dess, G.G., Lumpkin, G.T. & Taylor, M.L., (2005), Strategic Management: Creating Competitive Advantages, 2nd edn., McGraw-Hill Irwin.
4. Hamel, G. (2002), Leading the Revolution: How to Thrive in Turbulent Times by Making Innovation a Way of Life, 1st edn., Plume Books
5. Hitt, M.A., Ireland, R.D. & Hoskisson, R.E. (2004), Strategic Management - Competitiveness and Globalization: Concepts & Cases, 6th edn., South- Western College Pub.
6. Kaplan, R.S. & Norton, D.P. (2000), The Strategy-Focused Organization: How Balanced Scorecard Companies Thrive in the New Business Environment, Harvard Business School Press
7. Kaplan, R.S. & Norton, D.P. (2004), Strategy Maps: Converting Intangible Assets into Tangible Outcomes, Harvard Business School Press
8. Mintzberg, H., Ahlstrand, B. & Lampel, J. (1998), Strategy safari: A Guided Tour Through The Wilds of Strategic Management, 1st edn., The Free Press, New York.
9. Pearce, J.A. (2004), Strategic Management: Formulation, Implementation and Control, 9th edn., McGraw-Hill College
10. Wheelen, T. & Hunger, J.D. (2002), Essentials of Strategic Management, 3rd edn., Prentice Hall
11. Wheelen, T. & Hunger, J.D. (2003), Concepts in Strategic Management and Business Policy, 9th edn., Prentice Hall
12. Porter, M.E. (1998), Competitive Strategy: Techniques For Analyzing Industries and Competitors, 1st edn., Free Press
13. Whittington, R. (2000), What Is Strategy and Does It Matter? International Thomson Business Press
Journals
1. Asia Pacific Journal of Management
2. Business Week
3. Far Eastern Economic Review
4. Fortune
5. Forbes
6. Harvard Business Review
7. Journal of Marketing
8. Newsweek
9. Sloan Management Review
10. Time
11. The Economist
Unit contents:TOPICS
1. Introduction to Strategic Management
Overview of Strategy
Context of Strategy
Benefits of Strategic Management
Ethics of Strategic Management
Strategy and Globalization
Learning actions:
Review Exercises and Problems:
(a) How do you describe the strategic management process?
(b) Is it necessary to combine analysis and intuition in strategic management?
(c) What are the benefits of good strategic management?
Readings:
Rowe, W.G. (February 2001), Creating Wealth in Organizations: The Role of Strategic Leadership. Academy of Management Executive, vol.15, no.1, pp 81.
Ireland, R.D., Hitts, M.A., Camp, M.S. & Sexton, D.L. (February 2001), Integrating Entrepreneurship and Strategic Management Actions to Create Firm Wealth. Academy of Management Executive, vol.15, no.1, pp 49.
Mintzberg, H. & Markides, C. (August 2000), Henry Mintzberg and Constantinos Markides on Strategy and Management, Academy of Management Journal, vol.14, no.3, pp 31.
2. Mission of the Business
What do we want to be?
What are we best in?
Vision and Mission
The Mission Statement
Learning actions:
Review Exercises and Problems:
(a) How significant is the vision and mission to an organization?
(b) Identify the business mission and analyze its components
(c) What is the impact of a clear mission on strategic management.
(d) Give examples of mission statement for 3 companies. Construct one appropriate to the organization you are working in and explain its significance
Readings:
Baetz, M.C. & Bart, C.K. (August 1996), Developing Mission Statements Which Work. Long Range Planning, vol. 29, no. 4, pp. 526-533.
Collins, J.C. & Porras, J.I. (September October 1996), Building Your Companys Vision. Harvard Business Review, pp. 65-78.
Lissak, M. & Roos, J. (February 2001), Be Coherent, Not Visionary. Long Range Planning, vol. 34, no. 1, pp. 53.
3. Environmental assessment
The External Audit
Economic, Social and Cultural
Political and Legal Issues
Technological Factors
Competitive Forces
Porters 5 Forces Model on Competitive Analysis
The External Factor Evaluation (EFE Matrix) on Industry Analysis
The Competitive Profile Matrix (CPM)
The Global Influences
Learning actions:Review Exercises and Problems:
(a) How is an environmental audit conducted for strategic management?
(b) Describe the external forces influencing a business organization
(c) Explain either the EFE Matrix or the Competitive Profile Matrix and how is it developed
(d) What are the global challenges to your organization?
Readings:
Bonabeau, E. (March 2002), Predicting the Unpredictable, Harvard Business Review, pp.109.
Bergh, D.D. & Fairbank, J.F. (April 2002), Measuring and Testing Change in Strategic Management Research. Strategic Management Journal, vol. 23, no. 4, pp.359.
Slater, S.F. & Olson, E.M. (January-February 2002), A Fresh Look at Industry and Market Analysis. Business Horizons, vol. 45, no. 1, pp.15.
4. Internal Assessment
The Internal Audit
Culture and Strategy
Management and Opportunities
The Value Chain and the Activities for Strategy
The Internal Factor Evaluation (IFE) Matrix
Learning actions:Review Exercises and Problems:
(a) Describe the process of internal strategic management audit
(b) What are the key functional areas of a business and its activities in the strategy management process
(c) What are the firms strengths and weaknesses
(d) Develop and explain the Internal Factor (IFE) Matrix
Readings:
Denis, J-L., Lamothe, L. & Langley, A. (August 2001), The Dynamics of Collective Leadership and Strategic Change in Pluralistic Organizations, Academy of Management Journal, vol. 44, no. 4, pp. 809.
Beal, R. & Yasai-Ardekani, M. (2000), Performance Implications and Aligning CEO Functional Experiences with Competitive Strategies, Journal of Management, vol. 26, no. 4, pp. 733.
King, A., Fowler, S. & Zeithaml, C. (May 2001), Managing Organizational Competencies for Competitive Advantage: The Middle-Management Edge, Academy of Management Executive, vol. 15, no. 2, pp. 95.
5. Practicing Strategies
Long term Objectives Types of Strategies Michael Porter: Generic Strategies Achieving Strategies Merger & AcquisitionsLearning actions:Review Exercises and Problems:
(a) What is the purpose of establishing long-term objectives?
(b) Explain the types of strategies undertaken by an organization
(c) Discuss Porters generic strategies
Readings:
Churchill, N. C. & Mullins, J. W. (May 2001), How Fast Can Your Company Afford to Grow? Harvard Business Review, pp. 135.
Garvin, D. A. and Roberto, M. A. (September 2001). What You Dont Know About making Decisions. Harvard Business Review, pp. 108.
6. Strategy Analysis and Strategic Choice
Framework for Strategy Analysis and Choice
Formulation of Strategy
Choice of Strategy
Learning actions:Review Exercises and Problems:
(a) Describe the 3 stages of the strategy formulation framework.
(b) Explain the development of TOWS Matrix, SPACE Matrix, BCG Matrix, IE Matrix and QSPM
(c) Discuss the impact of intuition and culture, political, ethical and social responsibility on strategy analysis and choice
Readings:
Brown, R. (February 2001), How We Built a Strong Company in a Weak Industry, Harvard Business Review, pp. 51.
Davenport, T.H., Haris, J.G., DeLong, D.W., Jacobson, A.L. & Mullins, J.W. (Winter 2001), Data to Knowledge to Results: Building an Analytic Capability, California Management Review, vol. 43, no. 2, pp. 117.
7. Strategy Implementation
Issues in Implementation Strategy
Policies, Perspectives and Objectives
Conflict Management
Restructuring and Reengineering
Performance and Compensation
Change Management
Culture and Strategy success
Operational and Human Resource Considerations
Learning actions:Review Exercises and Problems:
(a) Why is strategy implementation more difficult than strategy formulation?
(b) How do objectives and policies help in strategy implementation?
(c) What is the importance of the organizational structure to strategy implementation?
(d) How does culture and human resource considerations assist in implementation of strategy?
Readings:
Knight, D., Durham, C.C. & Locke, E.A. (April 2001), The Relationship of Team Goals, Incentives and Efficacy to Strategic Risk, Tactical Implementation and Performance, The Academy of Management Journal, vol. 44, no. 2, pp. 326.
King, W.A., Fowler, S.W. & Zeithaml, C.P. (May 2001), Managing Organizational Competencies for Competitive Advantage: The Middle-Management Edge, The Academy of Management Executive, Vol. 15, no. 2, pp. 95.
Wolf, J. & Egelhoff, W.G. (February 2002), A Reexamination and Extension of International Strategy Structure Theory. Strategic Management Journal, vol. 23, no. 2, pp.181.
8. Strategy Implementation
Marketing aspects
Accounting and Finance considerations
Research and Development concerns
Management Information Systems effectiveness
Learning actions:Review Exercises and Problems:
(a) What are the implementation tools for a marketing strategy?
(b) Why is financial analysis central to the implementation of strategy?
(c) How can R & D assist in strategy implementation?
(d) What can MIS contribute to support strategy implementation?
Readings:
Schroeder, R.G., Bates, K.A. & Junttila, M.A. (February 2002), A Resource-Based View of Manufacturing Strategy and the Relationship to Manufacturing Processes, Strategic Management Journal, vol. 23, no. 2, pp.105.
Slater, S.F. & Olson, E.M. (November 2001), Marketings Contribution to the Implementation of Business Strategy: An Empirical Analysis. Strategic Management Journal, vol. 22, no. 11, pp.1055.
9. Review, Evaluation and Control of Strategy
Objective of Review
Scope and Framework of Evaluation
Content of an Evaluation System
Audit and Control
Learning actions:Review Exercises and Problems:
(a) Describe a practical framework to evaluate strategies.
(b) Why is the evaluation process of strategy a complex yet necessary step for the success of an organization?
Readings:
Peiperl, M. A. (January 2001), Getting 360-Degree Feedback Right. Harvard Business Review, pp. 142.
10. Leadership in Strategy
Leadership and Management
Performance of Management Teams
Leadership and Strategic Direction
Core Competencies and Resources Portfolio
Organizational Culture
Ethical Practices
Balanced Scorecard
Learning actions:Review Exercises and Problems:
(a) Explain the scope of strategic leadership and the role of senior management in the organization.
(b) How does strategic leadership affect the direction of the firms strategies through managing their resources portfolio?
Readings:
Henderson, D.A., Ramirez, G.G., House, R.J. & Puranam, P. (February 2001), Does Leadership Matter? CEO Leadership Attributes and Profitability Under Conditions of Perceived Environmental Uncertainty. Academy of Management Journal, Vol. 44, no. 1, pp. 96.
Raynor, M. E. and Bower, J. L. (May 2001). Lead from the Center: How to Manage Divisions Dynamically. Harvard Business Review, pp. 92.
11. Strategic Entrepreneurship
Scope of Strategic Entrepreneurship
Entrepreneurial Attributes
International Entrepreneurship
Internal Corporate Venturing
Cooperation and Alliances
Acquisitions
Venture Capital and Initial Public Offerings
Value Creation
Learning actions:Review Exercises and Problems:
(a) Explain the scope of strategic entrepreneurship and its importance to competing in the global economy.
(b) What is international entrepreneurship and why is its role important in the global economy?
(c) How does strategic entrepreneurship create value for stakeholders and also support economic development?
Readings:
Brush, C.G., Edelman, L.F. & Greene, P.G. (2002), Internationalization of Small Firms: Personal Factors Revisited. International Small Business Journal, Vol. 20, no. 1, pp. 9-31.
Lu, J.W. & Beamish, P.W. (2001), The Internationalization and performance of SMEs. Strategic Management Journal, Vol. 22 (Special Issue), pp. 565-585.
12. Overview of the Project Paper
The Philosophy
The Objectives
The Plan
Learning actions:
Students are expected to refer to their module notes for further guide
and reference.
13. Scope & Framework of the Project Paper
Title
Introduction (Aims and Objectives of the Project Paper) Methodology (Theories, Applications and Evaluations) Research results Summary and Conclusions Bibliography and References
Learning actions:
Students are advised to prepare a draft outline of the Project Paper
14. Implementation
Selecting and confirming the Project Title
Outline the scope and framework of the project
Assigning students to specific supervisors
Question and Answer Session Learning actions:
Students are to prepare in advance the list of potential titles for
discussion and consideration of the supervisors. Confirmed titles
are to be submitted to the Principal Supervisor for assigning to
supervisors.
15. Monitoring of work progress
Supervision and consultation procedures
Group supervision and monitoring timetable Learning actions:
Students are expected to commit to a schedule of tutorial meetings
with their supervisors on a regular basis. Attendance will be recorded
by supervisors together with an interim report of students progress.
16. Progress tutorials
Regular meetings for monitoring student progress Interim report of students progress submitted by supervisor Learning actions:
Students are to attend at least 8 such tutorials with copies of their
research papers for discussion and consultation with their
supervisors. Supervisors will submit their interim reports of the
students progress at such tutorials for assessment and record
purposes.
17. Submission of Project Paper Learning actions:
Students are expected to complete and submit 2 copies of the Project
Paper for review on the due date, without any delays or extension.
18. Oral presentation of Project Paper Learning actions:
Students are expected to verbally present and defend their project
before the panel of appointed supervisors. Students may be required
to submit and provide additional comments and information in
support of their Project Paper based on feedback from the panel.
19. Final assessment
Final paper submitted
Supervisor submits assessment marks to Principal Supervisor
Award of final marks
Learning actions:
Students will be informed of the final assessment results. The basis
of assessment will depend on the interim reports submitted by the
students supervisor during the research, the comments raised by the
panel of supervisors during oral presentation and the report of the
supervisor based on the final paper submitted. The Principal
Supervisor has the final discretion in the eventual award of marks. Grades will be based on the following assessment criteria:
Project proposal - 10%
Research presentation - 15%
Oral presentation - 25%
Final paper - 50%
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