Strategic Management

Unit Aims

The aim of this unit is to develop learners’ understanding of strategic and change management models, as well as the ability to review strategic plans, to propose strategic options, to create implementation plans and to lead organisational changes.

Learning Outcomes and Assessment Criteria

Assessment

To achieve a pass for this unit, learners must provide evidence to demonstrate that they have fulfilled all the learning outcomes and meet the standards specified by all assessment criteria.

Indicative contents

• Explaining the importance of scanning business environments in making strategic decisions of organisation: business environment e.g. definition, features, characteristics, types; distinctions between culture and organisational environment; key components of organisational environment; organisational environment basics; internal environment e.g. working capacities, employment relations, job satisfaction; external factors e.g. beneficiaries identification, consumer group demands; ways to meet those demands; contractors; stakeholders; shareholders; suppliers; general workforce; competitor success directions; links of influential factors e.g. social, political, technological; organisational commitment e.g. short term, medium and long term; competitor analysis; designing of products or services; influence measurement; organisational environment improvement. Critically evaluate the position of an organisation in its current market.

• Using a variety of tools to critically analyse external business environment: business environment dynamics e.g. definition, characteristics, changes; basics of business environment; organisational environment e.g.  benchmark,  liability, elasticity, intelligibility, commitment of team, management practices impact; effectiveness and efficiency effects; tools of analysis; threats and opportunities analysis; SWOT (strengths, weaknesses, opportunities, threats) analysis; market analysis, consumer survey; competitor identification; market research; data and information analysis.

• Using a variety of tools to critically analyse internal business environment: internal organisational environment e.g. definition, types, features and changes; internal management analysis; employee and management review; efficient communication rationale; strength analysis; weaknesses analysis; resource analysis; pricing strategies; strategic drift; product analysis; product life cycle analysis.

• To review the position of an organisation in its current market: market situation analysis; organisational position  measurement;  strategic  business  planning  tools; e . g. SWOT (strength, weakness, opportunity and threats) analysis; Porter’s Five Forces Analysis; value chain analysis; Boston growth-share (BCG) matrix; market equilibrium; market share; sustainable competitive advantage.

• To analyse the effects of exiting plans on organisation: organisational planning effects; organisational agreement between several organisations; communication with stakeholders; organisational planning development;  objectives  led management; guidelines; action planning; strategic and structure fit; Business Process Re- engineering; performance appraisal; policy development; systems of communication; realignment and focus.

• Identify and analyse mandatory competency and competitive advances of an organisation: competitive advantage identification; economies of scope and scale; product or service life measurement; internal statistics and surveys; measures for monitoring and evaluating; emergent and unrealised strategy; globalisation effects; resources analysis; mandatory skills and competences; experience curves; comparative analysis.

• Discussing relationship between, corporate, business and operational strategies: strategic relationships e.g. concepts, application and changing trends; corporate strategies; business strategies; operational strategies; effective communication; strategy formulation; strategic drift; strategic options review; benchmarking; competitor analysis; benefit-cost analysis; information review; organisational value consistency; position in markets; market share; globalisation effect; impacts of technological advancements.

• Use various models and tools to develop strategic options for an organisation: strategic models, e.g. identification, uses and effectiveness; Mintzberg’s strategies e.g. emergent and deliberate; Ansoff matrix strategies; balanced mandatory card analysis; sensitivity analysis; organisational integration; merger and acquisition; gap analysis; product portfolio. Critically evaluate the position of an organisation in its current market.

• Analyse and decide strategic and business strategic options: strategic options e.g. basics and organisation led applications; potential option review; business ethics; good practices; effective participation of stakeholders; diversity management; organisational environment consideration; awareness raising; objectives settings; strategic alliance; benchmarking; leadership.

• Developing appropriate vision, mission and strategic goals  for  an organisation: situational analysis; setting vision and mission targets; understanding organisational values; business environment outlining; conceptualising stakeholders.

• Proposing a suitable structure: stakeholders: identification, role analysis; comprehensive target setting for a business organisation;  motivation  to  participate in strategic planning; strategy formulation; strategy implementation; monitoring and evaluation of stakeholders’ performance.

• Developing an agreed strategy plan that addresses all resource implications due to new action plan: organisational culture analysis; understanding  basic values of  a business organisation e.g. cultural, ethical, social, economic, business; SMART (specific, measurable, achievable, realistic, time-based) target selection; resource audit; risk analysis.

• Carrying out force field analysis: organisational changes e.g. definitions, processes, patterns; the identification of change forces; roles of change forces; factor identification; impact of globalisation.

• Using various change management models: change management models e.g. identification, selection and use; in order to implement any change in an organisation; Lewin’s Change Management Model; McKinsey 7-S Model; Kotter’s 8 Step Change Model.

• Acquiring leadership and change agent skills: change agent skills e g, identification, appropriate selection and application; implementing a strategic change in an organisation; right attitude; appropriate knowledge; leadership and skills.
• To develop a time schedule for implementation of the plans: time requirement  for planning implementation; time allocation for planning; time management; time scheduling; planning implementation timetable.

• To develop key success factors in order to monitor the implementation of the strategic plan: success factors definition; success factors identification; successful strategic plan monitoring; planning implementation; evaluation and monitoring of control system; cascading and dissemination process.

• To analyse potential risk: risks e.g. definitions, features, identification and relevancies in diverse circumstances; implementation risks; implementation risks avoidance; contingency planning; contingency corrective development; risk preventive actions.

Indicative Reading list

Core Texts:

• Johnson, G. and Scholes, K. (2017) Fundamentals of Strategy. Pearson Ltd.
• Gupta, S. and Starr, M. (2014) Productions and Operations Management Systems. Boca Raton, FL: CRC Press.

Additional Reading:

• Barney, J. (2010) Gaining and Sustaining Competitive Advantage. New York: Pearson Education.
• Cusumano, M. A. and Markides, C. (2001) Strategic Thinking for the Next Economy. Mason, OH: Cengage Learning EMEA.
• De Wit, B. and Meyer, R. (2004).  Strategy:  Process, Content, Context.  Stamford, CT: Cengage Learning EMEA.
• Finlay, P. N. (2000). Strategic Management: An Introduction to Business and Corporate Strategy. Harlow: Prentice Hall.
• Goold, M., Campbell, A. and Alexander, M. (1994) Corporate-level Strategy: Creating Value in the Multibusiness Company. New York: John Wiley and Sons Ltd.
• Grant, R. (2010) Contemporary Strategy Analysis. Hampshire: John Wiley and Sons.
• Gratton, L. (2000) Living Strategy: Putting People at the Heart of Corporate Purpose. Harlow: Financial Times/Prentice Hall.
• Harrison, J. S. (2002) Strategic Management of Resources and Relationships: Concepts and Cases. Hampshire: John Wiley and Sons.
• Hill, C., Jones, G. and Schilling, M. (2013) Strategic Management: Theory: An Integrated Approach. Stamford, CT: Cengage Learning.
• Johnson, G., Scholes, K. and Whittington, R. (2008) Exploring Corporate Strategy. Harlow: Financial Times/Prentice Hall.
• Johnson, G. & Scholes, K. (2000) Exploring Public Sector Strategy. Harlow: Financial Times/Prentice Hall.
• Kaplan, R. & Norton, D. (2000) The Strategy-focused Organization: How Balanced Mandatory Card Companies Thrive in the New Business Environment. Massachusetts: Harvard Business School Press.
• Lynch, R. (2005) Corporate Strategy. Harlow: Financial Times/Prentice Hall.
• McGee, J., Thomas, H. and Wilson, D. (2005) Strategy: Analysis and Practice. New York: McGraw-Hill Higher Education.
• Mintzberg, H. (2000) The Rise and Fall of Strategic Planning. Harlow: Financial Times/Prentice Hall.
• Mintzberg, H., Ahlstrand, B. and Lampel, J. (2008). Strategy Safari: Your Complete Guide Through the Wilds of Strategic Management. Harlow: Financial Times/Prentice Hall.
• Pettigrew, A. M., Thomas, H. and Whittington, R. (eds.) (2006) The Handbook of Strategy and Management. London: Sage.
• Stacey, R. D. (2010) Strategic Management and Organisational Dynamics. Harlow: Financial Times/Prentice Hall. Critically evaluate the position of an organisation in its current market.