SG7001: Managing Strategy and Operations

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary focus of the module SG7001?

Managing Strategy, Operations, and Partnerships (correct)

Financial Management Strategies

Human Resource Management Best Practices

Marketing Techniques for Success

How many hours of lectures are included in the module delivery?

4 hours

1 hour

3 hours

2 hours (correct)

What percentage of the grade do the Moodle quizzes contribute?

40%

20%

30% (correct)

10%

What is expected from students before each on-campus class?

Read and engage with learning materials on Moodle Signup and view all the answers

What skill will students not develop through this module?

Programming skills Signup and view all the answers

What is one main benefit of taking this module?

In-depth understanding of organizational management Signup and view all the answers

Which activity is not part of the seminar component of the module?

Receive tutoring from guest lecturers Signup and view all the answers

Which type of management will students learn about in this module?

Strategic and operational management Signup and view all the answers

What should students do to stay updated on announcements related to the module?

Check their university webmail regularly Signup and view all the answers

How much does the classroom quizzes and activities assessment weigh in the overall grading?

30% Signup and view all the answers

When is the strategic report due for submission?

30th Dec 2024 Signup and view all the answers

What type of format is the strategic report expected to be submitted in?

Individual Report Signup and view all the answers

Which of the following is specified as a core reading resource for the module?

Operations and Process Management Signup and view all the answers

What is the weight percentage of the abstract in the assessment tasks?

Not specified Signup and view all the answers

What is the main purpose of the Module Handbook?

To provide assessment information Signup and view all the answers

How should students complete learning activities?

Both in and out of class Signup and view all the answers

What is the primary purpose of a mission statement?

To provide clarity about the organization’s fundamental purpose Signup and view all the answers

Which of the following best describes a vision statement?

A projection of future achievements the organization aims to create Signup and view all the answers

What do statements of corporate values primarily communicate?

The enduring principles guiding the organization’s strategy Signup and view all the answers

Which of the following is NOT typically used to define an organization’s purpose?

Stakeholder Analysis Signup and view all the answers

How are objectives primarily stated within an organization's framework?

In specific, financial or market-based outcomes Signup and view all the answers

What are strategy statements supposed to encompass?

The themes of goals, scope, and capabilities of the organization Signup and view all the answers

Which of the following statements best describes the 'Triple Bottom Line' objectives?

Economic, social, and environmental objectives Signup and view all the answers

What aspect of an organization does the scope in a strategy statement refer to?

The market segments and activities the organization engages in Signup and view all the answers

What is the purpose of strategic management?

To formulate, implement, and evaluate cross-functional decisions. Signup and view all the answers

Which of the following is NOT a stage in the strategic management process?

Strategy refinement Signup and view all the answers

What is the first step in strategy formulation?

Identifying the organization's mission and vision Signup and view all the answers

Which question addresses stakeholder alignment in strategic positioning?

How are stakeholders aligned to the organizational purpose? Signup and view all the answers

What does strategy implementation require from an organization?

Establishing annual objectives and allocating resources. Signup and view all the answers

What is a fundamental question regarding macro-environmental threats?

What are the macro-environmental opportunities and threats? Signup and view all the answers

Which of the following aspects is NOT relevant during strategy evaluation?

Identifying potential market expansions Signup and view all the answers

What is one of the main focuses during strategy formulation?

Determining internal strengths and weaknesses Signup and view all the answers

What is one of the three fundamental activities in strategy evaluation?

Measuring performance Signup and view all the answers

Which of the following best describes the definition of strategy?

A long-term direction formed by choices about resources and scope. Signup and view all the answers

What is included in a well-constructed strategy statement?

Goals, scope of activities, and advantages or capabilities Signup and view all the answers

In strategic management, what is the focus of corporate-level strategy?

Overall scope of the organization Signup and view all the answers

What do mission, vision, and objectives collectively express in a strategic plan?

The purpose of the organization Signup and view all the answers

Which aspect is NOT part of strategy evaluation activities?

Setting performance indicators Signup and view all the answers

Which of the following statements about business-level strategy is true?

It focuses on how to compete in the market. Signup and view all the answers

What does the macro-environment analysis contribute to in a strategic plan?

Understanding industry and sector conditions Signup and view all the answers

Study Notes

SG7001: Managing Strategy, Operations and Partnerships

Module Overview
- Covers managing organisations at strategic & operational levels
- Includes theories, models, and techniques for business success
- Focuses on partnerships & collaborations
- This module is essential for anyone who wants to be a successful manager
- The material is challenging but rewarding.
Module Delivery
- Delivered through lectures, seminars, and online quizzes
- Lectures focus on theories and concepts
- Seminars encourage applying theories and concepts learned in lectures
- Moodle Quizzes are essential for 30% of your grade, they are time constrained and taken in class
- Seminars focus on team work and peer learning, they are essential for getting feedback from your tutor
Learning Method
- Before each on-campus class, read, watch, prepare, explore, and complete learning activities available on Moodle
- During each on-campus class, watch, listen, take notes, collaborate, present and evaluate
- After each on-campus class, share, complete, and explore by completing the learning activities available on the module Moodle site
Moodle Resources
- Use Moodle as our online learning platform
- Contains all course materials, organized for easy access.
- Begin with the materials in the "Module Introduction" section
- Read the entire Module handbook including the assessment part
Successful Learning
- Attend all scheduled classes
- Complete all assigned learning activities both in and out of class
Communication
- Announcements will be made through Moodle & sent to your university webmail, check daily
- Any changes to the module or timetable (e.g. room changes, cancellations), will be communicated via Moodle
Assessment Information
- Assessment tasks are detailed in the Assessment Guide (from week 3).
- Assessment Tasks: Classroom quizzes & activities (30%), Strategic report for an organisation (70%)
- Classroom Quizzes & Activities:
  - Includes two quizzes, time-constrained, taken in class with the tutor
  - Covers 30% of your grade
  - Deadline is week 6 and week 10
- Strategic Report:
  - A 4500 word report on an organisation
  - Covers 70% of your grade
  - Submit through Turnitin
  - Deadline is December 30th 2024
  - Includes a 500 word abstract, submitted separately through Turnitin, deadline is week 10
Teaching Schedule
- Check your Timetable, schedule is subject to change
- Includes Lectures, Seminars, Quizzes, Assessment and Feedback
Reading and Resources
- Core Reading
  - Whittington, R., Regnér, P., Angwin, D., Scholes, K., & Johnson, G. (2023). Exploring strategy (13th ed.). Harlow: Pearson.
  - Slack, N., & Brandon-Jones, A. (2021). Operations and process management (6th ed.). Harlow: Pearson.
- Additional Resources and Forms
  - Grant, R.M., & Jordan, J.J. (2015). Foundations of strategy (2nd ed.). Chichester: Wiley.
  - Grant, R.M. (2021). Contemporary strategy analysis (10th ed.). Chichester: Wiley.
  - Henry, A.E. (2018). Understanding strategic management. Oxford: Oxford University Press.
  - Kastalli, I.V., & Neely, A. (2014). Collaborate to innovate: How business ecosystems unleash business value. Executive Briefing.
  - Mintzberg, H., Ahlstrand, B., & Lampel, J.B. (2008). Strategy safari: The complete guide through the wilds of strategic management (2nd ed.). New York: Free Press.
  - Paroutis, S., Heracleous, L., & Angwin, D. (2016). Practicing strategy (2nd ed.). London: Sage Publications Ltd.

Introduction to Strategy

Definition of strategy:
- ‘The long-term direction of an organisation, formed by choices and actions about its resources and scope, in order to create advantageous positions relative to changing environment and stakeholder contexts’
Purpose of strategy:
- Define and express the purpose of an organization to stakeholders
Stakeholders:
- Individuals or groups that depend on an organization to fulfil their own goals and on whom, in turn, the organisation depends.
Four ways to define an organisation’s purpose:
- Mission Statement
- Vision Statement
- Statement of Corporate Values
- Objectives

Mission Statement

Provides employees and stakeholders with clarity about what the organisation is fundamentally there to do
Answers the questions: 'What business are we in?', 'What would be lost if the organisation did not exist?', 'How do we make a difference?'.

Vision Statement

Concerned with the future the organisation seeks to create.
Answers the questions: 'What do we want to achieve?', 'If we were here in twenty years what do we want to have created or achieved?'.

Statement of Values

Communicates the underlying and enduring core ‘principles’ that guide an organisation’s strategy and define the way that the organisation should operate
Values do NOT change with circumstances

Objectives

Statements of specific outcomes that are to be achieved.
Often stated in financial terms (e.g. Profit).
May also be market-based objectives (e.g. Market Share).
May emphasize basis of competitive advantage.
‘Triple Bottom Line’ – economic, social and environmental objectives.

Strategy Statements

Contain three main themes:
- Fundamental goals: Should reflect the stated mission, vision and objectives
- Scope or domain: Activities the organisation undertakes
- Advantages or capabilities: Used to deliver goals and activities

Strategic Position

Fundamental questions:
- What is the purpose of the organisation?
- What are the macro-environmental opportunities and threats?
- How can the organisation manage industry forces?
- What resources and capabilities support the strategy?
- How are stakeholders aligned to the organisational purpose?
- How does history and culture fit the strategy?

Strategic Choices

Involve options for strategy:
- Directions the strategy might move
- Methods by which strategy might be pursued

Strategic Management

The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives
Some use strategic management to refer to strategy formulation, implementation, and evaluation.
A strategic plan is a company's game plan:
- Where are we now?
- Where do we want to go?
- How are we going to get there?

Stages of Strategic Management

Stage 1 - Strategy Formulation:
- Identifying an organization’s vision and mission
- Developing a vision and mission
- Determining external opportunities and threats
- Determining internal strengths and weaknesses
- Establishing long-term objectives
- Generating alternative strategies
- Choosing particular strategies to pursue
Stage 2 - Strategy Implementation:
- Requires establishing annual objectives, devising policies, motivating employees, and allocating resources
- Executed to complete formulated strategies
Stage 3 - Strategy Evaluation
- Determining which strategies are not working well
- Three fundamental activities:
  - Reviewing external and internal factors that are the bases for current strategies
  - Measuring performance
  - Taking corrective actions

Key Elements In A Strategic Plan

Strategy Statement: Mission, vision and objectives
Macro - Environment Analysis: Industry and sector analysis
Strategic Options and Proposed Strategies: Key actions
Summary*
Strategy is defined as: ‘The long-term direction of an organisation, formed by choices and actions about its resources and scope, in order to create advantageous positions relative to changing environment and stakeholder contexts’
Strategy’s work is to define and express the purpose of an organisation through its mission, vision, values and objectives.
Strategy Statements should ideally include an organisation’s goals, scope of activities and the advantages or capabilities it brings to these goals and activities
Corporate-level Strategy is concerned with an organisation’s overall scope, business-level strategy is concerned with how to compete, and functional strategy is concerned with how corporate- and business-level strategies are actually delivered.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

This quiz assesses your understanding of managing strategy, operations, and partnerships as outlined in the SG7001 module. It covers essential theories, models, and techniques crucial for successful management. Engage with the material to excel in the time-constrained assessments.