BAM 200 Strategic Management Module 1 Student Activity Sheet PDF

BAM 200: Strategic Management Module #1 Student Activity Sheet Name: _________________________________________________________________ Class number: _______...

BAM 200: Strategic Management Module #1 Student Activity Sheet Name: _________________________________________________________________ Class number: _______ N Section: ____________ Schedule: ________________________________________ Date: ________________ I O AT Lesson title: Course Outline and Course Requirement, Materials: Nature of Strategic Management and Benefits of Strategic SAS, Management References: C Learning Targets: Kennedy, Reed (2020). Strategic U At the end of the module, students will be able to: Management. 1. Identify lessons to be conferred during the semester; ED 2. Explain what is Strategic Management; 3. List down the benefits of Strategic Management A Productivity Tip: M “Education is the most powerful weapon which you can use to change the world.” – Nelson Mandela IN A. LESSON PREVIEW/REVIEW PH Introduction Welcome! This Semester we will be learning about Strategic Management. F As stated in the Course Outline, BAM 200 Strategic Management introduces students to the process of O strategic management which involves devising a strategic plan. It covers topics on the five basic concept of strategic management, it’s basic concepts of environmental and organizational analyses, strategy and policy formulation, evaluating strategic options, and measuring effectiveness and efficiency of strategies. In this TY subject we will tackle about the different Matrix that a business uses in order for them to have successful strategic plans. Kindly refer to the Course Outline for the Subject Outline and Time Allotment, Reference/Textbook, and R the Requirements for this Course. PE Now, let us get started …. B. MAIN LESSON O Content and Skill-Building l PR Topic # 1 Strategic Management “Strategic Management is the art and science of formulating, implementing, and evaluating cross- functional decisions that enable the company to achieve its objectives.” – FRED R. DAVID This document is the property of PHINMA EDUCATION  BAM 200: Strategic Management Module #1 Student Activity Sheet Name: _________________________________________________________________ Class number: _______ N Section: ____________ Schedule: ________________________________________ Date: ________________ O A strategy, in simple language, is an elaborate plan to achieve a certain or specific goal. It utilizes I strengths in order to achieve goals. That is also true with business organizations. Businesses need strategic AT plans in order for them to be competitive. The study of strategic management helps understand how to build a sound strategic plan in order to achieve organizational goals. C Strategic Management is a business function that helps determine long-term performance of an organization. It is previously known as business policy. Seeing the word “management” with it, we can expect U its function to be performed: planning, organizing, leading, and of course, controlling. It is an ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meets its goals and objectives. ED Changes in business environments will require organizations to constantly assess their strategies for success. Strategic management includes activities such as environmental scanning, formulating strategies, budgeting, execution of said strategies, and evaluation of the effectiveness of strategies. By participating in A strategic planning, an organization can have a better understanding of how it will move forward with its current resources. M Strategic management process helps organizations take stock of their present situation, chalk out IN strategies, deploy them and analyze the effectiveness of the implemented management strategies. It also means of defining the organization’s strategy. It is defined as the process by which managers make a choice of a set of PH strategies for the organization that will enable it to achieve better performance. Topic # 2 Nature and Benefits of Strategic Management F Nature of Strategic Management O Nature of strategic management is a process whereby a company TY defines its objectives and develops plans, actions and resources to achieve them. It involves analyzing the current state of the company and setting long-term goals to ensure success. R Strategic management is a set of managerial activities and decisions PE that help determine the long-term outcome of an organization. These activities and decisions decide the direction that the organization might take. The process takes into account factors from internal and external environments to come up with decisions for the organization. In conclusion, it becomes a framework that O shapes the destiny of an organization. PR Specifically, one can say that strategic management is: 1. Putting the organization into a competitive position Implementing strategic management helps the organization identify strengths, or if not, develop strengths. This can help the organization fill a certain competitive position. The whole activity of strategic planning This document is the property of PHINMA EDUCATION  BAM 200: Strategic Management Module #1 Student Activity Sheet Name: _________________________________________________________________ Class number: _______ N Section: ____________ Schedule: ________________________________________ Date: ________________ O helps an organization match its particular resources to the best route of success, and to possibly sustain that I success. AT 2. Sustaining competitive environmental factors of an organization. Strategic planning puts the organization into a constant activity of learning environmental factors, knowing C its internal and external factors that affect the business and because of that, organizations tend to see trends better and earlier, which gives an edge when it comes to decision making, and exploiting opportunities. U 3. Monitoring and responding to stakeholders’ interests. ED Organizational goals have to reflect what stakeholders expect from the organization. Strategic planning helps to take into account stakeholders’ interest and to answer to it without compromising the organization. Stakeholders is a person, group or an organization with vested interest, or stake, in the decision-making and activities of a business project. A Benefits of Strategic Management M IN “How will strategic management help an organization?” The most obvious benefit of strategic management is a better sense of organizational direction. Others say that: PH 1. It is a clearer sense of strategic vision for the organization. Strategic planning helps the organization understand whether its vision is something realistic and beneficial. It helps organization to build a strong vision for the organization. Engaging in strategic planning can F help rethink the vision for the organization and help to communicate it to everyone in the organization. O 2. It sharper focus on strategically important matters. Strategic planning focuses on what helps to achieve organizational goals. It aligns the resources of an TY organization and utilizes it to execute strategies. The activity also helps to prioritize goals to pursue. 3. To have a better understanding of environmental factors. R The environment plays a critical role since the organization has to adapt to it. If an organization constantly studies the environment through strategic planning, it is able to hold a better understanding of the factors that PE play around it and will have a clearer strategy in achieving its goals. 4. The ability to become proactive, rather than reactive. O Strategic planning practices foresight. This helps the organization to be proactive. Proactive strategies are tools used to prevent or avoid problem behaviour or dysregulation from occurring. They are introduced before PR any challenging behaviour and help in reducing the chances of occurring. 5. For operational efficiency. Since strategic planning emphasizes focus, efficiency becomes higher due to prioritizing activities that create better or strategic impact for the organization. It helps avoid doing unnecessary activities. This results in a higher efficiency rate and minimizes unnecessary expenses. This document is the property of PHINMA EDUCATION  BAM 200: Strategic Management Module #1 Student Activity Sheet Name: _________________________________________________________________ Class number: _______ N Section: ____________ Schedule: ________________________________________ Date: ________________ O Check for Understanding I AT Exercise 1. Write True on the blank before the number if you think the statement is correct and write False if you think it is not correct. C _________1. Strategic planning helps the organization to be proactive. U _________2. Strategic management commonly plans for the short term. ED _________3. Strategies are grand plans that are executed to achieve organizational goals. _________4. Operational efficiency becomes higher when practicing strategic management. A _________5. Strategic management process helps organizations take stock of their present situation, M chalk out strategies, deploy them and analyze the effectiveness of the implemented management strategies. IN Exercise 2: Determine whether the action being taken is a strategy or not strategy. Write down “S” if its Strategy and “NS” if its Not Strategy. PH ____1. Samsung plans to create more profit by introducing new products to the market. ____2. PHINMA Education Network making sure that all activities are environmental – friendly. F O ____3. Facebook expanded its media reach by buying out its competitors such as Instagram. ____4. New products were to be sold along with old products as a freebie. TY ____5. First In First Out to make sure products will not be spoiled. R PE C. LESSON WRAP-UP 1. Can small companies or organizations practice strategic management? O Yes, it can also be practiced by smaller organizations or micro-business. Strategic planning is scalable. PR You will just have to revise it according to your need. 2. Is it difficult to create a strategic plan? Yes, it can be. But it can be learned, and since it is systematic, you can approach it step by step. 3. How important strategic management process? This document is the property of PHINMA EDUCATION  BAM 200: Strategic Management Module #1 Student Activity Sheet Name: _________________________________________________________________ Class number: _______ N Section: ____________ Schedule: ________________________________________ Date: ________________ O A strategic management process helps an organization and its leadership to think about and plan for its I future existence, fulfilling a chief responsibility of a board of directors. Strategic management sets a direction for AT the organization and its employees. C Thinking about Learning U Congratulations for finishing this module! Shade the number of the module that you finished. ED A Did you have challenges learning the concepts in this module? If none, which parts of the module helped M you learn the concepts? IN ________________________________________________________________________________________ ________________________________________________________________________________________ PH ________________________________________________________________________________________ ________________________________________________________________________________________ Some question/s I want to ask my teacher about this module is/are: ________________________________________________________________________________________ F ________________________________________________________________________________________ O ________________________________________________________________________________________ ________________________________________________________________________________________ TY Answer Key Check for Understanding R Exercise 1. PE 1. True 2. False 3. True O 4. True 5. True PR Exercise 2. 1. S 4. S 2. S 5. NS 3. S This document is the property of PHINMA EDUCATION