Week 1L Introduction to Module and Strategy PDF

Week 1: Lecture Introduction to the Module Introduction to Strategic Management SG7001: Managing Strategy, Operations and Partnerships Prepared by: Dr Shohail Choudhury Welcome! to #UEL #RDSBL #SG7001 Content Module Delivery Module Guide and Module Overview M...

Week 1: Lecture Introduction to the Module Introduction to Strategic Management SG7001: Managing Strategy, Operations and Partnerships Prepared by: Dr Shohail Choudhury Welcome! to #UEL #RDSBL #SG7001 Content Module Delivery Module Guide and Module Overview Moodle Assessment and Feedback Teaching, Learning and Timeplan Introduction to Strategy Welcome to SG7001 Managing Strategy, Operations and Partnerships! This module is a core part of your MBA. You will learn how to manage organisations at both the strategic and operational levels. You will learn about the different theories, models, and techniques that businesses use to succeed. Finally, you will learn about the different types of partnerships and collaborations that organisations can form. This module will cover a lot of information, but it is essential for anyone who wants to be a successful manager. The material is challenging, but it is also rewarding. By the end of this module, you will have the skills and knowledge you need to manage any organisation successfully. This is your Module Guide Will be available on Moodle (Week 2) Key Information Module Overview Teaching Schedule and Contact Assessment Tasks and Dates Readings and Resources Module Delivery  Lectures (2hrs.) and Seminars (3hrs) Lectures 2 hours, theories and concepts on the topic. Must attend every lecture. Read prepare section on Moodle before each lecture. Also complete the recommended reading later. Seminars 3 hours. You will practice applying the theories and concepts taught in the lectures. Moodle Quizzes: You will learn and take the quizzes (2) which covers your 30% marks. Cannot miss. You will participate in activities where you will learn from your peers and how to work in teams. You cannot afford to miss. Your opportunity to get feedback from your tutor!  Teaching Before each on-campus class, read, watch, method: Prepare share, explore, and complete the learning activities available on the module Moodle site. What you need to do to learn? During each on-campus class, watch, listen, Engage and take notes, collaborate, and present and evaluate. After each on-campus class, share, complete, Consolidate and explore by completing the learning activities available on the module Moodle site. Moodle : Our Learning Platform Moodle is our online learning platform. It's where you'll find all your course materials, organised for easy access. You should start by looking at the materials in the "Module Introduction" section. Please read the entire Module handbook including assessment part. To keep up with your studies Attend all scheduled classes in person. Complete all assigned learning activities, both in and out of class. Announcements We will make announcements through Moodle and send them to your university webmail account. Please check your student email daily to stay up-to-date on any changes. Changes to the module or timetable We will communicate any changes to the module or timetable, including room changes and cancellations, via the Moodle site. Assessment Information In your Module Handbook and Assessment Guide (Available from week 3).  ASSESSMENT TASKS No Assessment Weighting Extent Modality Deadline To submit on: Task 1 Classroom quizzes 30% 2 Quizzes Individual Week 6, and activities. and 10. (Time constrained, in class with tutor) 2 A strategic 70% Report Individual 30th Dec Turnitin report for an (4500 2024 organisation. words) Abstract on 500 words Individual ---- Turnitin Report: Week 10 Week 10 Check your Timetable for the teaching schedule Teaching Schedule Lectures, Seminars, Quizzes, Assessment and Feedback  READING AND RESOURCES (Core) Slack, N., & Brandon-Jones, A. (2021). Operations and process management (6th ed.). Harlow: Pearson. Whittington, Angwin, D., R., Regnér, P., Johnson, G. & Scholes, K., (2023). Exploring strategy (13th ed.). Harlow: Pearson. Introduction to Strategy Definitions of strategy Sources: A.D. Chandler, Strategy and Structure: Chapters in the History of American Enterprise, MIT Press, 1963, p. 13; M.E. Porter, ‘What is strategy?’, Harvard Business Review, November–December 1996, p. 60; P.F. Drucker, ‘The theory of business’, Harvard Business Review, September–October 1994, pp. 95–106; H. Mintzberg, Tracking Strategies: Towards a General Theory, Oxford University Press, 2007, p. 3. The purpose of strategy What is Strategy for? To define and express the purpose of an organization to stakeholders. Stakeholders are those individuals or groups that depend on an organisation to fulfil their own goals and on whom, in turn, the organisation depends. Organisation’s Purpose Four ways to define an organisation’s purpose:  Mission Statement  Vision Statement  Statement of Corporate Values  Objectives Mission statement A mission statement provides employees and stakeholders with clarity about what the organisation is fundamentally there to do. ‘What business are we in?’ ‘What would be lost if the organisation did not exist?’ ‘How do we make a difference?’ Vision statement A vision statement is concerned with the future the organisation seeks to create. ‘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 Statements of corporate values communicate the underlying and enduring core ‘principles’ that guide an organisation’s strategy and define the way that the organisation should operate. NB These values do NOT change with circumstances.  Objectives Objectives are 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 emphasise basis of competitive advantage. ‘Triple Bottom Line’ – economic, social and environmental objectives.  Strategy statements Strategy statements should have three main themes: Fundamental goals that the organisation seeks, which reflect the stated mission, vision and objectives. The scope or domain of the organisation’s activities. The particular advantages or capabilities it has to deliver all of these. Strategic position Strategic position What is the purpose of the organisation? What are the macro-environmental Fundamental opportunities and threats? questions for How can the organisation manage industry forces? Strategic What resources and capabilities support the strategy? position: How are stakeholders aligned to the organisational purpose? How does history and culture fit the strategy?  Strategic choices Strategic choices involve the options for strategy in terms of both the directions in which strategy might move and the methods by which strategy might be pursued. Introduction to Strategic Management Strategic Management The art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives Sometimes the term strategic management is used to refer to strategy formulation, implementation, and evaluation. A strategic plan is a company’s game plan.  Where are we now? The Strategic- Management Where do we Model want to go? How are we going to get there? Stages of Strategic Management 01 02 03 Strategy Strategy Strategy formulation implementation evaluation 01 Strategy Formulation identifying an developing a organization’s determining vision and external internal strengths mission opportunities and and weaknesses threats establishing generating choosing long-term alternative particular objectives strategies strategies to pursue 02 Strategy Implementation Strategy Implementation requires a firm to establish annual objectives, devise policies, motivate employees, and allocate resources so that formulated strategies can be executed. 03 Strategy Evaluation Determining which strategies are not working well Three 1.reviewing external and internal factors that are the bases for current strategies fundamental 2.measuring performance activities: 3.taking corrective actions Key elements in a strategic plan Key elements in a strategic plan The Strategy Mission, vision statement and objectives Macro- Industry and environment sector analysis Analysis Strategic options and proposed Key actions strategies. 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’ The work of strategy is to define and express the purpose of an organisation through its mission, vision, values and objectives. Ideally a strategy statement should 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. READING AND RESOURCES CORE: 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. OTHER 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. Thank you all! Read the book chapters and get ready for the seminar.