BUS501: Strategic Management

Read through this book as a high level introduction to Strategic Management and its applications. Outline or take notes as you read, and pay attention to the key points identified in each section. Consider the three-legged stool explanation 5 minutes into the Kryscynski video you just viewed, especially the summary at 6:30 minutes.  How do the three legs compare with this book's three main processes of business strategic management?

As you begin watching the videos in this course, please recognize that they have been produced by a number of different professors and often include references to activities and resources used in the course in which they have been recorded.  Pay attention to key concepts stressed in the instructions included with each activity as you progress through BUS501. Before you watch/listen to this video, write down your definition for  strategy.  Pay attention to the role of strategy in achieving organizational goals. This professor has recorded a number of informational lectures on strategy which cannot be specifically referenced in this course because of copyright issues. However, as you continue through the materials in this course, you are encouraged to do your own independent research to access other items by the professors with presentation style that is meaningful to you. Now sit back and enjoy this overview of business strategic management!

Read the short article and study the diagram. This is a good reference item identifying and defining the four basic market structures.  In developing strategy, one needs to first identify in which structure the firm is competing.  The remaining videos in this sub-unit will discuss each market structure in more detail.

This video defines and explains competition in each of the different market structures from an economics viewpoint. In which structure might uniqueness be the most important? In which structure might uniqueness be the least important?

As you watch this video, pay attention to the use of terms covered in you economics courses. Be sure to pause the video and review any terms that are unfamiliar to you.  As you conclude the video, name at least one business or service in your community that is an example of a (near) perfect competition.  

Watch this video for a better understanding of monopolies. Consider the current evolution of these two structures (perfect competition vs. monopoly) in an expanding global-enterprise environment.

In microeconomics, the purpose of every business is to make a profit.  In business strategy management this profit motive is often opposed by organization goals that bend towards social welfare or the firm's reputation. Read the section on the "Firm's Pricing Objectives" section. Identify a business that you utilize that appears to promote a non-profit business goal such as being a "green" organization.

Read this section, which serves as an overview of the strategic planning process from a market plan perspective. Consider that various stakeholders may look to a firm to maximize different objectives. Think about how firms are in a competitive marketplace and how they can survive and thrive long term.

This chart summarizes the many levels in a business that may be impacted by a strategy decision. As you examine this chart, think about how each level of strategy is interrelated to the other. A more complex organizational structure must be strategically managed to be effective and efficient. Remember that any structure must leverage each part's strengths.

Read the "Introduction,” which explains how industries are categorized in the United States. This system allows governments to measure the overall business activity in each sector of the economy.

The "SIC Division Structure” is a list of the categorizations. Explore the many classifications and think about how strategy might differ among industries.

Read this section to learn the difference between internal and external forces and how they affect organizations. Attempt the Exercises at the end of this reading.

Read this article, which provides and explains a diagram of Porter's five forces to consider in business strategy development. This model has been the classical approach to industry analysis since the late 1970's. After reading the article, try this quiz to test your understanding of this model.

Read this article, which updates the Porter five forces model for the impact of technology in strategic management. Be sure to explore all embedded links as you read this item. Then complete the questions and exercises at the end of the reading.

Watch this video by an international professor. At the beginning, the professor is definining his course structure. The majority of the material is an introduction to this section's content so be prepared to take notes. As he discusses strategic planning skills, which ones do you already possess? Which ones do you want to develop further as you proceed through this course?

This is a classic work about balance. The ideas are abstract, but work to separate out the practical applications, noting how the internal and external environments are perceived. For example, the phrase "When gold and jade fill the hall, their possessor cannot keep them safe” addresses the question of how much wealth a company ought to accumulate. In other words, it may be better to distribute profits as they are made rather than build up a large store of cash which can be raided by competitors. This is a challenging text to read and understand, but is useful and insightful.

You may find alternate versions of this text at Project Gutenberg here.

Read Sections 2, 3, 5, 6, and 7 for an understanding of how vision and mission statements are created and used in a modern organization. Attempt the exercises at the end of each reading.

Read this resource for a sample of application developing vision and mission statements. Note that there are three other tabs at the top of  this resource beyond the main selection reading for you to explore : checklist, examples, and PowerPoint.

While this video emphasizes strategy development in healthcare, be sure the key points are in your notes. Think about the "I CARE" mission statement presented in the lecture and what goal each letter stands. Could this mission statement be used in any business?  The last 12 minutes covers SWOT which is covered in subsection 2.2 below. 

What is SWOT? Read the resource for the use of the SWOT concept in strategic planning. Do the exercises at the end of the article. SWOT is a basic tool that can be used to analyze the internal and external factors facing an organization

Read this article as an overview to SWOT analysis. A quick web search for a company SWOT analysis, such as Walmart, will lead you to several copyright-protected sites with the table in this article completed for the company you chose. 

Read this presentation, which covers how to do a SWOT analysis.

Read this section to see how a SWOT is created and applied. Attempt to answer the Exercises at the end of the section.

Be sure you understand the four quadrants of a SWOT analysis. Examine the supplemental checklist, tools, and powerpoint, each of which provide additional content.

Watch this video of a live SWOT analysis in an organization. Note the completion of each of the four components.

A SWOT analysis (micro-economic factors) often is preceded by a PEST Analysis (or its equivalent): Political, Economic, Social, Technology. The PEST Analysis model was first introduced in 1967 and has evolved assuming other names. In this course, the PESTEL Analysis (PEST plus Environmental and Legal issues) will be used to examine this macro viewpoint analysis tool.

This reading introduces you to the PESTEL model. Be sure to follow all embedded links as you read the entire article. The powerpoint presentation and quiz questions links may be used to reinforce your understanding of this strategic planning tool. There are a number ways to diagram the six categories in PESTEL Analysis model. Do a quick web search to see the variety of template diagrams that have been created.

This reading introduces you to three factors to consider in order to form an effective strategy. What conditions influence the effectiveness of strategy formation?

This is a classic work about strategy and its usefulness. As you read this text, think about how the author discusses one's ability to control his or her own destiny. Compare this to the idea of fate and consider how other cultures may approach this topic in the strategic management process. Lastly, analyze the concept of "the ends justifying the means." How does this relate to your own idea of ethics?

Watch this video for a quick introduction to developing a strategy for competitive advantage.

Read this article and its embedded links. Then, test your understanding of competitive advantage with the quiz.

Read this section. As you read, think about the role of the value chain in strategic management.

Read this article, which provides a historical account of using a value chain to develop the organization's sustainable competitive advantage. 

Read this article and the embedded links. Then, test your understanding of competitive advantage by attempting the quiz.

Read this section on business-level strategy. Do the exercises at the end of the section.

This presentation presents and explains the "Delta Model" as a tool for competitive advantage by identifying business competencies in three different areas: system lock-in, total customer solutions, and best product. 

Read pages 167 to 171, which discuss how strategic managers can apply a process to sustain competitive advantage by creating high quality products and reducing costs.

Read this book about ancient Chinese philosophy and strategy. Pay particular attention to passages about being victorious over rivals. Consider these general ideas in light of corporate actions like takeovers, price wars, and buyouts.

Read this articles and the embedded links. Then, test your understanding of growth strategies with by taking the quiz.

Read this chapter for an expanded view of growth theories. Identify areas that might impact strategic planning.

Read the section of this article concerning corporate strategies. Not all firms are able to make a profit, and sometimes they must cut back. Consider the pros and cons of each retrenchment strategy: turnaround, divestment, bankruptcy, and liquidation.

Read this textbook section to reinforce what you learned about retrenchment and restructuring. By the end of this reading, you will be able to distinguish between the two strategies and understand why a firm would want to shrink or exit from business.

Read this article and the embedded links.

As you watch to this video, note the influential activity that shaped the history and development of globalization of business. How does each activity impact strategy?

As you watch  to this video, note the application of competitive advantage in the global arena. Part two of the lecture covers the application of competitive advantage in the global environment. Note the discussion of the value chain.

Read the entire article, including the embedded links, for an introduction to the role of culture within an organization. As you read the concepts, think about how an enterprise culture might change the present norms and behaviors in established organizations. What is organizational culture? Why is it important to business strategy formulation and management?

Read the entire article. How does Macgregor's theory X compare to theory Y?

Read this article, including the embedded links, for an introduction to Ouchi's theory Z   Would you rather work under theory X, Y, or Z? Which strategy would you follow as a manager of a global organization?

Watch this video for an introduction to innovation as a disruption to established corporations. Take notes on some of the innovation examples in the first 30 minutes of the presentation.  Which ones have had an important impact on your personal life? Note that innovation is more than technology!

Read this article. This article assumes you are familiar with agile/lean values from a prior management course and materials in other subunits in this course. Google or web search the topics to better understand this material. Then direct your attention to the visual at the end of this resource. Enlarge the image and note the division for disruptive in contrast to sustainable innovation.

Read this articles, including all embedded links. Do you agree or disagree with  Apple being an example of an innovator's dilemma?  

Read this article. Technology innovations have been an influence in all of the units in this course, both as impact on strategy and as a tool for strategic planning.

Read the item for an introduction to Mercantilism. What is its historical significance to international trade patterns?

Read this presentation, which is a review of strategic management topics. Which items were included in this course?