Unit 1: Planning and Strategy
This unit provides an overview of planning and strategy, including management strategy frameworks and important considerations in developing and implementing effective strategies.
Completing this unit should take you approximately 1.5 hours.
1.1: Case Study – Transforming the Textbook Industry
Read this the introduction and section 5.1, which present a case study of an online publishing company that used the P-O-L-C framework to support the development of its business strategy and create a new way to access college textbooks. The ability to strategize is a very important skill that a manager must possess in order to be successful.
1.2: Management Strategy Frameworks
Read this section, which discusses how to apply strategic management techniques within the P-O-L-C framework. This section emphasizes the inputs that impact the formulation of a strategy and provides a framework for performing a SWOT analysis. Developed in the early 1970s, the SWOT analysis technique is an essential tool in the strategic planning process.
Read this article, which explains the strategic planning process. Pay special attention to why and when organizations should engage in strategic planning.
Read this article, which describes how to analyze an external environment and create a SWOT analysis.
Read this article, which describes how to utilize an organization's valuable resources to create a long-term sustainable strategy.
Read this article and consider the following questions: What is the knowledge-based view (KBV) of business strategy formulation? What three intangible resources serve as the foundation for developing an organizational strategy using the KBV? What is the most critical component in developing a competitive advantage strategy using the KBV? Why?
1.3: Intended and Realized Strategies of Managers
Read this section, which focuses on the essence of how strategy is made. Keep in mind that there is a difference between what a manager plans to happen and what actually unfolds – hence, the identification and analysis of intended versus realized strategies. This section emphasizes the fact that a manager should know the best way to make a strategy.
1.4: Managers Have To Make Choices, Make Trade-Offs, and Have Discipline
Read this section, which discusses different schools of thought regarding strategy, with an emphasis on identifying strategic focus within an organization. Managers need to be able to focus on a specific strategy in order for an organization to achieve any level of success, but they also need to be flexible in order to meet the ever-changing demands of a business. This section will help you identify the trade-offs associated with strategy, as well as outline how to create a competitive advantage. Pay particular attention to this section's discussion of Michael Porter's generic strategies.
Read this article, which encourages you to recognize the consequences of your strategic choices and how they impact your overall production and organization.
Read this article, which describes Michael Porter's three competitive strategies: cost leadership, differentiation, and market segmentation.