SM Exam Revision (Oct 2013)


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SM Exam Revision (Oct 2013)

  1. 1. These guidelines are provided as part of in-class discussion for pre-exam review for Strategic Management. It is NOT recommended for off-class self reading as many additional points will b e mentioned in class. It is also NOT to be considered as a spotting document. All candidates need to read the chapters and lecture notes fully before attempting the examination. Good luck.. 1 Geoffrey da Silva
  2. 2. The format of the exam (2 hours) Section A :MCQ 10 questions 2 marks each. Can be taken from any topic of the course. Should practice the MCQ shown in the RMIT BB coming from Strategy Lab. I have already advised you how to access this during my earlier lecture. Section B : Essay Question (from any area of the course). Answer TWO questions out of Three provided. 20 marks x 2 = 40 marks. The exam is marked out of 60. 2
  3. 3. Preparation First priority – the TEXT Second – read up the PWPT slides from me Get ready in your file all the case studies and examples that you are supposed to read up and prepare Also can use selectively inputs from your paired assignment case company but the example cannot be used throughout both the essay questions as your sole example! 3
  4. 4. Comments on the style of essay questions The questions will not be straightforward so don’t expect easy definition or write short notes type of questions. Considering the time allocated, you can spend around 45 minutes answering each question (assuming you take half an hour to do the 10 MCQ). Therefore for 45 minutes your answer length could be between 7-8 pages PER question (not including diagrams. 4
  5. 5. Questions at the end of my lecture notes Read for understanding the practice exam questions at the end of each of my lecture notes No need to write out detailed model answers BUT try to do skeleton answers  They key points  How your answer will be framed (key headings) and points  Relevant EXAMPLES and Cases to use for each of the topics – these cases should have been prepared earlier during your reading of the text and well as the examples I had asked you to get ready from the start of this course in relation to ASIAN companies 5
  6. 6. Essay Questions Dr Huang / Dr Ling will post a set of Review Questions on BB. Check these questions and work out the framework answers with your group. I will not be providing answers  Use the text closely to extract relevant points Examples and case studies need to be well- integrated into your answers. Pure theoretical discussion will never secure a distinction. Essay questions are often based on issues of discussion on topics that are correlated.  Example how do you see the relationship between ethics and formulation of corporate strategy 6
  7. 7. Important Note: The Correct Approach to Writing the Essay Questions on SM As advised by RMIT teaching team (see the official guidelines posted on BB by RMIT coordinator) describe the concepts involved in each essay question to show your understanding of the concept (s) and/or theories; –explain how these concepts, theories or managerial techniques can be used in practice. You need to provide example(s) selected from case study, assignments, personal experience, and/or media reports, to demonstrate such practical applications; –provide critical comments on the pros (benefits) and cons (limitations) in applying these concepts, theories, and/or analytical tools to business organisations 7BUSM 3200- Strategic Management (April 2013) GDS
  8. 8. (Make sure you cover all materials in the text and Lecture Notes) 8
  9. 9. Chapter One - Introduction Defining Strategy Levels of Strategy Elements of strategy – mission, vision, objectives, scope and advantage Three branches of strategy – context, content and process The Exploring Strategy Model – Strategic Position, Strategic Choices and Strategy in Action (read up the summary of each area; good for overview) Strategy Lenses (read the appendix) 9
  10. 10. Chapter Two – The Environment PESTEL – what is it used for The Five Forces Model : learn all the forces and show how it is linked to PESTEL  See pages 61-62 : Implications and key issues  Also prepare to link (later) the 5 Forces to the Business Strategies The Industry Life Cycle Strategic Groups – use of the model Blue Ocean Thinking PESTEL gives rise to Opportunities and Threats 10
  11. 11. Chapter Three: Strategic Capabilities What is RBV Resources and Capabilities VRIN (learn all) The Value Chain and the Value Network Summing up with external and internal chapter- topic of SWOT How to develop capability in developing of People (note the strategic importance of people as a key strategic resource) 11
  12. 12. Chapter Four – Strategic Purpose Importance of Mission and Vision Objectives – purpose and types of objectives Corporate Governance Shareholder versus Stakeholder models of Governance Social Responsibility and Ethics  Note – questions have come up in the past asking the link between SR/E and Strategic Management Stakeholder Expectations  Influence of power in strategy (between the different internal and external stakeholder groups) 12
  13. 13. Chapter Five – Culture and Strategy Not an easy chapter; many areas are not critical Go straight and read these topics  What is organizational culture (pg 171 onwards)  Culture influence on strategy (pg 174)  The Cultural Web Just focus on these three areas for this topic 13
  14. 14. Chapter Six – Business Strategy A key chapter: Learn first ALL the THREE Generic Strategies (no spotting!) :cost leadership, differentiation and focus  What these strategies mean  How they are manifested in the different areas of business operations : Here is where you can LINK the business strategy to the VALUE Chain  The advantages and disadvantages of each business strategy  How to link the Business Strategies to the Five Forces Model The Strategy Clock – just read the key points 14
  15. 15. Chapter Six – supporting topics Just read briefly (overview) What is Hyper-competition (interactive strategy) What is Cooperative Strategy? 15
  16. 16. Chapter Seven – Corporate Strategy Corporate Strategy and Diversification Learn the Ansoff Matrix – Strategic Direction Learn the difference between Related and Unrelated Diversification What are the advantages and disadvantages of diversification? The different types of Portfolio Matrices Role of Corporate Parent Also read chapter 7 in conjunction with Chapter 10- mergers and acquisitions 16
  17. 17. Chapter Ten- Mergers, Acquisitions and Alliances What is organic growth compared to M&A&A The three motives for M&A – strategic, financial and managerial Definitions, examples, ADV and DISADV off all the main methods – mergers, acquisitions and alliances. 17
  18. 18. Chapter Eight- International Strategy Differences in strategy – international and global Drivers for global strategy (YIP) What the benefits and risks of a company pursuing international expansion Porter Diamond model The Four International Strategies (see the matrix) How to apply the PESTEL framework to International Strategy What the main types and ADV + DISADV of each Market Entry MODE 18
  19. 19. Chapter Eleven- Strategy Evaluation Cover ALL aspects of the SAFe model What factors are assessed when looking at SUITABILITY FACTOR? What factors are assessed when looking at ACCEPTIBILITY FACTOR? What factors are assessed when looking at FEASIBILITY FACTOR? 19
  20. 20. Chapter Twelve- Strategy Development Process Focus on the two broad strategy development approaches – learn the differences and implications  INTENDED STRATEGY  EMERGENT STRATEGY Learn about the concept of logical incrementalism 20
  21. 21. Chapter Thirteen : Implementation and Control How does structure affect strategy? What is strategy execution? How does decision making styles affect strategy implementation? Types of control systems Balanced Scorecard 21
  22. 22. Chapter Fourteen: Leadership and Strategic Change The role of the leader / CEO in SM How does the leader affect strategic change? What is turnaround strategy? 22
  23. 23. Final reminders Read the question. Plan the answers. Expand the theories in detail (you have plenty of time); elaborate the concepts and list factors where required. Draw relevant diagrams and models. Give good examples (you should have at least 10- 12 examples of good strategy examples from local and international companies; you cant imagine examples in the exam! All the best!!! 23