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SM Project Guidelines Part Four

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  • 1. Strategic Management BUSM 3200 These guidelines are provided to help in your preparations for the group assignment. They do NOT represent in any way “model answers” or a correct approach. Rather they provide suggestions as to how to proceed with data collection and analysis leading to the completion of your report. Make sure you read the guidelines provided by the RMIT course coordinator carefully. 1-1BUSM 3200- Strategic Management (JAN 2013) GDS
  • 2. Strategy Evaluation The final part of the report! What are you asked? Evaluate the suitability of the firm’s current business strategy based on the outcomes of your analysis and integration above (e.g., the identification of the firm’s current business strategy and the most significant factors affecting the firm’s performance, and your understanding of business strategy) 4-2BUSM 3200- Strategic Management (JAN 2013) GDS
  • 3. Read Lecture 7: Chapter 11 Strategy evaluation : SAFe BUT the question asks us only for ONE SUITABILITY Read the text pages 363- 371 Then decide what concepts you are going to use Remember you are evaluating the current business strategy DO NOT make any recommendations on future strategies! 4-3BUSM 3200- Strategic Management (JAN 2013) GDS
  • 4. Read the paragraph again for section 6 4-4 Evaluate the suitability of the firm’s current business strategy based on the outcomes of your analysis and integration above (e.g., the identification of the firm’s current business strategy and the most significant factors affecting the firm’s performance, and your understanding of business strategy) 1. Based on outcomes of analysis: means what did your findings show from your external and internal analysis 2. Integration above: how would you link or match the strategies of your company with the external factors and internal capabilities 3. Consider the most significant factors means the key success factors for your strategy to work BUSM 3200- Strategic Management (JAN 2013) GDS
  • 5. Table 11.2 This table has lots of rich implications; you can review and decide which areas you can link your business strategy to a selected few of the models listed there. DO NOT write on all! 4-5BUSM 3200- Strategic Management (JAN 2013) GDS
  • 6. Table 11.2 (cont’d) 4-6 From this table, pick two or three concepts and show how your business strategy for your company could be assessed by LINKING it back to the given model or concept BUSM 3200- Strategic Management (JAN 2013) GDS
  • 7. For example :PESTEL linkage 4-7 This means that you assess your strategy based on the capability of your organization to drive competitive advantages by taking advantage of specific opportunities in the external environment BUSM 3200- Strategic Management (JAN 2013) GDS
  • 8. Key elements of the business strategy of Differentiation used by our firm PESTEL Factors Political/ Legal Economic Sociocultural Technology Marketing : Product development, branding, distribution (you give the relevant examples in RELATION to what the company is CURRENTLY doing) Operations and Logistics: Human Resource Development: Technology and IT Others Example if my strategy is ‘differentiation’ 4-8 So in the selected boxes you write some short bullet points explain how that component of your differentiation strategy is exploiting external opportunities arising from that particular category of PESTEL factors BUSM 3200- Strategic Management (JAN 2013) GDS
  • 9. When you complete this table… You are in fact explaining how effective your strategy is in meeting the challenges of the different dimensions of the external environment And from which you conclude the suitability of your given business strategy You can also link to other models as well…… Five Forces Value Chain Cultural Web Others 4-9BUSM 3200- Strategic Management (JAN 2013) GDS
  • 10. Five Forces Linkage Go back and refer to my Lecture 5: Business Strategy See slides 65 - 72 (showing how you link Cost Leadership strategy and the five forces) See slides 54 - 61 (showing how you link Differentiation strategy and the five forces) 4-10BUSM 3200- Strategic Management (JAN 2013) GDS
  • 11. Five Forces Linkage 4-11 Key elements of the business strategy of Differentiation used by our firm Industry Five Forces Threat of new entrants Rivalry in the industry Substitutes Buyer Power Supplier Power Marketing : Product development, branding, distribution (you give the relevant examples in RELATION to what the company is CURRENTLY doing) Operations and Logistics: Human Resource Development: Technology and IT Others So in the selected boxes you write some short bullet points explain how that component of your differentiation strategy is mitigating or reducing the threat of that respective force BUSM 3200- Strategic Management (JAN 2013) GDS
  • 12. Value Chain or Cultural Web?? 4-12 Value Chain: Go and read my lecture 5 on Business Strategy: I showed some slides on how to link the business strategy to a Value Chain We can also take the model of the Cultural Web and assess whether the internal aspects of the organizational culture support and create effective implementation of strategy BUSM 3200- Strategic Management (JAN 2013) GDS
  • 13. Linking Differentiation Strategy and Value Chain 4- 13 Differentiation Strategy impact on the specific activities within the Value Chain Briefly explain how the chosen business strategy is supported by the appropriate functions in the VC. This is another way of explaining suitability factor in terms of the fit of business operations to the chosen strategy (example differentiation) BUSM 3200- Strategic
  • 14. The Cultural Web model 4-14 Read chapter 5 of the text. Here you need to show how each area of the cultural web (internal dynamics) helps the company achieve superior implementation of a given strategy- whether it is cost leadership or differentiation The purpose is to show how the internal culture is a major factor in achieving success in strategy implementation (suitability factor) BUSM 3200- Strategic Management (JAN 2013) GDS