Subject Code MM4311
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Subject Code MM4311

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    Subject Code MM4311 Subject Code MM4311 Document Transcript

    • Subject Code MM4311 Subject Title Strategic Management Level 4 Credits 3 Mode of Study Lectures and seminars 42 hours Pre-requisites Introduction to Management (MM201), or Organisation and Management (MM202/MM302) or Management and Organisation (MM2021) Exclusions Fundamentals of Strategic Management (MM431) Assessment 100% Continuous assessment Minimum Pass Grade D ROLE AND PURPOSE The role of this subject is to provide students with an understanding of the concepts of policy and strategy, and to have them apply those concepts in performing organizational tasks effectively. The subject will also contribute to the development of a global outlook, the analysis of the business environment, critical thinking, analytical skills, ethical awareness and communication skills. LEARNING OUTCOMES On successfully completing this subject, students will be able to: • Identify problems from a strategic management perspective. • Formulate organizational strategies that map firm strengths on to environmental opportunities. • Recognize the degree to which industry structural characteristics determine organizational performance, and the organizational adjustments needed to compete in different industries; • Recognize the importance of leadership in business organizations, especially with respect to strategy implementation; • Evaluate the links between ethical behaviour and firm performance; • Be capable of enhancing the level of entrepreneurial behaviour in a firm; INDICATIVE CONTENT Understanding Strategic Management
    • - The evolution of strategic management - three perspectives - The strategic management process - The development of strategic management within organisations - concern for fiscal and social responsibilities - Formulating the mission and vision statement to meet the needs of stakeholders - The nature of organisational objectives and establishing organisational objectives - Corporate governance Environmental Analysis and Diagnosis - Environmental scanning and influencing environmental factors - The general environment - Techniques for environmental analysis - Industry and competitive analysis; competitive and co-operative dimensions - Synthesis of external strategic factors Internal Scanning and Analysis - Approaches to internal scanning and analysis of the competitive value of resources - Scanning the internal environment with functional analysis - using the value chain - Synthesis of internal strategic factors - business processes and systems; qualitative and quantitative measures; making sense of assets, capabilities and competencies. Strategy Formulation - Situational analysis: SWOT - Formulating organisational strategies and developing a knowledge strategy - Corporate strategy analysis - means and forms of diversification; conflict between managers and stockholders - Business strategy analysis: Porter's generic competitive strategies, maneuvering for competitive advantage - Strategic role of quality and process management - International expansion and thinking globally - Strategic choice Strategy Implementation - The implementation process - complexity and interconnectedness; personal action in implementation - Strategic leadership - to manage change and learning; encouraging self leadership - Analysing strategic change - evolutionary, revolutionary - Analysing organisational structure and networks - Analysing organisation culture - impact on experimentation and discovery. Selecting an implementation approach - balancing ‘hardware’ and ‘software’; transition from transformer to administrator - Creating an ethical organization Strategic Evaluation and Control - Evaluation and control in strategic management - impact of action on outcomes
    • - The process of strategic control: measuring organisational performance, compare organisational performance to goals and standards - Problems in measuring performance - Balanced Score Card approach to strategic control TEACHING/LEARNING APPROACH Theoretical concepts will be covered in lectures with the development of competitive advantage as a central theme. Seminars will consist of various activities such as case presentation, discussion and/or knowledge-building workshops. Students will work together in groups to carry out tasks that contribute to the development of company group project/strategic audit report. These activities will help develop students’ critical thinking and problem solving skills. The assessment will be based upon a variety of individual and group- based activities, e.g. tests, case analysis, company report and/or problem-based learning tasks. INDICATIVE READING Recommended Textbook Dess G., Lumpkin G.T. and Taylor M. Strategic Management – Creating Competitive Advantages, 2nd edition, McGraw-Hill Irwin, 2005. References Chow, I., Holbert N., Kelly L. and Yu J. Business Strategy: an Asia-Pacific Focus, 2nd edition, Prentice Hall, 2004 Chan K.F. and Lau T. Case-based learning in Strategic Management. ACE, McGraw Hill, 2004. Wheelen, T.L. & Hunger, J.D., Strategic Management and Business Policy, 9th ed., Prentice Hall, 2004. Hill, C.W.L. and Jones, G.R., Strategic Management - an integrated approach, 5th ed., Houghton & Mifflin, 2004. Hitt, M.A., Ireland R.D. & Hoskisson, R.E., Strategic Management : Competitiveness and Globalization, 5th ed., Thomson, 2003. Thompson, A.A. Jr. and Strickland, A.J., Crafting and Executing Strategy - Text and Readings, 13th ed., McGraw Hill, 2003. Recommended Academic Journals
    • Advances in Strategic Management Academy of Management Journal Business Strategy Review Journal of Business Strategy Journal of Management Studies Long Range Planning Strategic Management Journal Strategic Organisation