module specification

Firms operate in very different ways, however, they share a common business and industry environment and often will both compete and collaborate. All sizes and types of businesses must understand their industry environment as they position themselves for success.

This module focuses on the strategic skills and knowledge needed by executives, managers, intrapreneurs and entrepreneurs and aims to:

• develop the understanding and skills in strategy development and in execution
• provide the knowledge and skills to scan, analyse and interpret firm business environment
• develop skills in understanding trends in the business environment and to construct scenarios that can be used to test strategy
• develop the ability to manage resources and capabilities and to critically evaluate their importance as sources of sustainable competitive advantage but also as potential sources of disadvantage when disruptive innovation occurs
• take strategic decisions based on a deep understanding of their business and the market or markets they serve
• foster and exploit innovation through the development of new products and services
• critical awareness of the importance of environmental and social responsibility, ethical decision making and the need for effective corporate governance.

A key element of the module is participation in the business simulation in which students will compete against each other in teams within in a simulated global market place. This will provide the opportunity to role play executive positions in a global business, take strategic decisions and gain rapid feedback on their validity.

None

1. Introducing Strategy and the Strategy Process
a. Strategic Context
b. Planned and Emergent Strategy
c. Vision and mission 1,2,3,4

2. Starting and Growing a Business
a. The importance of knowing the customer
b. Lean Start-up and Business Model Canvas
c. Stages of Growth and the Need for Systemisation 1,4,5

3. Business Strategy
a. Strategic Position
b. Scale and Learning Effects
c. Strategic forecasting 1,3,4,5

4. Environmental Analysis
a. Analysing the macro-environment – PEST and PESTLE
b. Major trends
c. Value chains and value networks 1,2,4

5. Scenario planning
a. Rationale
b. Developing Scenarios
c. Linking Scenarios to strategy 1,2,4,5

6. Industry Analysis
a. Industry definition, boundaries and analysis
b. Industry lifecycle models
c. Strategic groups and Competitor Analysis 1,2,4

7. Internal Analysis
a. Sources of competitive advantage
b. Resources and capabilities
c. Core competencies 1,3,4

8. Corporate Strategy
a. Horizontal and vertical integration
b. Related and unrelated diversification
c. Mergers, Acquisitions and Strategic Alliances 3,4

9. Innovation and Disruption
a. Creative Destruction
b. The Innovator’s Dilemma
c. Fostering innovation 1,2,3

10. Technology Strategy
a. Technology adoption
b. Standards wars
c. Platform strategy
d. Crowd Sourcing
e. Incubators and technology hubs 1,2,3,4

11. Strategy in the Global Environment
a. Global strategies
b. Entry modes to new geographies
c. National competitive advantage
d. The role of governments 1,2,3

12. Strategic Change
a. Radical and incremental change
b. Strategic Alignment
c. Theories of Change 3,4,5

Students will attend weekly 3-hour workshops during which time they will receive material in the form of lectures/discussions, discuss case studies and current issues, and participate in groups in the business simulation.

In the early part of the module, time will be allowed in the workshops for simulation team building, discussion and decision-making, but this will move to be an activity performed by the students outside the classroom either in face to face meetings or online.

The module assessment will include a reflection on the business simulation experience.

On successful completion of this module, students will be able to:
1. Analyse the environment of a firm, both internal and external, current and future, to identify sources of competitive advantage and disadvantage, and opportunities and threats.
2. Critically evaluate strategic direction and strategic options in complex current and future business environments to inform executive decisions.
3. Critically evaluate strategic information, insights and recommendations.
4. Communicate strategic analysis and recommendations clearly and confidently.
5. Appraise the strategic decision-making process.

The assessment of the module will comprise the following two elements:

Assessment Part 1:
Group Presentation – 20% of the total mark
The group presentation will examine the company performance of the group’s simulation company and set out their strategy for the remainder of the simulation. This assessment covers LO 1-4 in the context of the simulation.

Assessment Part 2:
Individual Report based on Time-released case  – 80% of the total mark (max 2,750 words)
A Working individually, students will conduct a strategic analysis of a firm and its industry, making recommendations for the future, and delivering their work as a report with a one page executive summary (total: 2,250 words).
This assessment revisits LO1-4 in the context of a firm and its industry in the real world.

B Students will also include in their submission a reflective report that evaluates the process they used in the business simulation in order to create and execute their strategy, and how effective this proved to be, addressing LO5 (total: 500 words).

Core Text:

-De Wit, R  (2020) Strategy, An International Perspective, 7th ed , Cengage Learning,

Other Texts:

-Satell G., (2017) Mapping Innovation: A Playbook for Navigating a Disruptive Age,  McGraw Hill.
Barnett, P., (2019) Sages of Strategic Management: Inside the Minds of the Great Business Thinkers and Strategists, Wiley
Christensen, C. M. (2006). The innovator's dilemma: the revolutionary book that will changed the way you do business. New York, HarperCollins Publishers.
Mintzberg H, Ahlstrand B and Lampel J (2008), Strategy Safari, 2nd Edition, Prentice Hall.
Ringland, G. (2006) Scenario planning: managing for the future. 2nd ed. Chichester: Wiley

Journals:
California Management Review
London Business School Review
Long Range Planning
Harvard Business Review
MIT Technology Review
Sloan Management Review
Strategic Management Journal

Websites:
www.bain.com  – Bain Management Consultants
www.theccc.org.uk  - Committee on Climate Change
www.fhi.ox.ac.uk  – Future of Humanity Institute, Oxford University
www.mckinsey.com  – McKinsey Management Consultants

Electronic Databases:
Mintel
Fame (UK Companies)
Statista