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Strategy: Striking the flameJosephine StompStrategic Management
Session 1, W2014© [email protected]
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TODAY’S TAKEAWAYS
1. Why experiential learning matters2. Why strategy matters3. What strategy includes4. How strategy has shifted focus
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In the REAL WORLD
Business professionals don’t answer tests. They solve problems + provide decision support.
This requires curiosity + knowhow
• To ask questions + challenge assumptions• To collect, organize + analyze data• To generate ideas• To create understanding • To execute
• AND a desire to never stop learning.3
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COURSE APPROACH
GOALS 1. Adopt organization‐wide focus 2. Develop critical thinking3. Turn data into meaning4. Make informed recommendations
MEANS1. Understanding through application2. Building skills through practice3. Learning by peer + teacher mentoring4. Walking in a CEO’s or manager’s shoes 4
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COURSE COMMUNICATIONS
COURSE OUTLINE: Your guide • Assignments, dates + rubrics
CLEW: Your resource + message centre• Content [lecture + textbook slides, useful articles + videos]• Updates + announcements• Grades
TWITTER: Your live update• On‐point evolving stories• To‐the‐point case + class tips
OFFICE HOURS: Your reach out• Mondays, 16:00 to 19:00 + Wednesdays, 16:00 to 19:00 5
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STRATEGY EXPLORES
Why are some organizations and their managers much more successful than others?
Michael Porter explores what strategy is and is not
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STRATEGY spans gap between WHAT IS + COULD BE
NO company is too big to fail, too small to excel or too good not to be better
Strategic change should be relevant, extraordinary, energizing + learning forward
Solutions should address Complexity, uncertainty + risk Short‐term vs. long‐term Innovation + efficiency The triple‐bottom line
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STRATEGY ALIGNSORGANIZATIONAL LEVELS
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Corporate strategy
Divisional or business unit strategies
Functional or departmental strategies
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STRATEGY’S SHIFT to a DYNAMIC FOCUS
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EXTERNAL
Industry analysisIndustry attractivenessExtraordinary performance based on Industry selection + positioning
INTERNAL
Firm resources + capabilitiesExtraordinary performance based on based on valuable, rare + inimitable resources
DYNAMIC
Disruptive capabilitiesEmergent opportunitiesExtraordinary performance based on resources that set pace + direction of change as opportunities emerge
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ROLE MODEL
• Under Armour
• New kid on the block in a mature industry populated by giants
• Check the backstory on how Kevin Plank moved Under Armour from an idea ‘born out of necessity’ to a start up and a successful business in 1996 using $17k from selling roses on campus on Valentine’s Day
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REVIEW
• Strategy does not include implementation.
• Realized strategy should match intended strategy.
• Inimitability guarantees extraordinary performance.
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True False
True False
True False