strategy management striking the flame session 1_j_stomp
TRANSCRIPT
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
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
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
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
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
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