Stott’s Colleges 252 Lygon Street, Carlton Cricos code 00197D Bachelor of Business Semester 1 2017 SUBJECT OUTLINE SUBJECT TITLE MAN 301 Strategic Management COURSE Bachelor of Business PRE-REQUISITE MAN101 Introduction to Management DURATION One Semester CREDIT POINTS: 15 ___________________________________________________________________________ LECTURER DETAILS Alan Dymond 163 Exhibition Street Melbourne VIC 3000 Phone: 0419547980(text only) Email: [email protected] Preferred contact method: email or face-to-face after class Description: The Strategic Management unit is designed to enable students to integrate concepts from their studies in the core and professional strand units. It will introduce students to the study of Strategic Management within the organisational context. It will extend and integrate the basic concepts of Management, Marketing, Operations management, Information Systems and Financial Strategic Planning. The unit is designed to help participants to become acquainted with elements of the organisational strategy exploring the context of strategy, internal & external environmental scanning, strategy formulation and issues relating to the implementation of strategy. The unit also includes how the various functional strategies integrate and interact to form the organisational strategy. It will provide participants with competencies, skills and the understanding necessary for implementing and managing the strategy processes that aims to ensure the long-term viability and success of an organisation or enterprise.. Development of graduate attributes Graduates from the Bachelor of Business program are expected to have knowledge, skills and abilities (KSA) on three different dimensions. Each subject in your course contributes in some way to the development of the Stott’s Graduate Attributes which you should demonstrate by the time you complete your course. Professional GA1 Graduates have an understanding of business that allows them to identify and develop business functions and understand their effect on business outcomes GA2 Graduates understand the professional working environment and have developed an awareness of business ethics that is consistent with the Australian business culture. GA3 Graduates can identify and solve common problems in business using tools available to them Personal GA4 Graduates can develop their KSAs to meet the demands of the workplace, their chosen career path and a changing environment GA5 Graduates have developed interactive skills to work well in a multicultural environment GA6 Graduates can successfully work in their chosen profession and have the necessary knowledge and skills for an entry/intermediate level position after graduation. Academic GA7 Graduates have developed academic skills and attributes necessary to undertake research, comprehend and evaluate new information, concepts and evidence from a range of sources; GA8 Graduates have recognised potential shortcomings in their KSAs and have developed the tools necessary to engage in self directed life long learning to address this. GA9 Graduates have an understanding in how to apply knowledge gained in their degree into the workplace Learning Outcomes: In this subject the student develop and analyse the implementation of company strategies with a particular emphasis on small and medium sized businesses. At the completion of this subject a student should be able to: LO 1. understand and examine the role of the vision and mission statements, and the internal and external organisational environment and examine their role in developing the organisational strategy; LO 2. gain an insight into the various processes and stages of strategy formulation, implementation, and evaluation; LO 3. apply the skills and competencies necessary to formulate the strategies that result in sustainable competitive advantage; LO 4. analyse and choose appropriate strategic initiatives at the corporate, business and functional levels of an organisation; LO 5. become acquainted with the impact of social, ethical, behavioural and international operations’ issues in strategic management; LO 6. appreciate the significance and relevance of strategic management in a ‘not for profit’ business environment. CONTENT Topics will include: • The nature of strategic management; • Environmental scanning and assessment; • Internal scanning and analysis; • Types of organisational and functional strategies; • Organisational strategy analysis and choice; • Strategy implementation; • Strategy review and evaluation; • Strategic management and social responsibility; • Strategic management and managing technology and innovation. LEARNING TASKS AND ASSESSMENT Assessment in this subject will consist of a combination of coursework and end-of-semester examination: Assessment Weight Due Learning Outcomes Assessed Graduate Attributes Assessed CPA Knowledge Area and Item Assessed* 1. Situation Analysis Project Plan & Summary 5% Working Week 5 LO1, LO2, LO4, LO5 GA1, GA3, GA7, GA9 N/A 2. Situation Analysis Report (1500 words) 25% Working Week 7 LO1, LO2, LO4, LO5 GA1, GA3, GA7, GA9 3. Final Strategic Project Plan & Summary 5% Working Week 10 LO2, LO3, LO4, LO5 GA1, GA2, GA3, GA7, GA9 4. Final Strategic Plan Report (2500 words) 25% Working Week 12 LO1-LO5 GA1, GA2, GA3, GA7, GA9 5. End of semester Final Examination 40% Exam Week All GA1, GA2, GA3, GA7, GA9 TOTAL 100% * CPA assessment only applicable for CPA subjects. Please refer to CPA documentation for Knowledge Areas In order to pass this subject, students are required to complete all assessment tasks and achieve an aggregate mark of 50% for the assessment tasks. Students must achieve 50% in their Final Exam to pass this subject. It is a closed book examination. Week Topic Text reference and set readings Assignment Activity Week 1 Strategic management and strategic competitiveness Chapter 1 Week 2 The external environment: Opportunities, threats, industry competition Chapter 2 JA1 JA5 JA7 Week 3 The internal environment: Resources, capabilities and core competencies Chapter 3 Week 4 Competitive Rivalry and Competitive Dynamics Chapter 5 Week 5 Business-level strategy. Chapter 4 JA2 Situation Analysis Discussion Forum Week 6 Corporate-level strategy Chapter 6 Week Break Break Week 7 Acquisition and restructuring strategies Chapter 7 Situation Analysis Report Due Week 8 International strategy Chapter 8 Week 9 Cooperative strategy Chapter 9 Week 10 Governance & Strategic Leadership Chapters 12 & 13 JA4 JA6 Final Strategic Plan Discussion Forum Week 11 Organisational structure and controls Chapter 11 Week 12 Course Review and Final Exam Revision Final Strategic Plan Report Due Week 14 Final Exam Prescribed Texts 1. Hanson D, Hitt M, Ireland R., Hoskisson R. (2014) 5th ed. Strategic Management Cengage Learning ISBN 978-0170227643. ( www.cengage.com.au) Readings to accompany the lectures Journal Articles (JA) These articles can be accessed from Moodle 1. Daesoo Kim, Ow, T. T., & Minjoon Junc. (2008). SME Strategies: An Assessment of High vs. Low Performers. Communications of the ACM, 51(11), 113–117. 2. Kumar, S., & Sarma, V. V. S. (2013). Green Innovation - A Study on Green Innovation at Panasonic Corporation. Amity Global Business Review, 8, 55–59. 3. Oke, A., Walumbwa, F. O., & Myers, A. (2012). Innovation Strategy, Human Resource Policy, and Firms’ Revenue Growth: The Roles of Environmental Uncertainty and Innovation Performance*. Decision Sciences, 43(2), 273–302. doi:10.1111/j.1540-5915.2011.00350.x 4. Prahalad, C. K., & Mashelkar, R. A. (2010). Innovation’s Holy Grail. Harvard Business Review, 88(7/8), 132–141. 5. Schiederig, T., Tietze, F., & Herstatt, C. (2012). Green innovation in technology and innovation management - an exploratory literature review. R&D Management, 42(2), 180–192. doi:10.1111/j.1467-9310.2011.00672.x 6. Sethi, S. P., & Sama, L. M. (1998). Ethical Behavior as a Strategic Choice by Large Corporations: The Interactive Effect of Marketplace Competition, Industry Structure and Firm Resources. Business Ethics Quarterly, 8(1), 85–104. 7. Siegel, D. S. (2009). Green Management Matters Only If It Yields More Green: An Economic/Strategic Perspective. Academy of Management Perspectives, 23(3), 5–16. doi:10.5465/AMP.2009.43479260 Recommended readings David, Fred R. Harlow 2011 Strategic management concepts: Pearson Education, There is a range of websites supporting SMEs in strategy development. Please refer to the up to date library subject guide for this subject. Journals There is a range of Journals available in Management and Strategy on EBSCO Premier including the journals below: - Academy of Management Journal - Academy of Management Review - Industry Week - Journal of Management - Management and Organization Review - Management Decision - Management Learning - In this unit there are five (5) separate but coordinated assessment tasks You CANNOT PASS this unit unless you have attempted and submitted ALL 5 assessments Other Notes: 1. All reports must be typed written with proper margin and line spacing. 2. All assignments submitted must clearly indicate the student names and student number on the front cover sheet. . Assessment Tasks 1 & 2 Situational Analysis – this is an INDIVIDUAL student task This comprises TWO assessments 1. Preparation for and submission to Moodle in which you are required to demonstrate significant progress towards the finalisation of the Situation Analysis Report. Students will be given details during the second week for submission of a one page report 2. Marks Allocated 5% 3. The Situation Report. Marks Allocated 25% Word Limit 1500 words Due Date Reports must be uploaded to Moodle before Noon on Monday week 7 What you are required to do; You will be supplied on Moodle with initial industry research on the Australian Aged Care Industry and some information on the company, assigned to you by the lead lecturer, for which you are to develop a strategic plan. You will need to supplement this research with your own research. Students are required to undertake a detailed analysis of the chosen market in Australia and the external factors affecting that industry. The analysis should cover market structure, segmentation, distribution channels, competitors and trends for the total market. In addition you will also be required to undertake an internal analysis of your chosen company in order to identify their core capabilities and competencies and any competitive advantage they may possess. From this analysis you will highlight the key issues facing the industry and the company and put forward an initial range of potential future strategies which the company may consider. The structure of your report headings will be • Executive Summary • Market Size & Trends • Financial and Corporate Performance • SWOT & Competitive Advantage • Strategic Options • Possible Recommendations Student Name……………………………………………………………………………………. ID#...................................................Company:…………………………………………. High Distinction Exceptional 80-100 Distinction Excellent 70-79 Credit Above av. 60-69 Pass 50-59 Fail 0-49 Understanding and application of theory related to assignment /2.0 marks Evidence of comprehensive knowledge and understanding; masterful application of relevant skills and academic ability. Evidence of very good level of knowledge and understanding, very good application of relevant skills and academic ability Evidence of good knowledge and understanding, good application of relevant skills and academic ability Evidence of adequate knowledge and understanding; satisfactory application of relevant skills and academic ability; Insufficient evidence of knowledge, understanding and skills, and/or academic ability Develop suitable corporate strategic report for the situational analysis section /2.0 marks Comprehensive strategic report at an outstanding level. All sections of the report covered at a consistently excellent level. Comprehensive strategic report at a very good level. All sections of the report covered completely and thoroughly. A reasonably good strategic report at a creditable level. All sections of the report covered at a credit standard. A satisfactory strategic report. Attempted all parts of the report to an acceptable level. Not all parts of the report covered or all parts not covered well, particularly internal and external analysis. Analysis of purpose, vision and goals /1.0 marks Comprehensive, balanced critical evaluation of purpose, vision and goals supported thoroughly by references. Detailed and balanced assessment/ analysis of the vision, purpose and goals supported by a wide range of references Accurate and balanced assessment /analysis of the vision, purpose and goals using textbook and a few references Limited or unbalanced assessment/evaluation of vision, purpose and goals based on textbook or Moodle materials. Much more analysis and critical evaluation required. More research required to analyse the situation Analysis of external situation /4.0 marks Outstanding research and analysis of all parts external situation. Sophisticated conclusions made about macro trends, the industry and competitors’ strategies Excellent research and analysis of all parts external situation. Good conclusions made about macro trends, the industry and competitors’ strategies Some good research and analysis of all parts external situation. Accurate conclusions made about macro trends, the industry and competitors’ strategies Basic research and analysis of most parts external situation. Limited conclusions made about macro trends, the industry and competitors’ strategies Inadequate or limited research done. No or inaccurate analysis of all parts external situation. No conclusions made about macro trends, the industry and competitors’ strategies. Assessment of internal situation /5.0 marks Outstanding research and analysis of all parts internal situation. Financial analysis exceptional. Sophisticated conclusions made about the company’s financial health, competitive advantage and performance using either TBL or Balanced Scorecard Excellent research and analysis of all parts internal situation. Excellent financial analysis. Good conclusions made about the company’s financial health, competitive advantage and performance Some good research and analysis of all parts internal situation. Accurate conclusions made about the company’s financial health, competitive advantage and performance using either TBL Basic research and analysis of most parts internal situation. Limited conclusions made about the company’s financial health, competitive advantage and performance using either TBL or Balanced Scorecard Inadequate or limited research done. No or inaccurate analysis of all parts internal situation. No conclusions made about the company’s financial health, competitive advantage and performance using either TBL or Balanced Scorecard. Keys to success in the future /2.0 marks Very clear and analytical summary provided; conclusions about the keys to success are well based on the previous analysis and discussion Comprehensive conclusion provided. Very good development of keys to success excellently based on previous analysis and discussion Good, reasonably thorough conclusion provided. Creditable keys to success. Evidence of reasons firmly based on previous analysis and discussion. Adequate but basic conclusion provided. Acceptable keys to success but based on limited evidence of previous analysis and discussion. Few or limited and unsubstantiated conclusions provided. Few or unrealistic keys to success that do not relate to the previous analysis and discussion Discussion and range of tools and theories used in this assignment /2.0 marks Outstanding debate on all the theories and tools used, well supported by a wide range of academic sources. Discussion clearly and accurately evaluates the appropriateness of the tools and theories with substantial use of references to support discussion Discussion clearly and accurately debates the appropriateness of the models and tools. Some references used to support discussion. Discussion is limited and not done to all theories. Only used textbook as references to support discussion/debate. Discussion is inaccurate and /or inadequate, with no/limited justification of appropriateness the theories and tools. No/too few academic references used to support discussion/debate. Report Structure, referencing, spelling /2.0 marks Outstanding standard. Demonstrates a high level of expertise at writing a report. No errors. Exceeds requirement for appropriate citations and references. Exemplary use of Harvard referencing style both in-text and reference list. Very good standard. Clear expression, accurate spelling and punctuation, citations are used throughout the report to support points made. Reference list reflects excellent citations and follows Harvard referencing style accurately Good standard. Grammar, spelling and punctuation are accurate. Writing style is clear. Referencing is of a good standard both in-text and the reference list and follows Harvard referencing style mostly. Satisfactory standard. Some spelling, grammar errors. Adequate writing style. Referencing is adequate in-text and in the reference list and Harvard referencing style attempted. Unsatisfactory standard. Very poor in-text referencing. Poor or no reference list. Many spelling, punctuation and grammatical errors Unbusiness like and academic writing style. Total Mark ……….. /25 Comments: Assessment Tasks 3 & 4 Final Strategic Recommendations – this is an INDIVIDUAL student task This comprises TWO assessments 1. Preparation for and participation in an online discussion forum in which you are required to demonstrate significant progress towards the finalisation of the Final Strategic Recommendations Report. Students will be given the time and log in details during the second week for participation during the week 5 forum Marks Allocated 5% 2. Final Strategic Recommendations Report. Marks Allocated 25% Word Limit 2500 words Due Date Reports must be uploaded to Moodle before Noon on Monday week 12 What you are required to do; Based on the feedback received on your Situation Analysis Report you will now proceed to a Final Strategic Recommendation for your chosen company in which you will be required to detail not only what your strategic recommendations are but also what specific steps at the business and corporate level are necessary to implement those strategies as well as how you will monitor and control the performance of the company as it goes forward. You will incorporate in your report those parts of your Situation Analysis as are appropriate to produce a full strategic report. This will mean that you may cut and paste from your initial report and Turnitin Similarity levels will be adjusted to accommodate this. The structure of your report headings will be • Executive Summary • Market Size & Trends • Financial and Corporate Performance • Strategic Options • Final Recommended Strategy • Implementation of Final Strategy • Monitoring and Control of Future Performance Student Name………………………………………………………………………. ID#.............................................................. Company:…………………………………………… High Distinction Exceptional 80-100 Distinction Excellent 70-79 Credit Above av. 60-69 Pass 50-59 Fail 0-49 Understanding and application of theory and processes / 3 marks Evidence of comprehensive knowledge and understanding; masterful application of relevant skills and academic ability. Evidence of very good level of knowledge and understanding, very good application of relevant skills and academic ability Evidence of good knowledge and understanding, good application of relevant skills and academic ability Evidence of adequate knowledge and understanding; satisfactory application of relevant skills and academic ability; Insufficient evidence of knowledge, understanding and skills, and/or academic ability Identification of what parts need to change when implementing the strategies / 1 marks Outstanding coverage of which parts of the company need to change Detailed coverage of which parts of the company needs to change Creditable coverage of which parts of the company needs to change Addresses most areas of the company that need to change Inadequate or very limited identification of which parts of the company needs to change Structure, Culture Reward system; leadership style related to implementing strategies / 4.0 marks Outstanding coverage of what needs to change related to structure, culture, reward systems, leadership style, and presented new ones expertly. Very clear justification supported by a wide range of academic references. Detailed coverage of what needs to change related to structure, culture, reward systems, leadership style and presented new ones excellently. Very good justification supported by a range of academic references Creditable coverage of what needs related to change structure, culture, reward systems, leadership style and presented some new ones. Reasonable justification supported by academic references Addresses most areas that need to change related to structure, culture, reward systems, leadership style and presented adequate new ones. Limited or no justification given. Inadequate or very limited identification of what needs to change related to structure, culture, reward systems, leadership style but no new aspects presented. No justification given. Systems, Skills, and Staff related to implementation of strategies, / 4.0 marks Outstanding coverage of what needs to change related to systems, skills, and staff and presented new ones expertly. Very clear justification supported by a wide range of academic references. Detailed coverage of what needs to change related to systems, skills, and staff and presented new ones. Very good justification supported by a range of academic references Creditable coverage of what needs related to change systems, skills, and staff and presented new ones. Reasonable justification supported by academic references Addresses some areas that need to change related to systems, skills, and staff and presented adequate new aspects. Limited or no justification given. Inadequate or very limited identification of what needs to change related to systems, skills, and staff but no new aspects presented. No justification given. Monitoring and control required to implement the strategies / 2 marks Outstanding coverage of the methods that could be used to monitor and control implementation. Expertly justified recommended methods supported by a wide range of academic references. Comprehensive coverage of the methods that could be used to monitor and control implementation. Very good justification of recommended methods supported by a range of academic references. Creditable coverage of the methods that could be used to monitor and control implementation. Reasonable justification of recommended methods supported by academic references Addresses the recommended methods to monitor and control. Limited or no justification given. Inadequate or very limited recommended methods to monitor and control. No justification given. Specific Issues related to Implementation of the strategies / 3 marks Outstanding discussion on issues that must be considered including stakeholder reaction. Expertly supported by a wide range of academic references. Comprehensive discussion on the issues that must be considered including stakeholder reaction. Excellently supported by a range of references. Creditable discussion on the issues that must be considered including stakeholder reaction. Creditably supported by academic references Addresses most of the issues that must be considered including stakeholder reaction. Limited or no support given. Inadequate or very limited discussion on the issues that must be considered including stakeholder reaction. No support given. Methods of evaluation; Developing responses to evaluation results / 2.0 marks Outstanding discussion on possible methods of evaluating strategies and responses; Suitable methods recommended and exceptional responses developed. Expertly supported by a wide range of academic references. Comprehensive discussion on possible methods of evaluating strategies and responses to the evaluation. Very good method recommended and justified; Excellent responses developed supported by academic references Creditable discussion on possible methods of evaluating strategies and responses to evaluation. Good method recommended and justified; Responses developed supported by academic references Discussed some methods of evaluating strategies and responses; Acceptable method recommended but with limited justification; Passable responses developed supported by textbook reference. Possible methods of evaluating strategies or responses to the evaluation not identified. Poor or no method recommended and no justification; Inadequate responses developed or not supported. Analysis and application of external and internal information / 2.0 marks Outstanding research and critical analysis of all parts external and internal situations. Sophisticated conclusions made about the external and internal situations. Excellent research and critical analysis of all parts external and internal situations. Good conclusions made about the external and internal situations. Some good research and critical analysis of all parts external and internal situations. Accurate conclusions made about these situations Basic research and some analysis of most parts external and internal situations. Limited conclusions made about these situations. Inadequate or limited research done. No or inaccurate analysis of all parts external and internal situation. No conclusions made about these situations. Discussion and range of tools and theories used in this assignment / 2.0 marks Outstanding debate on all the theories/concepts and tools used, well supported by a wide range of academic sources. Discussion clearly and accurately evaluates the appropriateness of the tools and theories with substantial use of academic references to support discussion Discussion clearly and accurately debates the appropriateness of the models and tools. Some academic references used well to support discussion. Discussion is limited and not done to all theories. Only used textbook as references to support discussion/debate. Discussion is inaccurate and /or inadequate, with no/limited justification of appropriateness the theories and tools. No/too few academic references used to support discussion/debate. Report Structure, referencing, spelling / 2.0 marks Outstanding standard. Demonstrates a high level of expertise at writing a report. No errors. Exceeds requirement for appropriate citations and references. Exemplary use of Harvard referencing style both in-text and reference list. Very good standard. Clear expression, accurate spelling and punctuation, citations are used throughout the report to support points made. Reference list reflects excellent citations and follows Harvard referencing style accurately Good standard. Grammar, spelling and punctuation are accurate. Writing style is clear and report is easy to read. Referencing is of a good standard both in-text and the reference list and follows Harvard referencing style mostly. Satisfactory standard. Some spelling, grammar errors. Adequate business writing style. Referencing is adequate in-text and in the reference list and Harvard referencing style attempted. Unsatisfactory standard. Very poor or limited in-text referencing. Poor or no reference list. Many spelling, punctuation and grammatical errors and unclear writing style. Report is difficult to read. Total /25 Comments: Assessment Task 5 Final Examination Marks Allocated 40% Duration Two Hours + 15 Minutes Reading Time Due Date Examination Week The Examination comprises 4 short answer questions relating to general concepts of Strategic Management and 2 questions relating to a short case study given in the exam paper. Each question is worth 5 marks IMPORTANT NOTES ON PASSING THIS SUBJECT Students are advised to acquaint themselves with the academic regulations regarding progress as outlined in the College Rules and Regulations. A deferred or a supplementary examination will be in the mid semester break of the following semester. Supplementary information concerning teaching, learning and assessment may be provided from time to time. Announcement of these matters in classes and on the website shall be deemed to be official notification. It is recommended that students who have life circumstances or personal limitations which may affect their course of study, should contact the Program Coordinator as soon as possible. Group discussion in assignment work is encouraged. However, written reports must be the individual student's work. Any and all collaboration and help received must be clearly acknowledged. Permission to make a late submission of work must be obtained from your Head of Subject/Dean. The reasons for requesting an extension of time must be given in writing and must be received before the due date. Having ‘work in other subjects’ will not be accepted as reasonable grounds for granting an extension. Excuses involving computers or printers will not be accepted as valid reasons for late submission. It is your responsibility to organise projects so that work is submitted by the due date. Where your work is submitted after the due date and compassionate or other grounds cannot be established, there will be a penalty of 10% of the total mark for each day the submission is overdue. In order to pass the subject, you must have satisfactorily completed all assigned work. If the subject lecturer questions any submitted work as wholly or partially plagiarised, you will receive a nil result for the assessment. If the subject lecturer is satisfied that two or more students have engaged in unauthorised collusion, those involved will be subject individually to the same penalties as those applied in individual cases. A duplicate copy of all work submitted must be kept by the student. Assessment grades are as follows Fail (F) 0 - 39 Resit (R) 40-49 Pass (P) 50 - 59 Credit (C) 60 - 69 Distinction (D) 70 - 79 High Distinction (HD) 80 - 100