[Type text] Strategy Assignment: Strategy Challenge Henley Business School ii © Henley Business School, February 2014 The use of specific cultural references and gender markers in these course materials does not imply bias or criticism. The copying, storage in any retrieval system, transmission, reproduction in any form or resale of the course materials or any part thereof without the prior written permission of Henley Business School is an infringement of copyright and will result in legal proceedings. Henley Business School reserves the right to change course content, structure and all terms and conditions related to the programmes at its sole discretion. www.henley.ac.uk © Henley Business School, February 2014 Item code: FL-STR-AQ-7A FL-STR-AQ-7A © Henley Business School, February 2014 1 Introduction The Strategy Challenge assesses the learning achieved in the Strategy module of the MBA. It constitutes the only formal assessment of this module. It is intended to test your understanding of key concepts and their application to the real business needs of an organisation. The Strategy assignment should focus on a particular strategic challenge – which may be an opportunity or a problem that is relevant and important to your organisation (or one you know well). In selecting a suitable strategic challenge for the assignment, you should discuss your ideas with your line manager and other colleagues to ensure that you focus on a strategic challenge with suitable depth and scope – and, ideally, with real competitive impact on the organisation if resolved. The intent of the Strategy Challenge is for each programme member to deliver a fresh analysis of a strategically relevant managerial challenge directly relevant to their work environment, and it should be approached like a ‘standard’ work assignment project. Purpose of the Strategy Challenge The Strategy Challenge is designed to: • develop your capability to think and act strategically • test your ability to apply and integrate the concepts taught and techniques learned in the Strategy module in the context of a real business problem • build a bridge between course material in the MBA and your own organisation (or one you know well) • provide an opportunity for you to meet your personal development needs and acquire some of the skills and competences needed for senior management The main emphasis of the Strategy Challenge is application. Henley seeks to test your understanding of concepts and techniques through your demonstrating that you have a clear idea of how to apply them in current business practice. Approach to the Strategy Challenge Prior to embarking on your Strategy Challenge, the following guidelines on structuring your preparation should be considered. • Identify and clarify a specific issue with strategic relevance for the organisation that has a high level of interest from within the organisation, and where your analysis and findings will make a potential difference to the organisation (e.g. provide the basis for better, more informed strategic decision-making). • Talk to managers at a senior level to ensure that the selected challenge has relevance to the organisation and has sufficient scope and depth for the purpose of this assignment. • Analyse the issues at the core of the Strategy Challenge using thinking approaches, concepts and frameworks from the Strategy module in your analysis. • Maintain a written record of the steps taken to produce the report. (For example, how was it presented internally, and what was the reaction?) Engage the organisation with the results of your project. Strategy Challenge 2 © Henley Business School, February 2014 • Use this record as part of your evidence in your Personal Development assignment at Stage 2 if it also relates to a personal development issue identified from Stage 1. • Maintain linkages with your internal ‘sponsor(s)’ in order to promote interest and support within the organisation for your findings. Support for your Strategy Challenge The Strategy Challenge is a demanding piece of work requiring initiative, energy and application. Support for the Strategy Challenge is available from the following sources. • The appendices in this brief provide additional information and guidance on what the markers are looking for and what will constitute a stronger or weaker Strategy Challenge report (see Appendix 1: Background information; Appendix 2: Supporting information; Appendix 3: Frequently asked questions; Appendix 4: Assessment grade criteria). • The Strategy Challenge is addressed in the Strategy module content and will be briefly addressed during the Strategy module workshop. Programme members are encouraged to refer to the study guide and practice applications in order to develop a detailed understanding of the module content required for the Strategy Challenge. • Programme members are encouraged to use the online Strategy discussion forum in the virtual learning environment (VLE). This forum is monitored regularly by Henley staff and allows for both responses to direct questions (subject-specific and Strategy Challenge-related) as well as more general discussions across Henley's global MBA intakes. The Strategy Challenge brief The Strategy Challenge is to be based on a real organisation – a strategic business unit or profit centre that has good potential for growth and development. The purpose of the Strategy Challenge is to prepare a report for the senior management team of your organisation addressing the following. Identify a real business challenge, opportunity or problem – and through the application of appropriate frameworks of strategic analysis derive suitable options as outlined below. Present clear and plausible arguments for why the strategic business challenge selected justifies the effort you will be investing in its investigation. This should take into consideration the following. 1. The core strategic value consideration at stake 2. The relevant competitive environment 3. The strategic position of the organisation in question Derive suitable strategic options on the basis of suitable high-level and supporting-level strategic analyses. From these options, select one strategic option on the basis of suitable evaluation criteria that most suitably represents a strategic response to the business challenge at the core of the strategic challenge. Provide plausible analysis-based arguments for your choice of strategic option. Your report should close with a critical reflection on the implications of the recommended strategic option for the organisation. FL-STR-AQ-7A © Henley Business School, February 2014 3 Strategy Challenge format and content As well as involving a significant amount of background research on the business context (both internal and external) relevant to the business challenge in question, the project might include informal interviews and discussions with colleagues on strategic issues. The word count for the Strategy Challenge is approximately 5,000. The report should include the six core elements listed below. See Appendix 2 for more details on word count. It is recommended that you use the following main headings. 1. A concise executive summary, which, in a nutshell, outlines: (a) the core strategic business challenge and justification for its selection; (b) the approach taken in its analysis; (c) key analysis findings, including the strategic option ultimately derived; and (d) a critical reflection on the implications of the recommended option for the organisation. 2. An introduction, which provides the necessary background to the strategic business challenge, identifies key issues and outlines your approach to the Strategy Challenge. 3. Suitable big-picture, high-level strategic analysis and appropriate supportinglevel strategic analyses (that ultimately provide the basis for the formation, evaluation and selection of a suitable strategic option, i.e. the response to the core business challenge at stake). 4. An integrated summary of the strategic analysis leading to the derivation of suitable strategic options. 5. The selection of one strategic option on the basis of plausible and well argued evaluation criteria. 6. A critical reflection of the implications of the recommended strategic option for the organisation. Strategy Challenge review and submission You are not expected to present a formal proposal through RISIS. However, you will be able to access subject tutors via your VLE and you may seek feedback from them as to the suitability and scope of your proposed project. Please note that tutors cannot read or comment on complete drafts. You may also, of course, continue to draw on other members of your learning team and others across your intake for experience and ideas. Learning outcomes Production of the Strategy Challenge provides a substantial opportunity to develop cognitive, intellectual and behavioural skills from individual activities and working with others in relation to: • identification of a relevant and important business problem or challenge – one that has potential for making a difference to the business • critical analysis and synthesis on the basis of suitable high-level and supportinglevel strategic analyses • narrowing a selection of potential strategic options to one suitable option on the basis of appropriate evaluation criteria • critical and well considered reflection on the managerial implications of the recommended strategic option for the organisation Strategy Challenge 4 © Henley Business School, February 2014 Appendix 1 Background information This appendix provides greater depth in understanding what is expected from you, from the perspective of the material covered in the Strategy module. Strategic thinking process The strategic thinking process provides an overall approach for guiding your thinking through the analysis of the strategic business challenge to be investigated. Either the unique competing space or the value proposition frameworks are suitable high-level frameworks of strategic analysis for laying out the big-picture at the outset. The strategy element seeks to address questions that probe and seek insight into the following. • The strategic relevance of the strategic business challenge selected for investigation from the outset. This should be argued on the basis of a clear positioning of the core value at stake. Strategy is, after all, about the organisation’s mandate for creating and delivering a uniquely superior and thereby differentiated value offering to its stakeholders. Hence the strategic challenge selected for the Strategy Challenge should have clear value implications for the organisation – this might involve a threat to the organisation’s current competitive position (i.e. its ability to create and deliver a differentiated value offering); alternatively the challenge might relate to new opportunities for creating and delivering a uniquely superior value offering that will have a positive impact on the organisation’s competitive position. Either way, the Strategic Challenge’s resolution should make a competitive difference to the organisation. Moreover, the strategic business challenge investigated should be important enough to merit the time and effort you will be investing in its investigation. • A clear positioning of the strategic context of the strategic challenge (whether problem or opportunity) on the basis of a high-level, 'big-picture' strategic analysis. • The organisation’s external competitive context. An analysis of the relevant and important macro-environmental factors, followed by an analysis of the relevant industry- and market-level factors. • The organisation’s internal basis of competitiveness reflected by its portfolio of strategic resources, structure, processes, culture and management capabilities and its ability to exploit these in creating and delivering a uniquely superior value offering to the organisation’s relevant stakeholders. • The derivation of suitable strategic options on the basis of the foregoing sensemaking analysis – and from these the selection of one that the organisation would be advised to take after careful consideration of those factors. Hence, the Strategy Challenge draws on three important components. 1. A strategic thinking framework for identifying a relevant and important business problem or challenge – one that, if resolved, will have a significant competitive impact on the organisation’s business (the ‘Challenge space’ in Figure 1). 2. 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FL-STR-A . the c m AQ-7A 5 Strateg 6 Figur gy Challenge re 2 Strateg gy Challenge Roadmap p © H Henley Business S School, February y 2014 FL-STR-AQ-7A © Henley Business School, February 2014 7 Appendix 2 Supporting information Reporting style The Strategy Challenge is not intended to be an academic research report and the markers shall not normally expect inclusion of a formal literature review or hypothesis testing. You are, however, expected to develop a well structured and in-depth managerial report that clearly draws upon appropriate current strategy thinking, concepts and frameworks covered in the module material. Where materials are included from other books, articles or academic sources outside the module materials then these should be correctly referenced. Henley’s preferred method of referencing is the Harvard (author–date) system. Confidentiality Certain aspects of your Strategy Challenge project may be sensitive. Henley is aware that confidentiality may be a concern. When you submit your report it will only be made available to staff who need to see it as part of the assessment process and to the external examiner. Your report will not be made available to any other person unless you have given your permission in writing. If you wish to reinforce this, you are advised to put the words ‘Commercial in Confidence’ on the title page of your Strategy Challenge report. If despite these safeguards there are pieces of information that, for reasons of commercial confidentiality or legal constraints, you cannot divulge in your project, then you should identify these clearly in the introduction and this will be taken account of by the marker in the assessment process. Word count The body of the Strategy Challenge should be approximately 5,000 words (+20%/–10%), excluding appendices and bibliography/references but including all text (including contents pages, executive summaries and text in tables or diagrams etc). Strategy Challenge reports that exceed the specified word count by more than 20% or are more than 10% under length may be returned unmarked to you. No other penalty will apply and a returned Strategy Challenge will not be considered a ‘fail’. You should append to the end of your Strategy Challenge report a note of the number of words used. Use of appendices You are advised to be cautious when including appendices in assignments. There are no specific criteria for marking or mark allocation available for appendices, so the assessment process focuses on the appropriate use of appendices. When deciding whether or not to include appendices, you should consider the following points. • Appendices should add value or detail to the discussion and analysis undertaken in the main body of the assignment. • They offer programme members the opportunity to give greater relevant and appropriate detail to support the main analysis and discussion. Strategy Challenge 8 © Henley Business School, February 2014 • Models, theory and discussion that demonstrate critical evaluation and analysis of issues related to the module being assessed should always be presented within the main body of the text. This discussion should make sense without referring to the appendices. Using bullet points in the text (which does not constitute analysis) and putting the detailed analysis in the appendices is not acceptable practice and could result in failure. • The inclusion of appendices should not be viewed as an opportunity to include anything that cannot fit in the word count. • Assignments that make excessive use of appendices suggest inappropriate use. As a guide, we would not normally expect appendices to exceed one-third of the length of the assignment. • Appendices should always be referenced at the appropriate point within the discussion in the main body of the text. Plagiarism Plagiarism is the knowing presentation of another person’s thoughts, ideas or writings as one’s own. It includes incorporation of another person’s work, from published or unpublished sources, without indicating through the use of quotation marks and source referencing that the material is derived from those sources. The penalties are severe; a proven charge of plagiarism is likely to lead to the removal of the offender from the programme or the removal of the degree already awarded. Assessment Your Strategy Challenge will be marked initially by a tutor. The marked project may then be moderated by another tutor to ensure consistency between markers. A sample of Strategy Challenges is periodically sent to the external examiner to ensure that consistency is maintained over time and that the quality of projects meets externally validated benchmarks. In general terms your Strategy Challenge will be judged on the following criteria: • presentation of a cohesive and coherent report leading logically through various sections from the introduction to the conclusions and recommendations • the appropriateness of the methods of investigation used and the quality of any data collected and presented • the skill with which data are analysed and the appropriateness of the approach used for the analysis • the practicability of the recommendations • the ability to meet the Strategy Challenge requirements • the skill with which concepts, models and frameworks introduced in the MBA programme are applied in the project • the quality of the presentation • the range of literature and sources consulted outside the programme material • the ability to demonstrate a critical approach to management theories and to reflect retrospectively on their application and to adapt them to your own needs FL-STR-AQ-7A © Henley Business School, February 2014 9 • the ability to demonstrate how the Strategy Challenge links with your personal development objectives Specific assessment notes for the Strategy Challenge In order to do well you will need to demonstrate your ability to: • identify and articulate a real business challenge with clear strategic implications for the organisation • carry out a rigorous, issues-based, insight-driven problem analysis on this challenge • select and apply appropriate frameworks of strategic analysis to generate relevant insight • show how the individual insights (individual pieces of the puzzle) generated through application of appropriate frameworks of analysis coalesce to form an integrated, bigger picture • derive suitable options from the outcome of the analysis • evaluate options and select from these the most suitable one on the basis of plausible and compelling criteria • derive relevant managerial implications for the organisation resulting from the recommended strategic option derived; articulate appropriate, concrete and realistic managerial actions related to its implementation – preferably prioritised (e.g. which two or three actions would your boss be best advised to undertake for maximum impact, and with what probability of success?) • assess risk and impact for the organisation (and in the broader sense, stakeholders) resulting from the proposed action Programme members typically lose marks by failing to: • provide an articulate Executive Summary that, in a nutshell, provides the following insightful summary of the Strategy Challenge – typically in no more than 1 ½ pages: • A brief presentation of the strategic challenge (opportunity or problem/threat) and its justification (why is it a challenge/problem worthy of investigation; for whom is it an opportunity/problem; who stands to gain from its resolution; what are the strategic issues associated with it?) • A brief statement of how its resolution was approached • A brief summary of the key findings (i.e. the strategic option derived) • A brief but critical reflection on the implications of the recommended strategic option for the organisation • NB: The Executive Summary should provide readers with the key elements of the Strategy Challenge report, so that if they read no more than the Executive Summary, key insights and logical outcomes of your findings should be readily apparent. • clearly establish, from the outset, the business case and strategic rationale for the specific business challenge chosen for the Strategy Challenge, i.e. failing to identify and address (a) what’s in it (core strategic value at stake), (b) for whom (stakeholders), and (c) why (business rationale) Strategy Challenge 10 © Henley Business School, February 2014 • provide a well structured strategic analysis based on an insight-driven approach (as opposed to a tools-driven approach) to resolving the key strategic questions under scrutiny • develop strategically relevant insights on the basis of an integration of insights gained from the appropriate application of suitable frameworks of strategic analysis • discuss practical implications of the recommended actions and an assessment of potential impact on the organisation (reality check), i.e. identifying potential obstacles that relate to the specific context of the firm, and identifying early wins FL-STR-AQ-7A © Henley Business School, February 2014 11 Appendix 3 Frequently asked questions Do I have to write the Strategy Challenge on my own organisation or sector? No, you may choose any organisation or sector, although for practical purposes and because it offers additional opportunities for personal development, many programme members find it easier to do the project on their own organisation or sector. How do I raise an issue with a tutor? There is an online Strategy discussion forum in your virtual learning environment (VLE). This forum is monitored regularly by Henley staff and allows for both responses to direct questions (subject-specific and Strategy Challenge-related) as well as more general discussions across Henley’s global MBA intakes. Given the busy schedule of the tutors, emails to tutors are strongly discouraged. Discussion forum responses are far quicker and allow for a broader sharing of learning across all MBA intakes. Can I submit a draft? No, there is no draft stage, but if there are areas of doubt you can consult Henley for guidance. Tutors will not give you feedback on draft versions, however, and your questions need therefore to be focused. How should I submit my Strategy Challenge? When you are ready to submit your Strategy Challenge, please do so via the RISIS portal in your VLE. For the submission date for the Strategy Challenge, please refer either to the Calendar in your VLE or to your programme administrator. How will I receive feedback on my Strategy Challenge? Following the formal assessment procedure, you will receive comments and feedback via RISIS, which will also include your Strategy Challenge mark. Normal rules of failure apply, as detailed in your programme handbook. What happens if I fail my Strategy Challenge? If you fail your Strategy Challenge, you will be required to resubmit, making appropriate changes to bring it up to MBA standard. You are allowed one such resubmission/resit in Stage 2 of the MBA or Postgraduate Diploma. The final mark of a resubmission is capped at 50%. Strategy Challenge 12 © Henley Business School, February 2014 Appendix 4 Assessment grade criteria 70–100% ‘Distinction’ 60–69% ‘Merit’ 50–59% ‘Pass’ 40–49% ‘Below threshold standard’ 0–40% ‘Unsatisfactory standard’ Comprehensive, selective and appropriate application of theory and concepts from the Strategy module. Good, selective and appropriate application of a range of theory and concepts from the Strategy module, with some further reading. General application of appropriate theories and concepts from the Strategy module. Limited use of theories from the Strategy module. Missing the point of the assignment altogether. Rigorous issues-based analysis leading to articulation of compelling strategic questions that align with the core business challenge. Systematic analysis of relevant data and evaluation. Limited wider reading – references focus mainly on the module material. Application is superficial. Little or no evidence of subject area thinking and concepts being applied. Concepts and analyses applied in a well structured, concise and integrated manner – leading to relevant insight. Significant further reading used in a relevant manner. A coherent thread running through the evidence and recommendations. Description of context and issues rather than analysis and discussion. Largely descriptive rather than analytical. A failure to use appropriate strategic analysis. Well researched and documented. Demonstration of clear understanding of the relevant concepts and approaches. Some ambiguity related to the issues to be addressed. Limited data to support assertions.Some theories and concepts included but applied in an inappropriate manner. FL-STR-AQ-7A © Henley Business School, February 2014 13 Strong critical awareness and reflection on different sources of information, and on limitations of interpretations, judgements and recommendations. Critical awareness and reflection. Basic development of ideas from theory and practice. Poor coherence or logic in the analysis and discussion. Pure description or unsupported opinion. Evidence of creativity and originality, identification of issues and creation of practical solutions. Coherent, plausible and feasible recommendations for change. Limited critical awareness or reflection. Poor structure. Recommendations lack any logic or credibility. Credible, practical and feasible recommendations. A professional presentation. Limited or no referencing to models and theory. Lacks depth of analysis and discussion. Professional, cohesive and coherent presentation. Limited evidence of studying the module. Contains plagiarised material. Little or no evidence of having studied the content of the Strategy module.