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BMNG7321/d/p/w
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This is unit 1 - unit 3, lecture notes to provide in depth study knowledge regarding the units.
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Theme 1: What is Strategy?LO1: Explain the concept of strategy
Definition: Strategy is a plan of action designed to achieve a long-term or overall aim.
It involves setting goals, determining actions to achieve the goals, and mobilizing
resources to execute the actions.
Key Elements:
o Goals and Objectives: Clearly defined targets.
o Analysis: Understanding the environment, both internal and external.
o Action Plan: Specific steps and resources required.
o Implementation: Putting the plan into action.
o Evaluation: Measuring success and making necessary adjustments.
o
LO2: Explain the development of strategy in the twentieth and twenty-first century
Early 20th Century:
o Military Influence: Strategy concepts borrowed from military tactics.
o Scientific Management: Frederick Taylor's principles focusing on efficiency.
Mid 20th Century:
o Business Strategy: Rise of strategic planning in businesses.
o SWOT Analysis: Introduction of frameworks for strategic analysis (Strengths,
Weaknesses, Opportunities, Threats).
Late 20th Century:
o Competitive Advantage: Michael Porter’s theories on competition and value
chains.
o Resource-Based View: Emphasis on internal capabilities and resources.
21st Century:
o Digital Strategy: Integration of technology and digital transformation.
o Agile and Adaptive Strategies: Flexibility and rapid response to change.
o Sustainable Strategy: Focus on long-term sustainability and ethical
considerations.
LO3: Discuss the nature of strategy
Dynamic and Evolving: Strategy is not static; it evolves with changing circumstances.
Complex and Multifaceted: Involves various elements like finance, marketing,
operations, etc.
Context-Dependent: Strategies differ based on the industry, market conditions, and
organizational goals.
Forward-Looking: Strategy is about future positioning and preparing for potential
challenges.
LO4: Discuss the role of strategy
Direction and Focus: Provides a roadmap and aligns organizational efforts.
Competitive Advantage: Helps in differentiating from competitors.
Resource Allocation: Guides effective utilization of resources.
Risk Management: Identifies potential risks and prepares mitigation plans.
Performance Measurement: Establishes benchmarks for assessing progress.
Theme 2: Understanding Strategic Management
LO5: Explain the concept of strategic management
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