MNG3701 Revision notes Strategic Planning (University of South Africa)
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Grado
MNG 3701
Institución
MNG 3701
MNG3701 Revision notes
Strategic Planning (University of South Africa)
UNISA BCOMPT Accounting, BCOM (General, HR, Industrial Psychology, Finance, Business Management,)
COURSE: REVISION: MNG3701
PRESENTER: LYNNE ADDISON
HEAD OF DEPARTMENT: LYNNE ADDISON
THIS STUDY MANU...
lOMoARcPSD|40800887
MNG3701 Revision
notes
Strategic Planning (University of South
Africa) lOMoARcPSD|40800887
UNISA BCOMPT Accounting, BCOM (General, HR, Industrial Psychology, Finance, Business Management,)
COURSE: REVISION: MNG3701
PRESENTER:LYNNE ADDISON
HEAD OF DEPARTMENT: LYNNE ADDISON
THIS STUDY MANUAL HAS BEEN COMPILED AS A STUDENT AID TO THE MNG3701. IT IS BASED ON THE UNISA STUDY GUIDE AND THE PRESCRIBED TEXT BOOK. PRACTISING STRATEGY A SOUTHERN AFRICAN CONTEXT PEET VENTER (EDITOR)
IT SHOULD IN NO WAY BEE SEEN AS A SUBSTITUTE FOR EITHER THE UNISA STUDY GUIDE OR THE PRESCRIBED TEXT BOOK.
1 lOMoARcPSD|40800887
Study unit 1
1. Critically differentiate between the concepts of strategy,
strategic planning and strategic management.
1.5THE CONCEPT OF STRATEGY
1.2 TEXT BOOK THE TRADITIONAL STRATEGIC MANAGEMENT PROCESS.
Strategic management traditionally draws on the perspective that the management
tasks consist of planning, organising, leading and controlling.
The strategy tasks of top management as per the text book consists of formulating
strategy (planning), implementing strategy (organising and leading) with the help of middle management and other in the organisation, and ensuring that the strategic plans and implementation initiatives stay on track.
1.6Strategic planning (1.2 text book)
Strategic formulation (or strategic planning page 4 TB) is the focus of most text
books on strategic management and is generally regarded as the ‘thinking’ part of the strategic management process.
The top management set the strategic direction of the organisation
They analyse the internal and external environment
Set strategic goals
And then choose strategies that will help them
2. Describe the different levels of strategy in an organisation.
1.11(1.4.6 TB PAGE 12 ) LEVELS OF STRATEGY IN ORGANISATIONS: Table 1.1 The different levels of strategy: page 12
2CORPORATE LEVEL STRATEGYBUSINESS- LEVEL STRATEGY(SBU)FUNCTIONAL
STRATEGY
WhereCorporate centreBusiness unitFunctional management
ScopeThe multibusiness
corporationMarkets In which
it is competingFunctional area (e.g. marketing)
Who is responsibleBoard of directors Business unit
managerFunctional
manager lOMoARcPSD|40800887
GoalShareholder value Competitive
advantageExecuting business unit
strategy.
Corporate level strategy: Focus is on creating shareholder value. Decisions made are about mergers, acquisitions, disinvestments and internalisation.
Business – level strategy: The focus is the achievement of competitive advantage within its own market. It supports the corporate strategy by ensuring it
is successful in the markets it is competing in and relies on the corporate to provide it with the means and resources to achieve this.
Functional strategies: These relate to the functional department such as marketing, human resources, operations etc. to develop strategies that support the
implementation of business strategies.
The study guide page 39 discusses the importance of strategy and strategic
management:
It provides for cohesive strategic thinking and an innovative and future-
oriented decision framework for the organisation.
It pools the contributions by organisational members, thereby facilitating
the communication of strategy to all
It is the verbalisation of the organisation’s aspirations and serves as a
source of motivation for everyone in the organisation.
3.Critically discuss the importance, benefits and risks of
strategy.
1.12THE IMPORTANCE OF STRATEGIC MANAGEMENT, BENEFITS AND
RISKS 1.4.2 Text book and 1.12 study guide.
It provides members of the organisation with a framework to guide their decision
making
The strategic management process combines the views and thinking of many
members of the organisation and communicates the outcome back to the organisation so that everyone follows the same strategy.
In a sense it verbalises the organisation’s aspirations and accordingly provides an
inspirational element that may be far removed from the realities of the present.
A good strategy can inspire, unite and motivate members of the organisation.
Study guide page 39 1.12
Study section 1.4.2 in chapter 1 in the prescribed book.
In this section we briefly relate the importance of strategic planning and strategic management to the potential benefits and risks of these processes.
As explained in the prescribed book, strategy is a coherent narrative about the future direction of an organisation and provides an actionable blueprint for
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