Lesson 1: Basics of Strategic Planning Strategic planning competency – (21%) Describe the steps in the strategic planning process. Chapter 4- "The Basic Planning Process" Focus on= Exhibit 4.1 and steps involved The steps in the strategic planning process are: 1) Situational Analysis 2) Alternative goals and plans 3) Goal and plan evaluation 4) Goal and plan selection 5) Implementation 6) Monitor and control. Describe the concepts of strategic vision (intent), mission, and goals. Chapter 4- "Strategic Planning" Focus on= Establishing Mission, Vision, and Goals section The first step in strategic planning is establishing a mission, a vision, and goals for the organization. The mission = purpose of the company, *** it describes what the organization does, for whom it does it, and its basic good or service. *** The strategic vision = Future. the vision statement clarifies the long-term direction of the company and its strategic intent. The Strategic Goals = Results that relate to the long-term survival, value, and growth of the organization. Tactical planning translates broad strategic goals and plans into specific goals and plans that are relevant to a particular unit in the organization. These plans usually take Medium (1-2 years). Explain the components of a SWOT analysis and how it is used in the strategic planning process. Chapter 4- “SWOT Analysis and Strategy Formulation” Focus on= familiarizing yourself with the External and Internal environments and putting it together in a SWOT analysis. 1. 2. 3. 4. 5. 6. Establishing Mission, Vision, and Goals Analyzing internal strengths and weaknesses Analyzing external opportunities and threats. SWOT analysis and strategy formulation Strategy implementation Strategic control. Describe the types of corporate strategies that organizations can use. Chapter 4- "Corporate Strategy" under section on SWOT Analysis Focus on= Exhibit 4.10 and each of the components and what they mean. Summarize the types of choices available for corporate strategy: 1. Understand the two kinds of business strategies that companies can use to gain competitive advantage. Chapter 4- "Business Strategy" section Focus on= both the low-cost and differentiation strategies and what they mean Business Strategy defines the major actions by which an organization builds and strengthens its competitive position. The two kinds of business strategies that companies can use to gain competitive advantage are: 1) Low-cost strategy – a. A low-cost strategy, also known as a cost leadership strategy, focuses on becoming the low-cost producer within a particular industry. The goal is to offer products or services at a price lower than competitors while maintaining an acceptable level of quality. 2) Differentiation Strategy – a. A differentiation strategy focuses on creating unique and distinctive products or services that stand out in the market. This strategy aims to build a strong brand and customer loyalty by offering features, quality, and benefits that customers can’t easily find elsewhere. Explain what a Core Competency/Capability means for an organization. Chapter 4- "Resources and Core Capabilities" Focus on= Exhibit 4.8 and the concept of course competency/capability Lesson 2: Organizational Responsiveness Describe what Porter's Five Forces Model is and how it is used in the strategic planning process. Chapter 2- "The Competitive Environment" Focus on= Exhibit 2.4 and all its parts and what they mean with respect to strategic planning Define what the Value Chain concept means, as well as the purpose of a value chain analysis. Chapter 9- "Customer Relationship Management" Focus on= Exhibit 9.3 and the concept of the Value Chain and its components Identify and understand the differences between mechanistic and organic organizational structures. Chapter 9- "The Responsive Organization" Focus on= Both concepts and what they mean for organizations Watch the Section 1: Strategic Planning Review Video Section 2: Total Quality Management Lesson 1: Total Quality Management (TQM) Describe what a Total Quality Management (TQM) system is and how implementing one benefits an organization. Chapter 9- "Quality Initiatives" Focus on= understanding the concept of TQM and how it benefits organizations Identify and understand the importance of statistical analysis in Total Quality Management (TQM) models/methodologies. Chapter 9- section on "Six Sigma" and Chapter 16- "The Role of Six Sigma" Focus on= the idea that six sigma quality uses statistical methods and tools to help improve quality in an organization Identify key quality management approaches such as Deming’s 14 points. Chapter 9- "Quality Initiatives" Focus on= Exhibit 9.4 Points of Quality, especially # 14 Describe what the Strategic Triangle is and how the three components relate to each other. Chapter 9- "Customers and the Responsive Organization" Focus on= the company, the competition, and the customer Explain what "Reengineering" is and describe how organizations use Customer Relationship Management tools to better understand and meet their needs. Chapter 9- "Reengineering" Focus on= the concept of reengineering defined in Key Terms and Definitions Understand and briefly discuss the main ideas behind Six Sigma quality-control tools Chapter 16- "The Role of Six Sigma" Focus on= key ideas behind Six Sigma and both % and # of defects per million. Watch the Section 2: Total Quality Management Review Video Section 3: Entrepreneurial Perspective Lesson1: Entrepreneurship Identify the common characteristics that entrepreneurs possess. Chapter 7- "What Does It Take, personally?" Focus on= the six areas mentioned in the text 1. Commitment and Determination 2. Leadership 3. Opportunity obsession 4. Tolerance of risk, ambiguity, and uncertainty 5. Creativity, self-reliance, and ability to adapt. 6. Motivation to excel. Understand and be able to apply the Entrepreneurial Strategy Matrix to assess an entrepreneurial opportunity. Chapter 7- “Making good choices” section. Focus on= Exhibit 7.5 and all its components Describe common reasons behind entrepreneurial success and failure. Chapter 7- "Common Management Challenges" Focus on= the reasons mentioned in the text for the above Common reasons behind entrepreneurial failure: 1) You might not enjoy it. 2) Survival Is Different Growth Creates New Challenges. It’s Hard to Delegate Misuse of Funds Poor Controls. Mortality and Succession. Going public – IPO (initial public stock offerings) a. Advantages: raise more capital, reducing debt/ improving the balance sheet and increasing net worth and credibility, pursuing otherwise unaffordable opportunities. b. Disadvantages: expense, time, effort involved; focus shifts to being more interested in stock price vs. running the company properly. Long-term relationship w/ investment banking firm that won’t necessarily always be a good one. *** If you are new to the industry, you will fail *** Strengths (increasing your chances of success) 3) 4) 5) 6) 7) 8) Identify common ways in which entrepreneurs finance their ventures. Chapter 7- Please see belowFocus on= The company's founders may start the business with their own money, or they may seek financing in the form of debt (taking out a loan from family, friends, or a bank) or equity (taking money in exchange for an ownership share in the company). How Entrepreneurs Finance their Ventures. 1. Describe what “Intrapreneurship” is and identify and apply the concepts of Bootlegging and Skunkworks Chapter 7- "Building Intrapreneurship" in the Corporate Entrepreneurship section. Focus on= the concepts mentioned above and their definitions and how applied in organizations Intrapreneurship – Work in a company, not self-reliance. Corporate Entrepreneurship section: Discuss how a larger organization can promote and maintain the spirit of entrepreneurship and innovation. Chapter 7- "Entrepreneurial Orientation" Focus on= read this section and understand the key concepts Watch the Section 3: Entrepreneurial Perspective Review Video Section 4: Conflict and Change Lesson1: Conflict Management Describe Constructive Conflict, why it can be beneficial to organizations and what structured processes can be used to encourage it. Chapter 3- "Constructive Conflict" under “Managing Group Decision Making” Focus on= all key concepts areas mentioned in this section Identify and describe the various conflict styles and how conflict strategies function in organizations. Chapter 14- "Conflict Styles" in chapter Focus on= Exhibit 14.5 and all 5 strategies mentioned and what they mean, as well as the concept of “superordinate goals” Describe the key aspects of the job-characteristics model of organizing and describing jobs. Chapter 13- "The Hackman and Oldham Model of Job Design" Focus on= Exhibit 13.6 and all 5 components that make up the model Lesson 2: Communication Explain what a "boundaryless" organization is and what it means for organizations. Chapter 15- "Boundarylessness" Focus on= what does this mean for organizational communication Identify and summarize ways in which to become a better communicator cross-culturally. Chapter 15- "Language” section in the chapter Focus on= use of language in cross-cultural communications Lesson 3: Managing Change Identify and apply approaches to gaining cooperation in organizational change initiatives. Chapter 18- "A General Model for Managing Resistance" Focus on= Lewin’s Model of Change and Exhibit 18.5 Methods for Managing Resistance to Change Watch the Section 4: Conflict & Change Management Review Video Sections 5: Human Resource Management Lesson 1: Human Resource (HR) Management Describe strategic human resource management and how HR planning can benefit an organization. Chapter 10- "Strategic Human Resources Management" Focus on= the HR Planning Process section, especially concepts of Supply & Demand with respect the human resources/capital Understand and identify the key techniques used in the employee recruitment and selection process in and organization. Chapter 10- “Staffing” sections in the text Focus on= Recruitment and Selection sections, especially the types of tests used in the selection process Identify and apply major U.S. Equal Employment Laws to the workplace environment and how they affect human resource considerations. Chapter 10- “Staffing” and Chapter 11-"Diversity Today" Focus on= Exhibit 10.4 & sections on “The Changing Workforce” Identify and apply common components in diversity training programs. Chapter 10- "Training and Development” Focus on= Types of Training including Diversity Watch the combined Sections 5 & 6 review video linked at the end of Section 6. Section 6: Workplace Diversity Lesson 1: Diversity Identify issues that could arise between older and younger workers in an organization. Chapter 11- "The Age of the Workforce" Focus on= communication issues that can arise among generations. (Optional: for a more detailed discussion see https://www.forbes.com/sites/forbescoachescouncil/2018/07/16/the-business-leaders-guide-to-communication-acrossgenerations/#753623b96656) Identify and apply the Americans with Disabilities Act (ADA) legislature in the workplace. Chapter 11- “Mental and Physical Disabilities” Focus on= key term of “reasonable accommodations” and what it means Watch the Sections 5 & 6: Human Resources Management & Diversity Review Video Section 7: Organizational Structure Lesson 1: Organizational Structure Describe the fundamental concepts of the organizational chart, including the Division of Labor and Coordination. Chapter 8- "Fundamentals of Organizing" Focus on= Exhibit 8.1, Differentiation & Integration concepts Explain in detail the key elements of the vertical organizational structure. Chapter 8- "The Vertical Structure” (Note that vertical and horizontal structure elements appear in every organization!) Focus on= all concepts in this section Explain in detail the key elements of the horizontal organizational structure. Chapter 8- "The Horizontal Structure” (Remember that vertical and horizontal structure elements appear in every organization!) Focus on= all concepts in this section Identify and describe what is a "matrix" and "network" organizational structure. Chapter 8- "The Matrix Organization" & “The Network Organization” Focus on= Exhibit 8.10 and key ideas behind the Matrix structure; Exhibit 8.13 and key ideas behind the Network Organization Explain the role of C-level executives’ Organizational innovation. Chapter 17- “Organizing for Innovation” Focus on =the discussion on what the chief information officer (CIO) does. Lesson 2: Managerial Control Systems and Controls Understand and describe key approaches to bureaucratic control & steps in the bureaucratic control process sequence. Chapter 16- " Bureaucratic Control Systems" + “Approaches to Bureaucratic Control” + "Designing Effective Control Systems." Focus on= Exhibit 16.3 The Control Cycle, 3 approaches to control, and 5 steps to designing effective control systems described in the text Explain the need for organizational controls and the types of control mechanisms that exist. Chapter 16- "Managerial Control" Focus on= Exhibit 16.2 Characteristics of Controls Watch the Section 7: Organizational Structure Review Video