BMGT6017 Strategic Management
How will you be assessed?
Finally, we have to assess your efforts. More specific detail can be found later on this guide or will be issued in class, but for this we will be looking at individual portfolio submissions, directly evaluating your own group work. In these portfolios we will ask you individually to critically evaluate your project team Business Models against key criteria.
This is a new-old approach to making strategy
The application of design thinking when “strategizing” has become fashionable as businesses look for the next leap forward.
Enthusiasts (possibly the course team) can be evangelical about it. It emphasizes innovation and understanding the future more than other approaches, but in other ways it is quite conventional. In particular, it offers a template for integrating decisions about all aspects of business (IS, marketing, finance, HR, technology, corporate partnerships, etc.) that must be considered if a strategy is to be implemented. In this it resembles the “Business Policy” case-based classes pioneered at Harvard Business School in the early 1960s, which were the start point for all modern business strategy teaching. We hope it provides the same kind of practical relevance and intellectual challenge provided by those classes.
Changes made to the module (if any) in response to student and other feedback
A review of the module feedback has included the following:
·Tutor review of the assessment has led to an extension of the scope of one of the parts of the portfolio to allow students to express their individual evaluations of their business model more fully.
·The introduction of formative assessment in addition to summative assessment. This will enable us to provide you with feedback on your draft assessment throughout the semester.
·A much clearer focus on individual rather than group work – with realistic deadlines.
1.Demonstrate a critical understanding of the functions and processes of organisations including their diverse and dynamic purpose and structure
2.Critically evaluate the impact of key drivers in the external environment at national and international levels, upon the strategies, behaviours, management and business sustainability of organisations
3.Review, evaluate and recommend appropriate policies and strategies within a dynamic, uncertain, global and virtual organizational environment to meet diverse stakeholder interests and the wider responsibilities of society
4.Demonstrate cognitive skills of critical thinking, analysis, synthesis, creative problem solving and decision making within conditions of ambiguity, uncertainty and inherent tension
5.Recognise the transformative potential on business of new and emerging technologies
·Understand how rational strategy formulation relates to broader definitions of the strategy process
·Reflect on the impact of uncertainty, complexity and ambiguity on how strategy is made, and the patterns of strategy
·Articulate the role of foresight and insight in strategy under uncertainty, ambiguity and complexity, and the potential of design thinking to overcome these difficulties
In this session we shall provide an introduction to the module, and a discussion of the aspects of strategy and strategic management that we are focussing on.
·Use scenario thinking as a tool for generating foresight into uncertain futures.
·Understand and use a prescribed scenario methodology
·Evaluate tools for imagining future technologies
·Understand the significance of context in strategy, through the application of life cycle analysis to the need for innovation and new design in businesses
·Reflect on “disruptive innovation” as a driver of change in your industry or sector.
These sessions are focussed on concepts, tools and practice relevant to generating strategy foresight – ways of looking at the future, particularly where it is uncertain and subject to change.
The tools we will look at include scenarios, industry life cycle, predicting technology trends and technologies, and disruptive innovation.
These sessions will also be where your project team chooses an industry for analysis and evaluation, and develops a relevant scenario (using the prescribed scenario methodology) for a later new business model.
Seminar and group work
ØPractice the tools of technology forecasting
ØCreate a scenario on a case task
ØCreate and present the scenario narratives
The following sections of Osterwalder & Pigneur should be read for the WK 2 Session:
We recommend you read further on scenarios from one of the texts in the reading list.
·Use the Value Curve to explore potential new business models
·Describe the essential differences between divergent and convergent thinking, and their complementary roles in generating strategy insight
·Understand categories of driver in the processes of strategy insight, and their relationship to orthodox and alternative views of the research and enquiry process.
We explore some of the techniques and methodologies of innovation and design that can create new insight into strategy problems, and lead to new business solutions. These will be related to different kinds of enquiry and thinking to drive insight. We will detail some tools of design thinking, such as Value Innovation Curves and look at some case study video(s).
Seminars and group work
ØDesign thinking exercise(s)
ØPractice use of Value Innovation Curves
Core and other set reading
Core Business Model Text:
The following sections of Osterwalder & Pigneur should be read for these sessions:
·Section 3, “Customer Insights”, pp. 126-133
·Section 3, “Ideation”, pp. 134-145
·Section 3, “Prototyping”, pp. 160-169
·Section 4, “Strategy: Perspective on Blue Ocean Strategy” pp. 226-231
·Section 5, “Business Model Design Process”, pp.244-259
Sessions 7 & 8: The Business Concept & the Business Model
·Create a competitive value proposition
·Define the importance of critical success factors in enabling value propositions
·Understand the potential of eBusiness to undermine conventional business models
·Reflect on the relevance of typologies of business models for the sector or industry contexts being studied
We shall visit the “business model canvas”, and look at this in more detail, considering the work of business integration and business solution architecture. Value Propositions will be explored in depth, as a link between the user/customer needs, the user experience, the competitive arena and the business’s resources and capabilities.
A number of the typologies of new strategic business models will be highlighted as sources to help you generate new ideas for your sector or industry.
Seminars and group work
ØDevelop a business concept to underpin your teamwork on business models
ØConstruct an example value proposition, evaluating it against competitor offerings and user requirements.
ØProject Team develops business model canvas for new business concept, in class.
Session 9: Evaluating Strategic Design Decisions:
·Understand the process and behaviours for encouraging insight in firms’ climate
·Reflect on personal preferences in orientation to strategic innovation and transformation, and the interaction of team preferences
·Reflect on the climate for transformation and innovation in your project team
We explore our individual and team preferences and orientation in transformations and strategic innovation.
Finally, we will also consider issues of leadership and climate in strategic innovation and business model transformation.
This session will provide important material for your responses on part of the individual assignment.
Seminars and group work
·Explain the varieties of methods that can be used to evaluate a business model and the strategic decision making which has led to its design
·Explore the idea of business model coherence, and develop insights on the evaluation of a business model
·Understand how a value-based strategy approach can influence the choices made in business model design
Sessions 10 & 11 will focus on integrating the tools you need to evaluate your business model – which you should individually be familiar with from prior studies and by following the Grant core text readings. Another focus will be the ability of the model to execute and deliver a value proposition, and create value for the customer and for the business that implemented such a business model
You must also consider the value drivers of the model, and the way these can be monitored as part of the control and coordination systems of the business model architecture. We will also reflect on how robust or sustainable a business model needs to be, measured against the challenges of strategy – particularly its competitive environment.
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