Study Guide

Objectives (course unit)

The course focuses on strategic management as a comprehensive approach to the management of company development. The course is based on core theoretical knowledge and practical concepts of strategy, strategic management, and strategic competitiveness. Principles of strategic management are explained on the base of hierarchical and alternatively non-hierarchical approaches. Knowledge of strategic management is developed on the base of business strategy followed by the concept of corporate strategy. The course deals with strategic topics such as company development, diversification, internationalization, strategic cooperation, and restructuring. The process of strategic management is explained on the basis of the so-called spiral approach with a focus on strategic idea definition, strategic research and analysis, formulation, and implementation of the strategy.

After completing the course, the students will be able to
- apply the strategic principles on a company management level in different stages of company development
- explain and compare different approaches and methods of strategic research and analysis of the market environment and the company’s potential
- explain key approaches to combine strategy formulation and implementation to develop the company

Content (course unit)

How to understand five different approaches to strategy – What is a strategy as a plan, process, framework, way of thinking and set of tools?
How to use strategic management as the practical concept of management of company development?
What are the specific attributes of strategic analysis and research and how to make them properly and efficiently? Why does strategy use hierarchy and how to work with it?
How to formulate a business strategy to have a useful framework for implementation?

Prerequisites (course unit)

Students are expected to have basic knowledge of methods used in management as planning, organizing, leading and control. They have to understand the basic functions of the company and the principles of entrepreneurship. Knowledge of basic marketing methods and terms is required.

Assessment criteria, satisfactory (1-2) (course unit)

The student is able to describe the basic concepts of strategic management. He/she is able to conduct his/her part and participate in the team assignment. He/she is able to work with relevant tools and standard approaches to their implementation. He/she understands the key role of strategic management and its relationship with tactical and operational management. He/she can understand the basic strategic decisions of real companies.

Assessment criteria, good (3-4) (course unit)

The student knows the strategic concepts and is able to identify their implementation in the behavior of existing companies. He/she is able to apply standard approaches in the whole process of strategic management. He/she understands the suitability of typical strategic decisions and activities of companies. He/she is able to analyze a strategic problem when he/she has needed data and information. He/she can be a beneficial team member for teams dealing with concrete activity within the strategic process – e.g., strategic research and analysis, and can be responsible for the outputs.

Assessment criteria, excellent (5) (course unit)

The student demonstrates deep knowledge and understanding of the whole process of strategic management. He/she is able to apply knowledge of strategic management to come up with a proposal for solutions to topics relevant to the development of the company. He/she is able to explain different concepts and define their strengths and weaknesses in the context of the specific situation. He/she can be a key or even leading member of a team preparing strategy or being responsible for strategic management of the organization. He/she has an excellent capacity to identify strategic problems both in the company and in the business environment and come up with a proposal for an original solution.

Location and time

The course starts 29th of August, at 17:15. NOTE THE CHANGE: Also the two first classes are online. You will be sent a link to the meeting the same day.

The course continues with online meetings every Monday at 17:15. The link to these meetings will be provided later.
The course ends 10th of October.
NOTE! Passing the course requires reqular attendance in the classes!

Exam schedules

The final evaluation is based on two inputs. The first one is the evaluation of partial outputs presented during sessions or consulting sessions. The second part is the final defence organized at the end of the course individually with every team. Theoretical knowledge must be demonstrated during the final defence, which means, that students have to demonstrate knowledge of concepts they used in their projects.
The students should realize that it is very difficult to improve the final grade afterwards because the evaluation is based on continuous work and outputs on the output of the project and is influenced by teamwork skills.

Assessment methods and criteria

Evaluation is based on the project and its defence and the active participation in the classes and teamwork.
Active participation is evaluated by four tasks presented during seminars. Assignment of tasks will be specified at the beginning of the course. Deliverable will be a video presentation – up to 15 minutes, which must be ready at least three days before the session. Students will be asked to give feedback to one chosen team during the session.
Project deliverables. Students will deliver a complete project report for the final defence. Deadline, form, and content will be specified at the beginning of the course. Students will have 5 minutes to introduce the project during the final defence and they can prepare any material for that introduction.
Ealuation scale:
1 – 50 – 59 points
2 – 60 – 69 points
3 – 70 – 79 points
4 – 80 – 89 points
5 – 90 points and more

Assessment scale

0-5

Teaching methods

The course is fully online. Studying is mainly based on students’ teamwork around a business case, coached by the teacher. Regular virtual meetings are an essential part of the course. Participation is mandatory as topics are developed during our sessions and students are presenting partial tasks. The theoretical part will be studied through lectures and self-study materials.

Learning materials

HITT, M. A., IRELAND, R. D., HOSKISSON, R. E. Strategic Management - Competitiveness and Globalization: Concepts and Cases. 12th ed., South-Western College Pub, 2017. 896 p. ISBN 978-1-305-50214-7.
COLLIS, D. J., MONTGOMERY, C. A. Corporate strategy - Resources and the Scope of the Firm. 2nd ed., McGraw-Hill, 2004. 204 p. ISBN 978-00-7231-286-7.
GRANT, R. M. Contemporary Strategy Analysis: Text and Cases Edition. John Wiley & Sons, 2016. 776 p. ISBN 978-11-1912-084-1.
KOTLER, P., KELLER, K. L. Marketing Management. 14. ed. Pearson, 2011. 816 p. ISBN 978-01-3210-292-6.
PORTER, M. E. Competitive Advantage. First Free Press Export Edition: Free Press, 2004. 557 s. ISBN 0-7432-6087-2.
MINTZBERG, H., QUINN, J. B., GHOSHAL, S. The Strategic Management Process. Revised European Edition. Prentice Hall Europe 1998, 1036 p. ISBN 0-13-675984-X.
PORTER, M. E. Competitive Strategy. First Free Press Export Edition: Free Press 2004. 396p. ISBN 0-7432-6088-0.

Student workload

Student time use 135 hours altogether.
24 – online sessions
12 – online project consulting
9 – final project defence
90 – teamwork and independent study
.

Content scheduling

1. Importance, specifics, and process of strategic management. Strategy as a process, way of thinking, framework, plan and set of tools. BEA1 tool in strategic management. Delta approach defining the idea of strategic development. Competitive space as the concept of the business environment.
2. Hierarchical and alternative approach to strategy. Definition and evaluation of strategic goals in the context of vision, mission, corporate, business, and functional strategy. 3D view of strategic objectives. Application of SMART principles in strategic management. A goal-oriented approach to stakeholders.
3. Meaning, structure, specific, and evaluation of requirements of strategic research and analysis. Project principles in strategic research and analysis. Competitive market mapping. Definition of the range of competitive market. Evaluation of competition and competitive relations. Competitive comparison.
4. Business strategy as frameworks of competitive and business behavior of a company. Definition of a strategic business unit. Application of business models for definition of business strategy. Application of structure of marketing mix for the formulation of business strategy. Competitive character of business strategy. Competitive advantage.
5. Value for the customer as a key point of strategic management. Value chain, a value system as a basic approach to value creation. Value creation in the concept of resources and core competences. Value creation and value cocreation concept. Value in the context of business and corporate strategy. The triangle of corporate advantage.
6. Strategy of a diversified company. Evaluation of diversification of the company. Strategic business unit concept. Restructuring of a diversified company. Cooperative strategies and internationalization.
7. Approaches to formulation and evaluation of conclusion of analysis and formulation of foundation for strategy formulation. Factors influencing strategy selection, approaches to strategic variants evaluation. Approaches to the formulation of strategy.
8. Implementation of the strategy – organizational aspects, strategic leadership, strategic control, action plan, strategic organizational culture. Communication and presentation of strategy

Completion alternatives

None

Practical training and working life cooperation

The students will be working with a business case. They can choose from two options – an analytical project or a comprehensive project. Analytical project is focused on analysis and description of the strategy of existing real companies. A comprehensive project is focused on a proposal for the strategy of an existing company or strategy for a business idea students have. Students will work with the recommended structure of both projects which help them to formulate a specific assignment for each team. Practical work is included in the sense of working with real market information and situation. Tasks solved within sessions are project-related and based on the behavior of existing companies.

International connections

This course is executed in cooperation with, Brno University of Technology, Institute of Management in the Czech Republic. .

Further information

The course is given by PhD Robert Zich from Brno University of Technology.
Questions, more information about the course: Tuula.andersson@tamk.fi