Module 1 Presentation 8-23-13

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Module 1: Plan—The Nature of Strategy:

Module 1: Plan—The Nature of Strategy BUS 237 Current Management Issues (Narrative begins with the next slide)

Introduction:

Introduction This presentation replaces a lecture. Take notes as we go through the lecture Take notes as you read the articles and watch the video with this module Be prepared to discuss how you apply strategy for your Phantom Business in Discussion Board 1

Explanation of Symbols Used for the PowerPoint Presentations:

Explanation of Symbols Used for the PowerPoint Presentations Online video Hyperlink to article Action required

Some Thoughts on Planning:

Some Thoughts on Planning Plans are only good intentions unless they immediately degenerate into hard work.--Peter F. Drucker , Management Guru You need to plan the way a fire department plans: it cannot anticipate where the next fire will be, so it has to shape an energetic and efficient team that is capable of responding to the unanticipated as well as to any ordinary event.--Andrew S. Grove, former Intel Chair To be practical, any plan must take account of the enemy's power to frustrate it.--Karl von Clausewitz, Prussian general and military strategist 1831 Planning . (2009). In QFinance : The Ultimate Resource . Retrieved from http://ezproxy.library.clevelandcc.edu/login?qurl=http%3A%2F%2Fwww.credoreference.com/entry/qfinance/planning

What Is the Role of Strategy?:

What Is the Role of Strategy? Strategy as a coherent, unifying and integrative pattern of decision. Strategy as a means of establishing an organization's purpose in terms of its long-term objectives. Strategy as a definition of the firm's competitive domain. Strategy as a response to external opportunities and threats, and internal strengths and weaknesses. Strategy as a logical system for differentiating management tasks at corporate, business and functional levels. Strategy as a definition of the economic and non-economic contribution the firm intends to make to its stakeholders. Ultimately, strategy is what binds an organisation together and gives it direction. Strategic Planning . (2009). In Key Concepts in Marketing . Retrieved from http://ezproxy.library.clevelandcc.edu/login?qurl=http%3A%2F%2Fwww.credoreference.com/entry/sageukmark/strategic_planning

Who Are Stakeholders and Why Are They an Important Planning Element?:

Who Are Stakeholders and Why Are They an Important Planning Element? Stakeholders are more than just interested parties in the business you are running. Read the definition and examples of stakeholders at the following link: http://www.businessdictionary.com/definition/stakeholder.html

The Plan-Do-Check-Act Cycle:

The Plan-Do-Check-Act Cycle Read this short article on the beginnings of the PDCA cycle. http ://ezproxy.library.clevelandcc.edu/login?url=http://www.nclive.org/cgi-bin/nclsm?url=%22http:// search.ebscohost.com/login.aspx?direct=true&db=bth&AN=21614454&site=bsi-live%22 Deming’s method simplified the ones that Taylor and Shewhart developed and gives us a basis for a dynamic means of managing processes, quality, training of employees, or about any problem or issue that can arise. Can you see how a quality control method can be used for the overall operation of a business, from planning through implementation, analysis and re-planning? One thing that Taylor, Shewhart , and Deming all leave out is the consideration of stakeholders (customers, suppliers, employees, shareholders, and the community in which the company does business). You will use this information in Discussion Board 1. From the discussion board prompt, state your views on who should be considered in the planning process for your Phantom Business and why they should be included.

How Does Strategy Fit into Plan-Do-Check-Act?:

How Does Strategy Fit into Plan-Do-Check-Act? Read about Wal-Mart’s strategic planning and alleged strategic failures in the following articles: An empirical investigation of Wal-Mart's expansion into food retailing ( Bonanno , 2011). http://ezproxy.library.clevelandcc.edu/login?url=http:// search.ebscohost.com/login.aspx?direct=true&db=bth&AN=49732996&site=ehost-live Note: Look for the strategic planning mentioned in this academic article. You may ignore the mathematical calculations. Wal-Mart’s Epic Strategy Fail (Love, 2011) http://ezproxy.library.clevelandcc.edu/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=59781774&site=ehost-live In DB 1, respond to the prompt that asks about Wal-Mart’ strategy for demographics in establishing “superstores” ( Bonanno ) and why the results are less than satisfactory (Love). Visit a local Wal-Mart Superstore and give your impressions as to whether or not the articles apply.

A Model and a Vision: Porter’s Barriers and Whole Foods Mission and Vision:

A Model and a Vision: Porter’s Barriers and Whole Foods Mission and Vision Michael Porter, a Harvard University professor has identified five barriers to competitive entry that must be considered for strategic planning. http:// www.managementstudyguide.com/porters-model-of-competetion.htm Threats of new potential entrants to the market Threat of substitute products or services Bargaining power of suppliers Bargaining power of buyers Rivalry among current competitors Read about Whole Foods’ competitive environment regarding expansion into the retail food market and the company’s website on its mission, vision and values. http:// finance.yahoo.com/q/co?s=WFM+Competitors http://www.wholefoodsmarket.com/mission-values/core-values/sustainability-and-our-future Be prepared to discuss this how Whole Foods can overcome the barriers to entry in the grocery market in Discussion Board 1.

How Can I Use Planning for My Phantom Business?:

How Can I Use Planning for My Phantom Business? Watch the linked video by a consultant that brings out Peter Drucker’s Five Questions to ask about a business. http://www.youtube.com/watch?v=tRUGjhRI9GY Watch the video by Dr. Rich Schuttler on how the PDCA cycle works from plan to action to evaluation and replanning http://www.youtube.com/watch?v=947wRN72Wg0 Application: From the Discussion Board 1 prompt, state how you can use planning of PDCA in you Phantom Business. You will comment on two other planning applications from your classmates and respond to their comments on your Planning response. List references that you base your response (example: Love, 2011 for the article on Wal-Mart’s strategy failure).

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