Strategic Management: A Competitive Advantage Approach Concepts and Cases 17th Edition Instructor ma
Chapter 1 - Nature of Strategic Management
Overview
Chapter 1 introduces the basic terms in strategic management. This chapter presents the comprehensive model for strategic planning that appears in each subsequent chapter and provides a unifying, logical flow for the entire textbook. This chapter describes the benefits of doing strategic planning, the drawbacks of not doing strategic planning, and the pitfalls of doing strategic planning incorrectly.
Learning Objectives
1-1. Describe the strategic-management process.
1-2. Discuss the three stages of activities for strategy formulation, implementation, and evaluation activities.
1-3. Explain the need for integrating analysis and intuition in strategic management.
1-4. Define and give examples of key terms in strategic management.
1-5. Describe the benefits of engaging in strategic management.
1-6. Explain why some firms do not engage in strategic planning.
1-7. Describe the pitfalls in doing strategic planning.
1-8. Discuss the connection between business and military strategies.
1-9. Explain how this course can enhance a student’s employability.
Teaching Tips
1. Spend about 20 minutes going over the comprehensive strategic-management model in Figure 1-1, highlighting each component part with examples. This model integrates all the chapters in the book in a clear process approach to this course. Going over this model is an excellent way to cover the terms introduced in the chapter.
2. Pull up the new and improved author website for this textbook, because it has great resources for students. The URL is www.strategyclub.com. In class, listen to the 4-minute author video at this website for “Why is Chapter 1 so Important?” Spend perhaps a whole class on the author website using the many resources there to give an overview of the whole strategic management process.
3. The Edward Deming quote mentioned in Chapter 1 (In God We Trust, All Others Bring the Data) is vitally important in this course, because students tend to use vague terms throughout their case analysis. Vagueness is detrimental to development of any strategic plan. Therefore, highlight and emphasize the relevance and importance of the Deming quote and tell students that vagueness is disastrous in this course. Strategies must be formulated to the extent possible on factual, specific, underlying key internal and external factors, rather than trying to formulate strategies based on general statements, opinion, or intuition.
4. A new feature of Chapter 1 with this edition is the introduction of SWOT analysis, because this strategic planning tool is so widely used across businesses – so go over SWOT analysis even though more detailed information is given in Chapter 6 regarding SWOT. See Figure 1-2.
5. Go over the new Table 1-2 that reveals ten famous, strategic planning relevant quotes from NFL coaches. These quotes are all applicable to effectively formulating and implementing strategies.
6. Make sure students can define and give an example of all the strategic-management terms introduced in this chapter – because these terms are used throughout the textbook and in most businesses.
7. Highlight “the benefits of doing strategic planning.” Use that exhibit to emphasize the many benefits of doing strategic planning, as well as the drawbacks of not doing strategic planning.
8. Ask students to raise their hand if they played football, basketball, or soccer for the college/university. Ask several of those athletes to “tell the class how important having a good game plan is to the success of an athletic team.” Associate their answers to the importance of a business having a good game plan, i.e., strategic plan.
9. Regarding the “Comparing Business and Military Strategy” section, emphasize to students that there are countless examples in military history where a superior army was defeated by a smaller army that had a better strategic plan. The famous general, Alexander the Great, who never lost a battle, said (paraphrased): “I’d rather face an army of lions led by a sheep, than an army of sheep led by a lion.” That quote emphasizes the importance of strategic planning, and having an excellent strategist. All the Notable Quotes given at the www.strategyclub.com website under Student Resources are outstanding.
10. Near the end of Chapter 1 is a section on Student Employability and how this course enhances employability. This whole concept is new with this edition and merits class time to accent the relevance of this course to a student’s overall career.
Overview
Chapter 1 introduces the basic terms in strategic management. This chapter presents the comprehensive model for strategic planning that appears in each subsequent chapter and provides a unifying, logical flow for the entire textbook. This chapter describes the benefits of doing strategic planning, the drawbacks of not doing strategic planning, and the pitfalls of doing strategic planning incorrectly.
Learning Objectives
1-1. Describe the strategic-management process.
1-2. Discuss the three stages of activities for strategy formulation, implementation, and evaluation activities.
1-3. Explain the need for integrating analysis and intuition in strategic management.
1-4. Define and give examples of key terms in strategic management.
1-5. Describe the benefits of engaging in strategic management.
1-6. Explain why some firms do not engage in strategic planning.
1-7. Describe the pitfalls in doing strategic planning.
1-8. Discuss the connection between business and military strategies.
1-9. Explain how this course can enhance a student’s employability.
Teaching Tips
1. Spend about 20 minutes going over the comprehensive strategic-management model in Figure 1-1, highlighting each component part with examples. This model integrates all the chapters in the book in a clear process approach to this course. Going over this model is an excellent way to cover the terms introduced in the chapter.
2. Pull up the new and improved author website for this textbook, because it has great resources for students. The URL is www.strategyclub.com. In class, listen to the 4-minute author video at this website for “Why is Chapter 1 so Important?” Spend perhaps a whole class on the author website using the many resources there to give an overview of the whole strategic management process.
3. The Edward Deming quote mentioned in Chapter 1 (In God We Trust, All Others Bring the Data) is vitally important in this course, because students tend to use vague terms throughout their case analysis. Vagueness is detrimental to development of any strategic plan. Therefore, highlight and emphasize the relevance and importance of the Deming quote and tell students that vagueness is disastrous in this course. Strategies must be formulated to the extent possible on factual, specific, underlying key internal and external factors, rather than trying to formulate strategies based on general statements, opinion, or intuition.
4. A new feature of Chapter 1 with this edition is the introduction of SWOT analysis, because this strategic planning tool is so widely used across businesses – so go over SWOT analysis even though more detailed information is given in Chapter 6 regarding SWOT. See Figure 1-2.
5. Go over the new Table 1-2 that reveals ten famous, strategic planning relevant quotes from NFL coaches. These quotes are all applicable to effectively formulating and implementing strategies.
6. Make sure students can define and give an example of all the strategic-management terms introduced in this chapter – because these terms are used throughout the textbook and in most businesses.
7. Highlight “the benefits of doing strategic planning.” Use that exhibit to emphasize the many benefits of doing strategic planning, as well as the drawbacks of not doing strategic planning.
8. Ask students to raise their hand if they played football, basketball, or soccer for the college/university. Ask several of those athletes to “tell the class how important having a good game plan is to the success of an athletic team.” Associate their answers to the importance of a business having a good game plan, i.e., strategic plan.
9. Regarding the “Comparing Business and Military Strategy” section, emphasize to students that there are countless examples in military history where a superior army was defeated by a smaller army that had a better strategic plan. The famous general, Alexander the Great, who never lost a battle, said (paraphrased): “I’d rather face an army of lions led by a sheep, than an army of sheep led by a lion.” That quote emphasizes the importance of strategic planning, and having an excellent strategist. All the Notable Quotes given at the www.strategyclub.com website under Student Resources are outstanding.
10. Near the end of Chapter 1 is a section on Student Employability and how this course enhances employability. This whole concept is new with this edition and merits class time to accent the relevance of this course to a student’s overall career.