Reference no: EM131247761
The Strategic Management Cycle
Modular Learning Outcomes
Upon successful completion of this module, the student will be able to satisfy the following outcomes:
•Case ?Evaluate the mission and vision of existing organizations as the mission and vision relate to organizational strategy.
•SLP ?Evaluate the mission and vision of existing organizations as the mission and vision relate to organizational strategy.
•Discussion ?Describe the strategic management cycle and how the annual cycle relates to the multi-year (typically 5-year) plan.
Welcome to MGT499, Strategic Management. This is an essential and interesting course in that we will be considering and learning about an aspect of management that is very important to organizational survival in today's highly competitive business environment.
Strategic management deals with looking at the past, present and into the future in order to come up with an educated guess as to how the environment is likely to change. The more educated the guess, of course, the better! This is because companies must prepare themselves to quickly adjust to changes in the environment. The business environment can change rapidly. Happenings on the political front, for instance, can result in major changes within a given industry. Consider the adjustments the Healthcare and Health Insurance industries had to make in response to the changes in federal healthcare laws in the past several years!
Other environmental factors might include innovative competitors and new technologies. Consider how Kodak was impacted by the advent of digital photography. New, innovative entrants can turn an entire industry on its head. Another more recent example, and more relevant to the industry we'll be considering in your case assignments, is Blockbuster.
The key point here, of course is that a lot of things in a given business environment can change, and they can change quite quickly. It is subsequently important to anticipate those changes and to be prepared to act quickly in responding so as to maintain a competitive edge or even gain a competitive advantage. What if Blockbuster would have been at the forefront of video streaming technology? ...leading the change instead of reacting? Would the company have ended up in a better situation?
Blockbuster's example exemplifies the importance of strategic management. It is important to anticipate the future and to prepare before it gets here. This is done through information gathering, analysis, and subsequent planning efforts.
Strategic management, of course, is a continuous process that requires constant scanning of the environment and making subsequent corrections necessary to maintain a competitive edge. That is to say, strategic management is not something that a company does once, or even every 5 years. It is important for companies to always be aware of changes in the environment in order to stay ahead of the game.
In this course we will be looking at the strategic management cycle from start to finish. That is to say, we'll be looking at ways companies obtain and analyze useful information to facilitate the planning process. We'll also be looking at how strategies are formulated and implemented by looking at some very well-known organizations.
In Module 1 we'll be looking at some important foundational principles of strategic management and will consider the overall strategic management process from a 30,000 foot view. In later modules we'll be focusing more on tools organizations use to understand the external environment and how they analyze their own strengths and weaknesses to identify strategies to survive and compete. We'll also be considering the importance of planning and finally, how companies implement their strategic plans.
In this module (and throughout the course) we will be discussing the strategic management cycle. And although organizations tend to consider organizational strategy yearly, organizational strategic plans tend to be multi-year endeavors often looking 5 or more years into the future. Given the typical 5 year outlook, discuss why companies go through the strategic management cycle yearly and why this is a good (or bad) idea. Give examples of companies that have incorporated strategies that took years to realize and discuss how annually revisiting a company's strategic direction can influence an organization's success in a competitive environment for longer range plans.
The Strategic Management Cycle
Here is an e-text we will be using throughout the session that provides a good overview of the strategic management cycle. Please read the pages specified:
Subba, R. (2009). Strategic Management [Including Skill Development].Himalaya Publishing House.Retrieved as e-book from Trident University's online library. Pp. 20-51
Here are a few articles that provide more of an overview of strategic management:
Nag, R., Hambrick, D. C., & Chen, M. (2007). What is strategic management, really? Inductive derivation of a consensus definition of the field. Strategic Management Journal, 28(9), 935-955. Retrieved from Trident University Library.
Harrington, R. J., &Ottenbacher, M. C. (2011).Strategic management. International Journal of Contemporary Hospitality Management, 23(4), 439-462. Retrieved from Trident University Library.
Here are a couple presentations that also provide an overview of strategic management:
Pearson Custom (2014), Strategic Management Process and Organizational Strategies. Retrieved from: http://www.pearsoncustom.com/mct-comprehensive/asset.php?isbn=1269879944&id=12166
Pearson Custom (2014), Strategic Management and Planning Techniques. Retrieved from: http://www.pearsoncustom.com/mct-comprehensive/asset.php?isbn=1269879944&id=12168
Please open the Trident University IBIS World document and scroll to the bottom of the page. Click on the "Click Here" hyperlink at the bottom of the page. This will take you to IBIS World, an organization well known for conducting industry level research. Run a search on "Cable" in the search window. You will then see a list of links that will lead you to detailed industry specific report. Please click on Cable Providers in the U.S.
Also take some time to look at what's going on in related industries.
Here are some readings related to the competitive environment surrounding the cable industry. Although many folks consider large cable companies to have a near monopoly position in the marketplace, the services provided by organizations such as Netflix, Dish, Amazon Prime, Hulu, and others are causing a lot of individuals to ‘cut the cord' due to the high prices the cable companies charge for their services.
Gallaga, O. L. (2014, Jun 15). Rethink costs before cutting cable cord. The Atlanta Journal - Constitution Retrieved from Trident University Library.
Mann, E. (2014, Apr 08). Students cutting the cord to cable. University Wire Retrieved from Trident University Library.
Platt, G. (2014). Cable television industry consolidates. Global Finance, 28(3), 63.Retrieved from Trident University Library.
Schredder, S. (2014, Apr 29). Netflix goes cable. Benzinga Newswires Retrieved from Trident University Library.
Making friends; Netflix. (2013, Sep 14). The Economist, 408, 71.Retrieved from Trident University Library.
Schechner, S. (2014, Jan 28). Netflix gears up to expand in europe; rival media companies race to grab subscribers, program rights. Wall Street Journal (Online).Retrieved from Trident University Library.
Ramachandran, S. (2013, Oct 13). Netflix pursues cable-TV deals; online video service would be available on set-top boxes. Wall Street Journal (Online).Retrieved from Trident University Library.
Bensinger, G. (2012, Sep 26). Netflix CEO keeps focus on expansion, price. Wall Street Journal (Online).Retrieved from Trident University Library.
Ramachandran, S., &Ziobro, P. (2013, Jun 21). Dish may cast a wider net. Wall Street Journal (Online).Retrieved from Trident University Library.
Ramachandran, S., & Peers, M. (2013, Apr 15). Dish's Ergen doesn't shy from a fight. Wall Street Journal (Online).Retrieved from Trident University Library.
Chaudhuri, S. (2013, Feb 13). Amazon strikes content deal with CBS for prime service. Wall Street Journal (Online).Retrieved from Trident University Library.
Amazon adds streaming-video service for prime members. (2011, Feb 22). Wall Street Journal (Online).Retrieved from Trident University Library.
Gottfried, M. (2012, Sep 05). Amazon deal takes fight to netflix. Wall Street Journal (Online).Retrieved from Trident University Library.
Sharma, A. (2014, Jan 21). Amazon considering online pay-TV service; live TV channels would compete with cable, satellite. Wall Street Journal (Online).Retrieved from Trident University Library.
The Strategic Management Cycle
For your case assignment this session the organization you will be reviewing is Dish. You will be considering how this organization competes within a very competitive industry.
After reviewing the book section, presentation materials, and additional readings, consider the organization's mission/vision/values and key stakeholders and discuss the organization's position and niche in the competitive environment.
Make sure you present the company's mission, vision, and/or values (whatever the company makes available to the public along these lines), and discuss the company's most important primary stakeholders. Indicate whether you believe the company's mission, vision, and/or value statements are in alignment with stakeholder needs. That is, does the organization treat key stakeholders in a fashion that is in alignment with its posted mission/vision/values?
Also, is the organization's mission/vision/values in alignment with the volatile environment in which it competes?
Your case assignment should be a minimum of 4 pages in length.
You are required to use APA formatting and you are required to cite and reference your sources. There should be a minimum of three reputable sources cited and referenced in your paper.
Please make sure you review the assignment rubric prior to writing your assignment.