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PRESENTATION HEADING
1
WORK2210
WORK2210 Lecture Week 1
BUSINESS
SCHOOL
2
Lecture 1 - Objectives/Introduction
Welcome note
Course expectations/requirements
Textbook
Unit of Study outline/assessment/tutorials
Introductory lecture: Strategic management and strategic
competitiveness
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Expectations/Requirements
Timeliness lectures commence 9am in Bosch LT3
Tutorials refer to individual timetable. No changes
possible as tutorials are running at full capacity.
Tutorials commence week 2 Group allocations for group
tutorial assessment items. Students must attend all
tutorials.
Pre-readings/recommended readings the more you put
in, the more you get out of this course.
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Required Text
Hanson, D., Hitt, A., Ireland R.D., Hoskisson, R.E. (2014)
Strategic Management: Competitiveness and
Globalisation (Asia-Pacific 5th edition). Sydney. Cengage
(Texbook)
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Unit of Study/Assessment Items
Unit of Study WORK2210 posted on BB
Tutorials commence week 2.
Assessment Items:
1. Mid-term text (in class) week 7 (30%)
2. Tutorial group discussion/participation (10%)
3. Tutorial group presentation & paper, commencing week
4 (20%)
4. Case Study Assignment, individual work (40%) due 24
October 2014
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Lecture 1: Knowledge outcomes
Define strategic competitiveness, strategy, competitive
advantage, above-average returns and the strategic
management process
Describe the 21st century competitive landscape and explain
how globalisation and technological changes shape it
Use the industrial organisation (I/O) model to explain how
firms can earn above-average returns
Describe the Resources-based model
Definitions: core competencies, mission, vision, stateholders,
strategic flexibility.
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Strategy is:
an integrated and coordinated set of commitments and
actions designed to exploit core competencies and gain a
competitive advantage
a game plan to restore the firm's ability to earn above-
average returns
an outline of how a business intends to achieve its goals
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Strategic competitiveness
Strategic competitiveness is the result of successful
formulation and implementation of a value-creating
strategy
By achieving strategic competitiveness and successfully
exploiting its competitive advantage, a firm is able to gain
its primary objective.
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Competitive advantage
Competitive advantage occurs when a firm implements
a strategy that creates superior value for customers,
which competitors are unable to duplicate or find too
costly to imitate
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Average returns
Average returns are equal to those an investor expects
to earn from other investments with a similar amount of
risk.
Firms without a competitive advantage or that are not
competing in an attractive industry earn, at best, only
average returns.
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'Above-average returns' & 'Risk'
Above-average returns in excess of what an investor
expects to earn from other investments with a similar
amount of risk
Risk is an investor's uncertainty about the economic
gains or losses that will result from a particular investment
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Strategic Management
Strategic management is the study of why some firms
outperform others:
! How to compete in order to create competitive
advantages in the marketplace
! How to create competitive advantages in the marketplace.
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The challenge of strategic management
Strategic management process:
! The full set of commitments, decisions and actions
required for a firm to achieve strategic competitiveness and
earn above-average returns
! Conventional sources of competitive advantage no longer
guarantee success
! The fundamental nature of competition is changing
constantly
! The pace of change is relentless and is becoming
increasingly complex.
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Strategic Management Process
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FIGURE 1.1
THE
STRATEGIC
MANAGEMENT
PROCESS
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The 21st century competitive landscape
Globalisation: emergence of a global economy
Technology: rapid technological changes
Industry boundaries blurring: For example,
computer networks and telecommunications have
blurred the boundaries of the entertainment industry.
MSNBC is co-owned by NBC Universal and Microsoft.
General Electric owns 49 per cent of NBC Universal
and Comcast owns the remaining 51 per cent.
Size of business investment can be enormous
The e"ective use of the strategic management
process reduces the likelihood of failure for rms as
they encounter the conditions of todays competitive
landscape.
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Hypercompetition