SOM498 Course Overview

1
SOM498 Course Overview

• How does this course work?
• What is expected of me?
• What can I expect from my professor?
• Why is this course critical to me?
• What is strategy?

2
How does this course work?

• SOM 498 website
• http//classweb.gmu.edu/classweb/aobrien2/498ho
  me
• Hardcopy syllabus
• Hardcopy course schedule

3
What is expected of me?

• Be prepared
• Participate actively
• Take responsibility for your learning
• Dont procrastinate!
• Learn and apply the material on exams
• MEET WRITING ASSIGNMENT DEADLINES!

4
What can I expect from my professor?

• Information
• Guidance
• Direction

5
What explains the success and/or failure
of... Fat Tuesdays Bridges McDonalds United
States Nazi Germany Liechtenstein Pan Am
Airways Southwest Airlines TWA General
Motors Studebaker Nissan IBM Microsoft Apple
Intel 3M Rubbermaid De Beers Poloroid Amaz
on.com
6
Why is this course critical to me?

• Content
• Traditional, current, and future issues in
  strategic management from multiple perspectives
• Skills
• Problem solving
• Critical Thinking
• Creative Thinking
• Research writing

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498 Syllabus and schedule highlights

• Grading
• Midterm and Final
• Research paper
• structured outline
• summary paper
• Final paper
• Team presentation
• Business community coaches
• Graded presentation in class after coach feedback
• Participation Counts!

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What is strategy?

• A strategy is an action a company takes to attain
  one or more of its goals.

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Figure 1.1 Basic Planning Process
Strategic Planning

• A Basic Planning Model

Missions and Goals
External Analysis - Opportunities and Threats
Internal Analysis - Strengths and Weaknesses
Selection of Appropriate Strategies
Implementation of Strategies

• Each step is looked at in depth.

.
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Traditionally, the field of strategy focuses on
the firm or business unit

• For example,
• a strategy researcher might study why Federal
  Express enjoys higher performance than its rivals
  or
• A strategic planner in a firm might analyze if
  Kodak should sell off its digital camera business
  unit

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Strategy in the big picture.

• Levels of Analysis Field of Study
• Economy Macroeconomics
• Industry Microeconomics
• Firms Businesses Strategy
• Plants Operations Mgmt
• Individuals Human Resources
• Products Marketing
• Investments Finance

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Today, strategy is primarily concerned with the
sources firm performance

• The important question why some firms
  outperform others consistently over time?
• Not just Is Intel a high performing firm?
• Instead, Why is Intel a high performing firm?

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In business, there is no one correct model..

• this course is not designed to teach you one
  correct model, but to provide you with a series
  of them and challenge you to develop your own,
  unique set

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Porters 5 Forces model (sample)
Threat of new entrants into our market/industry
Buyer power when bargaining with us
Rivalry among existing firms were here
Supplier power when bargaining with us
Threat of substitutes for our product
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SWOT Analysis (sample)

• Internal View
• Strengths and Weaknesses
• External View
• Opportunities and Threats
• Implications for strategic posture

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So in summary.

• Where are we?
• Where do we want to be?
• How can we get there?

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Final Thought

• A strategy is not a plan for the future, it is
  the pattern of decisions and actions we take now
  to make the future turn out the way we want it to
  be.