BUSI4900 Walden Week 1 Strategic Management Process Discussion

BUSI4900 Walden Week 1 Strategic Management Process Discussion

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BUSI4900 Walden Week 1 Strategic Management Process Discussion

Week 1: The Strategic Management Process

This week, you will begin a journey of discovery into this system commonly called “strategic planning.” Where are you going, and how long will it take?

Those are fundamental questions to which any traveler would want the answers prior to starting the journey. However, would you believe that the Small Business Administration (SBA) has reported that its research into small business failures indicates that up to 50% of all small business start-ups fail in the first 5 years? What is the primary reason for this negative situation? The macro reason is due to poor or no planning, as evidenced by poor site selection, incorrect or lack of market analysis, insufficient capital, no cash reserves, and lack of succession planning.

One of the fundamental tenets of project management is to start at the end and work backward. The same approach applies in strategic planning. You have to start by creating the “vision of the end” state or destination the enterprise will achieve when it is fully evolved over the long-term, possibly 10 or more years. To be achieved, that vision needs a supporting “mission statement” or roadmap that provides directions and mileposts, so progress can be measured. In strategic planning, these are referred to as “goals” and “objectives.” Everything in strategic planning is long-term, broad-brush in scope (a macro view), and measurable overall (how much and by when).

The final step before starting the journey is the creation of a values statement, which tells all stakeholders what the firm believes in, what it stands for, and how it will behave. This statement includes validation of how the firm views its social and environmental responsibility. The stronger the stand a firm takes in these areas, the better its image can become. That can translate into increased market share and market penetration.

Important Planning Note

Much of the work for this course takes place in the Business Strategy Game (BSG) Simulation. Within this online program, time will be automatically calculated for the location of each student (e.g., Pacific Standard Time in California or Eastern Standard Time in New Jersey). However, all work that takes place in Blackboard (e.g., Discussions) is calculated in Mountain Time. Please make note of due dates and times for all assignments to be sure you stay on track.

Learning Objectives

Students will:
  • Explain the connection between strategic planning and competitive advantage
  • Analyze the importance of a business model
  • Explain why company strategy must pass ethical scrutiny
  • Analyze concepts related to strategic planning and management implementation
  • Apply concepts related to strategic business management

Photo Credit: [Blend Images – Dave and Les Jacobs]/[Brand X Pictures]/Getty Images


Learning Resources

Note: To access this week’s required library resources, please click on the link to the Course Readings List, found in the Course Materials section of your Syllabus.

REQUIRED READINGS

Thompson, A. A. (2014–2015). Strategy: Core concepts and analytical approaches (3rd ed.) [BSG electronic edition]. Burr Ridge, IL: McGraw-Hill Education.

  • Chapter 1, “What Is Strategy and Why Is It Important?” (pp. 1–11)
  • Chapter 2, “ Charting a Company’s Long-Term Direction: Vision, Mission, Objectives, and Strategy” (pp. 12–31)

Borton, J. (n.d.). E-presentations [PowerPoint presentation]. Minneapolis, MN: Walden University College of Management and Technology.

Overbaugh, R. C., & Schultz, L. (n.d.). Bloom’s taxonomy. Retrieved from https://www.fitnyc.edu/files/pdfs/CET_TL_BloomsTax…

Document: Business Strategy Game (BSG) Simulation Overview (PDF)

Document: Example Discussion Post (PDF)

Document: Week 1 Discussion 1 Template (Word document)

Document: Week 1 Discussion 2 Template (Word document)

Document: Group Charter Template (Word document)

Document: SIM PowerPoint Presentation: Slide Deck Contents (PDF)

Document: Strategic Planning System: Flow of Steps (PDF)

Business Strategy Game (BSG) Simulation website:

Thompson, A. A., Jr., Reidenback, M. A., Stappenbeck, G. J., Harms, C. C., & Thrasher, I. F. (2014). The Business Strategy Game: Competing in a global marketplace. Retrieved from https://www.bsg-online.com/
Visit this website to read Chapters 1 and 2 of the course e-book course and to begin the Business Strategy Game (BSG) SIM. This simulation provides opportunities for you to make some of the difficult decisions often encountered by managers as they seek to execute the strategy that has been established by senior executives who are responsible to the shareholders.

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