BUSS249 B-LG1.1: Professional Business Competence
Description
1. Define strategy and explain why it is important for competitive success.
2. Identify and explain the key elements of the managerial process of crafting and executing strategy (i.e. vision, mission, objectives, analysis, formulation, implementation and monitoring/control).
3. Understand the differences between corporate strategy, business strategy and functional strategy and explain how each links with the other (the cascading process).
4. Perform systematic industry analysis using selected strategy frameworks/tools - apply selected strategy tools (e.g. Macroeconomic Environment, Porter’s 5-Force Analysis, Value Net, Key Success Factors) to: a. Correctly identify the industry’s key strategy-shaping business and economic features, b. Explain the nature and strength of competitive forces facing the industry, c. Explain the impact of key driving forces, d. Identify the industry’s key success factors and e. Make an informed judgment about whether the industry is conducive to earning attractive profits. (Assessed Using AoL Rubric)
5. Conduct internal analysis covering resource strengths and cost competitiveness. Apply selected tools (e.g. Resource-based View of the Firm, Value Chain Analysis, Weighted Competitive Strength Assessments) to identify and explain the company’s generic competitive approach (differentiation, cost leadership, focus) and analyze how well the approach is working. In so doing, a student will: a. Identify the company’s resource strengths and weaknesses, explaining their impact on capturing industry opportunities and shielding against threats. b. Analyze the company’s cost competitiveness using value chain analysis and benchmarking, if applicable. c. Summarize the company’s competitive position vis-à-vis its rivals (competitive strength assessment). (Assessed Using AoL Rubric)
6. Use tools in (4) and (5) to identify underlying problems with firm competitiveness. (Assessed Using AoL Rubric)
7. Understand and explain the key generic competitive strategies.
8. Identify and explain strategy alternatives to address problems in (6), select most appropriate course of action and explain rationale. (Assessed Using AoL Rubric)
9. Understand and describe key modes/means of business growth to enhance market position (outsourcing, strategic alliances/partnerships, mergers and acquisitions, vertical integration, organic growth)
10. Explain how the different types of diversification approaches at the corporate level can achieve synergies and value that can enhance competitive advantage.
11. Define corporate culture and explain the elements of a strategy-supportive corporate culture.
12. Understand how creating a strategy-supportive corporate culture is critical to successful strategy execution.