Student Expectations
Students will learn how to integrate what they have learned in other business courses to create a viable business strategy, “pro-forma’ income statement and preliminary implementation strategies. Each student is expected to learn and apply the concepts of strategic thinking, decision making and planning by selecting a “new business venture” in which they have an interest and synthesize the concepts into a strategic executive summary and presentation.
The Approach
The learning process will build on “Putting It All Together- a guide to strategic thinking and decision making” as the primary text. Classes will be illustrative and interactive, and each student will be expected to contribute to the discussion and provide their own insights and experiences.
The course is broken down into four phases:
- Strategic Analysis and Anticipation. This phase will focus on how to define a business, segment the business and focus on the highest potential segment. The student will select one venture segment to apply the key concepts and techniques. Their strategic evaluations will include assessing the market, customer, competition, technologies, financial and socio/political/ economic aspects of the selected segment. Using the past and present analyses, each student will be required to identify changes in the next five years that can insignificantly impact the attractiveness of the segment and their ability to “make money”
- Investment and Differentiation Strategies. Using the results of phase one, each student will be provided with a number of evaluative tools to assess the current and future attractiveness of the segment, the critical success factors and an objective assessment of current and potential competitors. This will yield two strategic decisions: the “investment strategy/ the degree of aggressiveness and differentiation strategies that will enable them to create a sustainable competitive advantage.
- Implementation Strategies and Preliminary Financials. Using the investment and differentiator strategies the student will then be required to specify all of the key execution/ implementation strategies, including product/ service development, marketing, sales, production and so on. The student will learn how to assure that the implementation strategies are internally consistent and will yield the desired financial and market results.
- Strategic Communications and Presentations. The final step in the process will be to synthesize the previous work and prepare a short, concise executive summary and presentation. The presentation will simulate the type of presentation required to convince investors that the venture is worthy of their time and money.
Students Select and Develop New Venture Strategies and Presentation.
Each student will be required to select and develop a proposal for a new venture in which they have an interest and commitment. Professor Rothschild will work with each student to assure that the selected project is realistic and that there is sufficient information available to do a complete and comprehensive assessment and strategy.
The Required Text
“Putting It All Together”- a guide to strategic thinking and decision making”
Revised and Updated by William E. Rothschild
This was the first book on strategic thinking and decision making that has been used for over 30 years. It was revised and updated in 2002. It can only be purchased in class. The price is $42.00, which is a 25% discount. Credit cards and cash are acceptable…no checks
Grading
Mid Term Exam 20% of total grade
This will be an OPEN BOOK EXAM and cover the first seven chapters of the book
Assignment #1- Strategic Analysis and Anticipation 25% of total
This will include market, customer, competitive, and external evaluations that impact the venture
Assignment n#2- Strategic Venture Summary 25% of total
This will cover all of the three levels of strategy (Investment strategy, Strategic Differentiation, Execution and Implementation Strategies and “pro-forma” income statement.
Written and Oral Presentation 15%
This will include a ten minute oral presentation and written documentation designed to convince investors that they should invest in the proposed new business, including a pro-forma income statement.
Class Participation, Contribution
And Attendance 10%
Periodic, short unannounced quizzes 5%
Course Plan and Assignments
Phase One: Strategic Analysis and Anticipation will focus on how to define a business, segment the business, evaluate all of the key aspects of a business, including: market, customers, competition, technology, and economic/ socio/ political environments.
All students are expected read assignment pages in the text prior to class. There will be periodic, unscheduled quizzes on the assignment pages, to assure that students are keeping up with materials being presented.
Course Summary and Assignment
Session 1- Overview and what is expected.- Getting to know you and your expectations
Sessions 2
Preparation: for Sessions 2 &3- Read “Putting It All Together”-Every Leader Has a Strategy, So Why All The Fuss? - Chapter 1 pages 8-18. Strategic Thinking and Decision Making Overview- the steps required to develop a successful strategy.
Session 4- Defining the Business- How to do it and why it is important
Session 5- Customer First- Defining the customer
Preparation: Read “Putting It All Together”-Customers Determine the Successful Strategy Chapter 3- pages 31-46 Knowing why the customer purchases; Identifying reasons customers may change; Segmenting the market…and reasons it is important.
Session 6- What make a customer attractive? What is meant by attractiveness and why it is important; The key criteria used to determine how attractive customers are
Session 7- Market Segment Evaluation How to use customer, geographic and customer characteristic to create a segmentation grid
Session 8 - The Name of the Game
Preparation: for Sessions 8-Read “Putting It All Together”-The Name of the Game Pages 48- 68 Competitive Demographics; Value/ supply chain; Anticipating and preparing for changes. Indirect competition
Sessions 9 External Factors
Preparation: Read “A Four Dimensional Overlay”. Pages 110-125
Societal changes ; Government changes ; Economic changes ;Technological changes
Session 11- Thinking like and understanding the competitors.
Preparation: Read “Putting It All Together”-Competitors: “Getting to Know All (?) About Them” Pages- 69- 90 How to assess specific competitors and their strategies. ;How to evaluate competitor’s assets and liabilities and use this intelligence to create an effective competitive based strategy.
Session 12- Know Yourself- Resource Analysis
Preparation: Read “Putting It All Together”- Chapter 6- Know Yourself: Resource Analysis Pages 91- 10. What are you really good at. How do you compare with key competitors
Mid Term Exam--20% of your grade. This will cover all of the material covered in Chapters One (1) through and including Seven (7) in Putting It All Together- a guide to strategic thinking and decision making.
Hand In Assignment #1-25% of your grade Strategic Analysis and Anticipation-
Phase Two Investment and Differentiation Strategies
Session 13 -Investing in winners, not losers.Preparation: Read “Putting It All Together”- Chapter 8- Now Lets Strategize: The Investment Decision Pages- 126- 150 How to integrate the previous market, customer, competitive, technological and socio/political evaluations to determine the overall attractiveness of the business. How to Use various types of matrices to make investment decisions and set priorities. Discussion of the financial implications of each investment strategy alternatives.
Session 14-How good is your company and you? How to determine the “success factors” for the business. It will focus on how to determine what type of skills, talents, resources that will be required to be successful. An evaluation of five key ability areas: ability to conceive and design, ability to sell and market, ability to produce or get the products or services, ability to finance and ability to manage.
Sessions 15- 16, 17 Creating and Maintaining a Competitive Advantage.
Preparation: Read “Putting It All Together”- Chapter 9- The Move to Management and Implementation Strategies Pages- 151-174 Winners are different….Ways of creating a sustainable competitive difference. Illustrations of successful strategies by key industries.
Phase 3- Implementation Strategies and Preliminary Financials.
Sessions 18 --19--, 20 Making sure the Implementation Strategies Fit. Key functional strategies Alternative available How implementation strategies relate to investment strategies and competitive differentiators.Illustrations
Pro-forma Income Statements…making sure the number fit the strategies and challenges.
Sessions 21 & 22 Avoiding Surprising YOURSELF and key Stakeholders.
Preparation: Read “Putting It All Together”- Chapter 11- Keeping In Touch With Reality: Strategy Review Pages- 189- 217 The concept of stakeholders and how each stakeholder group has its own unique expectations and needs. The need to identify key stakeholders and determine which of these groups are the most important to satisfy and which can be highly adversarial.
Phase 4- Strategic Communications and Presentations.
Sessions 23 & 24 Developing Clear, Concise and Effective Plans and Presentations
Preparation: Read “Putting It All Together”- Chapter 13- The Strategy Summary: Keep It Simple, Keep It Clear and Use It to Lead!Pages 218-231 How to create presentations and documents to sell your venture How to create presentations and documents to lead your organization
Sessions 25 Contingency Alerts…what it is and why it is important…
Preparation: Read “Putting It All Together”- Chapter 12- The Case for Contingency Alert Systems- Pages 207-217 What if… what can you do…
Sessions 26 Review and Packaging skills
Hand In Assignment #2- Strategic Venture Summary 25% of your total grade This will cover all of the three levels of strategy (Investment strategy, Strategic Differentiation, Execution and Implementation Strategies and “pro-forma” income statement.
Hand In Assignment #3 Power Point Written and Oral Presentation (Dec 1,3,8) 15% of your total grade. This will include a ten minute oral presentation and written documentation designed to convince investors that they should invest in the proposed new business, including financial results. You will be graded on the notes provided, the viability of your proposal, the clarity, conciseness of presentation and whether it “sells your venture”
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