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Introduction
Welcome to BUS4403 Business Policy & Strategy. Before discussing this week’s topics and activities, let’s present an overview of the course. The course is divided into two parts. Part One will deal with the foundational concepts of leading a business and setting business policy strategically. Part One will cover: (1) the concepts of establishing a business vision from which business plans will align, (2) building a business team to execute business goals, and (3) techniques to monitor business progress in implementing the goals.
Part Two will take the foundational concepts learned in Part One and apply them to case studies of real business situations. There is an important structure to the business applications presented in Part Two. The structure is called frame of reference analysis. The basis of this analysis is that most situations, whether oriented to business or not, consist of multiple disciplines or frames of reference. This analysis calls for studying subjects and situations through the lens or ‘frames’ of certain disciplines. In this course, the frames of references used to view strategic choices will be: (1) the structural frame of reference, (2) the economic/business frame, (3) the political/cultural frame, and (4) the human resources frame. Each week, during Part Two, a case study will be presented that examines a real business situation through the frame of reference of one of the above viewpoints. The final week of the course will be an integration exercise where the role of leadership will be examined.
Multiple resources support this course. The primary resource to guide the student in this course is Strategic Management by N. Ritson. It will provide the overview of this subject. In addition, other textbooks, resources, and case studies will provide the specialized content needed for an understanding and mastery of the components and frames of reference of the course.
This week’s topic will be formulating policy and strategy. Before establishing a business policy and a strategy for implementation, a business entity must decide what its vision for the future is, then establish what its mission will be to attain that vision. Subsequent business actions will align with these most basic decisions. The resource for this week’s topic is the primary textbook of the course, Strategic Management by N. Ritson. The student will research and learn about vision-mission statements and apply what was learned by composing an organizational vision-mission statement.
Reading Assignment
This week’s reading provides our introduction the basic concepts of strategy including schools of strategy, and types of strategy.
Required reading for Unit 1:
Strategic Management, by N. Ritson, pages 1-23, 66-71. Download PDF version.
Leadership Skills, by MTD Training, pages 9-15. Available directly from the course’s “Textbooks” page.
Discussion Assignment
Perform an internet search and find two (2) companies that have their vision/mission statements on their websites. Summarize those statements and briefly explain the meaning of those statements.
You are encouraged to research outside sources and, of course, cite them. Do not, however, quote sources word-for-word, but rather, respond to the Discussion Forum Question in your own words.
Written Assignment
Chapter 4 of Strategic Management discusses three “schools” of strategy. After reading the assigned reading and other available information carefully, prepare a two page (double-spaced) essay describing the three schools of thought and provide an example of each.
Cite references to material that you use in preparing the essay.
Learning Journal
The Learning Journal is a space where you should reflect upon what was learned during the week and how it applies to your daily life and will help you with your life (career) goals. For this week’s reflection, please write an essay of complete and well composed paragraphs (200 word minimum for the entire essay) where you name or describe a company that you would like to be the CEO of (a real company or a conceptualized one) and compose a vision and mission statement for that company.
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