634-0802/01 – Strategic Management (SM)
| Gurantor department | Department of Economics and Management in Industry | Credits | 6 |
| Subject guarantor | prof. Ing. Radim Lenort, Ph.D. | Subject version guarantor | prof. Ing. Radim Lenort, Ph.D. |
| Study level | undergraduate or graduate | Requirement | Compulsory |
| Year | 2 | Semester | winter |
| | Study language | Czech |
| Year of introduction | 2004/2005 | Year of cancellation | 2015/2016 |
| Intended for the faculties | FMT | Intended for study types | Follow-up Master |
Subject aims expressed by acquired skills and competences
Student will be well informed in principles of a mission, strategic goals, and strategies formulation, implementation, and control in various strategic management levels, will be able to apply main methods of the strategic analysis and the strategic decision making.
Teaching methods
Lectures
Individual consultations
Tutorials
Summary
The subject is aimed at understanding of a substance of the strategic thought, the strategic behaviour of firms, acquirement of the strategic analysis methods and aproaches. It acquaints with strategic of single decision-making levels and creates principles for their successful formulation and implementation.
Compulsory literature:
1. Johnson, G.; Scholes, K., Whittington, R. Exploring corporate strategy. Prentice Hall, 2008.
Recommended literature:
1. Pearce, J.; Robinson, R. Strategic management. McGraw-Hill, 2010.
Way of continuous check of knowledge in the course of semester
E-learning
Other requirements
Elaboration of two seminar works.
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
- Definition of strategy - strategy as a plan, intended vs. emergent strategy, strategy as a small number of creative ideas.
- The essence of strategic management - the definition of strategic management as a process realized by the company management, two basic approaches to strategic management, activities realized within the frame of strategic management, characteristics of current strategic management.
- Mission of the company - the definition of the mission, its importance, the form of mission, practical problems.
- Strategic objectives of the organization - defining strategic goals, objectives properties, ensuring there are no conflicts of objectives at the individual levels of management, the main categories of objectives, priority objectives in the individual companies.
- Environmental analysis - objective of environmental analysis, structure of company environment, the difference between general and competitive environment, a list of methods used to analyze the environment.
- PEST analysis - key factors of political/legal, economic, sociocultural and technological environment, and their impact on the company.
- Five forces model - the objective of its application, definition of the factors affecting the intensity of the individual forces, i.e. intensity of rivalry among competitors, threat of new entrants, threat of substitute products, bargaining power of customers and bargaining power of suppliers.
- Branch life cycle analysis - phases and characteristics of the individual phases of the branch life cycle, methods of assessing phases of branch life cycle.
- Strategic group analysis - the definition of strategic groups, the main characteristics for their identification, procedure for creation of maps of strategic groups.
- Scenarios of future development of company environment - the definition of scenarios of future development of the environment, the reasons for their creation, procedure of creation of the scenarios, types of scenarios.
- Internal analysis - the objective and methods of internal analysis, the definition of resources audit and procedures for its realization.
- Analysis of core competencies – identification of core competencies, a comparison of resources audit and analysis of core competencies, the objective and procedure for realization of analysis.
- Value chain analysis - the definition of value chain, the objective of realization of value chain analysis, value activities.
- Benchmarking – the definition and types of benchmarking, the objective and procedure of realization of benchmarking.
- SWOT analysis – the objective of SWOT analysis realization, definition of opportunities, threats, strengths and weaknesses, the process of SWOT analysis realization, determining the strategic position of the company, choosing a suitable strategy.
- Levels of strategic management in a company - the definition of levels of strategic management and the related strategies, the content scope of strategies at the individual levels.
- The general strategies at company level - the characteristics of growth/expansion, stabilization, reduction/defensive attitude, forms of growth.
- Grand strategies at company level - characteristics of concentrated growth, market development, product development, innovation, horizontal integration, vertical integration, Joint Venture, concentric diversification, conglomerate diversification, retrenchment/turnaround, divestiture and liquidation.
- The strategy of multinational companies - the types of strategies used by multinational companies, their definitions, examples, advantages and disadvantages.
- Strategies based on analysis of the company portfolio – the objective of company portfolio analysis, BCG matrix and its characteristics, definition of the individual groups of branches, strategies suitable for each group, the procedure of BCG analysis realization.
- Porter's competitive strategies – the definitions and prerequisites for cost leadership strategy, differentiation strategy and focus strategy.
- Strategies based on analysis of the branch life cycle - a strategy suitable for the stage of introduction, growth, maturity and decline.
- Functional strategy - the main subject of interest of marketing strategy, financial, manufacturing, human resources, and research and development strategies.
- Evaluation and selection of a strategy - the characteristics of basic criteria for strategy evaluation, i.e. suitability, feasibility and acceptability.
- Financial and economic evaluation of the business strategies - objectives, procedure and outcomes of financial and economic evaluation of the strategy.
- Using multi-criteria decision making in strategic management - the areas of application of multi-criteria decision making in strategic management, procedure of application of multi-criteria decision making methods, methods for determining the importance of criteria and preferential arrangement of options.
- Implementation of the strategy in company - methods of strategy implementation requiring change of organizational structure and their characteristics.
- Strategic control - a comparison of "classic" and strategic control, basic forms of strategic control and their characteristics.
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction