Business Policy and Strategy - Richard Hoogerwerf Marian College
LEARNING OBJECTIVES: This course provides students with a practical introduction to the many facets of strategic management encountered in a competitive environment. Students are exposed to a variety of theoretical models and current business issues ranging from analysis of competitive advantage through strategy formulation and implementation in the context of a modern corporate environment. Students will have practical application in decision-making in ethics and social responsibility, market analysis, operations management, auditing, finance, asset management, and the conduct of business meetings and formal presentations. By challenging students' business writing, oral communications, and computer skills, requiring extensive critical thinking and problem solving activities, and including discussions of the ethical and global impact of strategy and policy, this course directly addresses all of the Department of Business, Economics, and Information Systems curriculum goals established in the Departmental Unit Plan, and fulfills the accreditation requirement established by the ACBSP for a Capstone®; experience within the Business Administration Degree. After completing this course, students should be able to:
1. Understand the terms, concepts and principles employed in the course by being able to:
1.1 State the relevance of the issues confronted in the course to modern strategic management practices.
1.2 Define the strategic management terms and related concepts used during the course.
1.3 Distinguish between proper and improper usage of these terms and concepts.
1.4 Describe the analytical and planning procedures employed in the strategic activities of business.
1.5 Identify the assumptions underlying the planning and decision-making methods used in the course.
2. Evaluate strategic management methods by:
2.1 Explaining the purpose and goals of the planning and decision-making methods presented.
2.2 Performing the analysis required for formulation and critical review of strategic plans.
2.3 Assessing the procedures followed in implementing strategic planning and decision making.
2.4 Measuring the effectiveness of the application of strategies in competitive situations.
2.5 Rating the performance of peers in simulation activities.
3. Demonstrate an appreciation for the wider application and relevance of strategic management to business by:
3.1 Assessing the performance of a business from quantitative and qualitative perspectives.
3.2 Assessing the contribution of strategic planning to business decision-making.
3.3 Applying objectivity in the interpretation of strategic outcomes.
3.4 Responding professionally to leaders or to personal leadership opportunities in team activities.
3.5 Identifying and evaluating the strategic impact of corporate ethical and social responsibility polices.
4. Apply strategic planning methods in problem-solving situations by:
4.1 Performing strategic analyses of companies and industries using the theoretical models presented.
4.2 Analyzing operational data supported by appropriate information system applications.
4.3 Choosing appropriate tactical and strategic policies consistent with analyses performed.
4.4 Making appropriate strategic decisions in response to problems confronted.
4.5 Communicating the results of analyses of strategy issues through oral and written presentations.
In addition to these course-specific learning objectives, all courses offered by the Department of Business, Economics, and Information Systems emphasize development of knowledge and skills in one or more of the following 'FOCUS Areas': Ethics & Social Responsibility, Written Communication, Oral Communication, Critical Thinking, Leadership, Teamwork, Career Preparation, Quantitative Analysis, and Computer Skills/Applications.
PROCEDURE. This course is built around comprehensive coverage of the course text combined with active student participation in the strategic management simulation, "Capstone®; ." The approach will emphasize theory and application. Specific learning objectives from the preceding page addressed by each of the following activities are indicated in brackets [ ] following descriptions of the activities.
Students are expected to study assigned text materials PRIOR to class sessions. Objective quizzes will precede discussions of text chapters. Mid-term and final, comprehensive examinations will further measure students' understanding and retention of strategic management theories and concepts. Also, students should read The Wall Street Journal and at least one business oriented magazine regularly to prepare for discussions of the impact of current events on business activities.
[1.1-1.5, 2.1, 3.1, 3.3, 3.5]
Critical Thinking Skills will be developed as students function in their simulation roles and prepare written research projects.
[1.1, 1.4-1.5, 2.2-2.4, 3.1-3.3, 4.1-4.2, 4.5]
As well as assisting in the creation of operational and strategic plans for the simulation companies, students will engage in continued problem-solving exercises, plan revision, and tactical and strategic decision-making in a competitive environment as they function in their roles as corporate officers in the Capstone®; simulation. Students will be required to analyze the progress of their own firm and that of their competitors while attempting to reach their simulation tactical and strategic performance goals. Prior to beginning the simulation exercise, an objective examination covering the assumptions and rules of the exercise will be administered. All students are required to register on-line with Management Simulations, Inc. prior to the August 28th class period. Note that there is a charge ($39.00 when I last checked with the company) for participating in the simulation. This fee includes supporting software, use of the Capstone®; web site, and the simulation manual.
[1.1-1.5, 2.1-2.4, 3.1-3.4, 4.2-4.4]
During the simulation, students will be placed in strategic management decision making roles and will have the opportunity to apply the functions of management while gaining insight into the interrelationships of the functional areas of business. The skills that can be developed through participation in this exercise are limited solely by the energy and imagination with which students approach their simulation activities. All students are expected to take an active part in the management of their companies and to be involved in every assignment and every decision made by the firm. Student effectiveness in team activities will be evaluated by the instructor and by peers and is heavily weighted toward the final course grade.
[2.5, 3.4, 4.4]
Each simulation company team will prepare strategic plans and annual reports and, with 100% participation of members, present to the class a summation of their competitive activities during the semester. These stockholders' meetings should approach industry standards of professionalism, including well rehearsed presentations supported by financial data professionally presented after summary manipulation by decision support and computer presentation packages. Each company's annual report will be distributed to all students.
[1.4, 2.2-2.4, 3.1, 3.3-3.5, 4.1-4.2, 4.5]
Management teams may be confronted periodically throughout the exercise with ethical and social responsibility issues. The implications of their decisions will be apparent in their impact (both direct and indirect) on the firm and should be recognized in annual reports and stockholders' meeting presentations.
[1.1, 1.5, 2.4, 3.3, 3.5, 4.3-4.4]
ASSIGNMENTS and GRADING SUMMARY
Descriptions of each graded assignment follow the summary below.
Examination Grading-->25%
Quizzes on Text and Simulation Material
13%
<--15 quizzes...the highest 13 count toward the grade.
Mid-Term Examination
6%
<--Text Chapters 1-7
Final Examination
6%
<--Text Chapters 8-14
Research Project Grading-->25%
Strategic Analysis-Executive Summary
15%
<--Company/Industry Strategic Research
Oral Presentation of Strategic Analysis
10%
<--Presentation Team Grade (Adjusted for Peer Evaluation)
Extra Credit
"Strategy in Action" Case Analyses
up to 5%
<--In-class response to case questions (randomly assigned)
Simulation Related Grading-->35-50%
Team Strategic Plans
10%
<--Capstone®; Team Grade (Adjusted for Peer Evaluation)
Stockholders' Meeting Presentation
15%
<--Team Grade (Adjusted for Peer Evaluation)
Annual Report
10%
<--Team Grade (Adjusted for Peer Evaluation)
Simulation Performance
up to 15%
<--Competitive Results (Adjusted for Peer Evaluation)
Involvement in Course Activities-->
5%
<--Attendance, Participation, & Course Evaluation.
Quizzes (Average of Highest 13 Quizzes=13%). 14 objective quizzes will concentrate on theoretical concepts and the terminology of business strategy and policy as presented in the text. In addition, there will be an objective quiz on the Capstone®; simulation, for a total of 15 quizzes. The lowest 2 text quiz grades will be dropped prior to calculating quiz points (the Capstone®; quiz will not be dropped.)1
Mid-Term Examination (6%). The comprehensive mid-term examination will cover chapters 1-7 in the text and will be administered on October 9th.
Final Examination (6%). The comprehensive final examination will cover chapters 8-14 in the text and will be administered on December 6th.
Strategic Research and Analysis-Executive Summary (15%). This assignment must be prepared consistent with the instructions in a handout to be received on the first day of class. Students will prepare detailed analyses of an assigned topic. Each topic will be researched and analyzed by students who are to work independently-this is not a "team" project. All executive summaries must be submitted to the instructor by October 9th. Note==>Executive summaries not submitted by 1:30 on October 9th will lose 1 letter-grade and one additional letter grade for each class period that passes prior to submission. There will be no exceptions to this policy.
Strategic Research and Analysis-Oral Presentation (10%). These presentations must be conducted consistent with the instructions in a handout to be received on the first day of class. Students, working as a team, will make 45-minute presentations of their assigned topics. Grades will be awarded by peers and the instructor and will be adjusted based on a peer evaluation submitted by presentation team members.
Strategy in Action Case Analyses (Up to 5%-Extra Credit). During lecture sessions, students will be called on at random for their analyses of the 'Strategy in Action' mini-cases in each text chapter. In preparation for these sessions, students should have thought through their responses to these mini-cases. In order to receive the extra credit, students must competently summarize the case and indicate its relevance to the strategy topic being discussed.
Peer Evaluations. All students are expected to be actively and enthusiastically involved in every team decision and to contribute to the best of their ability to all assignments required of their team. While some class time will be set aside for team activities, teams will not be able to accomplish all needed activities during allotted class time. Teams will most probably be required to meet outside of class (and also on the internet in the Capstone®; "team room") one or more times every week throughout the semester. Completion of the 2 peer evaluations (October 9th and December 13th) will allow students to evaluate the performance of their peers in team activities. Students are expected to take the quality of their peers' contributions to team activities into consideration when they prepare these peer evaluations.
Note==>Grades assigned to individuals on the following team assignments will be weighted based on
the "grade" received on these peer evaluations.
Team Strategic Plans (10%). Each company (as a team project) must submit a written strategic plan prior to beginning the competitive simulation (on September 27th.) These plans must conform to the format and content requirements presented in a handout to be distributed in class.
Stockholders' Meeting Presentations (15%). Each company must conduct a brief stockholders' meeting that will consist of company presentations (15 minutes total-10 minutes plus 5 minutes for questions) to be conducted on December 13th. It is expected that teams will make professional presentations in keeping with corporate standards at events such as these-that is, team members are expected to present themselves as professionals. A handout will be provided in class containing further guidance for this assignment.
Annual Reports (10%). Company Annual Reports are to be submitted to the instructor on December 6th. Information provided should be concise, well organized, and presented in an esthetically pleasing format. Students should refer to industry annual reports as examples for this assignment. A handout will be provided in class containing further guidance for this assignment.
Simulation Performance (0%-15%). Members of the four in-class companies (excluding the company run by the computer) will be awarded simulation performance points as follows: 1st Place-->15%, 2nd Place-->10%, 3rd Place-->5%, 4th Place-->0%. As with all team activities, points assigned to individuals will be weighted based on the "grade" received on their peer evaluations. The instructor will announce the final determination of points awarded for each team's performance at the December 13th meeting.
Participation and Course Assessment (5%)
Each student will be a team member and company officer and will be assigned responsibilities critical to the success of their firm. Students should think of class as "the job." Being on time for and in attendance at every class and every team meeting then becomes a minimum standard for evaluating their value to the company (or for getting a "paycheck.") Note==>Students not in attendance at a class will earn a zero participation grade for that class period.
All students must submit a formal, typewritten course evaluation. These evaluations are expected to answer each of the questions posed on the questionnaire to be provided in class. Additional, related topics may be added if students desire. In order to receive the accumulated credit for participation and the 'Strategy in Action" Extra Credit, completed evaluations must be submitted no later than 4:00 p.m., December 14th.
B+ = 90-->89
C+ = 80-->79
D+ = 70-->69Grading Scale:
A = 100-->93
B = 88-->83
C = 78-->73
D = 68-->60
F = < 60A- = 92-->91
B- = 82-->81
C- = 72-->71
1 Since quizzes will be reviewed during the class period immediately after completion, makeup quizzes will not be allowed. A missed quiz will be recorded with a grade of zero and will be one of the 2 dropped when calculating the final grade. There will be no exceptions to this policy.