Module annotation

Strategy is how a company achieves its goals by deploying its scarce resources to gain a sustainable competitive advantage. Strategic management is that set of managerial decisions and actions that determines the long-run performance of a company, It usually includes both internal and external environmental scanning (as a part of strategic analysis), strategy formulation (strategic long-range planning), strategy implementation, and evaluation and control (measurement).

Strategic management emphasizes the monitoring and evaluating of external opportunities and threats in light of a company’s strengths and weaknesses.

Corporate strategy describes a company’s overall direction in terms of its general attitude toward growth and the management of its various businesses and product lines.

Business strategy usually occurs at the (strategic) business unit or product level, and it emphasizes improvement of the competitive position of a company’s products or services in specific industry or market segment served by that business unit.

Functional strategy is the approach taken by a functional area to achieve company and business unit objectives and strategies by maximizing resource productivity.

Business firms use all three types of strategy simultaneously.

A policy is a broad guideline for decision making that links the formulation of strategy with its implementation.

The fundamental nature of competition in many of the world’s industries is changing. Even determining the boundaries of an industry has become challenging. Conventional sources of competitive advantage are not as effective as they once were. Managers must adopt a new mind-set that values flexibility, speed, innovation, integration, and the challenges that evolve from constantly changing conditions (remember global pandemic wave, environmental issues, globalization, hypercompetition, technological shifts, knowledge intensity…).

(Not only) top-level managers and entrepreneurs are challenged to thing seriously and deeply about the purposes of the organizations and firms they head or functions they perform, about the strategies, tactics, technologies, systems and people necessary to attain these purposes and about the important questions that always need to be asked.

On the surface the notion of business strategy would seem to be quite straightforward and uncomplicated. Surely it is just a matter of deciding some medium- to long-term goals, bringing together the resources, human and material, that will be required if they are to be achieved, devising a plan and schedule for implementation, and then just getting on with it.

In practice, however, it is not at all straightforward for. There several reasons:

By definition, a strategy is something that unfolds over time; during that time period the environment is changing with great rapidity and can invalidate the assumptions on which the plan was based.
There are often sharp conflicts between the requirements of the strategy and the imperatives of short-term profitability or even survival.
As research has shown, in practice strategy formulation is usually far from being the rational, objective process that the textbooks prescribe. It is subject to distortion from such factors as the machinations of organizational politics, the existence of mindsets linked to particular corporate cultures, and ‘fashions’ in management theory.
There is the tendency of people with a high level of intelligence and formal education to eschew the simple approach and overcomplicate things – a tendency symbolized by the growth of the use of jargon.
Implementation is certainly not always a smooth process; successful implementation is a function of many interacting variables among which the quality of leadership is paramount.

As we entered the 21st century there was a rush on the part of business to exploit the new opportunities thrown up by the Internet. strategy formulation in the first decade of the 21st century is a very different process and has a very different agenda from those featuring in the classic writings on strategy in the last quarter of the 20th century. In today’s business environment the achievement of sustainable growth in shareholder value is about much more than positioning in the market and portfolio selection. It is increasingly about good corporate governance, reputation building, the ability to attract and retain top talent and relationships with stakeholders.

Part of those challenges, issues and question will explore and discuss Strategic Management module, many of important themes should be explored by the students.

Content of the module

Due to time allocation for the course, content of the module is based on providing introduction and main overview about strategy and strategic management, their frameworks (mainly AFI – Analysis, Formulation, Implementation), tools and about few perspectives and approaches (with connection to others modules like Innovation and Project Management). For students it is necessary to understand what the strategy and its management is, what are interconnections other types of strategies, tactics, policies, programmes… and impact on companies, firms and their competitive advantage. As usual in our dynamic landspace there is no one-size-fits-all approach and not all tools and thoughts could be mentioned and discussed.

Module goal

To help participants acquire the basic knowledge they need to apply and manage strategy fundamentals, tools and processes so that they can support strategic activities and projects and carry out necessary tasks and functions within their organizations. Also to help them gain an understanding of content, terminology, and application principles dealing with the strategic management efforts in time of “new normal”.

The aim of this course is to develop overview and provide basic knowledge and viewpoints required for strategic management, which will help the students to manage strategy and its implementation (as a change) more systematically and efficiently. After completing this course and with substantial self-study and reading literature, students will gain in depth knowledge on how to analyse environment, set strategy and implement it within a management process.

Module structure

Strategy and strategic management fundamentals
Schools of strategy
Strategic analysis
Selected tools for external and internal analysis
Strategy formulation
Michael Porter’s models
Blue Ocean Strategy
Implementation
Balanced Scorecard intro

Literature available for students as e-books

GRIMM, Curtis, M., LEE, Hun, SMITH, Ken, G. Strategy as Action: Competitive Dynamics and Competitive Advantage. Oxford: Oxford University Press, 2006. 278 s. ISBN 978-0-19-516144-1.
HILL, Charles, W. L., JONES, Gareth, R., SCHILLING, Melissa, A. Strategic Management: An Integrated Approach. 11. vyd. Stamford: Cengage Learning, 2013. 891 s. ISBN 978-1-285-18448-7
JOHNSON, Gerry, WHITTINGTON, Richard, SCHOLES, Kevan. Exploring Corporate Strategy: Text & Cases. 9. vyd. Harlow: Pearson Education, 2011. 773 s. ISBN 978-0-273-73202-0.
KIM, Chan, W., MAUBORGNE, Renée. Blue Ocean Strategy Reader. Boston: Harvard Business Review Press, 2017. 205 s. ISBN 978-1-63369-275-6.
REEVES, Martin, HAANAES, Knut., SINHA, Janmejaya. Your Strategy Needs a Strategy: How to Choose and Execute the Right Approach. Boston: Harvard Business Review Press, 2015. 271 s. ISBN 978-1-62527-587-5.
WHEELEN, Thomas, L., HUNGER, David, J. Strategic Management and Business Policy. Toward Global Sustainability. 13. vyd. Boston: Prentice Hall, 2012. 911 s. ISBN 978-0-15-215322-5.

Digest of other relevant literature (please seek other resources in English language)

GRANT, Robert, M. Contemporary Strategy Analysis: Text and Cases. 8. vyd. New York: John Wiley & Sons, 2013. 842 s. ISBN 978-1-119-94189-7.
HITT, Michael, A., IRELAND, Duane R., Hoskison, Robert E. Strategic Management. Competitiveness and Globalization. 5. vyd. Mason: Thomson – South-Western, 2003. 438 s. a přílohy. ISBN 0-324-11479-6.
HUFF, Anne, S. Strategic Management: Logic and Action. New York: John Wiley & Sons, 2009. 432 s. ISBN 978-0-471-01793-6.
JOHNSON, Gerry a kol. Exploring Corporate Strategy. Text and Cases. 11. vyd. Harlow: Pearson, 2017. 828 s. ISBN 978-1-292-14512-9.
KAPLAN, S. Robert, NORTON, P. David. The Balanced Scorecard. Translating Strategy into Action. Boston: Harvard Business School Press, 1996. 322 s. ISBN 0-87584-651-3.
KAPLAN, S. Robert, NORTON, P. David. The Strategy-Focused Organization. How Balanced Scorecard Companies Thrive in the New Business Environment. Boston, Harvard Business School Press, 2001. 400 s. ISBN 1-57851-250-6.
KAPLAN, S. Robert, NORTON, P. David. Strategy Maps. Converting Intangible Assets into Tangible Outcomes. Boston: Harvard Business School Press, 2004. 454 s. ISBN 1-59139-134-2.
KAPLAN, S. Robert, NORTON, P. David. Using the Balanced Scorecard to Create Corporate Synergies. Boston: Harvard Business School Press, 2006. 302 s. ISBN 1-59139-690-5.
KAPLAN, S. Robert, NORTON, P. David. Using Balanced Scorecard to Create Corporate Synergies. Boston: Harvard Business School Press, 2006. 300 s. ISBN 978-1-59139-690-1.
KAPLAN, S. Robert, NORTON, P. David. The Execution Premium. Linking Strategy to Operations for Competitive Advantage. Boston: Harvard Business School Press, 2008. 317 s. ISBN 978-1-4221-2116-0.
LINDGREN, Mats, BANDHOLD, Hans. Scenario Planning. Přeprac. a dopl. vyd. London: Palgrave Macmillan, 2009. 200 s. ISBN 978-0-230-57919-4.
MINTZBERG, Henry. AHLSTRAND, Bruce, LAMPEL, Joseph. Strategy Safari: A Guided Tour Through the Wilds of Strategic Management. New York: The Free Press, 1998. 406 s. ISBN 0-684-84743-4.
NIVEN, Paul R., LAMORTE, Ben. Objectives and Key Results: Driving Focus, Alignment and Engagement with OKRs. Hoboken: John Wiley & Sons, 2016. 224 s. ISBN 0-978-1-119-252-39-9.
RINGLAND, Gill. Scenario Planning: Managing for the Future. Chichester: John Wiley & Sons, 1998. 407 s. ISBN 0-471-97790-X.
ROHM, Howard a kol. The Institute Way: Simplify Strategic Planning and Management with the Balanced Scorecard. Cary: The Institute Press, 2016. 352 s. ISBN 978-0-9845695-3-3.
SCHWARTZ, Peter. The Art of the Long View. New York: Doubleday-Currency, 1996. 272 s. ISBN 0-385-26732-0.
TREACY, Michael, WIERSEMA, Fred. Discipline of Market Leaders. Choose Your Customers, Narrow Your Focus, Dominate Your Market. Reading (ME): Perseus Books, 1997. 210 s. ISBN 0-201-40714-1.
Van der HEIJDEN, Kees. Scenarios: The Art of Strategic Conversation. Chichester: John Wiley & Sons, 1996. 305 s. ISBN 0-471-96639-8.

Relevant links to articles from lecturer Libor Friedel (in Czech language, with other references)

Overview of relevant publications in Czech language

BARTES, František. Strategie obchodních střetů. Ostrava: Key Publishing, 2011. 171 s. ISBN 978-80-7418-100-9.
BRUCE, Andy, LANGDON, Ken. Strategické myšlení. Praha. Slovart, 2002. 71 s. ISBN 80-7209-403-3.
ČERVENÝ, Radim. Korporátní strategie: krok za krokem. Praha: C. H. Beck, 2016. 2204 s. ISBN 978-80-7400-620-3.
DOZ, Yves, KOSONEN, Mikko. Dynamická strategie: schopnost pohotově měnit strategii vám umožní získat náskok před konkurencí. Praha: Management Press, 2011. 284 s. ISBN 978-80-7261-227-7.
FOTR, Jiří a kol. Tvorba strategie a strategické plánování. Praha: Grada, 2012. 381 s. ISBN 978-80-247-3985-4.
HANZELKOVÁ, Alena a kol. Business strategie: krok za krokem. Praha: C. H. Beck, 2013. 159 s. ISBN 978-80-7400-455-1.
HARVARD BUSINESS SCHOOL PUBLISHING CORPORADION. O strategii. 10 nejlepších příspěvků z Harvard Business Review. Praha: Management Press, 2018, 285 s. ISBN 978-80-7261-555-1.
HORÁKOVÁ, Helena. Marketingové strategie. Praha: Idea servis, 2014. 103 s. ISBN 978-80-85970-81-4.
JAKUBÍKOVÁ, Dagmar. Strategický marketing: strategie a trendy. Praha, C. H. Beck, 2013. 362 s. ISBN 978-80-247-4870-8.
JIRÁSEK, Jaroslav. Strategie: umění podnikatelských vítězství. Praha: Professional Publishing, 2002. 189 s. ISBN 80-86419-22-3.
JOHNSON, Gerry, SCHOLES, Kevan. Cesty k úspěšnému podniku: stanovení cíle, techniky rozhodování. Praha: Computer Press, 2000. 803 s. ISBN 80-7226-220-3.
KAPLAN, S. Robert, NORTON, P. David. Balanced Scorecard. Strategický systém měření výkonnosti podniku. Praha: Management Press, 2000. 267 s. ISBN 80-7261-032-5.
KAPLAN, S. Robert, NORTON, P. David. Alignment - systémové vyladění organizace. Jak využít Balanced Scorecard k vytváření synergií. Praha: Management Press, 2006. 310 s. ISBN 80-7261-155-0.
KAPLAN, S. Robert, NORTON, P. David. Efektivní systém řízení organizace. Nový nástroj zvyšování výkonnosti a vytváření konkurenční výhody. Praha: Management Press, 2010. 325 s. ISBN 978-80-7261-203-1.
KEŘKOVSKÝ, Miloslav. Strategické řízení: teorie pro praxi. 2. vyd. C. H. Beck, 2006. 206 s. ISBN 80-7179-453-8.
KIM, W. Chan, MAUBORGNE, Renée. Strategie modrého oceánu. Umění vytvořit si svrchovaný tržní prostor a vyřadit tak konkurenty ze hry. 2. rozšířené a aktualizované vyd. Praha: Management Press, 2015. 283 s. ISBN 978-80-7261-295-6.
KIM, W. Chan, MAUBORGNE, Renée. Nová strategie modrého oceánu. Pět kroků, jak se posunout do modrého oceánu, vyhnout se konkurenci a zajistit si tak ziskový růst. Praha: Management Press, 2018. 264 s. ISBN 978-80-7261-547-6.
KOŠŤAN, Pavol, ŠULEŘ, Oldřich. Firemní strategie: plánování a realizace. Praha: Computer Press, 2002. 124 s. ISBN 80-7226-657-8.
KOURDI, Jeremy. Podniková strategie: průvodce rozvojem vašeho byznysu. Brno: Computer Press, 2011. 300 s. ISBN 978-80-251-2725-4.
MAGRETTA, Joan. Michael Porter jasně a srozumitelně. O konkurenci a strategii. Praha: Management Press, 2012. 231 s. ISBN 978-80-7261-251-2.
NEUMAIEROVÁ, Inka. Strategické mapy: případové studie. Praha Oeconomica, 2006. 122 s. ISBN 80-245-1109-6.
OSTERWALDER, Alexander, PIGNEUR, Yves. Tvorba byznys modelů. Příručka pro vizionáře, inovátory a všechny, co se nebojí výzev. Brno: BizBooks, 2012. 278 s. ISBN 978-80-265-0025-4.
PORTER, E. Michael. Konkurenční výhoda: Jak vytvořit a udržet si nadprůměrný výkon. Praha: Victoria Publishing, 1993. 626 s. ISBN 80-85605-12-0.
PORTER, E. Michael. Konkurenční strategie: Metody pro analýzu odvětví a konkurentů. Praha: Victoria Publishing, 1994. 403 s. ISBN 80-85605-11-2.
SOUČEK, Zdeněk. Úspěšné zavádění strategického řízení firmy. Praha: Professional Publishing, 2003. 213 s. ISBN 80-86419-47-9.
SOUČEK, Zdeněk. Firma 21. století: (předstihněme nejlepší!!!). Praha: Professional Publishing, 2005. 258 s. ISBN 80-86419-88-6.
SOUČEK, Zdeněk a kol. Strategické řízení podniku v superturbulentním globálním světě. Díl 2 – Formulace strategie. Olomouc: Moravská vysoká škola Olomouc, 2010. 87 s. ISBN 978-80-87240-19-9.
SOUČEK, Zdeněk a kol. Strategické řízení podniku v superturbulentním globálním světě. Díl 3 – Implementace strategie. Olomouc: Moravská vysoká škola Olomouc, 2010. 107 s. ISBN 978-80-87240-20-5.
SOUČEK, Zdeněk. Strategie úspěšného podniku: symbióza kreativity a disciplíny. Praha: C. H. Beck, 2015. 426 s. ISBN 978-80-7400-572-5.
SRPOVÁ, Jitka a kol. Podnikatelský plán a strategie. Praha: Grada, 2011. 194 s. ISBN 978-80-247-4103-1.
SUN-C‘. Umění války: využití válečných strategií v byznysu. Brno: BizBooks, 2014. 208 s. ISBN 978-80-265-0296-8.
ŚMÍDA, Filip. Strategie v podnikové praxi. Praha: Professional Publishing, 2003. 219 s. ISBN 80-866419-41-X.
TYLL, Ladislav. Podniková strategie. Praha: C. H. Beck, 2014. 275 s. ISBN 978-80-7400-507-7.
URBAN, Jan. Strategický management. Praha: Ústav práva a právní vědy a European Business School SE, 2018. 113 s. ISBN 978-80-87974-20-9.
VIZJAK, Andrej. Žraloci a malé ryby. Kostka růstu pro konkurenční boj, založený na velikosti. Praha: Grada Publishing, 2009. 335 s. ISBN 978-80-247-3189-6.