Developing Strategic Planning and Control Skills - Coursework Example

School: Topic: Reflective Learning Log Lecturer: Contents Learning ment 3 Introduction 3 Learning that took place 3 Mode of research and rationale for approach 4 The use of theory in practice 5 How team work affected learning 6 Probable future change 7 Application of knowledge gained 8 Concluding remarks 9 Appendix A 12 Learning Log for strategy formulation 12 Appendix B 14 Learning Log for stakeholders, governance and ethics 14 Appendix C 15 Learning Log for strategic choice 15 Appendix D 17 Time table for group meeting on the identification of alternative strategies and their advantages and disadvantages 17 Appendix E 19 Screen shot of feedback from supervisor 19 Appendix F 19 Itemized new learning areas for advantages and disadvantages of alternative options 19 Appendix G 20 Useful websites and references to be used in expanding knowledge on advantages and disadvantages of alternative options 20 Appendix H 21 Peer evaluation from group A 21 Appendix I 22 Peer evaluation from group B 22 Appendix J 22 Peer evaluation from group C 22 Action Plan for Future Development 24 References 28 Learning Statement Introduction The need to develop strategic planning and control skills was the overall aim of the module. As part of this overall aim, there were several specific objectives which were pursued. The aim was broken down into specific objectives so as to make it easier to identify exactly what needed to be done within a specified time frame. Interestingly, the pursuit for the achievement of each of the specific objectives that were set have come together to form a strong basis for learning. In effect, the module has been a learning experience, based on which several concepts have been learned about planning and control within the organisational setting. This learning statement is dedicated to outlining the learning that took place and how the learning came about. Learning that took place The module exposed me to two types of learning which were desk learning and field learning. Each of these two brought about different forms of learning for me. For example the desk learning which involved reading from books, articles and the PPT files given by the lecturer exposed me to concepts about planning and control. Today, I know that planning is the fulcrum around which any successful organisation revolves (Bazin, 2012). I have also come to learn that without planning, an organisation cannot be said to have a future (Gunder, 2003). Planning is also very important in setting targets based on several areas of the organisation such as marketing, taxes, logistics, research and development, promotions, and production (Roy, 2008). Indeed through the PPT, I have come to learn how to use PEST analysis, SWOT analysis, Ansoff matrix, Porter’s five forces and many more to strategically plan an organisation (Allmendinger & Gunder, 2005). The field learning involved those concepts and knowledge I acquired whiles involving myself in real interaction with people including colleagues in my team and customers on the market. As a result of the field learning also, I have come to learn so much about market demographic dynamics where I now that the best way to serve any given market is to have a thorough understanding of the different forms of needs available to the customer (Das, Binod, Kar & Rauno, 2012). Indeed the field learning also helped in developing several soft skills in me, most of which focused on communication skills, leadership skills, interpersonal relations skills, time management, ethics and courtesy, and critical thinking skills. An example of instance that can be cited as accounting for the development of the soft skills is when I needed to interact with people I had never met before but needed to appear very professional and ethical towards them. Mode of research and rationale for approach The actual mode of research used throughout the work was primary data collection. This means that my group and I interacted with people through several means. Mainly, there was the use of online survey where we solicited opinions and views of about the use of mobile phones. The factors that influence their purchases of mobile phones were also sampled and analysed. Some desk research was done but that was not integrated into the actual coursework as this was done to gain knowledge about concepts and theories based on which primary data will be collected. The main rationale for selecting primary data collection method was that it brought the researchers very close and physical with the issues and concepts that were being investigated. The use of theory in practice The theory of transfer of learning has been used very extensively in the fields of management and marketing (Yiftachel, 1995). This is because things that are learned around us and those learned in the classroom environment are always put together to ensure that management and marketing become as practical as possible. In a like manner, there were several theories which were reviewed and studied in the module that became very necessary at the time of practically engaging in field studies through online survey, simulation and interaction with some respondents. One area of theory that was very useful in this regard had to do with internal analysis of an organisation through models like SWOT analysis and Ansoff matrix. Through these, I came to realise that financial projections made for the company must be based on realistic internal position of Mobile Inc rather than exaggerating with expected outcomes (Worren, Ruddle & Moore, 2009). There were also theories on the external environment of the organisation such as Porter’s five forces. With the use of this theory, the practical aspects of the study became very easy. This is because Mobile Inc was watched not just from the perspective of the company’s internal position. Rather, all other stakeholders and factors that influenced the company’s market performance were also included (Wing-Shing, 2000). Typical example of such stakeholders and factors include customers, suppliers, competitors, and substitute products. Whiles engaging in the simulation for example, I asked myself the question of which factors which determine the setting of prices for each unit of the mobile phone in each of the three markets. This is because the theory thought me that customers from all the three markets could not be treated exactly the same way (Osborne & Brown, 2005). How team work affected learning I had heard a lot about shared responsibility and how important it is for successful learning and project management (Weick & Quinn, 1999). This notwithstanding, I had not had the opportunity of actually experiencing it till I was assigned by group. Through the team work, I came to appreciate the fact that two heads are better than one and that whenever a lot of people put their heads together, the resulting outcome can be regarded as very effective. This is because whenever we met to have any discussions, ideas came from as diverse sources as were necessary to fully exhaust the issues we had to deal with. Indeed, it was as a result of the team work that I also came to learn how to take group responsibility. What this means is that in the group, every success that came was for all of us, likewise the failures. As a result of this, I was constantly forced to make the needs and weaknesses of all my group members mine as well. This is because if I failed to cover up for their weaknesses, the whole group was going to suffer. By doing this, I have learned several skills and activities which I formally did not have knowledge about. In effect, the team work affected my learning by forcing me to cast my net wide as far as learning was concerned. Probable future change With reference to the appendix E, it would be seen that one area that I need a lot of improvement in is financial ratio forecasting. This is because both the income statement and balance sheet prepared showed very bad results. In line with this, there will be a probable future change where a lot of reference will be made to the financial ratios of other well established companies as part of a secondary data collection exercise. This will be done so as to have a better yardstick and benchmark to measure the financial projections of Mobile Inc. in effect, any future work similar to this will make good use of secondary data collection as suggested in appendix I. Appendix H also shows that the group in which I belonged limited itself so much to what it knew and so did not border much to solicit knowledge and ideas from other sources. This became a major setback for the group. Into the future, a lot of change is expected when it comes to the approach to knowledge creation. It is expected that as much as the group will be encouraged on developing concepts on its own, it would also have a means and an urge to learn from other people, particularly experts in the field of strategic planning and control. This is important to do as strategic planning and control is a very broad and experienced-based area of professional learning (Yiftachel, 2006). Application of knowledge gained The technical areas of learning that have taken place are expected to be applied in my occupational field of study after school. For example, when handled any management or marketing role, I shall ensure that there is periodic planning which will come in time frames not more than quarterly basis. This will be done to ensure that the organisation can flow very easily with the changing dynamics of the larger society (Christensen & Lærgreid, 2002). In terms of control, I am going to apply my knowledge from the learning gained by ensuring that any organisation I am given charge of has external, neutral and third party assessors who will constantly evaluate the company’s adherence to its strategic plan. This is expected to be done so that the company’s strategic plan does not just become a white elephant but a useful product that yields corporate results (Yiftachel, 1998). Concluding remarks The learning statement has confirmed that learning is a systematic process that happens over a relatively long period of time. This is because most of the concepts in the module were useful in adding up to what I already knew, developed new skills I never knew about, and gave me insight into areas of my life that needs to be improved. On the whole, it can be concluded that strategic planning and control just a systematic process as learning is (Parmenter, 2007). No single effort is therefore going to be expected to be put in place to master strategic planning and control (Carnall, 2003). Rather, there will continue to be learning and advancement of knowledge in the areas of strategic planning and control. This way, what has already been gained will not be lost but rather improved for the betterment of my future. Appendix This appendix section of the paper is dedicated to giving specific evidence on what was learned, how learning took place, and what is hoped to change in future. There are 10 appendixes spread across 3 areas of study. Part I: The technology skill Appendix A Learning Log for strategy formulation Date of event What was the development activity? What was I expecting to learn? What have I learned? How will I apply this learning? 12-08-2014 Design a practical SWOT analysis Use a business checklist to identify the major strengths, weaknesses, opportunities and threats within an identified organisation. How to internally analyse a company Gained detailed knowledge for undertaking internal analysis of Mobile Inc. 10-09-2014 Develop a workable PEST analysis Use a literature log to find the political, economic, social and technological factors within the country where an identified organisation is engaged in competition. How to externally analyse a company For the purpose of undertaking external market analysis of Mobile Inc. 25-09-2014 Gain the skills of using Porter’s five forces Brainstorm with group members on the factors that form the bargaining power of buyers, bargaining power of suppliers, threat of entrants, threat of substitute products, and intensity of competitive rivalry for the company within its identified market How to find the external position of a company within a larger market environment. Apply knowledge in performing comprehensive market research 15-10-2014 Develop the skill of developing strategy based on Porter’s generic strategies Through primary data collection where buyer behaviour that suggest differentiation, focus and cost leadership strategic options are clearly identified. How to position a company strategically Apply knowledge in performing strategic positioning of Mobile Inc. 30-10-2014 Preparation of financial budget The financial budget was designed with the aim of learning about the right allocation of financial resources within the organization Preparation of medium to long term financial projections For preparing annual budgets Appendix B Learning Log for stakeholders, governance and ethics Date of event What was the development activity? What was I expecting to learn? What have I learned? How will I apply this learning? 22-07-2014 Developing a stakeholder mapping The different ways in which stakeholders have influence on the organisation and how the organisation can balance its interest with stakeholders I have learned that stakeholders are made up of both internal and external players of the organisation and not those within alone. In relating healthily with stakeholders to ensure the collective growth of the organisation. 20-08-2014 Modelling corporate governance The implications of corporate governance for an organisation and how corporate governance aids in the achievement of the organisation’s purposes and strategies I have learned that corporate governance embodies company law, the audit function, accounting standards, and codes on corporate governance In combining ownership with management control at the workplace 25-09-2014 Taking ethical stance for the company How the organisation can connect well with its stakeholders by exceeding minimum obligations of the internal and external stakeholders I have learned that ethical stances do not only benefit the society and external stakeholders but also helps the organisation itself to be responsible. In living responsibly and fulfilling all available ethical standards Appendix C Learning Log for strategic choice Date of event What was the development activity? What was I expecting to learn? What have I learned? How will I apply this learning? 27-07-2014 To develop an Ansoff matrix How to use the Ansoff matrix to identify all possible strategic choices that were available to the organisation I have learned that the Ansoff matrix is useful for finding the best strategy for both existing products and new products To strategically position the organisation passed on its stage of growth on the product lifecycle 25-08-2014 To develop a TOWS matrix How to find the right strategies that meet the internal and external position of the organisation I have learned that the organisation’s strengths, weaknesses, opportunities and threats may be seen from both an internal and external perspective In finding the right position of the organisation that matches its TOWS 30-09-2014 Single strategy selection To select a single strategy for the organisation based on all available strategies that have been exposed by the Ansoff matrix and TOWS matrix I have learned that there may be several strategies but the best that works for an organisation is one that promises growth and development. To position the organisation strategically Part II: Advantage and Disadvantage of alternative strategies Appendix D Time table for group meeting on the identification of alternative strategies and their advantages and disadvantages Date Time Venue Group leader Area of learning Post learning remarks 12-06-2014 19:00 GMT Designated group auditorium Member H Overview of differentiation strategic option Differentiation was found to be ideal for markets where value for money is a major priority for customers. Example of this is the European market 24-06-2014 19:00 GMT Designated group auditorium Member B Overview of focus strategic option Focus was found to be a strategic option very good for markets where it is easier to identify specific demographics with unique needs. Example of this is the celebrity population of the US 15-07-2014 19:00 GMT Designated group auditorium Member C Overview of cost leadership strategic option Cost leadership was found to be very good for markets with higher lower class populations. Example of this is the Asian market 30-07-2014 17:00GMT Designated group auditorium Member A Advantages of differentiation strategic option Differentiation helps the company to sell very few items but get a lot of revenue in return 13-08-2014 17:00GMT Designated group auditorium Member E Advantages of focus strategic option Focus ensures that the company takes advantage of some of the most neglected and less utilized market segments 31-08-2014 17:00GMT Designated group auditorium Member D Advantages of cost leadership strategic option Cost leadership ensures that the company produces at lesser cost and sell to as many people as possible 15-09-2014 21:00GMT Designated group auditorium Member F Disadvantages of differentiation strategic option Differentiation increases the cost of production 30-09-2014 21:00GMT Designated group auditorium Disadvantages of focus strategic option It is sometimes difficult to find a unique market segment 12-10-2014 21:00GMT Designated group auditorium Member G Disadvantages of cost leadership strategic option There may be the misconception that cheaper products are inferior Appendix E Screen shot of feedback from supervisor Appendix F Itemized new learning areas for advantages and disadvantages of alternative options i. Advantages of each of the three strategic options on the workforce ii. Disadvantages of each of the three strategic options on the workforce iii. Advantages of each of the three strategic options on customers iv. Disadvantages of each of the three strategic options on customers v. Advantages of each of the three strategic options on projected financial ratios vi. Disadvantages of each of the three strategic options on projected financial ratios Appendix G Useful websites and references to be used in expanding knowledge on advantages and disadvantages of alternative options http://www.aipmm.com/html/newsletter/archives/000101.php http://www.toolkitsportdevelopment.org/html/resources/9E/9EB316CD-083E-4C09-B7A5-E22DEA312F05/06%20Strategic%20Options.pdf http://knowhownonprofit.org/organisation/strategy/options http://www.mindtools.com/pages/main/newMN_STR.htm http://www.diycommitteeguide.org/article/strategic-options-managing-change Hall. W. 1994 Review of research: Competency-based training and assessment, Adelaide, National Centre for Vocational Education Research Porter, M.E. 1996 What is Strategy? Harvard Business Review, Boston pp 61-78 Vol.74, No.6 November-December Prahalad, C.K. and Hamel, G. 1990 The Core Competence of the Corporation, Harvard Business Review, Boston, pp. 79–91. Vol. 68, No 3, May-June Stalk, G Jnr., Evans, P. and Schulman, LE. 1992. Competing on Capabilities: The New Rules of Corporate Strategy", Harvard Business Review, Boston, pp. 57-70 Vol.70, No.2, March-April Abell, D.F. 1980, Defining the Business: The Starting Point of Strategic Planning, Englefield Cliffs, N.J., Prentice Hall Ansoff H.I. 1965, Corporate Strategy, New York, McGraw-Hill Bowman, C. and Faulkner, D. 1997, Competitive and Corporate Strategy, London, Irwin Gale, B.T. and Swire, D.J. 2006, Value-Based Marketing and Pricing, Boston, Customer Value Inc. Johnson, G., Whittington, R. and Scholes, K 2011, Exploring Strategy, 9th ed., Essex, Prentice Hall Porter, M 1980, Competitive Strategy: Techniques for Analysing Industries and Competitors, New York, The Free Press Part III: What would be done differently with similar future task Peer evaluation exercise was performed among the group members where three groups were formed within the group. The outcome of suggestions and evaluations from each sub-group is presented below Appendix H Peer evaluation from group A For any similar future task, we need to take very good advantage of consultation by ensuring that we consult more. This is because most of the group’s works were done only by the people within the group without resorting to any experts and authorities in the field we were dealing with. Even though independent work is encouraged, it is sometimes very important that we will appreciate the fact that knowledge is versatile and best learned from other people with previous experience. We could therefore make more use of our supervisor and other tutors who would have been ready to offer the needed assistance and guidance towards what we were doing. If we had done things, our scores for the coursework would certainly have improved. Appendix I Peer evaluation from group B We focused so much on the use of primary data collection but we could have done better if we varied the data collection methods we used. It is strongly hoped that if we had used a mixed data collection approach which used both secondary data collection and primary data collection for the strategic planning and control, our outcomes would have been more appropriate. Even though we undertook a literature review, this was not done as a major data collection approach. This point is made particularly for the low marks scored under the financial ratio forecasting that was used. Should the study had employed aspects of secondary data collection we would have collected data from existing companies and some competitors for the benefit of our work. Appendix J Peer evaluation from group C The way and manner in which we went about the group work was not very effective. This is because it gave the avenue for most people to sit back and only become passive participants. It is expected that in any similar future work, even though group work will be used, there must be room for a lot of individual involvement. For example, any task could first be undertaken on an individual basis. After this, there could be the brainstorming of ideas gathered from the individual participants. Such brainstorming could have widen the scope of knowledge that we were dealing with an also ensure that each person could be actively involved in the group. Until now, the failure to have as many sources of knowledge was the reason our coursework could not score the sought of marks expected. Action Plan for Future Development Purpose: To create a plan for the marketing of Mobile Inc products in three major markets namely Asia, US and Europe. Directions: The action plan tool helps to identify exactly what I seek to do, together with my group, who will carry out identified actions, resources needed, timeline, potential barriers, as well as communication plan. The specific objectives that need to be achieved are itemized as action steps. Goal: To become perfect with the strategic planning and control for Mobile Inc. Results/Accomplishments: By the end of the entire plan, I should be able to improve outcomes with data collection from customers and use the data for market based decisions. Action Steps What needs to be done? Responsibilities Specific task to be taken Timeline By When? (Day/Month/Year) Resources A. Current Resources B. Resources Needed Potential Barriers A. Individuals and organizations that might resist? B. How? Communications Plan People involved, how they will be involved and how often they will be involved Step 1: Improve on my group relations Join more groups within my social and occupational settings. 12/2/2015 A. Social and occupational groups B. Academic literature on effective group dynamics A. Targeted social and occupational groups B. The targeted groups may not have any more rooms to admit new members Myself; targeted group members Step 2: Engage in market feasibility Undertake periodic online surveys and real field surveys to determine changing trends among customer purchasing behaviour 22/3/2015 A. Access to surveymonkey.com B. Permission from organisations and potential respondents; academic literature on feasibility studies A. Targeted research settings B. Targeted institutions may not be willing to allow the researcher to collect data from their premises due to issues of privacy Myself; potential respondents from the research setting; an expert supervisor Step 3: Undertake financial forecasting Engage in more financial forecasting simulations and real ones with smaller organisations who accept for their financial data to be used 31/4/2015 A. Financial data of social and occupational groups B. Financial forecasting software; academic literature on financial forecasting A. Targeted groups B. On the basis of anonymity and privacy, the group may not want its financial data to be made public Myself; an expert financial consultant Step 4: Perform organizational performance evaluation Undertake both qualitative and quantitative performance evaluation for social and occupational groups of which I am part 10/5/2015 A. Existing social and occupational group B. Software on key performance indicators; academic literature on key performance indicators A. Targeted groups B. When it comes to quantitative evaluation, the group may not make needed data available to the researcher Myself; an expert supervisor Evidence Of Success: A personally produced strategic plan and control for Mobile Inc. Evaluation Process: My benchmark of assessment for the achievement of the goal will be the score of a personal strategic plan and control which will be evaluated by my supervisor References Allmendinger, P. & Gunder M. (2005). "Applying Lacanian Insight and a Dash of Derridean Deconstruction to Plannings Dark Side," Planning Theory, vol. 4, pp. 87–112. Bazin, A. (2012). Bilateral and multilateral planning: Best practices and lessons learned. Texas: Strategos. Carnall, C. A. (2003). Managing change in organizations (4th ed.). Harlow: Prentice Hall. Christensen, T. & Lærgreid, P. (2002). Reform and leadership. Oslo: University Press Limited. Das, J. 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