Professional Documents
Culture Documents
First Virtual Meeting- January 26, 2021 Asynchronous Learning- January 28, 2021
Second Virtual Meeting- February 2, 2021 Third Virtual Meeting- February 9, 2021
Module 1: Asynchronous Learning
Strategy is an action that managers take to attain one or more organization’s goals.
Furthermore, business model refers to the logic of the company, the way it operates and
how it creates value for its stakeholders while strategy refers to the choice of business
model through which the firm will compete in the marketplace.
3. What are the strengths of formal strategic planning? What are its weaknesses?
However, one of the most important weakness is the fact that businesses are
operating in a highly uncertain, complex and ambiguous environment. Consequently, the
formal strategic plans are very likely to be negatively affected by unforeseen conditions.
Rapid changes in the industry dynamics require flexible approach and quick adjustments
that are profoundly impossible in the formal strategic planning. The formal strategic
planning does not account for serendipitous discoveries and event that may result in
missed lucrative opportunities. It also performed by people who are fallible beings
affected by cognitive biases.
4. To what extent do you think that cognitive biases may have contributed to the economic
global crisis caused by COVID-19? Explain your answer.
5. Discuss the accuracy of the following statement: Formal strategic planning systems
are irrelevant for firms competing in high-technology industries where the pace of change
is so rapid that plans are routinely made obsolete by unforeseen events.
Formal strategic planning systems are not the best for firms competing in a high-
technology industries because Strategic plans often fail due to outside influences such as
changes in the economic environment, competitor actions and/or technological change.
Macro-environmental factors may sometimes change extremely rapidly which may
frustrate any strategic plans.
“The first step in the process of formulating a mission is to come up with a definition of the
organization’s business” (Strategic Management, Peter Drucker, p12).
“Management is obligated to manage Nucor in such a way that employees will have the
opportunity to earn according to their productivity.” (Strategic Management, p15).
“Employees should be able to feel confident that if they do their jobs properly, they will have a
job tomorrow.” (Strategic Management, p15 ).
“Employees have the right to be treated fairly and must believe that they will be.” (Strategic
Management, p15 ).
“Employees must have an avenue of appeal when they believe they are being treated
unfairly.”10(Strategic Management, p15 ).
“Emergent strategies are the unplanned responses to unforeseen circumstances. They arise
from autonomous action by individual managers deep within the organization, from
serendipitous discoveries or events”(Strategic Management, p22 ).
Citation
Col Collis, David. (2019, Oct. 02). The Value Potential of New Business Models.
Retrieved from https://hbswk.hbs.edu/item/the-value-potential-of-new-business-models.
Fung, F.M., & Heng, C.W. (2020 June 29). COVID-19: how to deal with our
cognitive biases. Retrieved from https://theconversation.com/covid-19-how-to-deal-with-
our-cognitive-biases-140467?fbclid=IwAR10-
Tnqbzyx5BLiFB9WstEhbvVW9vOFOpxM4UfOzHn7XEwXwxx0QLSBPv4.