Week 27

1) In your own words and using referenced quotes explain why strategy theories developed in the last 10 years tend to be quite different from those developed in the 1960’s

During 1960s, companies usually planned for long term but now due to rapid change in business environment companies are forced to develop unique and creative strategies. Now, companies undertake extreme competition which leads them to think of short term strategies. Before, companies used to adopt deliberate strategic implementation but now emergent strategic implementation is more popular among companies. In 1960s, companies were not focused on developing new products and services hence were not experimenting but now competition to bring better products and services is at peak. Companies keep experimenting for new business model, processes and strategies. To sum up some main reasons behind development of strategies in the last 10 years is because of more complex business environment, large number of competitors, modern technology, change in attitude of labor, macro and micro economic factors etc.

According to Rod Blagojevich " A successful economic development strategy must focus on improving the skills of the area's workforce, reducing the cost of doing business and making available the resources business needs to compete and thrive in today's global economy." (brainy quote, 2013)

2) You attend a job interview for an entry level managerial position and mention that you completed 30 week strategy module. Your interviewer seems interested and explains that this job role would enable you to become involved in the strategy making process. In 200 to 300 words explain to your interviewer how the module has helped to prepare you for a strategy role.

After completing 30 week strategy module, I can certainly say that I can somehow help in strategy making process of any company. The module aims to deliver everything what a strategist require. Likewise, the teaching methodology and learning outcomes has helped me to build the confidence of being a strategist. The module covers almost all the aspects of building a strategy. From strategic planning to implementation, past to futures of strategy, strategic management, various analytic tools and strategic leadership style were all included in the module.

Every session of this module had a case study, reading and understanding these case studies has enhanced my knowledge about importance of strategy in every industry. It has helped me to understand different techniques and tools which can be applied practically during strategy making process. The module not only focused on building our strategy making skills but also helped to discover and develop other skills. Like, group video work as an activity during this module has build up my ability to work in group. I had also given presentation on different topics while studying this module which has developed my presentation skills and communication skills.

In the end, I am confident I will welcome any chance of being involved in the strategy making process and being a successful strategist or maybe a good strategic leader in future because I have enhanced my knowledge and skills after completing this module.

Case Study

1. Why has Lady Gaga been so successful? What strategy has she followed?

Lady Gaga began to achieve success as a songwriter and vocalist, recording her debut album, The Fame, in 2008. She has been successful because she has tried something different from other artists of her generation. The visual images she projects and her public appearance has helped her become popular. She has attracted both attention and controversy to become successful. There is no doubt that she is a talented artist but despite being good artist she has been more famous because of her controversies, fashion style and last but not the least her followers or audiences.

She follows a perfect product placement strategy. Before releasing an album she goes on world tour and performs songs from her upcoming albums, this way she can directly reach to her audiences and when she releases her songs in internet same audiences download or listen to her song making her one of the most followed artist in social media sites.

2. If you were advising her on her future strategy – what analysis would you undertake? What models or theories would you use?

If I had to advise Lady Gaga about her future strategy I would use strategy theory responses. I would use rapid adaptation theory and creative and strategic thinking theory.

As rapid adaptation theory suggests us that competitive advantage can be withhold with adapting or changing according to new environment. Lady Gaga is well renowned for her unusual fashion style, songs and being a talented piano player. She must continue with these features to attract audiences. Likewise, she must experiment more with her music and bring out new genre or create new type of songs which no one has heard before. She must be able to get updated about modern technologies which can help her to reach to her audiences easily.

Creative and strategic thinking theory believes in developing a culture that fosters creativity within organization. Lady Gaga has her own creative production team, the Haus of Gaga. They maintain control over her over the image, music and management of Lady Gaga. This team must work effectively to bring out more creative products for her. They must keep experimenting new fashion style and music genre to attract more audiences.

3. What advice would you give her?

My advice for her would be same as discussed above in question 2.

References:

brainy quote, 2013. Economic development quotes. [Online]
Available at: http://www.brainyquote.com/quotes/keywords/economic_development.html
[Accessed 11 January 2013].