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Posted: January 18th, 2023
BM7032 – Week2 – Mon 24 and Wed 26 Oct 2022
PART 1 – INTRODUCTION
Active learning
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What have you done this last week that shows you are an “active learner”?
Business skills
introducing models/ideas
applying them
critiquing them
PART 2 – SWOT ANALYSIS
What is it? Strengths, Weaknesses, Opportunities & Threats
A example
The limitations of SWOT
Have a look at the handout.
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On the handout, we looked at the typical questions you might ask for each aspect. We also thought about how the model might apply to McDonalds
However, the main reason for looking at SWOT is to critique it and its use.
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We found the following issues or problems using SWOT:
subjective (personal opinion)
oversimplified / simplistic
Weaknesses can be opportunities (for example)
difficult to classify issues
identifies lots of issues/problems but doesn’t give any solutions
doesn’t prioritise the issues
personal perceptions (e.g. role in the company)
Must keep the same focus (e.g. analysing the company, not staff or customers)
Level of company analysed? (e.g whole company, dept, team, product/service, a situation)
Often misapplied or poorly implemented (see the Koch 2000 article on Minerva – Week 2, SWOT of SWOT)
For other ideas about SWOT, look at the documents on Minerva, especially the further reading.
Formative Group Task
Poster Presentation
Has anyone done one before?
What does it involve? Designing and presenting a poster
What skills are needed?
Poster
Landscape (traditional ppt slide shape).
Informative but also creative.
Practice poster presentation
Many of you may not have done a poster presentation before so you will be doing a practice one in class. You will do an assessed one in your Research Project module. Though that one is an individual exercise, to give you confidence, you will be doing this practice in groups. You will be allocated a group. Working in this group, you will present your poster and receive feedback. These posters will be presented during your class on Monday 21 or Wednesday 23 November 2022.
You will be allocated one of the following business models/tools. You should create a poster introducing your model/tool, and answer the questions below. The poster should be landscape style (preferably using PowerPoint) so that it can be projected onto the classroom screen. You do not need to print it out.
Your group should give a very short (1-2 minute max) introduction of the main points and then be prepared to answer questions.
For your model/tool, your poster should answer the following questions:
What is it?
How does it work?
In what situations can it be used?
Include a worked example
What are its limitations?
Optional: How might you use this in your other modules?
The business models/tools
Porter’s Five Forces
Ansoff Matrix
Maslow’s Hierarchy of Needs
BSG or Boston Matrix
Business Model Canvas
Porter’s Diamond of National Advantage
Balanced Scorecard
Porter's Five Forces is a model developed by Michael Porter in 1979 to analyze the competitive dynamics of an industry. The five forces include the threat of new entrants, the bargaining power of suppliers, the bargaining power of buyers, the threat of substitute products or services, and the intensity of competitive rivalry. This model helps companies understand the factors that influence the level of competition in an industry and identify potential areas for growth and improvement.
The Ansoff Matrix, also known as the Ansoff product-market growth matrix, is a strategic planning tool that helps companies determine their product and market growth strategy. The matrix has four quadrants: market penetration, market development, product development, and diversification. Market penetration involves increasing sales of existing products to existing markets, market development involves expanding into new markets with existing products, product development involves introducing new products to existing markets, and diversification involves introducing new products to new markets. This model helps companies understand the level of risk associated with different growth strategies and make informed decisions.
Maslow's Hierarchy of Needs is a motivational theory developed by Abraham Maslow in 1943. It states that human needs are arranged in a hierarchical order and that lower needs must be met before higher needs can be met. The five needs are physiological needs, safety needs, belongingness and love needs, esteem needs, and self-actualization needs. This model helps companies understand the different needs of their employees and customers and how to create a work and business environment that meets those needs.
BSG or Boston Matrix, also known as the Boston Consulting Group matrix, is a tool for evaluating a company's product portfolio. The matrix has four quadrants: stars, cash cows, question marks, and dogs. Stars are high-growth, high-market-share products, cash cows are low-growth, high-market-share products, question marks are high-growth, low-market-share products, and dogs are low-growth, low-market-share products. This model helps companies understand the relative position of their products in the market and make informed decisions about product development and investment.
The Business Model Canvas is a visual representation of a company's business model. It includes nine building blocks: customer segments, value proposition, channels, customer relationships, revenue streams, key resources, key activities, key partners, and cost structure. This model helps companies understand how they create, deliver, and capture value and make informed decisions about their business model.
Porter's Diamond of National Advantage is a model developed by Michael Porter in 1990 to analyze the competitiveness of countries. The four elements of the diamond include the factor conditions, related and supporting industries, firm strategy, structure, and rivalry, and chance. This model helps companies understand the factors that influence the competitiveness of a country and identify potential areas for growth and improvement.
The Balanced Scorecard is a strategic management tool that helps companies measure performance across four perspectives: financial, customer, internal process, and learning and growth. This model helps companies understand the link between their strategy and their performance and make informed decisions about where to invest resources.
Homework
Review the materials from this week
● Get together with your presentation group (you will get a separate email about this)Exchange contact information
Discuss your specific business model
Plan your practice poster presentation
● Read the articles about individualism and collectivism for two weeks’ time (7 and 9 Nov 2022). (Handout – not on Minerva).
Some vocabulary/terminology used during the class
Breakeven = the number of products/services that a company has to sell to make a profit. This could be for one event or product or for the whole company.
Return on investment = ROI
2×2 matrix (two-by-two matrix). SWOT is presented in a 2×2 matrix.
Inflation = the situation where prices are increasing
Job title inflation = the situation where a person’s job title is made to sound more important even if they are doing the same job (e.g. cleaner = hygiene operative)
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