BM7032 – Week2 – Mon 24 and Wed 26 Oct 2022
PART 1 – INTRODUCTION
Active learning
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.
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. 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
Homework
- Review the materials from this week
● Get together with your presentation group (you will get a separate email about this)
- Exchange contact information
b) 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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