For Phyllis Young only

Impact of gained knowledge

Learning strategic management theories have had a positive effect in my life. Through this lesson module , I was typically exposed to various kinds of information that I didn't possess before. The knowledge includes that of the different theories that are under the strategic management approach (Foss, 1996). It has exposed me to several methods such as the knowledge-based view that states that a firm can be compared to a bundle of knowledge. It goes on to further highlight some key features of a company that is at the center of the business. Knowledge is a precious and accurate resource. It increased my knowledge level by informing that in a firm, knowledge is very crucial and can give it a competitive advantage over other companies.

The theory(which?) enabled me to learn about another sub theory under it, and that is the resource based theory. The sub theory emphasizes that a company is the group of various resources and capabilities. The skills consist of the physical, financial assets and the assets that cannot be touched. These resources can be used by any firm to get a strategic advantage when they are strategic and, rare. The company can be grouped to utilize maximally the resources. Strategic Management Theory has added my knowledge about the theory of agency that states that there is a contract between the managers and shareholders and their agents. The agreement between the different categories works well in a situation where they both have agreed to share a common interest and risks.

Finally, the network theory (reference??) has opened my eye in understanding that a firm is like a node in a chain of various players such as suppliers, rivals and customers. Not forgetting the other institutions that link up to a firm. It is indeed understandable that a company is a real center of chain connections.

With the knowledge obtained from the module, I have built a lot of confidence in matters that relate to the firms. The experience gives me an opportunity to focus more on the development of businesses since I am aware of the several roles that the company plays in the economy. From strategic management theory, my confidence has been boosted, and I see more reasons to start and operate firms for the benefit of the society.

The confidence I have comes from the fact that I can understand the various players in the economy hence will be able to relate well to the actors (Fama & Jensen 1983). The knowledge that I have acquired from this course has also enabled me to categorically bed optimistic that if I start a firm, it will be able to fight and maneuver through the muddy waters that are there in different market competition. The theories have also made me develop a lot of self-esteem because I will be in a position to make valid and reasonable decisions that can lead to the sustainability and the running of firms.

Another aspect that strengthen my self-esteem is the ability to solve the various problems that can affect a business in a professional; way. It has been made possible by the fact that I am in a position to analyze the strengths and weaknesses of the various firms. My in examining the firms, it will help me give appropriate advice to individuals on how to handle the different challenges that are affecting their companies. The lesson has proved as of much importance in my life. It is among the best thing that I have ever gained and dreamt of gaining. I will endeavor to apply the learned concepts in the most practical way.

Studying this course has had a positive impact in my life. The positive effects have indeed stimulated a positive transformation in my behavior. It has given me more reasons to pursue more knowledge in the subject. The knowledge that is very useful in my daily life. The lessons have changed my individual attitudes. As a person, my attitude towards the workers and co-workers will have a positive effect on the way. My positive attitude will reform and influence how people around me in the organization work for the common good of the company. I will endeavor to love my job.

Taking work to be like any other enjoyable activity will be my priority. In doing so, the rate at which I work will improve, and this will lead to the general improvement of work that I will be doing. The change in attitude can also help in creating a general positive organizational attitude that all the other employees can follow. As a manager, it will assist in the way by which I will be handling me, various clients and employees.

The theories have taught me the need to respect all the stakeholders that are connected to the operation of the firm. These individuals contribute substantially to the lifespan and the sustainability of the firm in question. The course has also changed my way of making decisions. In making sound decisions, it will be vital for me to follow the complex mathematical and scientific rules that the strategic management course have taught me. In doing so, the decisions will always be valid and serve the good general interest of the firm. Right decisions usually lead to the success of a particular firm. Finally, the course has changed my approach and thinking about strong management since it inspires me always to be keen on the market forces so as to ensure the success of the firm in question.

Topics that seem relevant to me

From the course, it is tricky to determine the issues that were relevant to me. It is so because all the themes had some significant impact in my life. However, I can try to highlight some theories that were very much important in my life. They include the following:

The Value net. It was of particular interest to me since it is a schematic map that is made to act on behalf of all the players and the intermediaries. It identifies four main categories that control the direction that a firm takes.

They are the competitors, the customers, the compliments and the supplies. It is formed from the Porter’s Five Force model but insist that competition and cooperation can live together ( co-opetition). Co- operation means coming together to build a bigger business pie. While at the same time competing so as to divide it up.Another fundamental theory is the theory of the real option. It acts as another argument that took most of my attention because it offered the following interesting proposals. It is in the real sense impossible to predict the kind of technologies that will be of great value shortly.

The decision on the investment in the R & D that relate to those technologies is based on information that cannot be fully trusted. The theory can act as a guide to the companies that is making investments decisions yet they are not sure about the future. Researchers believe that firms that invest following this principal of uncertainty are taking options that are likely to be exercised or not. The decision depends on the new changes in information can lead to a resultant shift in the value of the opportunity.

Linkages to other subjects?

Strategic management links well with other topics. It borrows much from mathematics and science. In doing so, it employs interdisciplinary approach in highlighting the issues. The theories have all been formed using reliable scientific principles. It thus shows why they are logical in nature. It uses several mathematical ways in doing its’ analysis (Naumann & Morgenstern 1994)

Comments about my learning experience

The lessons were always full of fun. The concepts looked real and easy to apply. The use of real life example made the experience to be readily understandable. What I can testify is that it was one of the best learning experiences I have had.

Applicability of the knowledge

The knowledge obtained from this course is relevant and can be applied in any scenario. It can be comfortably be used in the analysis of small firms such as shops and also large companies like companies. The information gives a greater insight indeed in the way to manage any organization.

Learning experience and my contribution to teaching and the learning of my classmates and teammates.

The learning experience involved the use of various teammates; I usually used to read beyond and concentrate much during the lectures to learn from the lectures. Finally, doing research on the analysis on the practicability of the information obtained. Group discussions were also used by me in the identification and solving of various problems that we were going through during the learning process. The external analysis that involved visiting various companies and trying to synthesize the applicability of the learned concepts.

References

Foss, N. J. (1996) More Critical Comments on Knowledge-Based Theories of the Firm.  Organization Science

Fama, E. & Jensen, M. (1983) Separation of Ownership and Control. Journal of Law and Economics,

Neumann, J.& Morgenstern, O.(1944.) Theory of Games and Economic Behavior, Princeton University Press.