BACHELOR OF COMMERCE Strategic Management (Mgt734) SEMESTER TWO, 2013

COURSE OUTLINE

Lecturer/Facilitator John Inglis

Office K220

Telephone 5469175 ext801

e-mail John.Inglis@nmit.ac.nz

Applied Business

Page 1 of 29 K-Block, Alton Street, Nelson

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Table of Contents
PAGE Welcome ...................................................................................................................................................... 3 Course Purpose ......................................................................................................................................... 5 Timetable of classes ................................................................................................................................. 5 Pre-requisites ............................................................................................................................................. 5 Programme Regulations ........................................................................................................................ 6 Withdrawals / Refunds............................................................................................................................ 6 Late Assignment Policy........................................................................................................................... 6 Plagiarism .................................................................................................................................................... 7 Complaints Procedure ............................................................................................................................ 7 Special Assessment Circumstances.................................................................................................... 8 Use of dictionaries.................................................................................................................................... 8 Course Requirements .............................................................................................................................. 8 Student Resources .................................................................................................................................. 8 Assessment Details................................................................................................................................. 10 Course Time Budget ............................................................................................................................121 Learning Outcomes................................................................................................................................ 12 Course Timetable .................................................................................................................................... 14 Assessments for Semester Two ..15

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Welcome
The most strategic action you can take is to think and not to do Jerry Rhodes Where absolute superiority is not attainable, you must produce a relative one at the decisive point by making skilful use of what you have Karl von Clausewitz, On War 1832 No business in the real world operates according to the clear-cut, on-off, blackor-white principle of the binary system, in its responses to environmental change, as well as the effects it is able to achieve through its own strategic initiatives, every company is subject to the analogue principle exhibited in all organic processes: the principle of infinite variability Kenichi Ohmae Plans are nothing planning is everything Dwight D Eisenhower All men can see the tactics whereby I conquer, but what none can see is the strategy out of which great victory is evolved Sun-Tzu, Chinese military strategist (around 500BC) Welcome to Strategic Management 734. A key management subject where we look at the big picture of creating a future for the businesses we become involved with at both industry and business level. Essentially we look at the subject in two connected but conflicting ways: as a process which gives us the structure, around which we can construct a plan for the enterprise but more importantly as a way of thinking, unconstrained by processes and procedures, so that we can be truly innovative - at heart the essence of competitive advantage. The previous management subjects Principles of Management and Operations Management cover important aspects of managing people and enterprises. Strategic Management does not in any way build on these subjects but sits above them and provides the overarching framework by which these subjects and the operational areas they illustrate are guided and in which they sit and play their part. This course outline is just that an outline; it provides a structure. The textbook is the more detailed guide to what we will do. However it is hoped that neither will be a constraint from following interesting byways as the semester progresses so that corporate strategy may be explored in ways that are relevant and stimulating. Strategic management is an area of interest and enjoyment to me and it is hoped that the ideas and practice of this subject engender similar enjoyment for you. I am looking forward to the semester and to working with you.

John Inglis
17 July 2013

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Course Purpose
To develop the ability to think and act strategically in order to improve the performance, and so attain the goals, of both profit and non-profit oriented organisations. To develop a clear understanding of the strategic management process, including the generation of functional, business, corporate and global strategies from the integration and analysis of information from internal sources and the external environment. To develop the ability to apply strategic management principles and ideas to simulated and actual practical business situations, including an appreciation of business governance and ethics.

Timetable of classes
Day Monday Thursday Class Type Lecture/Discussion Lecture/Discussion Time 10am 11.55am 1pm 2.55pm Room K104 K104

Pre-requisites
The pre-requisite for this course is: Principles of Management (MGT530) If you have not yet passed/gained this pre-requisite, and if you wish to proceed with this course, you must obtain my written approval. Please note that exemption from this prerequisite does not constitute a credit (or cross-credit) for that course. It is expected that you will set aside sufficient time every week to devote to the demanding reading, research and tutorial preparation required for this course. In addition you must have a fluent grasp of written and spoken English and general word processing skills.

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Programme Regulations
Your attention is drawn to the current Programme Regulations, particularly those relating to assignments, exams and special assessment. The Regulations can be found on the School of Business and Computer Technology Homepage accessed through the NMIT Online on the NMIT website or from K Block reception. By enrolling in this course, you are deemed to have read, understood, and accepted all the provisions and regulations relating to this programme/course. Information in this course outline attempts to explain the application of some of the programme regulations in plain English. Where there is any inconsistency between the two documents, the Programme Regulations apply.

Withdrawals / Refunds
The current withdrawal/refund policy is contained in the NMIT booklet Guide to Applications & Enrolments, latest version. This is available either from K Block reception, or from Customer Relations (enrolments area) in A Block or on the NMIT website. Students, who wish to obtain a refund, must submit a withdrawal form within 3 weeks of the start date of the course. Administration costs may be deducted from the refund. No refunds are available after 3 weeks from the start of the course. You may withdraw from a course at any time prior to completion of 60% of the duration of the course. After this time non-completion of a course is recorded on your academic record. The current NMIT Schedule of Charges is posted on the K Block notice boards and also available from Customer Relations in A Block.

Late Assignment Policy

A) All assignments must be handed in by the due date. An assignment handed in after the due date will incur a penalty unless: (i) Your performance has been affected by factors beyond your control, such as illness, injury, childbirth or bereavement; and (ii) The tutor has agreed in writing to extend the time for completion of the assignment. B) An assignment handed in after the due date, where an extension of time has not been granted by the tutor, will incur a penalty of 20% of your total marks for that assignment for the first day and 10% for each subsequent working day after the due date.

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Plagiarism
Students should take care to avoid plagiarism
What is plagiarism? Plagiarism is the inclusion in your assignment of material copied or closely paraphrased from someone elses writings (including textbooks and assignments by other students) without an explicit indication of the source of the material. It is considered to be cheating. Although the School encourages discussion amongst students, students who collaborate should be careful not to plagiarise. Penalties for plagiarism NMIT takes a serious view of plagiarism. Even when you are not intending to cheat, it is clear that submitting someone elses work or ideas is not evidence of your own understanding of the material and cannot earn you marks. Penalties for plagiarism can extend from a zero grade for the assignment plagiarised to imposing an overall coursework grade of zero in the course concerned. How to avoid plagiarism The work and ideas of other people must be acknowledged in your Bibliography in APA style. Information on this can be found in Emerson, L. (Ed.). (2009). Writing guidelines for business students (4th ed.). Cengage Learning Australia Pty Limiited. Refer to guidelines on NMIT website. Turnitin This service is designed to identify unreferenced work copied directly from another source. You may be required to submit assignments or other summative assessments electronically to facilitate this service.

Complaints Procedure
Direct communication is the best way to resolve a problem with a course or between a student and a tutor. In the first instance you should approach your tutor. If you are unable to resolve the problem you should discuss the matter with the Programme Leader. If the issue cannot be resolved by direct communication, a formal complaints procedure is available. Complaint Forms are located at: School offices, Customer Relations, the Student Centre, at SANITI and on the NMIT website. Please refer to NMIT Policy Problem Resolution: Complaint Procedure

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Special Assessment Circumstances

If a students performance in a summative assessment is affected by factors beyond the control of the student, the student may apply to the Programme Leader for consideration for special assessment. Examples include sickness, injury or bereavement. You are required to complete the application form available from K Block reception and provide supporting evidence of the reason for your application within 7 days of the assessment. You may apply for aegrotat assessment if you are unable to complete a summative assessment or for impaired performance if you are able to complete the assessment but believe your performance has been adversely affected by factors beyond your control. Special assessment is available for up to 60% of the course or for the final examination. The Academic Committee reserves the right to accept or decline any application for assessment in special circumstances. Students are advised to refer to the NMIT Academic Statute for further details, available in the School office and from the NMIT web-site.

Use of dictionaries
The only dictionary allowed in controlled assessments and examinations, if permitted by the Course Coordinator, is an Oxford or Collins pocket English dictionary. Electronic dictionaries/translators or palmtop units etc are prohibited.

Course Requirements
Class attendance is voluntary. However it is strongly advised you attend all the necessary class sessions. Only 60 hours out of the 150 hours timetabled for this course is class contact time (lectures, tutorials, exercises). You are expected to complete at least 90 hours of study outside the classroom. For success on this course and to set you up for the future it is vital that you meet the required time input for this course. Strategic Management is a 700-Level level degree programme. As such and to a very great extent your learning is in your hands. My style is definitely not to lecture but to work to develop an interactive environment and teaching process in which we all learn from each other with plenty of self-directed learning to back it up. Often the topics we shall be looking at will be open to debate, so usually there are no categorically right or wrong interpretations or approaches this makes the dialogue more interesting and the taking of positions in the debate is encouraged as this adds to all our learning. The first class of each week will normally feature a structured talk covering that weeks topic. The second class in the week will be taken up with both a structured talk and a tutorial discussion of an assigned reading or case study. All of you may be cold called to lead off discussion of a tutorial subject or a leading topic under review. Thorough preparation of tutorial material and keeping up with textbook and other readings is expected.

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Page 9 of 29 Active class participation is expected from everyone at all times in an atmosphere of constructive dialogue and criticism. I will do my best to include everyone in the class actively in the process of all of us learning but ultimately your participation is up to you. The textbook Wheelen and Hunger 12th (International Edition) should be purchased by all students, and brought to all lectures/tutorials.

Student Resources
Prescribed Text: Wheelen, Thomas. L., & Hunger, J. David. (2010). Strategic Management and Business Policy. (Twelfth International Edition). New Jersey U.S.A. Pearson Education The textbook publishers maintain a web page for student use, with additional learning resources; please see the text for details. You will also be required to read Winning written by Jack and Susie Welch. Copies of this are available in the library on three day restricted loan. Writing Guidelines: Emerson, L. (Ed.) (2005). Writing guidelines for business students. 3rd Edition, Palmerston North: The Dunmore Press. AND/OR Hunter, Ian. (2008). Write that Essay. North Ryde NSW. McGraw Hill Education. Supplementary Readings / Resources: You are encouraged to read widely to help your understanding of strategic management and other related areas. The following list of suggested readings is a starting point: Barney, J.B., (1997). Gaining and Sustaining Competitive Advantage, USA, Addison Westley. Doorley, T.L., & Donovan, J., (1999). Value-creating Growth - How to Lift Your Company To The Next Level Of Performance, USA, Jossey-Bass. Gilson,C., (2000). Peak Performance: Business Lessons from the Worlds Top Sports Organization, London, Harper Collins. Hunger, J.D., & Wheelan, T.L., (1996). Strategic Management, USA, Addison-Wesley. Johnson, G., Scholes, K., Whittington, R., (2005), Exploring Corporate Strategy, (7th ed.), Harlow: Pearson Education Ltd. Lewis, G., Morkel, A.T., & Hubbard, G., (1993). Australian Strategic Management: Concepts, Context & Cases, Australia, Prentice Hall. Lipton, M., (2003), Guiding Growth: how vision keeps companies on course, Boston, Harvard Business School Press. Mintzberg, H., (1994), The Rise and Fall of Strategic Planning, New York, Prentice Hall. Ohmae, K., (1982), The Mind of the Strategist, Harmondsworth, Penguin Group. Porter, M., (1980), Competitive Strategy, New York, The Free Press. Stacey, R.D., (1993), Strategic Management and Organisational Dynamics, London, Pitman. Viljoen, J., (1991), Strategic management: How to Analyse, Choose and Implement Corporate Strategies, Australia, Longman Professional. Useful Journals include: Academy of Management Review Business Quarterly

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Page 10 of 29 Californian Management Review European Management Review Harvard Business Review Journal of Business Strategy Journal of General Management Journal of Management Journal of the Australian and New Zealand Academy of Management New Zealand Business NZ Society of Strategic Management Journal Sloan Management Review Strategic Management Journal Unlimited Magazine

A number of the above journals are available in the NMITs Library Learning Centre. Check the Web site for the other journals where you may either view and/or download the magazine or the main articles. Students should also review international and national business periodicals (e.g. The Economist, Forbes magazine, National Business Review) for topical examples of strategic management in action and to gain an environmental awareness of the field of strategy. The internet is an important asset in fact finding and developing a broad view of strategy. It is vital you have the skills to conduct research through the use of this medium. Contact library staff for any assistance you may require. Other Student Resources: Lecture notes, weekly announcements, articles, websites links, previous test/exams, and other information will be available for students using the NMIT Online facility on NMITs website at http:/www.nmit.ac.nz/llc. NMIT Online can be accessed from the campus computer network, or from work/home (using the Internet). Useful websites for this course are: http://www.startupjournal.com/ http://www.quickmba.com/strategy/ http://www.mckinseyquarterly.com Any others you come across that you feel would be useful to the class please let me know TurnItIn: This software is to be used by students when submitting assessments for this paper.

Assessment Details
All individual assessments and courses are graded. Grades awarded for the courses on the BCom programmes are: % MARK 85-100 80-84 GRADE A+ A PASS WITH DISTINCTION

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Page 11 of 29 75-79 70-74 65-69 60-64 55-59 50-54 40-49 0-39 W CC Grade (Aeg) P (RPL) AB+ B BC+ C D E

PASS WITH MERIT PASS FAIL

Withdrawn from course Cross Credit from another qualification Aegrotat pass Pass with recognition of prior learning

Assessment requirements for this course are: Assessment Type Test Case Study Report Emerging Issues Report Final Examination Course Percentage 10% 20% 30% 40%

Computer Test: Topics 1, 2 & 3 10 Per cent th A computer test will be conducted on Thursday August 29 during class times. This test can be conducted in computer labs or in a place of your choosing will have a course value of 10%. You MUST participate in this test. Written Case Study: To be advised 20 Per cent Prepare a written analysis of the subject case. Your analysis must address the questions linked to the case. This is a solo assignment. Due date Friday 27th September You MUST submit this assignment. Emerging Issues Report: 30 Per cent Prepare a written analysis based on your investigative research. Your analysis must be practically orientated and as realistic as possible given that you will be looking into the future. It is suggested that you utilise the various frameworks provided in the texts to provide a structure for this work. This is a solo assignment. Due date Friday 1st November You MUST submit this assignment. Assignments will only be accepted if handed in on or before the due date unless there

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Page 12 of 29 are special circumstances that are discussed with the course co-ordinator prior to the due date.

Final Examination Monday 25th November 2pm: 40 Per cent The topics covered in the final examination will be advised prior to the exam. The questions will be of a discussion and case study type. The examination will be designed to test the students' ability to apply the knowledge they have acquired during the semester and the students will be required to demonstrate their ability to address specific problems.

To pass Strategic Management you must: (a) Achieve a minimum aggregate mark of 50 per cent overall. (b) Have met the course requirements by submitting the major written assignments (c) Achieve a minimum of 40 per cent in the final examination Assessment Requirements: To pass Strategic Management (Mgt734) you must:

1. 2. 3.

Have achieved a cumulative mark of 50 percent or more, and Have met the course requirements by submitting the major written assignments and Achieved a mark of 40 percent or more in the FINAL EXAM, IRRESPECTIVE of the cumulative mark you may have.

Course Time Budget

WEEKS Timetabled Tutor Contact (including tutorials) Self-managed Learning 15 15 HOURS 4 6 TOTAL 60 90 150

TOTAL HOURS

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Learning Outcomes
On successful completion of this course, students will be able to: 1. Understand the strategic management process as a whole, including the roles and responsibilities of strategic managers at different levels within organizations, the relationships between performance, profitability and competitive advantage, the pros and cons of formal strategic planning processes, and key attributes of strategic leadership. 2. Undertake analyses of external opportunities and threats, by appropriate use of Porters five forces, strategic group and industry life cycle models, and based on an understanding of the importance and dynamic nature of various macro-environmental forces operating in firms external environment, including those relevant to globalisation trends (and their implications for competition). 3. Undertake analyses of a firms internal strengths and weaknesses, based on an understanding of the internal causes of success (competitive advantage and higher profitability) and failure, how effective strategies create distinctive competencies, the process of value creation (value chain concept) and how distinctive competencies allow a company to differentiate its products and lower its costs. 4. Identify the optimal functional level strategy to build competitive advantage, by improving a firms efficiency, product quality, ability to innovate and customer responsiveness. 5. Identify the optimal business-level strategy to build competitive advantage through application of Porters generic strategies of cost leadership, differentiation, focus (etc) and the tools of competitive positioning: strategic analysis, game theory, and investment analysis. 6. Understand the strategies that firms use to overcome competitive problems that exist in fragmented, embryonic/growth, mature and declining industry environments. 7. Understand the strategies for success in a global environment, including the main strategies for competing globally (international, multi-domestic, global and transnational), their advantages and disadvantages, and how global corporations make decisions about which markets to enter, on what scale, and in which mode. 8. Understand the benefits and potential pitfalls of building global strategic alliances with competitors, and ways of improving the probability of success for global strategic alliances. 9. Understand the different options for strategy implementation horizontal and vertical integration, strategic and strategic outsourcing, diversification, organisational restructuring, reengineering and exit strategies their benefits and limitations. 10. Understand key determinants of corporate performance, the relationships between organisational structure, control systems and culture and their use to build functional competencies and to implement a generic business strategy. 11. Identify the different to stakeholder groups and their contributions to the organization, the benefits they receive, and their effect on profitability. 12. Understand agency theory and its relevance to performance, corporate governance mechanisms and the definition of business ethics and the different mechanisms employed to improve ethical performance.

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Course Timetable
WEEK Week 1 22 July Week 2 29 July Week 3 05 July Week 4 12 August Week 5 19 August Week 6 26 August Week 7 02 September Week 8 09 September Week 9 16 September Week 10 September 23 TOPIC Introduction to Strategic Management and Business Policy Corporate Governance Social Responsibility and Ethics in Strategic Management Environmental Scanning and Industry Analysis Internal Scanning: Organisational Analysis Strategy Formulation Overview Test Thursday 29th August Strategy Formulation: Situation Analysis and Business Strategy Strategy Formulation: Corporate Strategy Strategy Formulation: Functional Strategy and Strategic Choice Strategy Implementation Overview Case Study Due Friday 27th September Wheelen & Hunger Chapter 9,10,11 REFERENCES Wheelen & Hunger Chapter 1 Wheelen & Hunger Chapter 2 Wheelen & Hunger Chapter 3 Wheelen & Hunger Chapter 4 Wheelen & Hunger Chapter 5 Wheelen & Hunger Chapter 6, 7,8 Wheelen & Hunger Chapter 6,7,8 Wheelen & Hunger Chapter 6,7,8 Wheelen & Hunger Chapter 6,7,8

MID-SEMESTER STUDENT BREAK 30 September to 11 October 2013 Wheelen & Hunger Strategy Implementation: Organising for Action Week 11 14 October Chapter 9 Strategy Implementation: Staffing and Wheelen & Hunger Week 12 21 October Directing Chapter 10 Week 13 28 October Week 14 04 November Week 15 11 November Week 16 18 November Week 17 25 November Evaluation and Control Emerging Issues Report Due Friday 1st November Winning Revision Week Exam Week Exam week EXAM 25 November 2pm 2013 Wheelen & Hunger Chapter 11 Winning

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Assessments: Test: Additional details of the test will be provided during the semester.

Case Study: Southern Breeze Wines

(NB: This is a fictitious case study and therefore no need to contact Nelson wineries to complete the assessment successfully.) Background: Southern Breeze Wines (SBW) was started at the top of the South Island of New Zealand (NZ) in the year 2005. SBW is a family owned and operated business and has been structured as a limited liability company. SBW grows its own grapes and currently contracts a wine making organisation to produce and bottle their wines. The sales and distribution of the wine then goes back to the SBW owners and staff to complete. The Bow family own SBW and have been growing/farming in the region for generations. Originally growing crops such as apples, pears, kiwifruit, some vegetables for the frozen food market and other stock food crops they saw the strategic possibility of wine during the early 2000s. At that time the main crop was apples and the pipfruit industry was going through a period of dramatic upheaval, where the legislative protection of single desk selling has been removed. The pipfruit industry had protective legislation in NZ since 1948 where the government of the day introduced the NZ Apple & Pear Marketing Act. This legislation enabled the pipfruit growers to sell all their fruit through a single desk i.e. the NZ Apple & Pear Marketing Board, thereby minimising potential price cutting competition from multiple exporters selling fruit in the same market e.g. ten exporters trying to sell the same quality NZ fruit to Sainsburys in the United Kingdom. The Bowss looked at what they could do with the land that they owned and also the possibilities of other nearby land. In times of upheaval in the horticultural industries there are often bargain prices for land available when trading banks force farmers to sell off blocks to retire debt. After months of analysis and discussion the one crop that continued to look attractive was grapes for wine production. The Bows Family & Southern Breeze Wines: The Family Ron Bows is the current patriarch of the Bows family and SBW. Along with his with Carol they have run the farm in various guises for over 30 years. Ron was part of a large family of boys who all grew up on the family farm growing mainly apples. Many years and many changes later he is now in charge of his own family farm that is, in reality Southern Breeze Wines.

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Page 16 of 29 Ron and Carol have three children; Greg, Wendy and Sam. Greg is the oldest and has a Diploma in Horticulture from Lincoln University. He left secondary school, completed a one year diploma and then moved back to the family farm, carrying on the tradition of other generations of Bowss. In his early 40s, married (to Sally who works in town as a m anager), with three children, he considers himself to have expert knowledge of horticultural practices and is well respected within the industry by peers. Wendy (age 38 years) has taken a different route to the family farm. Wendy left school and had a variety of jobs in retail and hospitality before meeting and marrying a local engineer called Stuart. Together they have two children and love the rural lifestyle. Prior to the down turn in the late 1990s the pipfruit industry was on a high, with strong profits and consequently high growth. Ron and family also took advantage of these good times and purchased extra land. Because of the large expansion controlling/running the operation took on a new dimension. In the early 2000s Ron sat down with Greg, Sally, Wendy and Stuart to discuss the future. Ron knew that Greg, Carol and he would not be able to run the operation on their own. They asked Sally if she was interested in helping with the administration but she said no. Ron also asked Wendy and Stuart what their plans were. They all agreed that Wendys skills would be useful in administration and also in managing the quality in the fruit packing plant during the harvest season. They also agreed that Stuarts engineering skills would be of immense value to a quickly growing, rapidly mechanising operation. It was therefore decided that Wendy and Stuart would leave their respective jobs and begin also to work on the farm. Whilst this was going on young Sam was still at school. Younger than the other two siblings he cruised on studying and occasionally helping out during the weekend. Sam left school in 2003 and because the horticultural industry did not look too bright at that time he began to work for a local accountant and studied accountancy part time at the local Institute of Technology. When the decision was made to plant grapes the Bows family decided to do so on land other than the land that they already owned. There were two main of reasons for this: 1. The existing land was growing apples and kiwifruit. Although not making large profits these crops were not losing money therefore they were a source of cash flow whilst the grapes were developed. 2. The land that the apples and kiwifruit was growing on was very fertile. Grapes produce better tasting wine when the soil is poorer. The Bows therefore looked and found some land with poor stony soil, and plenty of water for irrigation if needed, ideal land for growing grapes. Grapes take at least three years to be of size to harvest, with many vineyards waiting four years before the first harvest. The Bowss planted their first block in the spring of 2006 and got their first harvest in April 2009. This was a small harvest and although the grapes were made into wine most was sold to other established wineries with some kept for family and friends to enjoy. Grape harvests grow exponentially until full production at approximately year six, so the 2010 harvest was many times larger than the previous year. This was due to the obvious expertise of Greg and also of Stuart (who had learnt fast about horticulture although spent most of his time in the apples and kiwifruit allowing Greg to ensure the grapes grew well in the first years). The large crop meant a large amount of wine being produced, which also meant the wine had to be sold.

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The Bows had a problem: they could either sell all of the wine to the established wineries at a very low price or they could make and sell the wine themselves. However they did not have enough wine to employ a full time salesperson. Sam was spoken to and asked how serious he was about becoming an accountant. The reply was not really and so in late 2009 after the main clients accounts at the accountancy firm were completed Sam managed to negotiate a package where he would work as an accountant three days a week and sell wine for the other days. He also managed to build in some flexibility so if he had to work more for one business one week he could alternate in the next week. The ideal solution? However, Greg turned out to be very good at growing and in 2011 the crop was huge. The amount of wine that had to be sold had increased eight-fold and someone had to sell it. Again Sam was called on and inevitably (because he enjoyed selling and appeared very good at it) he left the accounting position and began selling SBW wine full time. Sams real issue was that in 2010/11 the wine prices feel substantially, so SBW has been in what businesses could describe as a perfect storm, high capital outlay, exponentially growing production and falling demand and prices. Southern Breeze Wines: The growth of SBW has been due to a number of crucial factors. The variety mix: SBW started with a mix of Sauvignon Blanc, Chardonnay, Riesling (white wines) and Pinot Noir and Merlot (red wine). The Sauvignon Blanc and the Pinot Noir proved to be very popular and although the respective yields are lower than Chardonnay the profit is considerably higher overall. The Chardonnay gave SBW wines volume and allowed them to sell to the established wineries, as the big wineries were not interested in buying small amounts of various varieties. Different wine makers have differing approaches to making wines each year depending on the inherent strengths of the grapes harvested e.g. sugar content etc. Greg discovered early 2008/2009 that the Riesling variety was useful to have in the vineyard as some wine makers liked to use it to blend with Sauvignon Blanc and Chardonnay to alter the flavour spectrum. This meant that almost all of their initial plantings were showing promise. The one variety that was not showing promise was Merlot, a strong heavy red wine with what appeared to be limited appeal in the NZ market. The NZ market was very much in favour of the Pinot Noir (lighter style) red wines and SBW did not have enough Merlot to warrant exporting. Even at full production their Merlot crop would not be large enough to export. Compounding this, the local bird life had taken a liking to the variety and ate a large percentage of the crop. Greg did not want to take the risk of the birds moving into the other varieties so at the end of the 2010 harvest the Merlot vines were removed. The variety called Pinot Gris replaced the Merlot. Pinot Gris is another white wine that has become a particularly trendy wine, especially in the affluent city markets. Currently there is a shortfall between production and demand making this a very desirable variety to plant. The original planting of 20 hectares meant that they had some initial economies of scale and placed the vineyard above niche players in terms of size but smaller than the big wineries such as Waimea and Siefried Estates in Nelson and definitely smaller than Montana and Wither Hills etc in Marlborough. Anecdotally the Bows family had heard that if all NZs wine

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Page 18 of 29 areas were put together it would be the equivalent of the fifth biggest vineyard in Australasia, placing the size in some perspective. In 2009 an additional block of land became available at a good price. It had been used to grow apples however it was hard clay soil with limited fertility and therefore ideal for grapes. The Bowss purchased this 17 hectare block and planted more Sauvignon Blanc, Pinot Noir and Pinot Gris. There was an indication that things were going well when the first two years of production sold out earlier than expected. One of the identified reasons for this was the wine maker selected to make the wines. Josh LeBlanc is a thirty something NZ wine maker with plenty international experience and a palate that seems in tune with the market for mid-priced wines. His expertise and complete passion for wine comes through in the finished product. He has the ability to blend varieties to bring out the subtleties of the varieties flavours making SBWs wines seem very good value for money. During 2009 and 2010 the SBW Sauvignon Blanc and the Pinot Noir won minor medals at wine tasting events; a sign that the brand was likely to be seen in the marketplace as a strong contender. Another endearing factor about Josh is that he, Greg, Wendy and Sam get along very well, making for very good business relationships. Josh currently works for SBW under contract from his employer Top of the South Wines Cooperative (TSWC). SBW pays the cooperative to produce and bottle the wine. Josh is one of five winemakers making wine for over 30 other small and medium sized vineyards. The NZ Wine Industry: The NZ wine industry has been through plenty of interesting times over recent decades. Currently the industry is going through a period of some growth although some wineries are not very profitable. The small wineries are a mix of those making real profits and those who are financially treading water. Many people went into the wine industry as a lifestyle option, moving out of the city onto lifestyle blocks in the hope of finding peace and tranquillity in rural NZ. Leighton Smith, Newstalk ZB radio journalist and small vineyard owner, often laments the lack of profitability of his small vineyard on his radio show. He believes that he has the best varieties planted and being close to Auckland (the largest market in NZ); he should be very profitable however he is not. He laments the power of the large winery distribution channels and the duopoly of the two major NZ supermarket chains. The small operators who have managed to develop powerful brands have been able to be very profitable. Where many sell their wines at $10-$20 per bottle retail, those with powerful brands can often extract between $40-80 per bottle. The retailers usually pay around 66% of the retail price per bottle e.g. a bottle retailing at $18 then the retailer paid around $12 per bottle, aiming for a 33% profit margin. The cost of production (growing and bottling) for the wineries is approximately $5-6 per bottle including government duty. This cost does not include marketing, reinvestment, and other costs such as financing etc. The medium sized wineries are similar to the small operators in terms of finances and brand strengths. Often the difference is that the medium sized operators gain from some

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Page 19 of 29 economies of scale through production volumes however they have higher marketing and financing costs. Often both the small and the medium sized wineries could be seen to be asset rich but cash poor. The large wineries usually have strength of brand and economies of scale. This combined with the extra power they have in terms of distribution strength places them in a better position; although this can often be undone when a large harvest year occurs. The extra volumes to sell places the power with the large resellers such as the supermarket chains who negotiate discounts and force the payment for shelf space. An example of the larger operators is Montana, which is owned by the French multi-national company, Pernod Ricard. Just some of the brands, which Pernod Ricard controls, are: Montana Stoneleigh Corbans Church Road Lindauer Gibbston Valley Timara Pernod Ricard has managed to obtain a portfolio of brands that cover the prices ranges of the NZ market. They also import French and Italian brands. This has the effect of making them a one stop shop for the major sellers. It is easier to do business with Pernod Ricard as one account can provide most of the wine needs for the seller. As with many rural industries, wine tends to have a cyclical nature and moving from highs to lows and back again based on yields and sales prices. Presently the wine industry is in a phase of some consolidation as the large companies are still planting, especially in areas such as Marlborough, and are buying existing smaller operators. The local market is a real mix, where the two supermarket chains have power in the area of retail selling although there are numerous restaurants selling good quantities of wine. The biggest issue is that the NZ population is only 4 million and although there has been a healthy growth in the amount of wine drunk this appears to be slowing. Therefore for most wineries that get into the medium size exporting may be the only option to remain profitable. One of the most profitable areas for wineries is a gate sale where the wine is sold through a tasting room of an onsite premise. This is because they obtain all of the revenue from the sale. A bottle sold at $18 in town may be sold for $16 onsite however the vineyard gains $4 over the town return. There is also the often-unrecognised cost to wineries of keeping up with the variety trends. There are a number of varieties growing in popularity such as Sauvignon Blanc, Pinot Noir and Pinot Gris. If a vineyard plants the wrong variety for the market it can take years to remove, replant and get to full production. This can mean that the vineyard once again misses the window of opportunity if they pick a variety that has peaked to plant. The Global Wine Industry: The worlds wine industry is constantly changing. The old world wine countries such as France, Spain and Italy have been experiencing some stagnation in sales and in some cases

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Page 20 of 29 falling demand whereas the new world wine countries such as Australia, Chile and NZ have been experiencing growth. The new varieties being sold by the new world countries appear to have massive appeal. The Australians and Chileans are producing hearty red wines such as Shiraz, Syrah, Cabernet Sauvignons and Merlot. Whilst NZ has been selling whites such as Sauvignon Blanc, Chardonnay, Riesling and lighter reds such as Pinot Noir. All three countries have leveraged their unique climatic conditions to produce award winning wines. The wine market is also evolving. Europeans still drink large amounts of wine although it is difficult for new world wines to sell in Europe. The main markets in that region are the United Kingdom with Scandinavia growing slowly. The UK is similar to NZ with a small group of supermarkets controlling over 80% of the retail market although there are still a number of independent alcohol sellers they are expensive to service. The restaurant industry is a profitable area for new world wines as long as the wineries have a reliable agent. The USA is a profitable, but difficult market, especially for NZ wineries. The USA has strong legislative protections in place where a wine must be sold through licensed importers, licensed wholesalers and licensed retailers, all adding cost. Also there are a number of Chilean wineries that are owned, either wholly or partially, by American interests. This often means that the Chilean wine gets preference over other wines. The global financial crisis which has affected Europe and USA may have had a detrimental impact on global wine sales. Areas of real growth include China and India. Both countries are becoming economic global powerhouses with massive growth in disposable income, which is translating into large growth of wine consumption. Although limited to certain areas of the respective countries at present the trend is expected to grow and widen e.g. Chinas main areas for wine consumption are Hong Kong, Shanghai and Beijing. China may also have a different taste spectrum/palate to other countries and therefore may require different varieties. Another area that is experiencing massive economic growth and consequently growth of wine consumption is Eastern Europe and the ex-USSR states such as the Ukraine and Estonia. The new rich in these countries are now beginning to experience wines from around the world although this market is still a little wild west in that it has become (in some cases) the dumping ground for French, Italian and Spanish wines that have not sold in the rest of Europe. The Australian market is the easiest for NZ wines to enter as there is no governmental interference and there are regular shipping routes available to ship containers to most Australian ports. Australia is also easy for moving funds in and out as most trading banks operating in NZ are Australian banks e.g. BNZ, Westpac etc. In the Australian market the NZ Sauvignon Blanc and Pinot Noir sell particularly well. The Australian growers produce reasonably good Chardonnay wine so this variety is difficult to sell. The massive levels of production in Australia can often negatively affect the price that NZ sellers achieve for their wines however those with good brand reputation and those who have won wine tasting medals still make money. The Southern Breeze Wines Problem: In 2011 Ron Bows and his accountant had been discussing the strategic direction of SBW and are becoming concerned about the rationalisation starting to appear and what could be seen

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Page 21 of 29 to be a wine lake developing i.e. over production occurring. They noted that last year many Western Australian red wines were selling at below Aus$2/bottle. They were unsure if this was purely an issue of poor quality or an increase in competition. They were also aware that the NZ market was becoming saturated and therefore trading conditions looked like they could become more difficult. SBW had tried to sell to a local supermarket however to enter they would have to pay $5000/year for shelf space. They decided that this was uneconomic. Currently SBW has been concentrating on the restaurant and independent liquor store market and although sales are solid they are becoming concerned about their increased production coming in the next few years. It is predicted, that given average growing conditions, the SBW production will double in 2012 (this occurred), double again in 2013 and then increase a further 25% in 2014. Note this does not take into account possible variety changes if required therefore of current planting only the aforementioned will likely take place. The SBW team currently looks to have strengths and weaknesses. They have the growing of grapes well covered however any expansionary plans will need to consider organisational development strategies e.g. exporting will require skills not obviously inherent within the organisation. The SBW team decide to call a meeting followed by a planning day with all the working members of the family attending plus Josh the winemaker, the accountant and they have invited you to take part. Your inclusion is to offer advice on strategic management decisions. At the end of the day you will be asked to go away and prepare a report for the organisation to appraise. The report is to be read by all members of the organisation and reviewed. Once read it is intended that a further planning day takes place where your recommendations are to be accepted, rejected or accepted in a modified form. The current staffing levels at SBW are as follows: Ron CEO Greg Head of Orchard and Vineyard Operations Wendy Head of Administration Stuart Engineer and Maintenance Sam Sales Josh Winemaker Greg has a team of one Foreman and five other permanent staff The Planning Day: At the initial planning day the SBW team discusses some issues that they would like you to report on: Shop/Tasting Facility On one of the properties they have an ideal location for a shop/tasting facility, enabling them to sell directly to the tourism market. The property is beside a busy state highway and the district council will allow consent for this type of facility. There are already buildings at the site which could be modified for a reasonable price and therefore additional capital spending would be minimal. The buildings also offer room for offices so that the organisation has a headquarters; currently the office work is done in either Rons house or in

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Page 22 of 29 a small office in the apple packing plant. There will be a need to place a manager at this new facility. Winery/Bottling Plant Another medium sized grape grower (Kia Orana Wines: KOW) has approached SBW about the possibility of investing in a winery/bottling plant. Currently SBW wines are produced at TSWC. The cooperative produces wines for over thirty vineyards, making Joshs job often complex. Josh has indicated that if SBW were to move into a wine making facility he would be interested in leaving his current employer and committing fulltime to SBW. The other vineyard also uses TSWC to produce their wine and the relationship with SBW has always been positive. Neither SBW nor KOW have a financial stake in TSWC, they both are on annual contracts. Grape growers who do not have a financial stake in TSWC have to provide the stainless steel tanks for their grapes to be fermented into and pay a fee for the wine production and bottling. There has been a recent rumour in the industry that TSWC has reached capacity and will soon only be able to make wines for the grape growers who have a financial stake in the cooperative. It has been suggested that if SBW removes all of its other crops then there will be no need for their packing facility for pipfruit and kiwifruit. These large buildings could then be used to house the wine production and bottling plant. There are many advantages in this such as minimal capital outlay (do not have to build a new building), the facility is in a central location with respect to the grape fields and there is a large sealed yard and cool store already on site. Additionally it is beside Rons house and there is also a three bedroom house (owned by SBW on another adjoining boundary) ideal to house a wine maker/manager of the facility. If the decision is made to invite KOW into a joint venture for this facility then the following is envisaged: That this would be a separate accounting entity where SBW still owns the land and buildings and the new company leases the facility from SBW. Both SBW and KOW provide stainless steel tanks and finances to set up the plant and both SBW and KOW pay market rates for the wine production and bottling with any profit either dispersed to the shareholders or reinvested back into the facility. This would be decided at an Annual General Meeting with an independent person called in if required. SBW has already been trialling exporting on a small scale by sending pallets of wine to a retailer in Melbourne Australia, but they are not sure about this as they do not have experience in this area and would like some advice. The retailer has been selling their Exporting It is apparent that SBW may not remain sustainable if they do not look to export. If in your report exporting is considered an option outline which country/s you would recommend and why. As SBW currently does not have high debt levels they could easily decide to go ahead with the wine production facility. In terms of staffing levels the following has been decided if all goes ahead:

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Page 23 of 29 Ron will remain as CEO. Carol will oversee the shop/tasting facility and will require two part-time staff to assist Greg will continue to grow the crops but will need an additional foreperson managing two teams of three staff. Stuart will oversee the transition of the old packing facility into a wine production facility with the assistance of one staff member. At this stage Wendy will continue to manage the administration and will require one part-time staff member to help. Sam will manage sales and oversee an investigation of export possibilities. Josh will be employed as a full-time wine maker and will answer directly to Ron. Greg, Carol, Wendy, Stuart and Sam will all be treated as having the same level of power in the organisation. Also if they do go ahead there is the option to not bottle for export but instead pump wine into a 22,000 litre bladder placed inside a 20 foot container. This would then be exported and bottled and labelled in the country where the wine is to be sold.

Additional Student Information: What would you do?

This case has been developed for topics 4, 5 and 6 of the Wheelen and Hunger text. Topic 4: Environmental Scanning and Industry Analysis Topic 5: Internal Scanning and Industry Analysis Topic 6: Strategy Selection Students are required to use the information in the case above, combined with the relevant text topics to develop a plan for the winery looking ahead. You will need to investigate and briefly outline the wine industry and market/s You will also need to take a closer look at the internal organisational structure then decide on a viable strategy. Your report should make use of bullet points and/or tables such as the tables in your text. You could justifiably make use of tools such as Five-Forces, SWOT and PESTLE analysis to place your thoughts into context. You could also use the table in Wheelen and Hunger and it is suggested that you utilise chapter 12 of the text to assist with the completion of this task. The readers of this report are busy farmers and do not want a verbose piece of work, rather they want to see that the analysis is done, is logical and that the selected strategy is doable and feasible they do not want to bet the farm on some big scheme which would cost them their business if it fails. NB: there is no serious mention of SBW brands in this case study. The rationale for this is that this is NOT a marketing report. Whilst some mention of marketing may be required, a report which focuses on marketing will be frowned upon.

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Word Limit: 2500 words (absolute maximum).

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Assessment #3: EMERGING ISSUES IN NEW ZEALAND MANAGEMENT

Due date: Friday 1st November 30 Per cent Weighting
As a Management Strategist, you should always be looking some years out into the future to identify and prepare yourself for Emerging Issues that will probably influence your industry, market, or other dimensions of your operating environment. Emerging Issues are presently unimportant, not yet urgent, and (self-evidently) are fraught with uncertainty.

A Model for the Project

This project invites you to explore Emerging Issues in Management Strategy. Consider the following diagram:

Well Understood and Predictable

(Low Uncertainty)

(CHANGE THE PAST)

IMPLEMENT TACTICS

MAINTAIN ROUTINES
(KEEP THE FOCUS)

High Importance

OPERATIONALISE

Low Importance

(PUZZLE SOLVING) Poorly Understood and Unpredictable

FORMULATE STRATEGIES

EMERGING ISSUES
(AWARENESS)

(High Uncertainty)

The diagram shows four broad clusters identified as Emerging Issues, Formulate Strategies, Implement Tactics, and Maintain Routines; each denoted by the level of Importance and the

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Page 26 of 29 level of Uncertainty present. Emerging Issues are normally external to the enterprise; they are highly uncertain and at present are of low importance to management. (These are the issues that your research will be looking at.) The significance of this category lies in the fact that issues here have the potential to become Highly Important to the firm in the future. Consequently it is the (Management) strategists job to raise Awareness of them so that they can be monitored and, when the moment is right, proper responses can be made. (Ignoring Emerging Issues until the last minute is tantamount to putting ones head in the sand and then suddenly (years too late perhaps) having either to make crisis responses to what is now a very serious problem indeed or kicking oneself with regret that a great opportunity was missed. As an example, an Emerging Issue for some NZ firms might be the progressively closer economic dependencies between this country and Australia so where might this lead? As time passes some Emerging Issues become so real for the firm that a decision is made to Do something about this. The firm is now in Strategy-mode and the hunt is on to make sense of the issue. Detailed analysis, discussion, research and consideration of such things as opportunity costs, options and how to implement them run to the front of the stage at this point. Note that the firm is now dealing with real issues that whatever is decided will have a long-term impact on the firm and which are difficult and costly to reverse, but which remain Highly Uncertain. Agreed strategy around an issue then moves towards Operationalisation or Implementation. Internal process factors now become very important all the more so if the new strategy to address the issue requires significant organisational change. (Of course it to be expected that the Strategy phase and the Implementation phase are going to be tightly merged in practice and so the line that divides them is more of sounding board than a solid boundary.) Finally, the circle is complete when the organisation gets into a settled and routine way of dealing with what is now a relatively unimportant and highly familiar way of doing things. Issues running around in this area are predominantly internal. What are some typical relationships? Internal issues tend to be found in the Implementation and Maintenance clusters. Top management should be alert to Emerging and Strategic Issues, whilst lower-level staff are focused on Implementation and Maintenance Issues. Volatile issues appear to progress from the Emerging cluster to the Strategic, to Implementation to Maintenance. Stable issues tend to remain in wherever cluster they happen to be first identified. Issues in the Uncertain bottom half tend to be more open-ended and ambiguous. They are complex, difficult to define, and often controversial so requiring the application of a complex, cognitive mind to understand them. More surprises rather than trends would emerge from this half of the picture. Some issues will be short-term whilst others are long term. Whilst the picture created by management will say a lot about the time and strategic orientation of a firm, it is fundamental that emerging issues are often the cause of new trends or surprises. (What this may mean is that if a business manager reveals a heavy preoccupation with a dayto-day business picture, such a time orientation may mean that strategically the business would be more reactive and aware only of general issues that are already commonplace and widely recognised.) Short-term issues tend to be symptomatic rather than causal. For example, problems or

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Page 27 of 29 opportunities thrown up by a shift in the foreign exchange rate (a short term issue) are acute symptoms of the firms situation. On the other hand, market power shifts due to the progressive concentration of national retail chains or agri-business corporations are long-term and so translate into deep-rooted, causal results. Some issues are very close to the individual firms own activities and decisions and others exist at a distance. Those far removed tend to be external and long-term. Watching them and projecting possible future patterns and surprises (scenarios) would give management a better basis for understanding (if not predicting) the future. Some issues will be easy to describe verbally and to measure empirically (e.g. using a structured questionnaire) whilst others will be quite the reverse. Qualitative issues (e.g. the post-election economic policy changes) tend to be more uncertain than hard issues (e.g. increasing energy prices). What do I need to do? You should decide on the scope of your research project. You can either look at a particular Industry (e.g. domestic airlines, tourism, and Internet service) or you can consider a particular Management Area (e.g. leadership, human resources, motivation, planning, controlling). NB: You will require clearance from your lecturer to continue. Your work must be personally original (e.g.) it cannot recycle 772 Strategic Marketing Management research. Your project scale must be pegged at the macro level. This means that you must focus on the national or global arena and avoid the specific issues experienced by individual enterprises. Your projects tone must be practical and pragmatic. This means that it must not stray off into excessively philosophical perspectives. It must be grounded in hard data that has been synthesised into information that is practically useful for Strategic planning. Your time-scale will comprise two periods: the Short-Term (2013/14) and the Long-Term (2013-2018/19). You must submit an individual report and no two individuals can research identical or very similar industries or functions. Because this project can be completed using secondary data, there is no requirement for you to conduct personal interviews. However if you wish to perform any primary research, you must justify this to me and obtain my prior approval. This application must be lodged well beforehand. Your report must be presented as a Conference Paper to an association of international management professionals and academics. Expected length is 8-10 full pages of text. Appendices and citations will not count within this limit. Please do not leave this project to the Eleventh Hour! Both written assessments are to be presented through TurnItIn, in Word Document format (NOT PDF), in Times New Roman, Arial or Calibri font size 12.. Make your case clearly, in an organised manner in a formal report format. NB: this will take some time to achieve so do not leave this assignment to the last minute. It is advisable to utilise the tools you will be provided with throughout the Strategic Management course. Plus a final examination valued at 40% of the course work.

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Page 28 of 29 Assignment Marking Guide Grades will be assigned according to the following schedule: A-/A-A+ (Outstanding/Excellent) A comprehensive exploration of the topic, with sound critical comment and a clear synthesis of the issues. Original and/or scholarly content and depth of theoretical analysis. A lucid and logically structured argument with systematic and critical evaluation of the main points. Detailed support from literature with references appropriately integrated. High quality sources identified, interpreted and evaluated Virtually flawless presentation. Clear, concise and logically presented argument and/or discussion. B/B+ (Very Good) A systematic exploration of the assignment topic which may include some critical comment and appraisal. Substantive content. Clear introduction, conclusion and thematic sequence, with main points elaborated. Regular support provided from the literature. Use of quotes where appropriate, with some interpretive comment. Clear expression, well-constructed sentences and paragraphs with few presentation flaws C+/B- (Competent) A reasonably balanced summary of the issues as reflected in course study materials. Adequate content but lacking theoretical depth. Clear introduction, with some organization of main points but lacking clear links and/or thematic sequence The text of the assignment shows that the course materials have been read and acknowledged. An accurate bibliography is attached Most presentation details met e.g. spacing, fonts, margin, legibility, citations, grammar, and spelling. C (Acceptable) Assignment requirements/topic not fully covered. Material is insufficiently elaborated. Overuse of quotations with little explanation. Acceptable but flawed content Adequate introduction, with structure barely discernible and/or somewhat confused and some major points missed. Reference material is not well integrated into text of the assignment. Little evidence that quality of sources has been considered. Limited acknowledgement and light bibliography Minor presentation flaws D (Flawed) Unacceptable and flawed content, unreflective personal comment, incoherent argument Structure very confused, not discernible, not explained. Little or no evidence of critical reading in the text of the assignment Inadequate acknowledgements and/or bibliography Major presentation flaws.

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