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Established examples of strategy – CSELab
Content
Topic 1: Introduction to Entrepreneurship
This unit presents the ideas, theories and examples of entrepreneurship. The learning unit is introductory as it focus on explaining key concepts and providing examples, such as entrepreneurship, intrapreneurship, social entrepreneurship and corporate social entrepreneurship. The unit also focuses on the context for entrepreneurship to happen and flourish, including key aspects such as innovation, corporate identity, purpose, perception, rules, routines and the use of the external environment. Specific unit content: Concepts of entrepreneurship Examples of entrepreneurship The entrepreneur and the components of the entrepreneurial mindset
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Topic 2: Introduction to Corporate Social Entrepreneurship
This learning unit introduces the concept of Corporate Social Entrepreneurship (CSE), related theories and ideas. The unit also presents key aspects for individuals implementing CSE to consider and succeed, e.g. corporate identity, need for change, the importance of purpose and perception, rules and routines, networks and stakeholders, use of local circumstances. Based on a real-world approach, the key CSE dimensions and relevant case studies are depicted, which will provide students with the tools to implement CSE.
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Topic 3: Innovation and Entrepreneurship
This learning unit introduces potential entrepreneurs and learners on the subject to the world of business innovation. In a demystifying approach, the technological and non-technological aspects of innovation are explained, as well as the different levels by which business innovation can occur. This unit presents different ways by which individuals can be responsive in their own environment by exploring opportunities, adapting and creating innovative solutions for changing environments. Specific unit content: Business innovation concept The four different types of business innovation The three different levels of business innovation Incremental vs. Radical innovation
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Topic 4: Introduction to strategic planning
This learning unit aims at presenting down-to-earth methods for entrepreneurs to assess their resources and identify the best solutions to explore opportunities, adapt to them and create innovative solutions for their organisations. The unit explores tools that allow ideas to be developed and converted into value for the organisation and its employees. This unit invites the student to visit different perspectives by which strategy can be formulated and implemented. Specific unit content: Explaining strategy and strategic planning Key elements of strategic planning Generic strategies model Strategic stages
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Strategic Planning
Understanding strategy and strategic planning
Established examples of strategy
The stages in Strategic Planning
Strategic Planning Quiz
30:00
Topic 5: Introduction to social innovation
This learning unit introduces and discusses key concepts to understand social innovation. This learning unit also explores (i) how sustainability can be considered in business operation and culminate with social innovation; and (ii) the connection between social challenges and business innovation. Specific unit content: The issues for sustainability Social innovation concepts Business models for sustainability
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Introduction to Corporate Social Entrepreneurship

In this lesson we are going to cover different types of well-known business strategies, namely Generic Strategies, Core Competences, and those associated to the 4 Product Life-cycle stages.

 

Generic Strategies

 

There are three types of Generic Strategies: Cost Leadership, Differentiation, Cost Focus, and Differentiation Focus.

 

(Porter, 1985)

 

As per figure above, Cost Leadership consists of maintaining the lowest cost of operation in the industry by either (i) increasing profits by reducing costs and keeping prices; or (ii) increasing market share by reducing costs and prices. Differentiation consists of producing different and better products. Cost Focus  is focusing on a niche market and developing low-cost products. Differentiation Focus focuses on a niche market as well, but also  on developing different and better products.

 

Core Competences

 

The Core Competences model can be briefly explained as focusing on what the organisation knows what to do best. By focusing on its strongest points, the organisation will have a competitive advantage. It is preferable to have competitive advantage rather than a comparative advantage over competitors and the reason lies on their definitions, as follows.

 

 

As per the figure below, having a Competitive Advantage is outperforming competition in different aspects because there is focus on the Core Competences.

 

(Prahalad and Hamel, 1990)

 

Product Life-cycle Strategies

 

There are 4 product life-cycle stages with different objectives and strategies associated with each of them. Thus, it is important to understand the characteristics of the life-cycle stages so the specific strategic approach can be implemented for a better business performance.

 
 
 
(Kotler and Armstrong, 2010)
 
 
1. Introduction: a new product is first distributed and made available for purchase; Characteristics: Low sales, High cost per customer, Profits are negative, Customers are innovators, and Competitors are few; Strategic objective: create product engagement and trial.
 
2. Growth: the product’s sales are quickly climbing; Characteristics: Rapidly raising sales, Average cost per customer, Rising profits, Customers are early adopters, and Competitors are in growing numbers; Strategic objective: maximise market share.
 
3. Maturity: the product’s sales grow slowly or level off; Characteristics: Peak sales, Low cost per customer, Declining profits, Customers are mainstream adopters, and Number of competitors is stable, beginning to decline; Strategic objective: maximise profit while defending market share.
 
4. Decline: the product’s sales fade away; Characteristics: Declining sales, Low cost per customer, Declining profits, Customers are lagging adopters, and Competitors are in declining numbers; Strategic objective: reduce expenditure and milk the brand.
 
Based on the characteristics and strategic objectives of each life-cycle stage, the following strategies are recommended:
 
 
(Kotler and Armstrong, 2010)
 
 
 
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