 Well, hello everyone and welcome back to the part 2 review of business 501. This is unit 5. This is 21st century Strategy now if you haven't seen any of the videos in this course before there's a playlist below and of course if you haven't started the course You can find a link to the course below just a bit of a Note here for everyone is next week's the next two videos the final reviews for for this course will actually not be live They'll be pre-recorded videos, but they'll come up on our YouTube page the same page Around the same time probably a little earlier So if this is a little later than you'd like or whatever you probably probably get them a little sooner But without any of that if you have any questions make sure you can put them in the chat We'll get to them, but I'll just hand it over right now to dr. Laura Portley's to get us to get us going All right. Thank you. Hi everybody. Hope everyone's doing well and as you know, this is our Last video for for unit 5 so the second part of unit 5 and what I'd like us to do today is circle back a little bit on a couple of things that we talked about Last time and get into a little bit more detail. So as you could see, I wanted us to talk a little bit more about theory Z if you recall we talked about theory X and theory Y and theory Z as As a man essentially a management style and the reason why this is important particularly when it comes to strategy as we talked about is that You really need your people. You really need your employees to help support your strategy. So when we look at management style and how do we create a culture where people are going to be motivated To move forward with the with the strategy that you've come up with. That's why management theory ultimately is is really important. So a few more things that I want us to talk about in regards to theory Z Is all of these assumptions that you see listed here. So these are the assumptions and as you could tell they are positive. So when A manager or a leader in an organization really has that positive outlook and believes that employees are trying to do their best. That's when you create that culture that can help support your strategy. So some of the things here are Managers then for theory Z believe that workers want a happy and intimate working relationships with not only their supervisors, but also other employees. They need to be supported and they value working environments where things like family traditions are really important. They like a sense of order. They feel a moral obligation to work hard and have this sense of cohesion within their fellow workers and fellow employees. And the final assumption is that workers can be trusted to do their jobs as long as management can be trusted to support them and look out for their well being So you can see if if you buy into ultimately these assumptions how that creates a very cohesive working environment that then in turn supports the strategy of the organization. So in relation to this and I know this is probably a little bit small that will will will send these out as we have been If you if we go back and look at theory X and Y. I thought this was a really good graphic from our readings that that explains them the main differences between these two different management styles. Theory X tends to focus more on authority discipline having tight control and this tends to create a culture that isn't very healthy that people have a difficult time working with them. Theory Y on the other hand is more there's less control and there's a lot more trust for the employees to do a good job. So from a cultural perspective in the organization. Theory Y or theory Z are probably the better ways to go. Theory X just doesn't work very well when when we're trying to get the most out of our employees and Get that creativity and the things that we need in order to support our strategy. Any questions on this will we'll sit here. We'll give everyone a chance for some questions. We'll be back in one minute. We'll just give everyone a chance to catch up. I think the stream might be a little bit slower today than we usually like. So we'll just give everyone a second here even if you don't have any questions. Again, if you have questions, you put them in chat. Give you a chance to catch up if you're a little bit behind and we'll be back in just a minute. Okay, well, we're back. I doesn't look like we have any questions yet. But again, you guys can put questions in the chat anytime. And of course, if you're if you're watching us later, feel free to leave a question down in the comment. We'll get to it. But I'll hand it right back to you. Dr. Ford least to keep going. Well, I wanted to go back in. I want to take a look at one of the tools that organizations use for strategy and for innovation. And as you go through the readings. I think that this is Maybe one of the most important things in this unit, simply because it really maps out how organizations might Combine design thinking innovation along with strategy. So what I'd like to do over the next few slides. We're going to pull apart This model and talk a little bit about it. So the first thing that I want us to talk about is the idea. You can see that I've circled it there in yellow on the left hand side that When we're looking at disruptive innovation. And if you remember disruptive innovation is something completely different from other products and services that have been offered before We want to look at design thinking, which is the green kind of circle on the the right hand side there. And then we also want to consider how we brainstorm and generate ideas within our organization. So again, I know this is probably still a bit small that will be sending sending these out. So when we look at design thinking, which is the green. We look at defining the issue that we're trying to solve. So if we're developing a new product, for example, we will most likely look at How do we, how do we define the problem that we're trying to solve in development of that new new product and then Idea eight basically means brainstorming. It's how you go through and generate new ideas and organizations that are really successful do this very well. They always have this steady stream of new ideas that they are able to decide whether or not they want to act on for a new product or service. So after that they'll then prototype the product or service and then ultimately they'll test it to see how that holds up in in the marketplace. So let's talk about what this has to do with strategy. When we look at implementing a growth strategy or really any type of strategy, whether that be international markets or anything along those lines. We want to have this steady stream ultimately of new ideas within our organization because that steady stream of ideas is what is going to help us grow Some companies do really, really well at this in that they always have new ideas. I think technology companies, especially those types of organizations tend to Always have something in the pipeline and that's ultimately their strategy is to be that innovative organization that Always has something new and that makes them, of course, very profitable. So that is that part of this model. Let's take a look at this, which is more focused on you can see that I've circled it. More focused on sustained innovation. So this is rather than these brand new ideas sustained innovation is more focused on how can we make changes to our existing product or service in order to make it better. So this is the process here. And again, I know it might be a little bit small, but you can see that we will first have a vision of a new feature or something new and different related to the to the existing product. And then we will put together a product roadmap in that what are the what are the current benefits of the product. How can we change that product to make it more marketable or make it better. And then Excuse me. And then related to that will then develop it plan for release it develop new inner iterations of it and have these small releases and the small differences. So our product is always new and fresh and different. One thing that I think is important to note here is a lot of the ideas for new product and service features come from customers. And that's why a lot of organizations spend really a lot of money on Social media and focus groups and different types of things in order to get that information ultimately from their customers. So when you think about brand new products, new iterations of existing products and services, just be aware that that's generally where a lot of these ideas come from is actually from the customers themselves. So the final part to to this is is is something that we talked about. I think a little bit earlier in in one of the units and this is the idea of a business model canvas. And this really wraps up everything that we've been talking about throughout these five units. We talked about. So this is a tool that an organization can use to really kind of narrow down what direction they want to go with their with their strategy. So let's talk about each of these a little bit in turn. So the first is the key partners. So if we look at the variety of strategies where we may want to partner with an organization and develop these relationships. This is where we would we would write it in here that the types of partnerships that could be beneficial to our organization. Then we look at the key activities. What are the things that we do as an organization that make us different from our competitors and what are things that allow us to serve our customer. Then we want to look at our key resources. So what are the things that we have what kind of human resources do we have what kind of capital do we have. So all of those things within our organization that we would consider resources we would ultimately right here. We then look at our value proposition and this is similar. It's different but similar to competitive advantage. So value proposition would look at why does a customer buy our product or service as opposed to somebody else's. So here you would write down all of the value propositions that your product or service offers. Next you'd want to think about and really narrow down what what types of customer relationships do you have and along those same lines the types of customer segments that you have. So who are you selling your product or service to what are the demographics of those individuals that are probably most interested in buying your product or your service. And then we look at channels. So how are we actually going to get our product or service into the hands of customers. So this has to do with the supply chain and distribution in in general. And then we want to also look at the financial aspects and that would be on the cost structure pricing structure that type of thing of our product and service and how we plan to generate revenue from all of these key activities that we've listed earlier. So what this does it's a very simple way ultimately to map out what what your overall strategy is of course there'll be a lot of other details that would need to be filled in a lot of tactics developed in order to ultimately set the goals and objectives. But but this can be a good way to think of it as a picture or a quick snapshot of how the the direction that the organization wants to go in terms of strategy. So at this point I'd like to know if there are any questions and those are all of the slides that I have we have finished Unit 5 and well I think see if there's questions and then we can we can close out for today. Yeah everyone feel free to to get your questions in we'll just do a little housekeeping here while we wait again yes this is the the final unit review so good job everyone who's who's gotten this far thanks for coming with us again next week next Monday and the Monday following we will have I believe case study reviews for the final for the final part of the course is that correct. Yeah so we'll have those and those will be separated into two parts so one next Monday one the Monday after that again they won't be live but I feel free if there are questions you know put them in the comments we can still answer questions in the comments. No questions yet people in chat thanking you for for a good job and I'll join them in saying thank you very much. Yes so we'll give everyone just a little bit of shot I don't know if there's any final things you want to say live the people before we go to the recording maybe some words of wisdom will give people a chance to maybe catch up. Yeah I think I would just say congratulations for making it this far I know that whether you're listening live or you're listening later. I know that all of you have a lot going on work and earning this degree and probably families and a lot of other things so I would just say good work and you know moving forward and and and learning learning about strategy so so you can earn a earn a certificate or whatever your end goal is so good job and I'd say keep up the good work. Alright well thank you very much again and again thank you everyone for joining us. And a note that I didn't make if you're having any trouble with the slides we will once again just like we have for the other courses if you saw them earlier and missed it. We are putting the slides once we're done with the live streams in the in the description so if you were having trouble with your internet connection or something seeing some of the slides will have those versions for you. But that's all I got again thank you Dr. Laura for joining us for for taking us through all this and thank you everyone for joining us we'll we'll see you in recorded form next week. Bye.