week 3

EVALUATING A COMPANY’S EXTERNAL ENVIRONMENT

For today lecture, Dr Ummi teach us on chapter three. In brief, this chapter is about 'thinking strategically about a firm's external environment'.

There are two core concept in this chapter which are  macro-environment and PESTEL. Macro-environment means encompasses the broad environmental context. Moreover, there is no direct control to Micro-environment.

If, the question ask, what are the strategically relevant factors in the macro-environment? then the answer should be PESTEL! then you might wanna ask, what is PESTEL? PESTEL is

P                    = Political factors

E                   = Economic conditions

S                    = Sociocultural forces    

T                   =Technological factors

E                   =Environmental factors

L                   = Legal conditions

Another subtopic is 'how strong are the industry's competitive forces?'. The answer could be never the same from one industry to another. This can be known by using FIVE COMPETITIVE FORCES. 

Those competitive forces are :

a) Competition from rival sellers

b) Competition from potential new entrants

c) Competition from producers of substitute product
d) Supplier bargaining power
e) Customer bargaining power

Check out this video, and you will understand deeper. :)
http://www.youtube.com/watch?v=xOCt3knEdRs

vision and mission!

The class is moving forward to Chapter Two which the title is Vision & Mission. In this chapter a have been exposed by the lecturer about the meaning of vision and mission itself. Then it goes to narrower scope vision and mission for the company.

As an important thing in life!

So, the meaning of vision according to Dr Ummi is answer the question 'what we want to be' while mission means answer the question of 'how to achieve the vision'. Dr Ummi give an example of Dell company vision and mission. Dell vision is Its the way we do business. It's the way we interact with the community. It's the way we interpret the world around us-- our customers needs, the future of technology, and the global business climate. Whatever changes the future may bring our vision -- Dell Vision -- will be our guiding force.  The other meaning of vision and mission can be explore here!-http://en.wikipedia.org/wiki/Strategic_planning

One more thing that I would like to highlight is the term of Synergy. According to Dr Ummi, Synergy means 1 + 1 = 3. Do you know what is that mean? It means when one side ask the others help, they will try to give as same as 3 person doing that work.  But, according to Wikis, Synergy means  the ability of a group to outperform even its best individual member. 

Therefore, by just learning this topic, I can actually draft what is my vision and mission is. So, what is yours?! :D

Nature of Strategic Management

The crucial part in this chapter is that to know about the NATURE of Strategic Management. There is 3 elements in this part which are :

                                                                          a) Formulation

                                                                          b) Implementation

                                                                          c) Evaluation

All these 3 elements are needed in order to make and walk a plan. I might want to use a simple sentence to show this meaning. Let's say, one day one of the student want to join a drawing competition. He plan how he can win that competition. The process to create the plan is call  FORMULATION. Then, he apply what he had planned in his drawing in order to win the competition. This process is call IMPLEMENTATION. But, he lost in that competition. He try to find where is the mistake and he learn from that. this process is call EVALUATION.

Another thing to ponder is about decision making using intuition. Let meme share about this story.She is known as the Iron Lady of Malaysia, Datuk Maznah Hamid is a very well known entrepreneur, business woman as well as a famous motivational author and speaker. Long, long time ago, in a galaxy far far away, Datuk Maznah decided to buy an almost bankrupt, unknown security company and turned into a multi-million, respectable empire. She was using her intuition to make a decision!

　

During the early days, she employed a few guards, with herself being jack of all trades in the small outfit - clerk, secretary, manager and sometimes the guard herself! And in order to expand the business, she and the husband sold their own house and moved to a new, smaller place which come without proper amenities.

　

With only a few thousands capital of their own, her company has to compete with hundreds of other licensed security companies in Malaysia, with many of them were established with up to millions of capital. And against all competition, the company survived and triumphed.

　

The company, Securiforce now is one of the biggest security companies in Malaysia, having more than 30 branches across Malaysia and employing more than 4000 employees. And all of this is achieved without financial help or capital from financial institutions.

　

Alongside with other prominent Malaysian business icons, Datuk Maznah become one of the entrepreneurs who build and grow companies and play important roles as a leader, strategist, while contributing to the overall growth and improvement of the society's life in Malaysia.  

　

Datuk Maznah has also established Maznah Motivational Centre, MMC, which conducts seminar on business and human development. Her book "Motivasi Memburu Kejayaan" is a best seller and has become the source of guidance to the aspiring entrepreneurs who can learn from her own experience, principles and secrets in her quest to achieve success and excellence.-from SKORCAREER.

                                                             Datuk Maznah Hamid

As a conclusion, one person can be that someone just by his good planning! think about it. Thanks for reading :)

First Week of Lecture

Assalamualaikum w.b.t

I'm Wahibah Binti Nurdin Muhammad. I am from TMA4 tutorial class. I would like to share about my opinion on the first lecture. From the start, I would know that Dr. Ummi Salwa was a strict person from the way she looked. But, she change my opinion when she asked all of us to build a highest tower using old newspapers, and I have made it. my group tower was the second strong and highest tower.

Snap by Dr Ummi :)

I am the one who wear yellow scarf. :) 

Dr. Ummi had give us some 'work' that is to read MALAYSIAN BUSINESS magazine. I really love 'Preparing For A Harder Time' article. This article give me a clear view of  'rinngit' value nowadays. There is big opportunity to Asian Financial Crises happen again in Malaysia. Malaysia had past the hardest time in 1997 and 1998 Asian Financial Crises.

Therefore, all Malaysian should be aware of this tragedy because it might happen again. 'The NST recently reported that more families are resorting to family planning and single people are marrying at later age due to economic reasons while The Star reported about the worries of parents with children studying abroad over the falling ringit.'-Malaysian Bussiness.

Last two days,on 14 to 15th September 2013, I had organized Hawa Convention on USIM and one of the slot was about financial management and was delivered by Shamsuddin Kadir writer of  'Rancang Wang Sejak Jatuh Cinta' book. The writer explained clearly about how to manage money as a student. I think this slot really help me in order to face Asian Financial Crises soon.

That is all for this first week. Thanks for reading. :)