Paper, Order, or Assignment Requirements
BUSM 086 –Coursework essay questions. (These questions are from last year’s exam
paper).
You are required to:
(a) Select ONE question
(b) Write a 2,500 essay.
(c) The submission must be word processed
(d) Deadline for submission is Friday 12th December 2014. You may submit earlier.
(1) Michael Porter argues that a firm seeking competitive advantage must choose the
type advantage that it seeks. Discuss the merit of this argument using industrial
examples of your choice.
(2) During the 1990s the capital markets rationed investment funds to old economy
companies but gave virtually unlimited funds to loss-making internet companies with
no model for cost recovery. Discuss the implications for corporate strategy and
performance.
(3) To what extent do you agree with Porter’s (1980) claim that a firm’s low cost
position yields above average returns despite strong competitive forces and
competitors. Discuss using an extended example.
(4) Critically examine whether the exploitation of core competencies results in strong
corporate financial performance. Use an example of your choice to illustrate points.
(5) ‘Many listed UK and US companies pursued shareholder value during the 1990s but
nearly all failed to meet the post-tax target return on capital employed set by
investors’. Using an example of your choice, discuss the causes of underperformance
(6) Critically examine Kay’s (1993) statement that firms often face difficulties in
‘securing the returns from innovation for themselves’. Select a business sector of
your choice and discuss the methods used to secure returns.
(7) To what extent does a mature product market drive restructuring? Discuss using an
extended example.
(8) Critically examine the claim that the ‘sector matrix’ concept provides a more robust
understanding of the demand and supply side linkages of a product market than
other frameworks. Discuss using an extended example.
Reading List:
Please refer to the lecture and Seminar Programme for a detailed listing of the
readings for each week.
Assessment
Type Weighting Details Submission Date
Coursework
Essay 40% 2,500 words To be confirmed
Exam 60% Exam End of year exam
Coursework:
Coursework information will be provided in the seminar and via QMPlus.
Assessment for 2014-15 Resit students
If you fail the module overall, you will have to resit the assessment components that
you fail. You will be informed of the details.
Lecture and Seminar Programme
The lectures introduce a topic and develop issues. The aim is to incorporate
contemporary issues into the lecture framework to add context to the discussion.
Consequently, there may be some changes to the schedule and outline. The module
leader for this course will make every effort to communicate these changes to you in
good time.
Please prepare for each lecture and seminar by reading the relevant reading before
the lecture and seminar
Semester 1
Week 1 Introduction plus
Sustainable advantage and what management can do?
Lecture Reading:
Grant, R. (2002) Contemporary Strategy Analysis, 4th edition, Blackwell, pp.16-17.
Further reading:
Shaoul, J. (1998) ‘Critical financial analysis and accounting for stakeholders’, Critical
Perspectives on Accounting, 9, 235-249. BUSM Module outline 2014-15 Page 6 of 10
Stoney, C. and Winstanley, D. (2001) ‘Stakeholding: Confusion or Utopia? Mapping
the Conceptual Terrain’, Journal of Management Studies, 38 (5), 603-626.
Key reading:
Froud, J. et al (2006), Strategy and Financialisation: Narrative and Numbers,
Routledge. The introduction which is long and can be read over successive weeks.
Seminar: No seminar in first week
Week 2 1980s Porter and strategy as classification
Lecture Reading:
Classic original statement:
Porter M. E. (1985) Competitive Advantage, especially chap.1 pp.1-30 on the five
forces and generic strategies. Reprinted in DeWitt and Meyer, Strategy Process,
Content, Context, pp.344-358 with a useful preceding introduction and other
readings.
Johnson G. and Scholes K. (1999) Exploring Corporate Strategy (5th edition) chap 3
on analyzing the environment, pp. 97-141. Especially pp.115-141 (straightforward
textbook account of positioning)
Porter, M. (1999) ‘How Competition Forces Shape Strategy’ in H.Mintzberg, J.Quinn and
S.Ghoshal (eds.) The Strategy Process, Financial Times/Prentice Hall, pp.60-69.
Seminar: Japan v America in cars in the 80s: what’s the business problem and what
should Ford and GM do about it?
Week 3 Strategy and organisation(al learning)
Lecture Reading:
Prahalad, C. and Hamel, G. “The Core Competences of the Corporation” Harvard
Business Review, May/June 1990. (for revision/or as introduction)
Prahalad, C. and Hamel, G. “Strategy as stretch and leverage” Harvard Business
Review, March/April 1993. (for revision/or as introduction)
Baden-Fuller, C. and Stopford, J. (1993) Rejuvenating the Mature Business, London:
Routledge, chap 1 “Maturity is a State of mind” pp.1-12 and Chapter 2 “The Firm
Matters, Not the Industry” pp.13-24. Sections reprinted in Segal-Horn, S. (1999) The
Strategy Reader, Oxford: Blackwell, pp.125-140.
Seminar: Strategy and structure: General Motors, the ‘autonomy’ of strategic
management and the displacement of Ford as the industry leader 1909-1929
BUSM Module outline 2014-15 Page 7 of 10
Week 4 Stakeholder analysis, distributive conflict and value
added
Lecture Reading
Jensen, M. (1998) “The takeover controversy: analysis and evidence”: in Stern, J.M.
and Chew, D.H. (eds), The Revolution in Corporate Finance (3rd edition, 1998)
Oxford: Blackwell, pp.351-377. (disciplining managers, from an agency point of
view).
Shleifer A. and Summers L H (1988) “Breach of trust in hostile takeovers” in
Auerbach, A. J. (ed) Corporate Takeovers: Causes and Consequences, Chicago:
University of Chicago Press, pp.33-68. (takeover as a breach of implicit contracts
with workers and suppliers).
Froud, J., Haslam, C., Johal, S. and Williams, K. (2000) “Restructuring for shareholder
value and its implications for labour” Cambridge Journal of Economics, Vol. 24, pp.
771-797 (using accounting data from a redistribution perspective).
Froud, J, Haslam C, Johal S and Williams K (2001) “Accumulation under conditions of
inequality”, Review of International Political Economy, Vol. 8, No 1, Spring, pp. 66-95
(identifies UK and US shareholders as households in the top 40% by income).
Seminar: Airlines in 2003 (and what happened next)
Week 5 Globalisation and the macro economy (and effects on
sectors)
Lecture Reading:
Piore, M. and Sabel, C. (1984) The Second Industrial Divide: Possibilities for Prosperity,
Basic Books: USA. “Introduction”, pp.1-19. (launched flexible specialisation: hugely
influential)
For perspective/ criticism (select one reading):
Peck, J. and Tickell, A. (1995) “Social Regulation After Fordism: Regulation theory, neoliberalism
and the global-local nexus” Economy and Society Vol.24, No.3, pp.357-386.
(critiques Regulationism)
Williams, K. Cutler, T. Williams, J. Haslam, C. (1987) “The End of Mass production?”,
Economy and Society, Vol. 16, No.3, pp.405-439. (the standard critique of Piore and
Sabel).
Hirst, P. and Thompson, G. (1999) Globalisation in Question (2nd edition) Malden:
Polity Press. Chapter 1 “Globalisation: A necessary myth?” pp.1-18; Chapter 2
“Globalisation and the history of the international economy” pp.19-65. (the best known
critique of globalisation).
Levitt, T. (1983) “The Globalisation of markets”, Harvard Business Review, May/June
1983, Reprinted in DeWit, B. and Meyer, R. (1999) Strategy: Process, Content and
Context, (1999, 2nd edition) pp.733-741. (The original statement about globalisation of
markets).
Seminar: The Apple Business Model (and financialization across the Atlantic)
BUSM Module outline 2014-15 Page 8 of 10
Week 6 Meso analysis: production chain v sector matrix
Lecture Reading:
Porter, M. E. Competitive Advantage (1985), chap 2 “the value chain and competitive
advantage” New York: Free Press, pp. 13-61 (started it all)
Gereffi, G. Korzeniewicz, M. and Korzeniewicz, R. (1994) “Introduction: global
commodity chains” pp. in Gereffi, G. and Korzeniewicz, M. (eds) Commodity Chains and
Global Capitalism, London: Praeger (political economy takes up chains). Reading will be
supplied and is available from Gereffi’s personal website.
Froud, J. Haslam, C. Johal S. and Williams K. (1998) “Breaking the chains? A sector
matrix for motoring” Competition and Change, vol. 3. no 3, pp. 293-334 (a different way
of thinking, illustrated by cars)
Seminar: The Sector Matrix, Production chains and the ‘Motoring Poor’
Week 7: READING WEEK
Week 8 Macro analysis (b) capital market, shareholder
value and Financialisation
Lecture Reading:
Froud J., Haslam C., Johal S. and Williams K. (2000) “Shareholder value and
financialization: consultancy promises and management moves”, Economy and Society,
Vol. 29, No 1, February 2000, pp 80-110. (on the difficulty of generating EVA).
Lazonick, W and O’Sullivan, M (2000) “Maximising shareholder value: A new ideology
for corporate governance” Economy and Society Vol. 29, No.1 Feb 2000, pp.13-35. (on
US corporations and “downsize and distribute”).
Boyer, R (2000) “Is a finance-led growth regime a viable alternative to Fordism? A
preliminary analysis” Economy and Society Vol. 29, No.1, pp.111-145. (theoretically
important contribution on the dynamics of a wealth-based growth regime).
Shiller R J (2000), Irrational Exuberance, Princeton:Princeton University Press, chap 1
(pp.3-14) on current stock prices, chap 9 (pp.171-190) attacking efficient markets, chap
11 conclusion (pp.203-233) (a cogent statement from the behavioural finance camp)
Seminar: BT and privatization
Week 9 Restructuring for capital and against labour
Lecture Reading:
Jensen, M. (1998) “The takeover controversy: analysis and evidence”: in Stern, J.M.
and Chew, D.H. (eds), The Revolution in Corporate Finance (3rd edition, 1998)
Oxford: Blackwell, pp.351-377. (disciplining managers, from an agency point of
view).
Shleifer A. and Summers L H (1988) “Breach of trust in hostile takeovers” in
Auerbach, A. J. (ed) Corporate Takeovers: Causes and Consequences, Chicago:
University of Chicago Press, pp.33-68. (takeover as a breach of implicit contracts with
workers and suppliers).
Froud, J., Haslam, C., Johal, S. and Williams, K. (2000) “Restructuring for shareholder
value and its implications for labour” Cambridge Journal of Economics, Vol. 24, pp. BUSM Module outline 2014-15 Page 9 of 10
771-797 (using accounting data from a redistribution perspective).
Froud, J, Haslam C, Johal S and Williams K (2001) “Accumulation under conditions of
inequality”, Review of International Political Economy, Vol. 8, No 1, Spring, pp. 66-95
(identifies UK and US shareholders as households in the top 40% by income).
Seminar: Caterpillar and restructuring in a mature market
Week 10 Rail Privatisation (and Government Guarantees)
Lecture Reading:
British Rail Privatisation
http://www.bath.ac.uk/management/cri/pubpdf/Occasional_Papers/23_Glaister.pdf
The Great Train Robbery
http://www.cresc.ac.uk/sites/default/files/GTR%20Report%20final%205%20June%2
02013.pdf
The Conceit of Enterprise
http://www.cresc.ac.uk/sites/default/files/The%20Conceit%20of%20Enterprise.pdf
Further Reading:
The financial realities of leasing trains: The British Experience
http://www.cresc.ac.uk/publications/the-financial-realities-of-leasing-trains-thebritish-experience
Rebuilding Rail
http://www.transportforqualityoflife.com/u/files/120630_Rebuilding_Rail_Final_Re
port_print_version.pdf
Knowing what to do: How not to build trains
http://www.cresc.ac.uk/sites/default/files/Knowing%20what%20to%20do.pdf
Seminar: Rail privatisation: the promise and disappointments
Week 11 The Banking Crisis :Extending Central Government
Financial Risk
Lecture Reading:
The Turner Review A regulatory response to the global banking crisis
http://www.fsa.gov.uk/pubs/other/turner_review.pdf
Vickers Report
http://www.ecgi.org/documents/icb_final_report_12sep2011.pdf
An alternative report on UK banking reform
http://www.cresc.ac.uk/sites/default/files/Alternative%20report%20on%20banking
%20V2.pdf BUSM Module outline 2014-15 Page 10 of 10
Further Reading:
Can we trust the Vickers Report
http://www.adamsmith.org/sites/default/files/research/files/banking-reform.pdf
FSA—Why did RBS fail
http://www.fsa.gov.uk/static/FsaWeb/Shared/Documents/pubs/other/rbs-part1.pdf
UK Treasury Report –Financial Support to Banking Sector
http://www.nao.org.uk/publications/1213/hmt_2011-12.aspx
After the Great Complacence, Erturk et al., Oxford University Press
Seminar Preparation: Socially useful finance: what role do banks play in funding
business
Week 12 Revision Lecture
Content:
Lecture Reading:
Seminar
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