COURSE GUIDE ENT 411 STRATEGIC THINKING, PROBLEM SOLVING AND NEGOTIATION Course Team Dr. Jubril Abdusalam (Course Writer) Department of Business Administration Faculty of Management Sciences Adamawa State University, Mubi Prof. Prince Izedonmi (Course Editor) Department of Accounting Faculty of Management Sciences University of Benin Dr. Lawal Kamraldeen A.A (H.O.D) Department of Entrepreneurial Studies Faculty of Management Sciences National Open University of Nigeria Dr. Timothy Ishola (Dean) Faculty of Management Sciences National Open University of Nigeria NATIONAL OPEN UNIVERSITY OF NIGERIA i National Open University of Nigeria Headquarters University Village Plot 91 Cadastral Zone Nnamdi Azikiwe Expressway Jabi, Abuja. Lagos Office 14/16 Ahmadu Bello Way Victoria Island, Lagos e-mail: [email protected] URL: www.noun.edu.ng Published by: National Open University of Nigeria ISBN: Printed: 2017 All Rights Reserved ii CONTENTS Introduction Course Contents Course Aims Course Objectives Working through This Course Course Materials Study Units Textbooks and References Assignment File Assessment Tutor-Marked Assignment Final Examination and Grading How to get the Best out of this Course Facilitators/Tutors and Tutorials Useful Advice Summary iii Introduction Strategic Thinking, Problem Solving and Negotiation Skills is a one semester course for students offering B.Sc Entrepreneurship Studies at the 400 level. This is a 2 unit course consisting of five (5) modules with units in each module. It‘s a core course at this level. This course guide informs and allows students to know briefly what the course is about, what course material you will be using and how these materials would be used. It also highlights issues of relevant points for you to go through these units in the modules, and explains the activities and Tutor-marked Assignment. There are supposed to be tutorials attached to this course and taking advantage of this will bring you into contact with your tutorial facilitator which will enhance your understanding of the course. What You Will Learn in this Course This course is designed to develop the right mindset in students to challenge the status quo and develop the right attitude to build innovation organizations. You will learn Strategic thinking which includes finding and developing a strategic foresight capacity for an organization, by exploring all possible organizational futures, and challenging conventional thinking to foster decision making today. You will rethink to let you think out of box for your organisation.Topics you will cover among others; an overview of the traditional thinking process (horizontal),Strateg -y, types of strategy, tools and its strengths and weaknesses; lateral thinking perspective; analysis of different views about thinking; the interface among thinking, problem Solving and Negotiatio- n skills. Course Aims This Strategic Thinking, Problem Solving and Negotiation Skills course is for students who will be involved in developing or implementing strategy for organisations. It will explore what you can do to ensure that you are most useful thoughts are translated into practical plans and effective behaviours to make you re-think and take decisions at critical level. iv Thinking creatively around innovation, to stages of planning and finally communicating the vision to others, the steps of effective strategic planning to achieve grounded and measurable results is very important. Students leave this course with practical, concrete and usable plans which will be useful and implemented with confidence. The aim of this course as pointed out earlier is to expose the students to the concept of strategic thinking. This will be achieved by aiming to: * Introduce you to the basic concepts and elements of strategic thinking * Issues in lateral thinking techniques, vertical and horizontal linkages with win relationships in the organization * Give an insight in Strategic leadership and strategic planning system in the organization among others *Understand and solve strategic problems using necessary steps *Understand negotiation skills and the interface among strategic thinking and problem solving techniques. * Understand the need to rethink and strategically think out of box- Unconventional ways of succeeding in business using critical thinking strategies. Course Objectives To achieve the aims set out above the overall course objectives should be attended to. In Addition, each unit also has specific relevance to the study. The unit objectives are always included at the beginning of a module. You are advised to refer to them as you study each unit both at the beginning and end of the unit to ensure that you check your progress and that you have done what is required of you by the unit. Working through This Course To complete this course you are required to read, the study units and recommended textbooks and explore more current materials on the Internet for best results. In this course, each unit consists of exercises or activities to test your understanding from time to time. At a point in your v course, you are required to submit assignments for assessment purposes. At the end of the course, is a final examination. Below you will find listed all the components of the course, what you have to do and how you should allocate time to each unit in order to complete the course successfully on time. Course Materials Major components of the course are: 1. Course Guide 2. Study Units 3. Further readings 4. Activities and Tutor-marked Assignments. Study Module There are five modules (5) with units in this course material as follows: Module1-Introduction Unit 1.1 Definition of Strategic Thinking Unit 1.2 Elements of Strategic Thinking Unit 1.3 Importance of Strategic Thinking to Business Unit 1.4 Ways to Improve Strategic Thinking Skills Unit 1.5 Role of Strategic Thinking in Business Planning Unit 1.5.1 Strategic Thinking Process Unit 1.5.2 Strategic Thinker: Test yourself. Unit1.6 Strategic Planning and Organising Skills Unit1.6.1 Organising Skills Unit1.6.2 Effective Organising Skills: The following Seven Steps are explained. Unit1.6.3 Strategic Thinking and Planning Unit1.6.4 Project Management for Leaders Unit1.6.5 Managing Risk Unit1.7 Simplified Strategic Planning Unit1.7.1 Simplified Strategic Planning Process Structure vi Unit1.7.2 Sound Strategy + Effective Implementation = Solid Success Unit1.8 Principles of Strategic Leadership Unit1.9 Common Challenges to Strategic Planning Unit1.9.1 Pitfalls in Strategic Planning Unit1.10 Strategic Innovative Thinking into Company Unit1.10.1 Strategy Setting Unit1.10.2 Structure of Innovative Thinking Module 2 Unit 2.0 Introduction Unit2.1 Definition of Strategy Unit2.2.1 Corporate Strategy Unit2.2.2 Business Unit Strategy Unit2.2.3 Team Strategy Unit2.3 Intensive Strategies Unit2.3.1Market Penetration Unit2.3.2Market Development Unit2.3.3 Product Development Unit2.3.4 Diversification Strategies Unit2.4 Strategic Situation Analysis Unit2.5 PEST Model Analysis Unit2.6 SWOT ANALYSIS AND PROFILES Unit2.6.1 How to Identify Strengths and Weaknesses in a Business Plan Unit2.6.2 Best way to complete the analysis Unit2.6.3 what is the point of completing a SWOT analysis? Unit 2.6.4 What to Do-Know Your Strengths Unit 2.6.5 Recognize Your Weaknesses vii Unit2.6.6 Spot the Opportunities Unit 2.6.7 Watch Out for Threats Unit2.6.8 Use Your Analysis Unit2.6.9 Examples of Weaknesses in SWOT Analysis Unit2.7 Suggested Textbooks for Further Reading Unit2.8 Assignment File Unit2.9 Tutor Marked Assignments Module 3 Unit3.0 Introduction to Lateral Thinking Unit 3.1 what is Lateral Thinking? Unit3.2 Lateral Thinking Techniques Unit 3.3 Vertical, Horizontal or Lateral... Which Way to Market? Unit3.3.1 Application of the Lateral Marketing Process Unit3.3.2. Importance of lateral and vertical marketing Unit3.4. Importance of Vertical and Horizontal Linkages to Foster Win-Win Relationships in Business Unit3.5. Understand the Elements and Thinking Modes that Create Fruitful Ideation Sessions viii Unit3.5.1 Mental or Thinking Modes Unit3.5.2 Vertical Thinking – Linear Thinking Unit3.5.3 Binary Thinking Unit3.5.4 Lateral Thinking – Horizontal Thinking Unit3.5.5 Provocations in Lateral Thinking Unit3.5.6 Disruptive Thinking Unit3.6 .7 Three modes of thinking in Ideation Sessions Unit3.7 How to Develop Critical Thinking Unit3.7.1 Learn How to Use the Best Ideation Methods and Idea Selection: SCAMPER Unit3.7.2 Idea Selection – Apply Edward De Bono's Six Thinking Hats Unit3.7.3 Converging Unit3.7.4 Four Categories Method Unit3.7.5 Idea Affinity Diagrams Unit3.7.6 Idea Selection Criteria Unit3.8 Guide to Idea Management Processes Unit3.9 Interface of Vertical versus Lateral Thinking Unit3.10 How lateral thinking can help us find better ideas Unit3.11 References/Suggestions for Further Reading Unit3.12 Tutor Marked Assignments ix Unit 3.13 Assignment files Module 4 Unit4.0 Introduction to Problem Solving Skills Unit4.1 Definition of Problem Solving Unit4.2 Tools for Understanding Problems Unit 4.2.1 Five Whys Getting to the Root of a Problem Quickly Unit4.2.2 Cause and Effect Analysis in Solving Problem Unit 4.2.3 Brainstorming Can Generate Many Radical, Creative Ideas to Solve Problems Unit4.3 How to Make Better Decisions Unit4.3.1 The Importance of Creative Problem Solving in Business and Life Unit4.3.2 Critical Thinking in the Decision Making Process to Solve Problems Unit4.3.3 Methods and Techniques for Problem Solving and Decision Making Unit4.3.4 Steps in Problem Solving Method