Printed from The Fuqua School of Business web site
Duke University, Durham, NC
www.fuqua.duke.edu
FuquaLogoFinancial Aid
--

Strategic Planning Practicum

WANTED: Business Management Problems

Duke's Fuqua School of Business is seeking a select group of midsize companies ($5 MM to $500 MM) to participate in the Strategic Planning Practicum.  The course will be taught during Terms 2 & 3 (mid October through early March) and culminates in student teams writing and presenting a strategic business plan to the senior management of the participating firms.  This is a rare opportunity for the company to gain new insights into the firm both present and future, as well as providing the students with a unique educational experience.

The major objective of the course for the students is to give them an opportunity to study all aspects of a company in detail.  Writing a strategic business plan is one useful method for accomplishing this.  It also allows the students to integrate much of what they have learned in their various MBA courses during the first year of study.  This elective course will be limited to students who have completed all their first year core courses in such subjects as accounting, finance, economics, marketing, operations, statistics, managerial effectiveness, and communications.

Strategic Business Plan

The course is built around developing and writing a strategic business plan.  Students can write an effective business plan only if they fully understand the mission and overall objectives of the company and its corporate culture.  This requires having active participation and input from top management and all other key company employees.

Benefits to Participating Company

1. The management receives an objective view of the company along with plans and strategies for the future.  The end product will be a complete written strategic business plan and a formal presentation to the company at the end of Term 3 (first half of March).  The report will not only include recommendations, but details how to implement the plan.

2. The Practicum will include a SWOT analysis, which examines the
Strengths, Weaknesses, Opportunities and Threats of the company.  Most owners are generally aware of their strengths and weaknesses, which are internal.  However, many times key management do not always share this information adequately with other employees.  Also, sometimes it is realized in the planning process that management have conflicting ideas with one another of which they were not aware.  Also, many firms do not have a good understanding of the opportunities and threats, which are external issues to the company.

3. A well-conceived plan will help prepare employees to react quickly, correctly, decisively, and with confidence in times of change, uncertainty and stress.  The process of putting the business plan together is probably the greatest benefit to the company, rather than the final product itself.  This is due to the necessary extensive communication and interaction  between the students and all management and other key employees who contribute to putting the plan together.

4. The plan will challenge the company to rethink many of its accepted ways of doing business and to have a different view for growing the business.  The plan will address the various options for growing the business.

5. The company will receive a thorough financial analysis.

6. The firm will gain a better perspective to understand if hiring an MBA is for them.

A business plan should not be viewed as a straitjacket within which the company must stay.  The benefits of the plan are:

  • Redefining goals, objectives and mission
  • Better understanding by employees of the overall goals, objectives and mission of the company
  • Improved communication
  • Teamwork
  • Employees are more apt to buy-into the plan because they have participated and contributed to its development
  • They will be better prepared to deal with confidence for the unexpected events which will occur during the year and
  • It will heighten their ability and willingness to offer new beneficial ideas

 Benefits to the Students

The course should enhance the management skills of the student in many ways.  The student will:

  • Gain a good working understanding of tying together all the key elements of management, strategic planning, budgets, finance, marketing, operations, organization, accounting and human resources
  • Gain experience at putting together a real plan for strategic thinking. Few students have had much experience with strategic planning in their previous work.  Some may be familiar with one segment of the plan, but not the entire company.
  • Improve their teamwork skills (group dynamics)
  • Obtain experience to determine if smaller sized businesses are of interest to them as a career
  • Learn the value of involving all professionals and management in putting a plan together
  • Enhance analytical skills
  • Develop interview skills
  • Improve presentation skills

Company Commitment

Duke asks that the company treat the MBA students as if they were paid consultants who have been commissioned to study the company and write a strategic business plan.  The company's commitment includes having all of the company's key employees available for one or more interviews during the semester.  The company should designate a contact person (liaison) with whom the students can organize their discussions with employees.

The students will work as a team (three to six students per team), however; many of the interviews may be one-on-one.  Students will treat all information as confidential and will sign an agreement to that effect.

Those teams of students who have the most complete company information will write the best business plan.  The students on the average have five or more years of business experience since receiving an undergraduate degree.  Each student is expected to work ten to twelve hours per week on the project during the 3 1/2 months (approximately 160-200 hours/ student). This includes class time, meetings with the client, analysis outside of class, final report and final presentation.

Each participating company is asked to pay $5,000 to The Fuqua School of Business in addition to covering any incidental Practicum expenses incurred by the students, including travel.  The company should approve all team expenses over $500 in advance.

General Components of a Business Plan

  • Executive Summary   
  • Organization
  • Industry Analysis   
  • Critical Risks, Problems and Assumptions
  • Statement of Goals 
  • Financial Plan/Budgets
  • Brief Company History
  • Overall Strategy
  • Marketing Plan
  • Conclusions
  • Sales Plan 
  • Recommendations
  • Manufacturing and Operating Plan
  • Implementation
  • Human Resource Plan

The Next Step

If your company is interested in participating in the Strategic Planning Practicum, fill out an application and send to:

William A. Sax
Executive-in-Residence
The Fuqua School of Business
Duke University
Durham, North Carolina, 27708-0120
Phone (919) 660-7741
Fax 660-7971
e-mail: william.sax@duke.edu

Duke's Fuqua School of Business

The Graduate School of Business Administration at Duke University was established in 1969 and renamed The Fuqua School of Business in 1980 in recognition of the generosity and support of J.B. Fuqua, chairman of the Board of Fuqua Industries. Today, the school is recognized as one of the top business schools in the country.

There are five MBA programs: The Duke MBA - Daytime, The Duke MBA - Weekend Executive, The Duke MBA - Global Executive, The Duke MBA - Cross Continent and The Duke- Goethe Executive MBA. The school also has a large executive education program with over 2500 management personnel attending each year. The Duke MBA - Daytime students' average work experience is about five years since receiving their undergraduate degrees.