Strategic Management: An Executive Perspective

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Tình trạng: Chỉ còn 1 sản phẩm
Miễn Phí

Cornelis A. de Kluyver and John A. Pearce II (2018)

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PREFACE

 

Executive students at both our institutions inspired the writing of this book. Its content and structure reflect their probing questions, many constructive suggestions, and demand for practical examples. At the same time, we have worked hard to differentiate this book from rival entries by keeping it short, maintaining a conversational style, and adopting an executive orientation.
Every company claims to have a strategy although it may not always be explicitly articulated. In Chapter 1, “What is Strategy?”, we define strategy as the deliberate act of positioning a company for competitive advantage by focusing on unique ways to create value for customers. In doing so, we distinguish strategy from business models and tactics. We 
also differentiate between crafting a strategy and enhancing an organiza- tiõn’s operational effectiveness, introduce the concept of a competitive advantage cycle, and define such commonly used terms as mission, vision, strategic intent, and stretch. We conclude with a discussion of the process by which strategy is formulated in most companies.
Distinguishing effective from poor strategies should ultimately be based on corporate performance. Chapter 2, “Strategy and Performance,” begins with a discussion of the importance of economies of scale and scope in today’s competitive environment. Next, it argues that carefully defining a firm’s core business is critical to sustained success as is a clear understanding of the need and avenues for growth. With this background, we introduce a conceptual framework that links strategy and performance. Finally, we discuss different approaches to evaluating strategy proposals. As part of this discussion, concepts such as shareholder value and the Balanced Scorecard are introduced. Yearend strategy reviews are often devoted to “What has changed?” discussions. In Chapter 3, “Analyzing the External Strategic Environment,” we look at three environmental trends that continue to reshape the competitive environment. The first is globalization. We ask how global we have become, analyze the persistence of distance, and look at why companies and entire industries seek to become global. Next, we look at how the technology revolution is changing business with particular emphasis on the influence of the Internet, the impact of “Big Data” and the new business models it is spawning. Third, we look at how demands for corporate social responsibility (CSR) have created a new compact between business and society. We end with a description of different approaches to analyzing uncertainty in the competitive environment.
With Chapter 4, “Analyzing an Industry,” we begin the discussion of 
specific analytical concepts, tools and frameworks used in strategy formu- lation. We start by defining an industry along four principal dimensions: products, customer, geography, and stages in the production–distribution pipeline. Next, it introduces Porter’s well-known five forces model, the so-called Rule of Three, and looks at patterns of industry evolution. It concludes with a discussion of segmentation, competitor analysis, and strategic groups.
In Chapter 5, “Analyzing an Organization’s Strategic Resource Base,” we focus on analyzing a firm’s strategic resources, including its physical assets, its relative financial position, the quality of its people, its market 
reputation and brand equity, and specific knowledge, competencies, processes, skills, or cultural aspects. As part of this discussion we consider the value of a company’s global eco-system, look at internal change forces a company must deal with and present a model for assessing an organization’s capacity to absorb change. We end with a section on the benefits associated with creating a green corporate strategy. Two Chapters are devoted to the development of a competitive strategy at the business unit level. Business unit or competitive strat- egy is concerned with how to compete in a given competitive setting.

In Chapter 6, “Formulating Business Unit Strategy,” we ask the question: What determines profitability at the business unit level? We look at how profitability is related to the nature of the industry in which a company competes and to the company’s competitive position within that industry. Next, we discuss the concept of competitive advantage and introduce value chain analysis, Porter’s generic strategy framework, and value disciplines.Hyper-competition is becoming the norm in many industries.

In Chapter 7, “Business Unit Strategy: Contexts and Special Dimensions,”  we move beyond generic strategies to strategy formulation in specific different industry environments. Three contexts represent different stages in an industry’s evolution—emerging, growth, and maturity. We also discus industry environments that pose unique strategic challenges such as frag- mented, deregulating, hypercompetitive, and Internet based industries.

Because hyper-competition is increasingly characteristic of business-level competition in many industries, we conclude the chapter with a discus- sion of two critical attributes of successful firms in dynamic industries: speed and innovation. Leveraging global opportunities is the subject of the next two Chapters. In Chapter 8, “Global Strategy Formulation-Fundamentals,” we introduce global strategy formulation as business model change through principles of adaptation, aggregation and arbitrage. We also look at important changes companies have to make to their management model as they globalize such as creating a global mindset, and restructuring their operations for global competitive advantage. Opening global markets, globalizing the value proposition and evalu- ating sourcing and supply chain options are the major topics covered in Chapter 9, “Corporate Strategy Formulation: Specifics.” The discussion includes a section on the strategic logic behind the use of alliances in pursuing global goals.

Visionary strategy development and implementation requires a diversity of perspectives and strong endorsement by a company’s board of directors. In Chapter 10, “The Board’s Role in Strategic Management,” we discuss what contributions directors can make to the strategy formulation process and when their involvement is essential. We conclude that a board’s most important role is to monitor the strategy implementation process and provide feedback to stakeholders. Entrepreneurial thinking is important to effective strategy development and implementation in any successful organization at board level, for managers at all levels of the organization, and in strategic partnerships.

Reflecting this thought, we end the book with a section on strategic metrics the board should consider and other actions the board can take to infuse an entrepreneurial spirit.

 

CONTENTS

Acknowledgments...................................................................................ix
Preface..................................................................................................xi
Chapter 1 What Is Strategy? ..............................................................1
Introduction .....................................................................1
Strategy Formulation: Concepts and Dimensions..............5
The Strategy Formulation Process....................................16
Chapter 2 Strategy and Performance................................................19
Introduction ...................................................................19
Strategy and Performance: A Conceptual Framework......33
Evaluating Strategic Options...........................................41
Chapter 3 Analyzing the External Strategic Environment ................45
Introduction ...................................................................45
Globalization ..................................................................46
The Technology Revolution.............................................54
Corporate Social Responsibility—A New Business
Imperative ...................................................................58
Risk and Uncertainty ......................................................63
Chapter 4 Analyzing an Industry .....................................................71

Industry Influences a Company’s Options
and Outcomes.............................................................71
What Is an Industry?.......................................................72
Industry Evolution..........................................................76
Methods for Analyzing an Industry .................................86
Chapter 5 Analyzing a Company’s Strategic Resource Base..............91
Introduction ...................................................................91
Strategic Resources..........................................................92
Global Supply-Chain Management...............................103
Forces for Change.........................................................109
Stakeholder Analysis......................................................111
Creating a Green Corporate Strategy.............................112
Chapter 6 Formulating Business Unit Strategy...............................119
Introduction .................................................................119

SBU Disruptions Come from Myriad Sources...............120
Foundations..................................................................120
Formulating a Competitive Strategy..............................122
Porter’s Generic Business Unit Strategies.......................128
Value Disciplines...........................................................133
Designing a Profitable Business Model..........................136

Chapter 7 Business Unit Strategy: Contexts and

Special Dimensions.......................................................139
Introduction .................................................................139
One Cause to Reconsider an SBU Strategy ...................139
Emerging, Growth, Mature, and Declining Industries...141
Fragmented, Deregulating, Hypercompetitive,
and Internet-Based Industries ....................................144
Business Unit Strategy: Special Dimensions ..................153
Chapter 8 Global Strategy: Fundamentals......................................167
Introduction .................................................................167
Global Strategy as Business Model Change....................167
Ghemawat’s Generic ”AAA” Global Strategy
Framework ................................................................168
Which ”A” Strategy Should a Company Choose?..........174
The Need for Global Strategic Management..................177
Chapter 9 Global Strategy: Adapting the Business Model ..............189
Introduction .................................................................189
Globalizing the Value Proposition .................................198
Globalizing the Sourcing Dimension.............................208
Chapter 10 The Board’s Role in Strategic Management....................215
Introduction .................................................................215
What is the Proper Role of the Board in Strategy
Development?............................................................215
Creating a Meaningful Role for the Board.....................220
Dealing with Special Situations.....................................223
Monitoring Strategy Implementation:
Choosing Metrics ......................................................230
Creating a Strategy Focused Board ............................. 231
Notes..................................................................................................233
Index .................................................................................................245

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