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Chapter 1:An Introduction To Strategic ManagementSTRATEGYSection 1:What is StrategylInGreece:Strategosmeansartsandsciencethatageneralcommandanddirectarmy.lInAncientChinaBesiegeWeirescueZhaoPretendtoadvancealongonepathwhilesecretlygoingalonganother;doonethingundercoverofanother.Classification of StrategyMacrolevelEnterpriselevelNationalEconomyLocalEconomyIndustrialEconomyCorporateStrategySBUsStrategyFunctionalStrategyThe Three Levels of StrategyCorporateSBUsFunctionsWhich businesses to be in？How to run them?Thewayacompanycreatesvaluethroughtheconfigurationandcoordinationofitsmulti-marketactivities.CorporateStrategyis?AddresstheQuestions？Howtoachievesustainablecompetitiveadvantageingivenproduct/marketWhereshouldwecompete？（Whichmarkets，andwhichsegmentsshouldweconcentrateon？）CompetitiveStrategyWhatproductsshouldwecompetewith？Howwillwegainsustainablecompetitiveadvantageinthesechosenmarkets？?123isconcernedwithinterpretingtheroleofthefunctionordepartmentindeliveringthecompetitivestrategyFunctional strategyMarketingstrategyFinancialstrategyPersonnelstrategyAndsoforthEveryCompetitiveStrategyCanbeTranslatedintoCongruentXStrategiesSection 2:Definitions of StrategylKennethR.AndrewslH.I.AnsofflH.MintzberglOurdefinitionKenneth RAndrews DefinitionlThe Concept of Corporate Strategy,1971lStrategyistarget,intent,purpose,andthemodelofwhichafirmformulatesmainpoliciesandplaninordertoachievingthetarget.Themodeldefinesthebusinessscopewhichthefirmisdoing,andshoulddo.Themodelalsodefinesthebusinesstypewhichthefirmisin,andshouldbein.H.Igor.Ansoff DefinitionlCorporate Strategy,1965lThestrategyisacommonbusinesslinethroughoutthefirmsbusiness,productsandmarket.Itdefinesthebasicnatureofthebusinessthatafirmisdoing,andplanstodo.See MoreFour Elements of StrategylMarketandProductslGrowthVectorlCompetitiveAdvantagelSynergy:Totaloutcomearemorethansumofallparts.Understanding SynergySupposeOiCostofProductiSiSalesofProducti(ROI)-ReturnonInvestmentSupposeROIofCompanyiproductPi isasfollowROI=Si-OiIiST=S1+S2+S3+SnOT=O1+O2+O3+OnIT=I1+I2+I3+In(ROI)T=ST-OTITSS=STIsITOsOTScaleEffect(ROI)S (ROI)TST，OT，ITisSumofSmallcompanyssales,costandinvestmentSs，Os，IsSales,costandinvestmentofbigfirmSupposeType of SynergylSalesSynergy:fromsharebrand,channellOperatingSynergylInvestmentSynergylManagementSynergyH.Mintzbergs DefinitionlThe Rise and Fall of Strategic Planning,1994lPlanlPloylPatternlPositionlPerspectiveDefinition of StrategylAstrategyisanintegratedandcoordinatedsetofcommitmentsandactionsdesignedtoexploitcorecompetenciesandgainacompetitiveadvantage.Section 3:Strategic Management ProcessStrategyFormulationStrategyImplementationSee DetailEnvironmentConditionStrategicIntentStrategicMissionStrategyFormulationStrategyImplementationCorporateLevelStrategyBusinessLevelStrategyOrganizationalStructureandControlsCorporateGovernanceStrategicCompetitivenessAbove-AverageReturnsfeedbackStrategic Management Process ChartStrategic Management Process ChartPerspectivesandEnterpriseCultureVisionMissionGoalsSWOTStrategyFormulationAlternativesSelectionStrategicPlanStrategyImple-mentationStrategicControlFeedbackPerformanceStrategic ManagementlChapter 1AnIntroductiontoCorporateStrategylChapter 2TheExternalEnvironmentlChapter 3TheInternalConditionlChapter 4 CorporateLevelStrategylChapter 5 AcquisitionandRestructuringStrategylChapter 6 BusinessLevelStrategylChapter 7 CooperativeStrategylChapter 8 CorporateGovernancelChapter 9 OrganizationalStructureandControlslChapter 10 CorporateEntrepreneurshipandInnovationTHE NEED FOR STRATEGYChapter1GlobalizationCompetitionPressuretoChangePhysicalresourcesHumanresourcesInformationresourcesWorldmarketCorebusinessesOutsourcingBPRTechnologyandTechnologicalChangesRapid technological changeRapid technology diffusionsDramatic changes in information technologiesIncreasing importance of knowledgeTheCompetitiveLandscapeTheGlobalEconomyPeople,goods,services,andideasmovefreelyacrossgeographicbordersSignificantopportunitiesemergeinmultipleglobalmarketsMarketsandIndustriesbecomemoreinternationalizedTwo modelslAfirmisviewedasabundleofmarketactivitiesandabundleofresources.(inthelesson)lMarketactivitiesareunderstoodthroughapplicationoftheI/Omodel.lThedevelopmentandeffectiveuseofafirmsresources,capabilities,andcompetenciesisunderstoodthroughapplicationoftheresources-basedmodel.lCombinationofthetwomodels,firmscanincreasetheprobabilityofachievingstrategiccompetitivenessandearningabove-averagereturns(AARs).The I/O Model of AARslTheexternalenvironmentwasthoughttobetheprimarydeterminantofstrategiesfirmsselectedtobesuccessful.lIndustrychosenhasastrongerinfluenceonthefirmsperformancethandothechoicesmanagersmakeinsidetheirorganizations.The External EnvironmentThegeneralenvironmentTheindustryenvironmentThecompetitiveenvironment1.Study the external environment,especially the industry environment.An Attractive IndustryAnindustrywhosestructuralcharacteristicssuggestAARsStrategy FormulationSelectionofastrategylinkedwithAARsinaparticularindustryAssets and SkillsAssetsandskillsrequiredtoimplementachosenstrategyStrategy ImplementationSelectionofstrategicactionslinkedwitheffectiveimplementationofthechosenstrategySuperior ReturnsEarningofAARs2.Locate an industry with high potential for AARs.3.Identify the strategy called for by the attractive industry to earn AARs.4.Develop or acquire assets and skills needed to implement the strategy.5.Use the firms strengths to implement the strategy.The I/O ModelThe R/B Model of AARlEachorganizationisacollectionofuniqueresourcesandcapabilitiesthatprovidesthebasisforitsstrategyandistheprimarysourceofitsreturns.lThedifferencesinfirmsperformancesacrosstimearedrivenprimarilybyorganizationsuniqueresourcesandcapabilitiesratherthanbyanindustrysstructuralcharacteristics.lResourcesmaynotbehighlymobileacrossfirms.lThedifferencesinresourcesformthebasisofcompetitiveadvantage.ResourcesInputsintoafirmsproductionprocess1.Identify the firms resources.Study its strengths and weaknesses as compared to those of competitors.CapabilityCapacityofanintegratedsetofresourcestointegrativelyperformataskoractivityCompetitive AdvantageAbilityofafirmtooutperformitsrivalsAn Attractive IndustryAnindustrywithopportunitiesthatcanbeexploitedbythefirmsresourcesandcapabilitiesStrategy Formulation&ImplementationStrategicactionstakentoearnAARsSuperior ReturnsEarningofAARs2.Determine the firms capabilities.What do the capabilities allow the firm to do better than its competitors？3.Determine the potential of the firms resources and capabilities in terms of a competitive advantage.4.Locate an attractive industry.5.Select a strategy that best allows the firm to exploit its resources and capabilities relative to opportunities in the external environment.The R/B ModelStrategic IntentlStrategicintentistheleveragingofafirmsinternalresources,capabilities,andcorecompetenciestoaccomplishthefirmsgoalsinthecompetitiveenvironment.lStrategicintentimpliesasignificantstretchofanorganizationsresources,capabilities,andcorecompetencies.lStrategicintentexistswhenallemployeesandlevelsofafirmarecommittedtothepursuitofaspecificperformancecriterion.lItseemslikeadream,unrealisticgoal,imagination.Examples of ExpressionlTobecomeahigh-performancemultinationalenergycompanynotthebiggest,butthebest.(UnocalCorporation)lTobethetopperformanceineverythingthecompanydoes.(PhilipsPetroleumCompany)lTocatchupwithandbeatCaterpillar.(Komatsus)lTobeatXerox.(Canon)lTobecomesecondFord.(Honda)Strategic MissionlThestrategicmissionisastatementofafirmsuniquespurposeandthescopeofitsoperationsinproductandmarketterms.lInsomefirms,missioniscalledvision.Examples of ExpressionlToputacarineveryhome.(Ford)lAcomputerineveryhome.(Apple)lAcomputeroneverydesk,andeveryhome,runningonMicrosoftsoftware.(BillGates)lPortablecommunications.(Motorola)Intent and MissionStrategic IntentWinningcompetitivebattlesthroughdecidinghowtoleverageresources,capabilities,andcorecompetenciesStrategic MissionAnapplicationofstrategicintentintermsofproductstobeofferedandmarketstobeservedStrategic ObjectiveslProfitability:lProductivity:lMarketStatus:lR&D:lOrganizationalChange:lHumanResourceslSocioResponsibilityMSAMS-AbsoluteMSRMS-RelativeMSSalesoftheindustryAMS=SalesofthecompanyX100%SalesofthelargestoneRMS=SalesofthecompanyX100%numeratorisunchangedDenominator:ifthecompanyssalesisthebiggest,thedenominatormustbethesecondone.Objective SystemReturnonCapital12%ReturnonSales8%ReturnonSales8%TurnoverRateofCapital1.5TurnoverRateofCapital1.5ProfitProfitRevenue3mRevenue3mRevenueRevenueTotalCapital2mTotalCapital2mFFiixxeeddAAsssseettssCCuurrrreennttAAsssseettssSSaalleessCCoossttFFiixxeeddCCoossttVVaarriiaabblleeCCoossttPPrrooffiitt&TTaaxxFFiixxeeddCCoossttVVaarriiaabblleeCCoossttPPrrooffiitt&TTaaxxTheIdeasofStrategicManagementl1.TheIdeaofAdaptingEnvironmentl2.TheIdeaofCompetitiveAdvantagel3.TheIdeaofReengineeringl4.TheIdeaofStrategicAlliancel5.TheideaofOrganizationLearning1.Adapting EnvironmentGlobalizationNetworkPhysicalResourcesHumanResourcesInfo.ResourcesInternetWorldwideMarketGlobalProcurementGlobalLogistics2.The Idea of Competitive AdvantagelMichaelEPorterputforwardtotheconcept:itisfromlowcostordifferentiation.lTheadvantagescancomefrominternalandexternal.lBasedonexternalconditioninclude:naturalenvironment,naturalresources,transportation,informationcommunication,economicbase,publicrelation.lFormedbyinternal：decisionmakingabilityoftopmanagement,innovationabilityoftechnicianandengineers,marketingabilityofmarketer,competenceofemployee.3.The Idea of ReengineeringCoreBusinessCustomerOrientationOrganizationFlatEnvironmentchangeBPRCompetitiveAdvantageResourcesFocusonCompetitionPressureVarietyofNeedsNetworkBPRBPRNothingchangedexceptintodayssociety.change4.The Idea of Strategic AlliancelRCoasesaid：therearetwosystemscanbeusedtoconfigurationandcoordinationresources:lThroughmarket:byuseofthepriceasatooltoaccomplishasetofmarkettransactions.lThroughorganization:acoordinatorwithinorganizationtodirectproduction.lBothmechanismscostmoney.So,whichoneisuseddependsonwhichhasthelowercost.Whetheracompanywillexpandorreduceitsbusinessesdependonthesaveoftransactioncost.5.The idea of Organization Learning lTheFifthDisciplineArtsandPracticesofTheLearningOrganization(PeterSenge,1990)lTobringpeoplescreativityintoplayisthekeysuccessfulfactorinthe21st.Itisalsothekeypointofthemanagementefforts.lOrganizationlearningisanunremittingprocess.Itistheprocesswhichanorganizationceaselesslyacquirelore,andpassloreeachotherintheorganization,andcreatenewlorebyvariouswaysandmannersinordertoboostuporganizationalabilitiesandimproveorganizationalbehaviorandperformance.lThreeKeyPointsofOrganizationLearning：Three Key Points of Organization Learning1.Theorganizationcanceaselesslyacquireloreandaccumulatelore2.Theorganizationcanpassloreeachotherintheorganization3.TheorganizationcancreatenewloreBystudyingtheinternalenvironment,FirmsdetermineWhattheycandoBystudyingtheexternalenvironment,FirmsidentifyWhattheymightchoosetodolGeneralExternalEnvironmentalAnalysislIndustryEnvironmentAnalysisChapter 2 The External EnvironmentGeneral EnvironmentGeneral EnvironmentCompetitorEnvironmentIndustryEnvironmentEconomicDemographicSocioculturalPolitical/LegalGlobalTechnologicalGeneralEnvironmentlThegeneralenvironmentiscomposedofelementsinthebroadersocietythatcaninfluenceanindustryandthefirmswithinit.lTheindustryenvironmentisthesetoffactorsthethreatofnewentrants,suppliers,buyers,productsubstitutes,andtheintensityofrivalryamongcompetitorsthatdirectlyinfluencesafirmanditscompetitiveactionsandresponses.DefinitionsofgeneralandindustryenvironmentThe General Environment:Segments&ElementsDemographicSegmentPopulationsizeAgestructureGeographicdistributionEconomiccycleInterestandInflationratesTradedeficitsorsurplusesBudgetdeficitsorsurplusesAntitrustlawsTaxationlawsDeregulationphilosophiesWomenintheworkforceWorkforcediversityAttitudesaboutqualityofworklifeProductinnovationsProcessinnovationsApplicationsofknowledgeEconomicSegmentPolitical/LegalSegmentSocioculturalSegmentTechnologicalSegmentGlobalSegmentImportantpoliticaleventsCriticalglobalmarketsEthnicmixIncomedistributionPersonalsavingratesBusinesssavingratesGrossdomesticproductLabortraininglawsEducationalphilosophiesandpoliciesConcernsofenvironmentShiftsinwork&careerpreferancShiftsinpreferencesinproductsandservicecharacteristicsFocusofprivateandgovern-mentsupportedR&DexpenditurNewcommunicationtechnologyNewlyindustrializedcountriesDifferentculturalandinstitu-tionalattributesEconomic CyclelRevivelBoomlStagnancylCrisisABlRevivelBoomlWeaklSoftLandfallComponents of the External AnalysislIdentifyingearlysignalsofenvironmentalchangesandtrendslDetectingmeaningthroughongoingobservationsofenvironmentalchangeandtrendslDevelopingprojectionsofanticipatedoutcomesbasedonmonitoredchangesandtrendslDeterminingthetimingandimportanceofenvironmentalchangesandtrendsforfirmsstrategiesandtheirmanagementScanningMonitoringForecastingAssessingExchangeandCommunicationofCross-culturesChinalNotdirectlymentionkeypointlAskquestionsorhaverequirementsbyasubtlewaylPraisinggrouplSayingwordstoboostharmoniouslSomething have not been express arealsoveryimportantlUsuallynottosay“No”，insteadofchangingothertopicorgiveablurryanswerlHaving a expression for the mostimportantthinginthelastlGuangxi is the first thing in allfirstlydiscussedtopicisaboutprivatethingsbeforediscussingbusinesslSynthesizingdifferentideas，struggletobeconsistentlPersonandmindcannotbeseparatedlDumbnessdoesnotmeandisagreeAmericanlDirectlymentionkeypointlBluntly discussing requirementsandproblembeingfacedlPraisingindividuallPrecisely saying what one wantstosaylWhat one say is the mostimportantlDirectlysay“No”lHavingaexpressionforthemostimportantthinginthebeginninglRules are the most important，firstly discussing business thanprivatelMakingideasdiversely，struggletohavethebestonelPersonandmindcanbeseparatedlDumbnessmeansdisagreeIndustry Environment AnalysislAnindustryisagroupoffirmsproducingproductsthatareclosesubstitutes.lTheindustryenvironmentisthesetoffactorsthethreatofnewentrants,suppliers,buyers,productsubstitutes,andtheintensityofrivalryamongcompetitorsthatdirectlyinfluencesafirmanditscompetitiveactionsandresponses.lIndustryenvironmenthasamoredirecteffectonstrategiccompetitivenessandAARs.The Five Forces Model of CompetitionIndustryCompetitorsThe Threat of EntryAbsolutecostadvantagesGovernmentpolicyEconomiesofscaleCapitalrequirementsBrandidentitySwitchingcostsAccesstodistributionExpectedretaliationThe Threat of SubstituteRelativeprice/performanceSwitchingcostsBuyerpropensitytoSupplier PowerSupplierconcentrationImportanceofvolumetosupplierDifferentiationofinputsImpactofinputsoncostofdifferentSwitchingcostsofsupplier/firmsPresenceofsubstituteinputsThe Degree of RivalryIndustrygrowthProductdifferencesBrandidentitySwitchingcostExitbarriersInformationalcomplexity Buyer PowerBargaining leveragePrice sensitivityBuyerconcentrationPrice/TotalPurchasesBuyervolumeImpactonqualityBuyerinformationProductdifferencesBuyerswitchingcostBrandidentitySubstituteproductAbilitytobackwardint.Threat of New EntrantslThelikelihoodthatfirmswillenteranindustryisafunctionoftwofactors:BarrierstoentryTheretaliationexpectedfromcurrentindustryparticipantsBarriers to EntrylEconomiesofScalelExperienceCurvelProductDifferentiationlCapitalRequirementslSwitchingCostslAccesstoDistributionChannelslCostDisadvantagesIndependentofScalelGovernmentPolicylExpectedRetaliationUnitcosttendstodeclinefollowingthewaywithfixedratiowhenaccumulatedproductionincrease.Experience CurveAccumulated ProductionUnit CostCn=C1n-Accumulated ProductionUnit CostC2n=kCnSources of ExperiencelExperienceaccumulatinglLearningApplicationsoftheExperienceCurve lPredictcostmodelGuidepricingdifferenceActualForecastPriceCostPriceCostExit BarrierlSpecializedassetslFixedcostsofexit(e.g.laboragreements)lStrategicinterrelationships(mutualdependencerelationships)lEmotionalbarriers(fearforonescareer)lGovernmentandsocialrestrictionsIntensity of Rivalry Among CompetitorlNumerousorEquallyBalancedCompetitorslSlowIndustryGrowthlHighFixedorStorageCostlLackofDifferentiationorLowSwitchingCostslCapacityAugmentedinLargeIncrementslDiverseCompetitorslHighStrategicStakeslHighExitBarriersStrategic GroupslMichaelS.Hunt,Competition in the major home appliance industry,1972,(Doctoraldissertation,HarvardUniversity)lAstrategicgroupisagroupoffirminanindustryfollowingthesameorasimilarstrategyalongthesamestrategicdimensions.Example of Strategic GroupGroupAGroupDGroupBGroupCProductlineWideNarrowVerticalintegrationAWideproductline,highintegration,lowmanufacturecost,lowservice,mid-qualityLowHighBNarrowproductline,highautomaticprocess,lowprice,lowservice,CNarrowproductline,assembler,highprice,hightechnology,highqualityDMid-productline,assembler,mid-price,highservice,mid-qualityImplications of Strategic GroupAfirmsmajorcompetitorsarethosewithinitsstrategicgroup.Thestrengthsofthefivecompetitiveforcesdifferacrossstrategicgroups.Thecloserthestrategicgroupsintermsofstrategiesfollowedanddimensionsemphasized,thegreaterthelikelihoodofcompetitiverivalrybetweenthegroups.123Competitor AnalysislWhatdrivesthecompetitor(asshownbyitsfuture objectives);lWhatthecompetitorisdoingandcando(asrevealedbyitscurrent strategy);lWhatthecompetitorbelievesaboutitselfandtheindustry(asshownbyitsassumptions);andlWhatthecompetitorscapabilitiesare(asshownbyitscapabilities)Throughanalysis,afirmshouldbeclearabout:Competitor Analysis ComponentsCompetitor Analysis ComponentsFuture objectivesHowdoourgoalscomparetoourcompetitorsgoal?Wherewillemphasisbeplacedinthefuture?Whatistheattitudetowardrisk?Current strategyHowarewecurrentlycompeting?Doesthisstrategysupportchangesinthecompetitionstructure?Assumptionsdoweassumethefuturewillbevolatile?Areweoperatingunderastatusquo?Whatassumptionsdoourcompetitorsholdabouttheindustryandthemselves?CapabilitiesWhatareourstrengthsandweaknesses?Howdoweratecomparedtoourcompetitors?ResponseWhatwillourcompetitorsdointhefuture?Wheredoweholdanadvantageoverourcompetitors?Howwillthischangeourrelationshipwithourcompetitors?Chapter 3 The Internal EnvironmentlResourceslCapabilitieslCoreCompetenciesComponents of Internal AnalysisRESOURCESTangibleIntangibleCAPABILITIESTeamsofresourcesCORECOMPETEN-CIESSourcesofcompetitiveadvantageSUSTAINABLECOMPETITIVEADVANTAGEGainedthroughcorecompetenciesSTRATEGICCOMPETI-TIVENESSAARsResources lResourcesareinputsintoafirmsproductionprocesssuchascapitalequipment,theskillsofindividualemployees,patents,finance,andtalentedmanagers.lTangibleresourcesareassetsthatcanbeseenandquantified.lIntangibleresourcesrangefromtheintellectualpropertyrightsofpatents,trademarks,andcopyrightstothepeople-dependentorsubjectiveresourcesofknow-how,networks,organizationalculture,andafirmsreputationforitsgoodsandservicesandthewaysitinteractswithpeople(e.g.,employees,suppliers,andcustomers)Tangible ResourceslFinancialR.lPhysicalR.lHumanR.lOrganizationalR.ThefirmsborrowingcapacityThefirmsabilitytogenerateinternalfundsSophisticationandlocationofafirmsplantandequipmentAccesstorawmaterialsThetraining,experience,judgment,intelligence,insight,adaptability,commitment,andloyaltyofafirmsindividualmanagersandworkersThefirmsformalreportingstructureanditsformalplanning,controlling,andcoordinatingsystemsIntangible ResourceslTechnologicalR.lR.forInnovationlReputationStockoftechnologysuchaspatents,trademarks,copyrightsandtradesecretsTechnicalemployeesResearchfacilitiesReputationwithcustomersReputationwithsuppliersKnowledgerequiredtoapplyitsuccessfullyBrandnamePerceptionsofproductquality,durability,andreliabilityForefficient,effective,supportive,andmutuallybeneficialinteractionsandrelationshipsCapabilities lCapabilityisthecapacityforasetofresourcestointegrativelyperformataskoractivity.Example of Firms CapabilitiesExample of Firms CapabilitiesFunction Areas Capabilities Firm ExamplesFunction Areas Capabilities Firm ExamplesDistributionEffectiveuseoflogisticsmanagementtechniquesWal-MartAEROJETHumanR.Motivating,empowering,andretainingemployeesMISEffectiveandefficientcontrolofinventoriesthroughpoint-of-purchasedatacollectionmethodsM
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