Understanding Strategic Management, 3rd Edition
- Length: 376 pages
- Edition: 3
- Language: English
- Publisher: Oxford University Press
- Publication Date: 2018-05-15
- ISBN-10: 0199662479
- ISBN-13: 9780199662470
- Sales Rank: #630596 (See Top 100 Books)
Understanding Strategic Management is the ideal introduction to strategy for students in one-semester courses who require an informative yet practical approach. The book’s four-part structure defines the concept of strategy before using the overarching strategic framework of analysis, formulation, and implementation to show how strategy can be used to develop a sustainable competitive advantage in business.
Making use of chapter maps and learning objectives to guide students through the complexities of the subject, the author conveys the realities of strategic management through a diverse selection of international and contemporary examples. “Strategy in Focus” boxes use examples from popular media to show how strategic management issues appear in the headlines we read every day. A longer, integrated “Case Example” closes every chapter, tying in multiple strategic challenges that affect businesses of all kinds. Review and discussion questions then encourage students to be critical of the material and to evaluate its strengths and weaknesses.
Students may extend their learning with additional material available in the online resources. Written by the author, Extension Material is broken up by chapter. Unique “Working through Strategy” materials give students opportunities to practice essential techniques such as PEST analysis and scenario planning.
ONLINE RESOURCES
For students:
- Internet exercises
- Glossary
- Extension Material
- Working through Strategy
- Multiple-choice questions
- Additional recommended resources
For lecturers:
- Test bank
- Further case material
- Answers to discussion questions
- PowerPoint slides
- Figures and tables from the book
Cover Brief Contents Contents in Full List of Cases Acknowledgements About the Author About the Book How to Use this Book How to Use the Online Resources PART ONE WHAT ISSTRATEGY? CHAPTER 1 WHAT IS STRATEGY? Introduction 1.1 What is Strategy? 1.1.1 Defining Strategy 1.2 Strategic Management 1.2.1 Strategy Analysis 1.2.2 Strategy Formulation 1.2.3 Strategy Implementation 1.3 Vision, Values, and Mission 1.3.1 The Theory of the Business 1.3.2 Business Models 1.4 Types of Strategy 1.4.1 Corporate Strategy 1.4.2 Business Strategy 1.4.3 Functional/Operational Strategy 1.5 Changes in the Approach to Strategic Management 1.6 Different Perspectives on Strategy Formulation 1.6.1 The Rationalist School 1.6.2 The Learning School 1.7 A Strategic Management Framework PART TWO STRATEGIC ANALYSIS CHAPTER 2 EVALUATING THE MACRO-ENVIRONMENT Introduction 2.1 The Macro-environment 2.2 Scanning, Monitoring, and ForecastingChanges in the Environment 2.2.1 Scanning the Environment 2.2.2 Monitoring the Environment 2.2.3 Forecasting Changes in the Environment 2.3 Scenario Planning 2.3.1 How to Build Scenarios 2.4 PEST Analysis 2.4.1 Political Factors 2.4.2 Economic Factors 2.4.3 Social Factors 2.4.4 Technological Factors 2.4.5 Limitations of PEST Analysis 2.5 An Introduction to SWOT Analysis 2.6 The Macro-environment and Industry Analysis CHAPTER 3 INDUSTRY ANALYSIS Introduction 3.1 The Background to Porter’s Five ForcesFramework 3.2 Porter’s Five Forces Framework 3.2.1 The Threat of New Entrants 3.2.2 The Bargaining Power of Buyers 3.2.3 The Bargaining Power of Suppliers 3.2.4 The Threat of Substitute Products and Services 3.2.5 The Intensity of Rivalry among Competitors in an Industry 3.2.6 Competing Using the Five Forces Framework 3.3 Limitations of Porter’s Five Forces 3.4 The Value Net 3.4.1 A Complementary Sixth Force 3.5 The Industry Life Cycle 3.5.1 Introduction Stage 3.5.2 Growth Stage 3.5.3 Maturity Stage 3.5.4 Decline Stage 3.6 Strategic Groups 3.6.1 Strategic Maps 3.6.2 Mobility Barriers 3.7 Hypercompetition and Disruptive Innovation 3.7.1 Hypercompetition 3.7.2 Disruptive Innovation CHAPTER 4 THE INTERNAL ENVIRONMENT: VALUE-CREATING ACTIVITIES Introduction 4.1 Background to Differential Firm Performance 4.2 Value Chain Analysis 4.2.1 Primary Activities 4.2.2 Support Activities 4.3 Evaluating the Value Chain 4.3.1 The Importance of Linkages within the Value Chain 4.3.2 Managing Linkages within the Value Chain System 4.4 SWOT Analysis 4.4.1 Integrating the Macro and Competitive Environments 4.4.2 Limitations of SWOT Analysis 4.5 Organizational Performance 4.5.1 What is Performance? 4.5.2 Maximizing Shareholder Value 4.5.3 Meeting the Needs of Stakeholders 4.5.4 Financial Analysis 4.6 The Balanced Scorecard 4.7 Benchmarking CHAPTER 5 THE INTERNAL ENVIRONMENT: A RESOURCE-BASED VIEW OF STRATEGY Introduction 5.1 The Resource-Based View of Strategy 5.1.1 Resources 5.1.2 Organizational Capabilities 5.2 The VRIO Framework and SustainableCompetitive Advantage 5.2.1 Valuable Capabilities 5.2.2 Rarity 5.2.3 Imitability 5.2.4 Organization 5.2.5 Make-or-Buy Decision 5.3 Criticisms of the Resource-Based View 5.4 A Knowledge-Based View of the Firm 5.5 Dynamic Capabilities PART THREE STRATEGY FORMULATION CHAPTER 6 BUSINESS STRATEGY Introduction 6.1 What is Business Strategy? 6.2 Generic Competitive Strategies 6.2.1 Overall Cost-Leadership Strategies 6.2.2 Differentiation Strategies 6.2.3 Focus Strategies 6.2.4 Stuck in the Middle 6.3 A Resource-Based Approach to Strategy Formulation 6.3.1 Appraising Capabilities 6.3.2 Implications for Strategy Formulation 6.4 Blue Ocean Strategy 6.4.1 The Strategy Canvas 6.5 Strategy Formulation in Turbulent Markets 6.6 Disruptive Innovation and Strategy Formulation 6.6.1 Responses to Disruptive Innovation 6.6.2 Limitations of Disruptive Innovation CHAPTER 7 CORPORATE STRATEGY Introduction 7.1 Corporate Strategy 7.2 Growth Strategies 7.2.1 Market Penetration 7.2.2 Product Development 7.2.3 Market Development 7.2.4 Diversification 7.3 Related Diversification 7.3.1 Vertical Integration 7.3.2 Horizontal Integration 7.3.3 Transaction-Cost Analysis 7.4 Unrelated or Conglomerate Diversification 7.4.1 Can Conglomerate Diversification Succeed? 7.5 Implementing Growth Strategies 7.5.1 Mergers and Acquisitions 7.5.2 Internal Development 7.5.3 Joint Ventures and Strategic Alliances 7.6 Portfolio Analysis 7.6.1 Boston Consulting Group Matrix 7.6.2 The General Electric–McKinsey Matrix 7.7 Corporate Parenting 7.7.1 Parenting Opportunities 7.7.2 Portfolio Decisions 7.8 Strategic Evaluation 7.8.1 Suitability 7.8.2 Feasibility 7.8.3 Acceptability CHAPTER 8 INTERNATIONAL STRATEGY Introduction 8.1 Globalization or Localization 8.2 International Strategy 8.2.1 Organizational Factors 8.2.2 Environmental Factors 8.3 A Globalization Framework 8.3.1 The Strategic Objectives of a Multinational Corporation 8.3.2 The Sources of Competitive Advantage 8.4 Types of International Strategy 8.4.1 Multidomestic Strategy 8.4.2 Global Strategy 8.4.3 International Strategy 8.4.4 Transnational Strategy 8.5 Entry mode Strategies 8.5.1 Exporting 8.5.2 Licensing 8.5.3 International Franchising 8.5.4 Joint Ventures and Strategic Alliances 8.5.5 Wholly Owned Subsidiaries 8.6 Porter’s Diamond of National Advantage 8.6.1 The Diamond of National Advantage 8.6.2 Criticisms of Porter’s Diamond 8.7 The Myths of Global Strategy 8.8 The Challenge of Globalization PART FOUR STRATEGY IMPLEMENTATION CHAPTER 9 ORGANIZATIONAL STRUCTURES AND STRATEGIC CHANGE Introduction 9.1 Organizational Structures 9.1.1 The Entrepreneurial Structure 9.1.2 The Functional Structure 9.1.3 The Divisional Structure 9.1.4 The Matrix Structure 9.1.5 The Network Structure 9.2 Organizational Processes 9.3 Strategic Control Systems 9.4 Strategic Change 9.4.1 Integrative Change 9.4.2 Strategic Drift 9.4.3 Visionary Organizations CHAPTER 10 STRATEGIC LEADERSHIP Introduction 10.1 Leadership and Management 10.2 The Learning Organization 10.2.1 Building the Learning Organization 10.2.2 Leadership Roles 10.2.3 Leadership Skills 10.3 Emotional Intelligence and Leadership Performance 10.4 Narcissistic Leaders and Leadership Capabilities 10.4.1 Leadership Capabilities 10.5 The Impact of Leadership on Values and Culture 10.5.1 Leadership and Values 10.5.2 Leadership and Culture 10.6 Leading Strategic Change 10.6.1 Transformational Leadership 10.6.2 Theory E and Theory O Leaders 10.6.3 Leadership and Chaos CHAPTER 11 CORPORATE GOVERNANCE Introduction 11.1 What is Corporate Governance? 11.2 The Origins of Corporate Governance 11.3 The Growth of Modern Corporations 11.3.1 Limited Liability 11.3.2 Transferability 11.3.3 Legal Personality 11.3.4 Centralized Management 11.4 The Purpose of Corporations 11.4.1 The Purpose of Corporations: Maximize Shareholder Value 11.4.2 The Agency Problem 11.4.3 The Purpose of Corporations: Meet the Needs of Stakeholders 11.5 Corporate Governance Codes 11.5.1 The Cadbury Committee 11.5.2 The Hampel Committee 11.5.3 Other Corporate Governance Codes 11.5.4 The Role of Non-Executive Directors 11.5.5 The Sarbanes–Oxley Act 11.6 Excessive Executive Pay 11.7 Is Reform to Corporate Governance the Answer? 11.7.1 The Pursuit of Greed Glossary Name Index Subject Index
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