Strategic mgmt & bus policy by thomas l. wheelen (10th edition)

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STRATEGIC MANAGEMENT & BUSINESS POLICY10TH EDITION

THOMAS L. WHEELEN J. DAVID HUNGER

CHAPTER 1 Basic Concepts of Strategic Management

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Basic Concepts of Strategic Management

GlobalizationInternationalization of markets and corporations

Global (worldwide) markets rather than national markets

Electronic CommerceUse of the Internet to conduct business transactions

Basis for competition on a more strategic level rather than traditional focus on product features and costs

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Electronic Commerce -- Trends

• Forcing company transformation• Market access & branding changing –

disintermediation of traditional distribution channels

• Balance of power shift to consumer• Competition changing

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Electronic Commerce -- Trends

• Pace of business increasing • Internet purchasing beyond traditional

boundaries• Knowledge key asset – source of

competitive advantage

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Strategic Management Defined

Set of managerial decisions and actions that determines the long-run performance of a firm.

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4 Phases of Strategic Management

1. Basic financial planning2. Forecast-based planning3. Externally-oriented planning4. Strategic management

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Highly Rated Benefits

• Clearer sense of strategic vision• Sharper focus on strategic importance• Improved understanding of changing

environment

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Not Always a Formal Process

• Where is the organization now? (not where do we hope it is)

• If no changes are made, where will the organization be in 1,2,5 or 10 years?

• What specific actions should management undertake?

• What are the risks and payoffs?

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Basic Elements of the Strategic Management Process

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Environmental Scanning Defined

Monitoring, evaluation, and disseminating information from external and internal environments –to key people in the firm

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Environmental Variables

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Environmental Scanning

SWOT Analysis

• Strengths – Weaknesses

• Opportunities - Threats

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Strategy Formulation

Development of long-range plans for effective management of opportunities and threats in light of corporate strengths and weaknesses

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Strategy Formulation

Mission Statement

• Purpose/reason for organization• Promotes shared expectations• Communicates public image• Who we are; what we do; what we

aspire to

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Organizational Adaptation

Organization “fit” with environment

• Theory of population ecology• Institution theory• Strategic choice perspective• Organizational learning theory

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Organizational Adaptation

Strategic flexibility

• Demands long-term commitment to development of critical resources

• Demands firm become a learning organization

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Learning Organizations

An organization skilled at creating, acquiring, and transferring knowledge and at modifying its behavior to reflect new knowledge and insights

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Learning Organizations

4 Chief Activities

• Systematic problem solving• New approach experimentation• Learning from experiences• Intra-organization knowledge transfer

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Hierarchy of Strategy

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Goals & Objectives

Corporate Goals/Objectives

–Profitability (net profit)–Growth–Resource utilization (ROE, ROI)–Market leadership

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3 Types of Strategy

–Corporate strategy

–Business strategy

–Functional strategy

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Corporate Strategy

–Stability–Growth–Retrenchment

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Business Strategy

–Competitive strategies

–Cooperative strategies

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Functional Strategy

–Technological leadership

–Technological followership

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Strategic Decision-Making

Process

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Strategic Decision Making

Strategic Decisions

–Rare

–Consequential

–Directive

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Strategic Decision Making

Mintzberg’s Modes

–Entrepreneurial mode–Adaptive mode–Planning mode–Logical incrementalism

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Hambrick and Fredrickson – Good Strategy

5 Elements of Good Strategy

1. Arenas2. Vehicles3. Differentiators4. Staging5. Economic logic

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CHAPTER 2 Corporate Governance

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CHAPTER 2 Corporate Governance

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Corporate Governance

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The relationship among the board of directors, top management, and shareholders – determining the direction and performance of the corporation

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Role of Board

–Monitor

–Evaluate and influence

–Initiate and determine

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Board of Directors Continuum

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Board of Directors

Members --

–Inside directors•“management directors”•Officers or execs employed by the firm

–Outside directors•“non-management directors”•Execs of other firms not employed by the board’s corporation

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Agency Theory

Agency Problem ––Objectives of owners & agents in conflict–Difficult for owners to verify agent performance

Risk Sharing Problem ––Owners & agents risk assessment in conflict

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Stewardship Theory

Executives more motivated to act in best interest of the corporation than their own self-interests. Theory that over time, senior executives tend to view corporation as extension of selves.

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Board of Directors

When Outsiders can be considered Insiders

–Affiliated Directors–Retired Directors–Family Directors

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Board of Directors

Codetermination

–The inclusion of a corporation’s employees on its board of directors

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Board of Directors

Interlocking Directorates

–Direct Interlocking

–Indirect Interlocking

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Board of Directors

Nominations & Elections

–Traditional Approach•CEO invitation to membership•Shareholders approval in annual proxy statement•All nominees usually elected

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Board of Directors

Nominations & Elections

–Staggered Board Approach•Staggered terms of service/election

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Board of Directors

Sarbanes-Oxley

–Code of Ethics

–Audit, Nominating, and Compensation Committees all outside directors

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Board of Directors

Organization of the Board

–Size

•Charter & Bylaws Determination

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Board of Directors


–Review & shaping of strategy–Pressure for corporate performance–Demand for executive stock ownership–Outside directors increasing–Impact of Sarbanes-Oxley

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Board of Directors

Transformational leaders

–Change agents through vision for change

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Board of Directors

Successful CEO’s

–Strategic vision–Passion for the company–Strong communication–charisma

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Board of Directors

Executive Leadership

–Strategic vision–Role model

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Board of Directors

Executive Leadership

–Communication of performance standards–Demonstrates confidence in abilities of followers

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Strategic Management Process

Strategic Planning Staff

–Supports top management & business units in the strategic planning process

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–Identify & analyze company-wide strategic issues–Generate strategic alternatives

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–Facilitate business units in coordinating activities related to strategic planning process

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CHAPTER 3 Ethics & Social Responsibility

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CHAPTER 3 Ethics & Social Responsibility

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Ethics & Social Responsibility

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Broader responsibility --

Private corporations have responsibility to society that extend beyond making a profit

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Social Responsibility

There is one and only one social responsibility of business—to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.

Milton Friedman

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Carroll’s 4 Responsibilities

–Economic–Legal–Ethical–Discretionary

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Carroll’s 4 Responsibilities

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Corporate Stakeholders

Affect or are affected by the achievement of the corporation’s objectives

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Corporate Stakeholders

Stakeholder Analysis –

–Primary stakeholder•Sufficient bargaining power to affect outcomes

–Secondary stakeholder•Indirect stake but are affected by corporation’s actions

–Stakeholder Input•Determine whether input is necessary

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Ethical Behavior

“business ethics”

–Argument that there is no such thing … it is an oxymoron

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Ethical Decision Making

Corporate practices --

–Massive write-downs and restatements of profit–Misclassification of expenses as capital expenditures–Pirating corporate assets for personal gain

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Recent Survey Results --

–70% distrust business executives–Enron–WorldCom

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Reasons for Unethical Behavior

Provocative Question --

–Why are businesspeople perceived to be acting unethically?

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Perceptions caused by --

–Not aware of impropriety–Cultural norms and values vary–Governance systems based on rule or relationships–Differences in values between businesspeople and key stakeholders

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Allport-Vernon-Lindzey Study of Values --

–Aesthetic–Economic–Political–Religious–Social–Theoretical

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Most common reasons for bending rules --

–Organizational performance required it–Ambiguous or out of date rules–Pressure from others – everyone else does it

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Moral Relativism

Morality is relative to some personal, social, or cultural standard and there is no method for deciding whether one decision is better than another.

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Kohlberg’s Levels of Moral Development

1. Preconventional level

–Characterized by a concern for self•Personal interest•Avoidance of punishment

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2. Conventional level

–Characterized consideration of society’s values•External code of conduct

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3. Principled level

–Characterized by adherence to internal moral code

•Universal values or principles

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Encouraging Ethical Behavior

Codes of Ethics

–Specifies how an organization expects its employees to behave on the job.

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Guidelines for Ethical Behavior

–Ethics

–Morality

–Law

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Approaches to Ethical Behavior

–Utilitarian•Judged by consequences

–Individual Rights•Fundamental rights in all decisions

–Justice•Distribution in equitable fashion

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Approaches to Ethical Behavior

–Categorical imperative•“golden rule”•Means - Ends

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Strategy Bits

192 U.S. companies surveyed --

–92% monitored employees use of e-mail/Internet

–26% monitored employees electronic activities all the time

–Almost none had checks in place to protect employees privacy

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CHAPTER 4 Environmental Scanning and Industry Analysis

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CHAPTER 4 Environmental Scanning and Industry Analysis

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Environmental Scanning

Societal environment --

–Economic forces–Technological forces–Political-legal forces–Sociocultural forces

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Societal Environment

Economic Forces --

–Regulate exchange of materials, money, energy and information

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Technological Forces --

–Generate problem-solving inventions

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Political-legal Forces --

–Allocate power; provide laws and regulations

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Sociocultural Forces --

–Regulate values, mores, and customs of society

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Task Environment

Task environment --

–Elements or groups that directly affect a corporation and are affected by it

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Task Environment

Industry Analysis --

–In-depth examination of key factors within a corporation’s task environment

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Variables in Societal Environment

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Demographic Trends

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Transformational Sociocultural Trends

8 Current Trends –

–Increasing environmental awareness–Growing health consciousness–Expanding seniors market–Impact of the Generation Y boomlet–Declining mass market–Changing pace and location of life–Changing household composition–Increasing diversity of workforce & market

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International Societal Environments

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Scanning the Task Environment

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Ethical Behavior

“business ethics”

–Argument that there is no such thing … it is an oxymoron

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Corporate practices --

–Massive write-downs and restatements of profit–Misclassification of expenses as capital expenditures–Pirating corporate assets for personal gain

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External Strategic Factors

Strategic myopia --

–Willingness to reject unfamiliar as well as negative information

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Issues Priority Matrix

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Analyzing the Task Environment

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Porter’s Approach to Industry Analysis

Threat of New Entrants –

–Economies of scale–Product differentiation–Capital requirements–Switching costs–Access to distribution channels–Cost disadvantages–Government policy

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Rivalry Among Existing Firms –

–Number of competitors–Rate of industry growth–Product or service characteristics–Amount of fixed costs–Capacity–Height of exit barriers–Diversity of rivals

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•Threat of Substitute Products or Services

•Bargaining Power of Buyers

•Bargaining Power of Suppliers

•Relative Power of Other Stakeholders

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Industry Evolution

Fragmented Industry –

–No dominant industry

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Industry Evolution

Consolidated Industry –

–Dominated by a few large firms

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International Risk Assessment

Continuum of International Industries

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Strategic Groups

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Strategic Types

•Defenders•Prospectors•Analyzers•Reactors

General Types –

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Competitive Intelligence

Called business intelligence

Gathering information on a company’s competitors

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Forecasting

Forecasting Techniques --

–Extrapolation–Brainstorming–Expert opinion–Delphi technique–Statistical modeling–Scenario writing

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Synthesis of External Factors -- EFAS

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CHAPTER 5Internal Scanning: Organizational Analysis

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CHAPTER 5Internal Scanning: Organizational Analysis

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Resource-Based Approach to Organizational Analysis

Internal strategic factors --

–Critical strengths and weaknesses that are likely to determine if the firm will be able to take advantage of opportunities while avoiding threats

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•Resources

•Capabilities

•Competency

•Core competency

•Distinctive competency

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Core and Distinctive Competencies

VRIO Framework --

–Value

–Rareness

–Imitability

–Organization

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5-Step Approach Strategy Analysis --

1. Identify and classify resources2. Combine strengths into capabilities3. Appraise profit potential of capabilities4. Select strategy that best exploits 5. Identify resource gaps invest in weaknesses

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Continuum of Sustainability

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Sustainability of Advantage

Durability --

–Rate at which a firm’s underlying resources and capabilities depreciate or become obsolete

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Imitability --

–Rate at which a firm’s underlying resources and capabilities can be duplicated by others

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Core Competency can be imitated --

–Transparency–Transferability–Replicability

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Business Models

Company’s method for making money in the current business environment.

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Business Models

Types of Models --

–Customer Solutions Model–Profit Pyramid Model–Multi-Component System/Installed Base Model–Advertising Model–Switchboard Model

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Business Models

Types of Models --

–Time Model–Efficiency Model–Blockbuster Model–Profit Multiplier Model–Entrepreneurial Model–De Facto Standard Model

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Value-Chain Analysis

Linked set of value-creating activities beginning with basic raw material and ending with distributors getting final goods into hands of customers

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Value-Chain Analysis

Typical Value Chain for a Manufactured Product

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Corporate Value-Chain Analysis

•Primary activities

•Support activities

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Corporation’s Value Chain

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Scanning Functional Resources & Capabilities

Basic Organizational Structures --

–Simple structure–Functional structure–Divisional structure–Strategic business units (SBU’s)–Conglomerate structure

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Basic Organizational Structures

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Corporate Culture

Collection of beliefs, expectations, and values learned and shared by a corporation’s members and transmitted from one generation of employees to another

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Strategic Marketing Issues

–Market Position & Segmentation–Marketing Mix–Product Life Cycle–Brand & Corporate Reputation

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Product Life Cycle

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Strategic Financial Issues

–Financial leverage

–Capital budgeting

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Strategic Research & Development Issues

–R&D Intensity

–Technological Competence

–Technology Transfer

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Technological Discontinuity

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Strategic Human Resource Management Issues

HRM –

–Increasing use of teams–Union relations –Temporary workers–Quality of work life–Human diversity

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Internal Factor Analysis Summary Table

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CHAPTER 6Strategy Formulation: Situation Analysis & Business Strategy

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CHAPTER 6Strategy Formulation: Situation Analysis & Business Strategy

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Situational Analysis

Strategy formulation --

–Strategic planning or long-range planning•Develops mission, objectives, strategies, policies

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--process of finding a strategic fit between external opportunities and internal strengths while working around external threats and internal weaknesses

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IFAS – Maytag as Example

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EFAS – Maytag as Example

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SFAS Matrix

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Niche --

–Need in the marketplace that is currently unsatisfied

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Corporate Goal --

–Find propitious niche–Strategic window

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SWOT --

–Internal•Strengths/Weaknesses

–External•Opportunities/Threats

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TOWS Matrix

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Business Strategy

Focuses on improving competitive position of company’s products or services within the specific industry or market segment

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Porter’s Competitive Strategies

Competitive Strategy --

–Low cost–Differentiation–Direct competition–Focus on niche

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Generic Competitive Strategies --

–Lower Cost strategy•Greater efficiencies than competitors

–Differentiation strategy•Unique/superior value, quality, features, service

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Competitive Advantage --

–Determined by Competitive Scope•Breadth of the target market

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Cost Leadership --

–Low-cost competitive strategy–Broad mass market–Efficient-scale facilities–Cost reductions–Cost minimization

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Differentiation –

–Broad mass market–Unique product/service–Premiums charged–Less price sensitivity

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Cost-Focus –

–Low-cost competitive strategy–Focus on market segment–Niche focused–Cost advantage in market segment

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Differentiation Focus –

–Specific group or geographic market focus–Differentiation in target market–Special needs of narrow target market

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Stuck in the middle –

–No competitive advantage–Below-average performance

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Risks of Generic Strategies

Risks of Cost LeadershipCost leadership is not sustained:• Competitors imitate.• Technology changes.• Other bases for cost leadership erode.Proximity in differentiation is lost.Cost focusers achieve even lower cost in segments.

Risks of DifferentiationDifferentiation is not sustained:• Competitors imitate.• Bases for differentiation become less important to buyers.Cost proximity is lost.Differentiation focusers achieve even greater differentiation in segments.

Risks of FocusThe focus strategy is imitated:The target segment becomes structurally unattractive:• Structure erodes.• Demand disappears.Broadly targeted competitors overwhelm the segment:• The segment’s differences from other segments narrow.• The advantages of a broad line increase.New focusers subsegment the industry.

Risks of Cost LeadershipCost leadership is not sustained:• Competitors imitate.• Technology changes.• Other bases for cost leadership erode.Proximity in differentiation is lost.Cost focusers achieve even lower cost in segments.

Risks of DifferentiationDifferentiation is not sustained:• Competitors imitate.• Bases for differentiation become less important to buyers.Cost proximity is lost.Differentiation focusers achieve even greater differentiation in segments.

Risks of FocusThe focus strategy is imitated:The target segment becomes structurally unattractive:• Structure erodes.• Demand disappears.Broadly targeted competitors overwhelm the segment:• The segment’s differences from other segments narrow.• The advantages of a broad line increase.New focusers subsegment the industry.

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8 Dimensions of Quality

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Competitive Strategy

Industry Structure --

–Fragmented Industry–Consolidated Industry

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Competitive Tactics

Timing Tactics --

–First mover–Late movers

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Competitive Tactics

Market Location Tactics --

–Frontal Assault–Flanking Maneuver–Bypass Attack–Encirclement–Guerrilla Warfare

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Competitive Tactics

Defensive Tactics --

–Raise structural barriers–Increase expected retaliation–Lower the inducement for attack

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Cooperative Strategies

•Collusion•Strategic Alliances•Mutual service consortia•Joint ventures•Licensing arrangements•Value-chain partnerships

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CHAPTER 7 Strategy Formulation: Corporate Strategy

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CHAPTER 7 Strategy Formulation: Corporate Strategy

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Corporate Strategy

3 Key Issues –

–Firm’s directional strategy

–Firm’s portfolio strategy

–Firm’s parenting strategy

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Corporate Directional Strategies

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Corporate Strategy

Directional Strategy –

–Orientation toward growth•Expansion, contraction, status quo•Concentration or diversification•Internal development or acquisitions, mergers, or alliances

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Corporate Strategy

Directional Strategy –

–3 Grand Strategies

•Growth strategies

•Stability strategies

•Retrenchment strategies

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Corporate Strategy

Growth Strategies --

–External mechanisms

•Mergers

•Acquisitions

•Strategic alliances

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Corporate Strategy


–2 Basic forms

•Concentration

•Diversification

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Corporate Strategy

Basic Concentration Strategies --

–Vertical growth

–Horizontal growth

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Corporate Strategy

Vertical Growth --

–Vertical integration•Full integration•Taper integration•Quasi-integration•Long-term contract

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Corporate Strategy

Vertical Growth --

–Backward integration

–Forward integration

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Corporate Strategy

Concentration --

–Horizontal Growth•Horizontal integration

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Corporate Strategy

Basic Diversification Strategies --

–Concentric Diversification

–Conglomerate Diversification

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Corporate Strategy

Concentric Diversification --

–Growth into related industry–Search for synergies

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Corporate Strategy

Conglomerate diversification --

–Growth into unrelated industry–Concern with financial considerations

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Corporate Strategy

International Entry Options --

–Exporting–Licensing–Franchising–Joint Ventures–Acquisitions–Green-Field Development

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Corporate Strategy

International Entry Options --

–Production Sharing–Turnkey Operation–BOT Concept (Build, Operate, Transfer)–Management Contracts

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Corporate Strategy

Stability Strategies --

–Pause/proceed with caution

–No change

–Profit strategies

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Corporate Strategy

Retrenchment Strategies --

–Turnaround–Captive Company Strategy–Selling out–Bankruptcy–Liquidation

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Corporate Strategy

Portfolio Analysis --

–Resource commitment on best products to ensure continued success

–Resource commitment on new costly products high risk

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BCG Matrix (Portfolio Analysis)

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GE Business Screen (Portfolio Analysis)

AWinners Winners

B

C

Question Marks

D

F

Average Businesses

EWinners

Losers

GLosers H

LosersProfit

Producers

Strong Average Weak

Low

Medium

High

Business Strength/Competitive Position

Indu

stry

Att

ract

ive

ness

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Corporate Strategy

Corporate Parenting Strategy --

–Strategic factors–performance improvement–Analyze fit

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CHAPTER 8 Strategy Formulation: Functional Strategy & Strategic Choice

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CHAPTER 8 Strategy Formulation: Functional Strategy & Strategic Choice

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Functional Strategy

The approach a functional area takes to achieve corporate and business unit objectives and strategies by maximizing resource productivity

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Functional Strategy

Marketing Strategy –

–Pricing–Selling–Distribution

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Functional Strategy


–Product development•Line extension

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Functional Strategy


–Advertising and promotion•Push strategy•Pull strategy

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Functional Strategy


–Pricing•Skim pricing•Penetration pricing•Dynamic pricing

1-193

Functional Strategy

Financial Strategy –

–Leveraged buyout–Reversed stock split–Tracking stock

1-194

Functional Strategy

R&D Strategy –

–Technological leader–Technological follower–Open innovation

1-195

Functional Strategy

Operations Strategy –

–Job shop–Connected line batch flow–Flexible manufacturing systems–Dedicated transfer lines–Mass production–Continuous improvement system–Modular manufacturing

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Functional Strategy

Purchasing Strategy –

–Multiple sourcing–Sole sourcing–Just-in-time (JIT)–Parallel sourcing

1-197

Functional Strategy

Logistics Strategy –

–Centralization–Outsourcing–Internet

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Functional Strategy

HRM Strategy –

–360 degree appraisal

1-199

Functional Strategy

Outsourcing errors –

–Activities that should not be outsourced–Wrong vendor selection–Writing poor contract–Overlooking personnel issues–Hidden costs of outsourcing–Failing to plan exit strategy

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Proposed Outsourcing Matrix

1-201

Functional Strategy

Strategies to Avoid –

–3 Follow the leader–Hit another home run–Arms race–Do everything–Losing hand

1-202

Corporate Strategy


–External mechanisms

•Mergers

•Acquisitions

•Strategic alliances

1-203

Constructing Corporate Scenarios

1-204

Functional Strategy

Subjective Factors Affecting Decisions --

–Management’s attitude toward risk–Pressures from stakeholders–Pressures from corporate culture–Needs and desires of key managers

1-205

Stakeholder Priority Matrix

1-206

Strategic Choice

Avoiding the Consensus Trap --

–Devil’s Advocate

–Dialectical Inquiry

1-207

Strategic Choice

Evaluation of Strategic Alternatives --

–Mutual exclusivity–Success–Completeness–Internal consistency

1-208

CHAPTER 9 Strategy Implementation: Organizing for Action

1-209



CHAPTER 9 Strategy Implementation: Organizing for Action

1-210

Strategy Implementation

--Sum total of activities & choices required for strategic plan execution

--Strategy implementation through programs, budgets, and procedures

1-211


Key Implementation Questions –

–Who carries out strategic plan?–What needs doing for alignment w/ strategy?–How is work coordinated?

1-212


Programs –

–Action oriented

–Matrix of change•Feasibility•Sequence of execution•Location•Pace & nature of change•Stakeholder evaluations

1-213

The Matrix of Change

1-214


Achieving Synergy –

–Shared know-how–Coordinated strategies–Shared tangible resources

1-215


Achieving Synergy –

–Economies of scale or scope–Pooled negotiating power–New business creation

1-216


Structure follows strategy –

–New strategy is created–New administrative problems emerge–Economic performance declines–New appropriate structure is invented–Profit returns to previous level

1-217


Stages of Corporate Development –

–Stage I: Simple structure–Stage II: Functional structure–Stage III: Divisional structure–Stage IV: Beyond SBU’s

1-218


Blocks to Changing Stages –

–Loyalty to comrades–Task oriented–Single-mindedness–Working in isolation

1-219

Organizational Life Cycle

1-220

Changing Structural Characteristics of Modern Organizations

1-221


Advanced Types of Organizational Structures –

–Matrix•Temporary cross-functional task forces•Product/brand management•Mature matrix

1-222


Advanced Types of Organizational Structures –

–Network structure (virtual organization)

–Cellular organization

1-223

Network Structure

1-224


Six Sigma –

–Define–Measure–Analyze–Improve–Establish

1-225


Job design to implement strategy –

–Job enlargement–Job rotation–Job enrichment–Job characteristics model

1-226


International Issues –

–MNC’s–International Strategic Alliances

1-227


International Development Stages–

–Domestic company–Domestic company w/export division–Domestic company w/int’l division–MNC w/multidomestic emphasis–MNC w/global emphasis

1-228


Centralization vs. Decentralization–

–Product-group structure–Geographic-area structure

1-229

Geographic Area Structure

1-230

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Strategic mgmt & bus policy by thomas l. wheelen (10th edition)

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