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Management, 8/e
John R. Schermerhorn, Jr.
Prepared by: Michael K. McCuddy Valparaiso University Published by: John Wiley & Sons, Inc.
competitiveness? What is the strategic management process? What types of strategies are used by organizations? How are strategies formulated? What are current issues in strategy implementation?
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identifies long-term direction for an organization and guides resource utilization to accomplish organizational goals with sustainable competitive advantage.
Strategic intent focusing all organizational energies on a unifying and compelling goal.
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Oligopoly.
Few players not directly competing against each other. Long-term competitive advantage in defined market segment.
Hypercompetition.
Several players directly competing against each other. Any competitive advantage is only temporary.
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An important test of the mission is how well it serves the organizations stakeholders.
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appropriate.
Organizational culture reflects the dominant value system of the organization as a whole.
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Strengths?
Manufacturing efficiency? Skilled workforce? Good market share? Strong financing? Superior reputation?
Strengths?
Outdated facilities? Inadequate research and development? Obsolete technologies? Weak management? Past planning failures?
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capabilities:
Important goal of assessing core competencies. Potential core competencies: Special knowledge or expertise. Superior technology. Efficient manufacturing approaches. Unique product distribution systems.
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Opportunities?
Possible new markets? Strong economy? Weak market rivals? Emerging technologies? Growth of existing market?
What are our Threats? New competitors? Shortage of resources? Changing market tastes? New regulations? Substitute products?
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New entrants
Suppliers Buyers Substitutes
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Attractive industry.
Five forces are unfavorable for the firm.
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Corporate strategy
In what industries and markets should we compete?
Business strategy
How are we going to compete for customers in this industry and market?
Functional strategy
How can we best utilize resources to implement our business strategy?
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Multidomestic strategy.
Customize products and advertising to local markets as much as possible. Polycentric view.
Transnational strategy
Balance efficiencies in global operations and responsiveness to local markets. Geocentric view.
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Supplier alliances
Distribution alliances
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Merchant model
Subscription model Infomediary model Community model
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competitive advantage:
Cost and quality Knowledge and speed Barriers to entry Financial resources
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Market scope and source of competitive advantage combine to generate four generic strategies.
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competitive advantage:
Differentiation strategy Cost leadership strategy Focused differentiation strategy Focused cost leadership strategy
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Market share
Low versus high
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related strategies:
Stars
High share/high growth businesses. Preferred strategy growth.
Cash cows
High share/low growth businesses. Preferred strategy stability or modest growth.
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Dogs
Low share/low growth businesses. Preferred strategy retrenchment by divestiture.
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Defender strategy
Protecting current market share by emphasizing existing products and current share without seeking growth.
Analyzer strategy
Maintaining stability of a core business while exploring selective opportunities for innovation and change.
Reactor strategy
Merely responding to competitive pressure in order to survive.
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strategy implementation:
Failures of substance
Inadequate attention to major strategic planning elements
Failures of process
Poor handling of strategy implementation
Lack of participation error Goal displacement error
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of top management. Done by boards of directors and other major stakeholder representatives. Controversies regarding roles of inside directors and outside directors. Increasing emphasis on corporate governance in contemporary businesses.
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engage in a process of continuous change, performance enhancement, and implementation of organizational strategies.
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Copyright 2004 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that named in Section 117 of the United States Copyright Act without the express written permission of the copyright owner is unlawful. Requests for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make backup copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein.