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Copyright 2008 The McGraw-Hill Companies, Inc. All rights reserved.

McGraw-Hill/Irwin
Strategic Management: Text and Cases, 4e
1
Strategic Management:
Creating Competitive Advantages
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Learning Objectives
After reading this chapter, you should have a good
understanding of:
The definition of strategic management and its four key attributes.
The strategic management process and its three interrelated and
principal activities.
The vital role of corporate governance and stakeholder management as
well as how symbiosis can be achieved among an organizations
stakeholders.
The importance of social responsibility, including environmental
sustainability, and how it can enhance a corporations innovation
strategy.
The need for greater empowerment throughout the organization.
How an awareness of a hierarchy of strategic goals can help an
organization achieve coherence in its strategic direction.
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Two Perspectives of Leadership
Romantic view
Leader is the key force in organizations success
External control perspective
Focus is on external factors that affect an organizations
success
Leaders can make a difference
Must be aware of opportunities and threats faced in
external environment
Must have thorough understanding of the firms resources
and capabilities
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Analysis
Strategic goals (vision, mission, strategic objectives)
Internal and external environment of the firm
Strategic decisions
What industries should we compete in?
How should we compete in those industries?
Actions
Allocate necessary resources
Design the organization to bring intended strategies to
reality
Strategic Management
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Strategic Management
Strategic management is the study of why some firms
outperform others
How to compete in order to create competitive advantages
in the marketplace
How to create competitive advantages in the market place
o Unique and valuable
o Difficult for competitors to copy or substitute
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Key Attributes
Key Attributes of strategic management:
Directs the organization toward overall goals and objectives
Includes multiple stakeholders in decision making
Needs to incorporate short-term and long-term perspectives
Recognizes trade-offs between efficiency and effectiveness
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Question
The final realized strategy of a firm is a combination
of:
a) Intended and unrealized strategies
b) Unrealized and emergent strategies
c) Emergent and deliberate strategies
d) Deliberate and unrealized strategies
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Strategic Management Process
Adapted from Exhibit 1.2 Realized Strategy and Intended Strategy: Usually Not the Same
Source: H. Mintzberg and J. A. Waters, Of Strategies, Deliberate and Emergent, Strategic Management Journal 6 (1985), pp. 257-
72.
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Strategic Analysis
Starting point in the
strategic management
process
Precedes effective
formulation and
implementation of
strategies

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Strategic Analysis (cont.)
Clear goals and objectives permit effective allocation
of resources
Hierarchy of goals
- Vision
- Mission
- Strategic objectives
Analyzing external environments
- Managers must scan the environment and analyze
competitors
- General environment
- Industry environment
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Strategic Analysis (cont.)
Frameworks for analyzing a firms internal
environment
- Strengths
- Weaknesses
Analyzing strengths can uncover potential sources of
competitive advantage

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Strategic Analysis (cont.)
Intellectual assets are drivers of
- Competitive advantage
- Wealth creation
Networks and relationships among
- Employees
- Customers
- Suppliers
- Alliance partners
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Strategy Formulation
Business level strategy:
- Successful firms develop bases for competitive
advantage
Cost leadership
Differentiation
Focusing on narrow or industry-wide market segments
- Sustainability
- Industry life cycle
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Strategy Formulation (cont.)
Corporate-level strategy addresses:
Firms portfolio or group of businesses
- What business(es) should we be in?
- How can we create synergies among the businesses?
Diversification
- Related
- Unrelated
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Strategy Formulation (cont.)
International Strategy
- Appropriate entry strategies for foreign markets
- Sustain competitive advantage in global markets
Effective strategies for entrepreneurial initiatives

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Strategy Implementation
Informational control
- Monitor and scan the environment
- Respond effectively to threats and opportunities
Behavioral control
Effective corporate governance
- Interests of managers and owners of the firm
Organizational structure and design
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Strategy Implementation (cont.)
Organizational boundaries
- Flexible
- Permeable
Strategic Alliances
Develop organization that is committed to
- Excellence
- Ethical behavior

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Strategy Implementation (cont.)
Learning organization responsive to
- Rapid and unpredictable change
Corporate entrepreneurship and innovation
- New opportunities
- Enhance innovative capacity
- Autonomous entrepreneurial behavior
- Product champions
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Corporate Governance and Stakeholder
Management
Corporate governance: the relationship among various
participants in determining the direction and
performance of corporations
- Shareholders
- Management (led by the CEO)
- Board of Directors
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Question
Briefly describe the role of board of directors in
corporate governance.
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Corporate Governance and Stakeholder
Management (cont.)
Board of Directors
- Elected representatives of the
owners
- Ensure interests and motives of
management are aligned with
those of the owners
Effective and engaged Board of
Directors
Shareholder activism
Proper managerial rewards and
incentives
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Example: New Rules for Directors
In light of numerous corporate scandals, the role and
rules for board of directors are being redefined. Few
areas of focus :
- Numbers Knowledge
- Strategy Focus
- Time & Understanding
- Watchdog
Source: Tipsheet, Business Week, January 22, 2007
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Stakeholder Management
Two views of stakeholder management
- Zero sum
Stakeholders compete for attention and resources of the
organization
Gain of one is a loss to the other
- Symbiosis
Stakeholders are dependent upon each other
Mutual benefits
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Social Responsibility
Social responsibility: the expectation that businesses
or individuals will strive to improve the overall
welfare of society
Managers must take active steps to make society better
Socially responsible behavior changes over time
Triple bottom line
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Example: Social Responsibility
Starbucks Coffee Company
Corporate social responsibility is embedded throughout the
organization.
The following are some of the commitments they have
made to be socially responsible:
Commitment to origins
Helping protect the environment
Starbucks in your community
Commitment to partners
Source: www.starbucks.com
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Strategic Management Perspective
Integrative view of the organization
Assess how functional areas and activities fit
together to achieve goals and objectives
All managers and employees must take and
integrative, strategic perspective of issues facing the
organization
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Enhancing Employee Involvement
Have significant profit and loss
responsibility

Local Line
Leaders
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Enhancing Employee Involvement
Champion and guide ideas
Create a learning
infrastructure
Establish a domain for
taking action
Executive
Leaders
Local Line
Leaders
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Enhancing Employee Involvement
Have little positional
power and formal
authority
Generate their power
through the conviction and
clarity of their ideas
Executive
Leaders
Local Line
Leaders
Internal
Networkers
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Coherence in Strategic Direction
Company vision
- Massively inspiring
- Overarching
- Long-term
- Driven by and evokes
passion
- Fundamental statement of
the organizations
Values
Aspiration
Goals
Hierarchy of Goals
Company vision
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Coherence in Strategic Direction
Mission statements
- Purpose of the company
- Basis of competition and
competitive advantages
- More specific than vision
- Focused on the means by
which the firm will
compete

Hierarchy of Goals
Company vision
Mission statements
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Coherence in Strategic Direction
Strategic objectives
- Operationalize the mission
statement
- Provide guidance on how
the organization can fulfill
or move toward the higher
goals
- More specific
- Cover a more well-defined
time frame
Hierarchy of Goals
Company vision
Mission statements
Strategic objectives
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Coherence in Strategic Direction
Strategic objectives
- Measurable
- Specific
- Appropriate
- Realistic
- Timely
- Challenging
- Resolve conflicts that arise
- Yardstick for rewards and
incentives
Hierarchy of Goals
Company vision
Mission statements
Strategic objectives

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