Essentials of Strategic Management - Effective Formulation and Execution of Strategy
von: Thomas Wunder
Schäffer-Poeschel Verlag, 2016
ISBN: 9783799268127
Sprache: Englisch
250 Seiten, Download: 18278 KB
Format: EPUB, PDF, auch als Online-Lesen
Mehr zum Inhalt
Essentials of Strategic Management - Effective Formulation and Execution of Strategy
Preface???????????????????????????? | 6 | ||
Table of Contents | 10 | ||
1 Strategic Management Foundations?????????????????????????????????????????????????????????????????????????????????? | 18 | ||
1.1 What Is Strategy?????????????????????????????????????????????????????? | 18 | ||
1.1.1 Origins and Views of Strategy???????????????????????????????????????????????????????????????????????????????????? | 20 | ||
1.1.1.1 Roots of Strategy???????????????????????????????????????????????????????????????? | 21 | ||
1.1.1.2 Business Views of Strategy: the 5 P’s???????????????????????????????????????????????????????????????????????????????????????????????????????? | 23 | ||
1.1.2 Understanding Strategy with Six Principles?????????????????????????????????????????????????????????????????????????????????????????????????????????????? | 24 | ||
1.1.2.1 Quest for Competitive Advantage???????????????????????????????????????????????????????????????????????????????????????????? | 25 | ||
1.1.2.2 Fit of Markets and Resources?????????????????????????????????????????????????????????????????????????????????????? | 27 | ||
1.1.2.3 Being Different and Making Choices?????????????????????????????????????????????????????????????????????????????????????????????????? | 31 | ||
1.1.2.4 Path to a Destination???????????????????????????????????????????????????????????????????????? | 35 | ||
1.1.2.5 Consistency in Behavior???????????????????????????????????????????????????????????????????????????? | 38 | ||
1.1.2.6 Multiple Level and Theme Alignment?????????????????????????????????????????????????????????????????????????????????????????????????? | 39 | ||
1.1.3 Measuring Competitive Advantage and Company Performance???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? | 43 | ||
1.1.3.1 Economic Value?????????????????????????????????????????????????????????? | 43 | ||
1.1.3.2 Accounting Performance (Profitability) | 45 | ||
1.1.3.3 Economic Performance and Shareholder Value?????????????????????????????????????????????????????????????????????????????????????????????????????????????????? | 49 | ||
1.1.3.4 Corporate Sustainability Performance?????????????????????????????????????????????????????????????????????????????????????????????????????? | 50 | ||
1.2 Strategic Decision Making???????????????????????????????????????????????????????????????????????? | 55 | ||
1.2.1 Foundations of Decision Making?????????????????????????????????????????????????????????????????????????????????????? | 55 | ||
1.2.1.1 Rational Model?????????????????????????????????????????????????????????? | 55 | ||
1.2.1.2 Bounded Rationality???????????????????????????????????????????????????????????????????? | 56 | ||
1.2.1.3 Intuition???????????????????????????????????????????????? | 57 | ||
1.2.2 Strategic Decision Situations???????????????????????????????????????????????????????????????????????????????????? | 59 | ||
1.2.2.1 Characteristics of Strategic Decision Situations?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? | 59 | ||
1.2.2.2 Dealing with Strategic Decision Situations?????????????????????????????????????????????????????????????????????????????????????????????????????????????????? | 61 | ||
1.2.2.3 Cognitive Biases and How to Counter Them?????????????????????????????????????????????????????????????????????????????????????????????????????????????? | 62 | ||
1.3 What is Strategic Management?????????????????????????????????????????????????????????????????????????????? | 65 | ||
1.3.1 Evolution of Strategic Management???????????????????????????????????????????????????????????????????????????????????????????? | 66 | ||
1.3.2 Schools of Thought and Paradigms in Strategic Management?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? | 69 | ||
1.3.3 The Wheel of Strategy Framework???????????????????????????????????????????????????????????????????????????????????????? | 73 | ||
1.3.3.1 Strategy Process?????????????????????????????????????????????????????????????? | 75 | ||
1.3.3.2 Structure and Corporate Culture???????????????????????????????????????????????????????????????????????????????????????????? | 76 | ||
1.3.3.3 Strategic Leadership?????????????????????????????????????????????????????????????????????? | 78 | ||
1.3.4 Making Strategic Management Effective???????????????????????????????????????????????????????????????????????????????????????????????????? | 81 | ||
1.4 Summary???????????????????????????????????? | 83 | ||
PART I: Developing Strategies: Strategic Analysis, Ideation, and Choice | 86 | ||
2 Strategic Analysis | 88 | ||
2.1 Understanding the Initial Strategic Situation | 88 | ||
2.1.1 The Company and Its Stakeholders | 89 | ||
2.1.2 Developing a Strategic Analysis Framework | 93 | ||
2.2 External Strategic Analysis | 95 | ||
2.2.1 Macroenvironment | 95 | ||
2.2.2 Industry | 103 | ||
2.2.2.1 Defining the Relevant Market | 104 | ||
2.2.2.2 Industry Profitability Analysis and Competitive Forces | 107 | ||
2.2.3 Competitive Arena | 114 | ||
2.2.3.1 Markets and Customers | 114 | ||
2.2.3.2 Competitors and Strategic Groups | 121 | ||
2.2.3.3 Other External Stakeholders | 129 | ||
2.3 Internal Strategic Analysis | 130 | ||
2.3.1 Analyzing Resources, Capabilities, and Competencies | 131 | ||
2.3.1.1 Strengths and Weaknesses Profile | 132 | ||
2.3.1.2 Value Chain Analysis | 134 | ||
2.3.1.3 7-S-Model | 137 | ||
2.3.1.4 Additional methods for internal strategic analysis | 138 | ||
2.3.2 Identifying Core Competencies | 139 | ||
2.4 Consolidating Strategic Key Insights | 143 | ||
2.4.1 SWOT-based Strategic Analysis Summary | 143 | ||
2.4.2 Portfolio-based Situation Assessment | 147 | ||
2.4.3 Focal Points for Strategy Formulation | 157 | ||
2.5 Summary | 159 | ||
3 Strategy Formulation | 162 | ||
3.1 Strategic Guideposts | 162 | ||
3.1.1 Vision | 164 | ||
3.1.2 Mission | 169 | ||
3.1.3 Values | 172 | ||
3.2 Corporate Strategy | 175 | ||
3.2.1 Corporate Parenting | 178 | ||
3.2.2 Scope of Business | 182 | ||
3.2.2.1 General Directional Strategies | 182 | ||
3.2.2.2 Diversification Strategies | 184 | ||
3.2.2.3 Vertical Integration Strategies | 191 | ||
3.3 International Strategy | 195 | ||
3.3.1 International Business Expansion | 195 | ||
3.3.1.1 Whether to Go: Internationalization Motives | 195 | ||
3.3.1.2 Where to Go: Country Market Selection | 198 | ||
3.3.1.3 How to Go: Entry and Go-to-Market Strategy | 205 | ||
3.3.2 Transnational Management | 210 | ||
3.3.2.1 Strategy Postures in Multinational Corporations | 210 | ||
3.3.2.2 Transnational Strategies | 213 | ||
3.4 Business Strategy | 217 | ||
3.4.1 Intensive Growth Strategies | 218 | ||
3.4.1.1 Market Penetration | 219 | ||
3.4.1.2 Product Development | 219 | ||
3.4.1.3 Market Development | 221 | ||
3.4.2 Generic Competitive Strategies | 222 | ||
3.4.2.1 Best Product | 224 | ||
3.4.2.2 Lock-in | 230 | ||
3.4.2.3 Complete Customer Solution | 232 | ||
3.4.3 Breaking Out of Traditional Competition | 234 | ||
3.4.3.1 Cooperative Strategies | 234 | ||
3.4.3.2 Blue Ocean Strategies | 236 | ||
3.4.4 Business Models | 237 | ||
3.4.4.1 Business Model Frameworks | 241 | ||
3.4.4.2 Key Building Blocks of a Business Model | 244 | ||
3.4.4.3 Business Model Innovation | 249 | ||
3.4.4.4 Business Model Patterns | 253 | ||
3.4.4.5 Sustainable Business Models | 261 | ||
3.4.4.6 Benefits and Pitfalls for the Business Model Approach | 266 | ||
3.5 Strategy Option Evaluation and Choice | 270 | ||
3.5.1 Key Criteria for Evaluating Strategy Options | 270 | ||
3.5.1.1 Plausibility | 271 | ||
3.5.1.2 Consistency | 272 | ||
3.5.1.3 Performance Impact | 273 | ||
3.5.1.4 Business Risk | 277 | ||
3.5.1.5 Stakeholder Compatibility | 279 | ||
3.5.1.6 Internal Readiness | 281 | ||
3.5.2 Strategic Choice - Selecting Strategy Options | 282 | ||
3.6 Summary | 283 | ||
PART II: Bringing it into Reality: From Strategy to Action and Control | 286 | ||
4 Strategy Execution | 288 | ||
4.1 Making Strategies Happen: Barriers and Drivers | 288 | ||
4.1.1 Barriers to Strategy Execution | 290 | ||
4.1.2 Strategy Execution Excellence | 292 | ||
4.2 Organizational Design | 297 | ||
4.2.1 Culture - How Things are Done Around Here | 298 | ||
4.2.1.1 Key Dimensions for Analyzing Organizational Culture | 302 | ||
4.2.1.2 Integrating Strategy and Culture | 307 | ||
4.2.2 Structure - the Managerial Underpinning | 311 | ||
4.2.2.1 Organizational Structure | 316 | ||
4.2.2.2 Business Processes | 323 | ||
4.2.2.3 Managerial Systems | 335 | ||
4.2.2.4 Integrating Strategy and Structure | 353 | ||
4.3 Strategy Execution System | 360 | ||
4.3.1 Developing a Strategy Execution System | 362 | ||
4.3.2 Describe Strategy | 370 | ||
4.3.2.1 Deriving Strategic Goals | 371 | ||
4.3.2.2 Developing a Strategy Map | 383 | ||
4.3.2.3 Benefits and Pitfalls of Strategy Mapping | 388 | ||
4.3.3 Cascade and Align Strategy | 393 | ||
4.3.3.1 Applying Strategic Themes | 394 | ||
4.3.3.2 Identifying Strategy Alignment Needs | 397 | ||
4.3.3.3 Sequencing Goals, Metrics and Actions | 400 | ||
4.3.3.4 Setting Cascading Paths | 401 | ||
4.3.3.5 Choosing Cascading Methods | 402 | ||
4.3.3.6 Aligning Vertically and Horizontally | 407 | ||
4.3.3.7 Benefits and Pitfalls of Strategy Alignment | 407 | ||
4.3.4 Make Strategy Measurable | 410 | ||
4.3.4.1 Developing a Balanced Scorecard | 411 | ||
4.3.4.2 Setting Targets | 415 | ||
4.3.4.3 Benefits and Pitfalls of Measuring Strategy | 418 | ||
4.3.5 Plan Strategic Actions | 421 | ||
4.3.5.1 Developing and Prioritizing Strategic Actions | 421 | ||
4.3.5.2 Refining and Aligning Strategic Actions | 423 | ||
4.3.5.3 Benefits and Pitfalls of Strategic Action Planning | 426 | ||
4.3.6 Align Organization to Strategy | 427 | ||
4.3.6.1 Resources | 428 | ||
4.3.6.2 People | 435 | ||
4.3.6.3 Management Information | 446 | ||
4.3.6.4 Benefits and Pitfalls of Organizational Alignment | 454 | ||
4.3.7 Execute and Control Strategy | 456 | ||
4.3.7.1 Control Execution: Strategic Performance Reviews | 457 | ||
4.3.7.2 Control Assumptions and Observe Environment | 465 | ||
4.3.7.3 Test and Adapt Strategy | 467 | ||
4.3.7.4 Benefits and Pitfalls of Strategic Control | 471 | ||
4.4 Summary | 472 | ||
Appendix: Strategy Workout and Review Questions | 476 | ||
Strategy Workout | 476 | ||
Kick-off | 476 | ||
Firm selection | 476 | ||
Company background | 477 | ||
Brief strategy review | 477 | ||
Stakeholders and strategic analysis framework | 477 | ||
External strategic analysis | 478 | ||
Internal strategic analysis | 478 | ||
Consolidation of the initial strategic situation | 479 | ||
Strategic guideposts | 479 | ||
Corporate strategy | 480 | ||
International strategy | 480 | ||
Business strategy | 481 | ||
Strategy option evaluation and choice | 482 | ||
Organizational design | 482 | ||
Describe the strategy | 483 | ||
Cascade and align the strategy | 483 | ||
Make strategy measurable | 484 | ||
Plan strategic actions | 484 | ||
Align organization to strategy | 485 | ||
Execute and control strategy | 485 | ||
Review Questions | 486 | ||
References | 494 | ||
Index | 520 |