Essentials of Strategic Management - Effective Formulation and Execution of Strategy

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

 
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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  

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