Strategic management competitiveness and globalization 11th edition pdf download

Strategic Management and Strategic Competitiveness. Strategic management concepts competitiveness and Solutions manual for strategic management concepts Download strategic management cases competitiveness and globalization or read online here in PDF or EPUB.

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Related Booklists. Post a Review To post a review, please sign in or sign up. You can write a book review and share your experiences. Other readers will always be interested in your opinion of the books you've read. Vision Vision is a picture of what the firm wants to be, and in broad terms, what it wants to ultimately achieve.

However, experience shows that the most effective vision statement results when the CEO involves a host of people to develop it. Moreover, the decisions and actions of those involved with developing the vision must be consistent with that vision. This is because middle- and first-level managers and other employees have more direct contact with customers and their markets.

Earning above-average returns often is not mentioned in mission statements. In fact, research has shown that having an effectively formed vision and mission has a positive effect on performance growth in sales, profits, employment, and net worth.

Figure Note: Students can use Figure 1. Teaching Note: From reviewing the primary expectations or demands of each stakeholder group, it becomes obvious that a potential for conflict exists. However, if a firm increases its ROI by making short-term decisions, the firm can negatively affect employee or customer stakeholders.

If the firm is strategically competitive and earns above-average returns, it can afford to simultaneously satisfy all stakeholders. When earning average or below-average returns, tradeoffs must be made. At the level of average returns, firms must at least minimally satisfy all stakeholders.

When returns are below average, some stakeholders can be minimally satisfied, while others may be dissatisfied. For example, reducing the level of research and development expenditures to increase shortterm profits enables the firm to pay out the additional short-term profits to shareholders as dividends. Teaching Note: Stakeholder management has introduced some interesting notions into business practice. For example, business schools typically teach that there are three main stakeholder groups owners, customers, and employees and that they should be tended to in that order.

That is, it is important to begin with the idea that the primary purpose of the firm is to maximize shareholder wealth i. Finally, we get around to looking to the needs of employees, if resources make that possible. This is the standard approach, but some firms have turned this idea on its head. For example, Southwest Airlines has been extremely successful by taking great efforts to select the right employees and treat them well, which then spills over into appropriate treatment of the customer.

As you might guess, the company assumes that these emphases will naturally lead to positive outcomes for stockholders as well as has been the case. This issue can lead to interesting discussions with students about their thoughts on the topic. Who are strategic leaders? Although it depends on the size of the organization, all organizations have a CEO or top manager and this individual is the primary organizational strategist in every organization. Small organizations may have a single strategist: the CEO or owner.

Large organizations may have few or several top-level managers, executives, or a top management team. All of these individuals are organizational strategists. What are the responsibilities of strategic leaders? As organizational strategists, top managers are responsible for deciding how resources will be developed or acquired, at what cost, and how they will be used or allocated throughout the organization. Organizational strategists also are responsible for determining how the organization does business.

This responsibility is reflected in the organizational culture, which refers to the complex set of ideologies, symbols, and core values shared throughout the firm and that influences the way it conducts business. The Work of Effective Strategic Leaders Though it seems simplistic, performing their role effectively requires strategists to work hard, perform thorough analyses of available information, be brutally honest, desire high performance, exercise common sense, think clearly, and ask questions and listen.

Strategists work long hours and face ambiguous decision situations, but they also have opportunities to dream and act in concert with a compelling vision that motivates others in creating competitive advantage.

Predicting Outcomes of Strategic Decisions: Profit Pools Top-level managers try to predict the outcomes of their strategic decisions before they are implemented, but this is sometimes very difficult to do. Those firms that do a better job of anticipating the outcomes of strategic moves will obviously be in a better position to succeed.

One way to do this is by mapping out the profit pools of an industry. Profit pools are the total profits earned in an industry at all points along the value chain.

Four steps are involved: 1. Estimate the size of the value-chain activity in the pool 4. Reconcile the calculations. Thus, students should refer back to Figure 1. Chapters 4 through 9 discuss the strategy formulation stage of the process.

Effective implementation has a significant impact on firm performance. If the strategic management process is to result in a firm being strategically competitive and earning above-average returns, all facets of the process must be treated as both interdependent and interrelated.

What are strategic competitiveness, strategy, competitive advantage, above-average returns, and the strategic management process? A strategy is an integrated and coordinated set of commitments and actions designed to exploit core competencies and gain a competitive advantage.

Above-average returns are returns that are in excess of what an investor expects to earn from other investments with a similar level or amount of risk. The strategic management process see Figure 1. What are the characteristics of the current competitive landscape? What two factors are the primary drivers of this landscape? In the current competitive landscape, the nature of competition has changed.

As a result, managers making strategic decisions must adopt a new mind-set that is global in orientation. Firms must learn to compete in highly chaotic environments that produce disorder and a great deal of uncertainty. The two primary factors that have created the current competitive landscape are globalization of industries and markets and rapid and significant technological change. The implication for business firms is that to be successful, they must be able to meet or exceed global performance standards in terms of such factors as quality, price, product features, speed to market and be able to keep up with both the rapid pace of technological change as well as the rapid diffusion of innovation.

What does the resource-based model suggest a firm should do to earn aboveaverage returns? The resource-based model assumes that each firm is a collection of unique resources and capabilities that provides the basis for its strategy and is the primary source of its profitability.

It also assumes that over time, firms acquire different resources and develop unique capabilities. Thus, all firms competing within an industry or industry segment may not possess the same strategically relevant resources and capabilities. In addition, resources may not be highly mobile across firms. Thus, the resource-based model challenges firms to formulate and implement strategies that allow the firm to best exploit its core competencies—capabilities that are valuable, rare, costly to imitate, and non-substitutable—relative to opportunities in the external environment.

What are vision and mission? What is their value for the strategic management process? Vision is a picture of what the firm wants to be, and in broad terms, what it wants to ultimately achieve.

It provides general descriptions of the products a firm intends to produce and the markets it will serve using its internally based core competencies. The differences between vision and mission are important because of their different focuses.

However, they are both highly interdependent and add value to the strategic management process. The externally focused mission provides a sense of purpose for the firm by indicating the products to be provided to specific markets, while the internally set vision indicates what ultimately will be achieved. What are stakeholders? How do the three primary stakeholder groups influence organizations?

In other words, stakeholders have a stake or a vested interest in the actions of the firm. The three primary stakeholder groups are: 1 capital market stakeholders, e.

There are many ways that stakeholders can influence organizations. For example, dissatisfied lenders can impose stricter covenants on subsequent borrowing of capital. Dissatisfied stockholders can reflect this sentiment through several means, including selling their stock which can have a negative effect on its price. Dissatisfied employees can organize for collective bargaining.

Stakeholder groups each have ways of bringing their influence to bear on the firm. How would you describe the work of strategic leaders? Strategic leaders are people located in different parts of the firm using the strategic management process to help the firm reach its vision and mission. Regardless of their location in the firm, successful strategic leaders are decisive and committed to nurturing those around them and are committed to helping the firm create value for customers and returns for shareholders and other stakeholders.

Strategic leaders can be described as hard working, thorough, honest, questioning, visionary, persuasive, analytical, and decision makers. They also have a penchant for wanting the firm and its people to accomplish more. The work of strategists includes scanning the environment—both internally and externally—to seek out information that will assist the firm in achieving its mission and satisfying its vision.

Strategists would think about how the resources and capabilities of the firm could be nurtured and exploited to develop core competencies that would enable the firm to exploit environmental opportunities, achieve strategic competitiveness, and attain a competitive advantage that results in above-average returns.

What are the elements of the strategic management process? How are they interrelated? The parts of the strategic management process illustrated in Figure 1. The strategic outcomes of successfully formulating and implementing value-creating strategies are strategic competitiveness and above-average returns. A feedback loop links strategic outcomes with strategic inputs. The exercise brings this all together by asking teams of students to identify a not for profit firm.

This forum is used because many times not for profits face unique stakeholder challenges that are interesting to uncover. The key for the student teams is to identify the stakeholders and relevant issues that may face them if the firm implements the items in its strategic plan. You may also make this an individual assignment rather than team if so desired as the exercise would fit well in either scenario.

Each team should present its findings as regards the exercise. The instructor should pay particular attention to the teams attentiveness regarding stakeholders.

As the team presents, have the students listening participate by: 1. Identifying if there are any stakeholders that seem to be missing. Wrap a discussion around whether the stakeholders the team identifies would support or not the strategic action identified 3. The instructor can also create an infesting discussion about which stakeholders are most important and whether each stakeholder needs to be considered when strategic actions are contemplated.

Ask for student volunteers to present their findings.