CONTENTS
1 OVERVIEW OF STRATEGIC MANAGEMEVT
1 Strategic Management
The Nature and Value of Strategic Management
Dimensions of Strategic Decisions
Three Levels of Strategy
Characteristics of Strategic Management Decisions
Formality in Strategic Management
The Strategy Makers
Benefits of Strategic Management
Risks of Strategic Management
Executives' Views of Strategic Management
The Strategic Management Process
Components of the Strategic Management Model
Company Mission
Company Profile
External Environment
Strategic Analysis and Choice
Long-Term Objectives
Generic and Grand Strategies
Action Plans and Short-Term Objectives
Functional Tactics
Policies that Empower Action
Restructuring, Reengineering, and Refocusing the Organization
Strategic Control and Continuous Improvement
Strategic Management as a Process
Changes in the Process
Summary
Cohesion Case: The Coca-Cola Company
ll STRATEGY FORMULATlON
2 Defining the Company Mission
What Is a Company Mission?
The Needfor an Explicit Mission
Formulating a Mission
Basic Product or Service: Primary Market; Principal Technology
Company Goals: Survival, Growth, Profitability
Company Philosophy
Public Image
Company Self-Concept
Newest Trends ih Mission Components
Overseeing the Strategy Makers
Board Success Factors
The Stakeholder Approach to Company Responsibility
Social Responsibility
Guidelines for a Socially Responsible Firm
Summary
Cohesion Case: Company Mission at The Coca-Cola Company
3 The Extemal Environment
Remote Environment
7. Economic Factors
2. Social Factors
3. Political Factors
4. Technological Factors
5. Ecological Factors
Industry Environment
Overview
How Competitive Forces Shape Strategy
Contending Forces
A. Threat ofEntry
B. Powerful Suppliers
C. Powerful Buyers
D. Substitute Products
E. Jockeying for Position
Industry Analysis and Competitive Analysis
Industry Boundaries
Problems in Defining industry Boundaries
Developing a Realistic Industry Deftnition
Industry Structure
Concentration
Economies of Scale
Product Differentiation
Barriers to Entry
Competitive Analysis
How to Identify Competitors
Common Mistakes in Identifying Competitors
Operating Environment
1. Competitive Position
2. Customer Profiles
3. Suppliers
4. Creditors
5. Human Resources: Nature ofthe Labor Market
Emphasis on Environmental Factors
Summary
Cohesion Case: Assessing the Extemal Environment at The Coca-Cola Company
4 The Global Environment: Strategic Considerations for Multinational Firms
Development of a Global Corporation
Why Firms Globalize
Considerations Prior to Globalization
Complexity of the Global Environment
Control Problems of the Global Firm
Global Strategic Planning
Multidomestic Industries and Global Industries
The Multinational Challenge
International Strategy Options
Globalization of the Company Mission
Components of the Company Mission Revisited
Product or Service, Market, and Technology
Company Goals: Survival, Growth, and Profitability
Company Philosophy
Self-Concept
Public Image
Competitive Strategies for U.S. Firms in Foreign Markets
Niche Market Exporting
LicensinglContract Manufacturing
Joint Ventures
Foreign Branching
Foreign Subsidiaries
Summary
Appendix: Components of the Multinational Environment
Cohesion Case: The Global Environment and The Coca-Cola Company
5 Environmental Forecasting
Importance of Forecasting
Select Critical Environmental Variables
Who Selects the Key Variables?
What Variables Should Be Selected?
Select Sources of Significant Environmental Information
EvaluateForecasting Techniques
Techniques Available
Integrate Forecast Results into the Strategic Management Process
Monitor the Critical Aspects of Managing Forecasts
Summary
Appendix 5-A.: Sources for Environmental Forecasts
Appendix 5-B: Strategic Planning Forecasting Tools and Techniques
Cohesion Case: Forecasting and The Coca-Cola Company
6 Internal Analysis
Traditional Approaches to Intemal Analysis
SWOTAnalysis
The Functional Approach
Value Chain Analysis
Intemal Analysis: Making Meaningful Comparisons
Comparison with Past Performance
Stage oflndustry Evolution
Benchmarking-Comparison with Competitors
Comparison with Success Factors in the Industry
Summary
Appendix: Using Financial Analysis
Cohesion Case: Intemal Analysis at The Coca-Cola Company
7 Fonnulating Long-Term Objectives and Grand Strategies
Long-Term Objectives
Qualities ofLong-Term Objectives
Generic Strategies
Grand Strategies
Concentrated Growth
Market Development
Product Development
Innovation
Horizontal Integration
Vertical Integration
Concentric Diversification
Conglomerate Diversification
Turnaround
Divestiture
Liqutdaton
Corporate Combinations
Joint Ventures
Slrategic Alliances
Consortia, Keiretsus, and Chaebols
Selection of Long-Term Objectives and Grand Strategy Sets
Sequence of Objectives and Strategy Selection
Summary
Cohesion Case: Formulating Long-Term Objective and Grand Strategies at The Coca-Cola
Company
8 Strategic Analysis and Choice in Single- or Dominant-Product Businesses:
Building Sustainable Competitive Advantages
Evaluating and Choosing Business Strategies: Seeking Sustained Competitive Advantage
Evaluating Cos! Leadership Opportunities
Evalualing Differentiation Opportunities
Evaluating Speed as a Competitive Advantage
Evaluating Market Focus as a Way to Competitive Advantage
Selected Industry Environments and Business Strategy Choices
Competitive Advantage in Emerging Industries
Competitive Advantage in the Transition to Industry Maturity
Competitive Advantage in Mature and Declining Industries
Competitive Advantage in Fragmented Industries
Competitive Advantage in Global Industries
Dominant-Product/Service Business: Evaluating and Choosing to Diversify to Build
Value
Grand Strategy Selection Matrix
Model ofGrand Strategy Selection Clusters
Opportunities for Building Value as a Basis for Choosing Diversification 01
Integration
Summary
Cohesion Case: Building Sustainable Competitive Advantages at Coca-Cola
9 Strategic Analysis and Choice in the Multibusiness Company:
Rationalizing Diversification and Building Shareholder Value
Rationalizing Diversification and Integration
Are Opportunities for Sharing Infrastructure and Capabilities Forlhcoming
Are We Capitalizing on Our Core Compelencies?
Does the Company's Business Portfolio Balance Financial Resources.
Does Our Business Portfolio Achleve Appropriate Levels of Risk and Growth
Behavioral Considerations Affecting Strategic Choice
Role of the Current Strategy
Degree of the Firm's External Dependence
Attitudes toward Risk
Internal Political Considerations
Timing
Competitive Reaction
Summary
Cohesion Case: Building Stockholder Value as a Multibusiness Company
at Coca-Cola
STRATEGY/IMPLEMENTATlON
10 Implementing Strategy through Action Plans, Functional Tactics, and
Employee Empowennent
Action Plans and Short-Tenn Objectives
Qualities ofEffective Short-Term Objectives
The Value-Added Benefits of Action Plans and Short-Term Objectives
Functional Tactics that Implement Business Strategies
Differences between Business Strategies and Functional Tactics
Functional Tactics in ProductionlOperations
Functional Tactics in Marketing
Functional Tactics in Accounting and Finance
Functional Tactics in Research and Development
Functional Tactics in Human Resource Management (HRM)
Empowering Operating Personnel: The Role of Policies
Creating Policies that Empower
Summary
Cohesion Case: Implementing Strategy through the Business Functions at Coca-Cola
11 Implementing Strategy through Restructuring and Reengineering the
Company's Structure, Leadership, Culture, and Rewards
Structuring an Effective Organization
Primary Organizational Structures and Their Strategy-Related Pros and Cons
Guidelines to Match Structure to Strategy
Organizational Leadership
Strategic Leadership: Embracing Change
Assignment of Key Managers
Organizational Culture
Managing the Strategy-Culture Relationship
Reward Systems: Motivating Strategy Execution
Guidelines for Structuring Effective Reward Systems
Summary
Cohesion Case:Implementing Strategy by Restructuring and Reengineering Coca-Cola's
Organizational Structure, Leadership, Culture, and Rewards
12 Strategic Control and Continuous Improvement
Establishing Strategic Controls
Premise Control
Implementation Control
Strategic Surveillance
Special Alert Control
Operational Control Systems
Budgets
Scheduling
Key Success Factors
Using Operational Control Systems: Monitoring Performance and Evaluating Deviations
The Quality Imperative: Continuous Improvement to Build Customer Value
Summary
Cohesion Case: Strategic Control and Continuous Improvement at Coca-Cola
Guide to Strategic Management Case Analysis
The Case Method
Preparing for Case Discussion
Suggestions for Effective Preparation
Participating in Class
The Student as Active Learner
Your Professor as Discussion Leader
Assignments
Written Assignments
Oral Presentations
Working as a Team Member
Summary
IV CASES C-1
Section A Company Cases
1 NTN Communications, Inc.-Interactive Television: The Future is Now
2 Liz Claibome, l993? Troubled Times for the Woman's Retail Giant
3 Perdue Farms, Inc.--l994
4 Friends Provident: Reengineering Customer Services
5 Mobil Chemical and the VPP
6 TQM and Mobil Chemical's Washington, New Jersey, Facility
7 Perrigo Company .
8 Ben & Jerry's Homemade, Inc.
9 Snapple Beverage, Corporation
lO Eastman Kodak Company
l l Diesel Technology Company
12 Merrill Electronics Corporation (A)
13 Memll Electronics Corporation (B)
14 Videoton (A)
l5 Videoton (B)
16 The 3M Company: Integrating Europe (A)
17 The 3M Company: Integrating Europe (B)
18 W. L. Gore & Associates, Inc.
19 Hartmarx Corporation
20 LA. Gear, Inc.
21 Kentucky Fried Chicken and the Global Fast-Food Industrv
22 Matsushita Industrial de Baja Califomia (A) .
23 Matsushita Industrial de Baja Califomia (B)
24 Grand Metropolitan PLC
25 Robin Hood
26 Philip Morris: The Waming Labels Issue
27 Nintendo versus SEGA (A): The Videogame Industry
28 Nintendo versus SEGA (B): The Videogame Wars ,
29 Banco Comercial Portugues 0993)
30 Guiness Peat Aviation: The Flotation
SectionB Industry Case Sets 31-1
31 Note on the Hazardous Waste Management Industry
32 Chemical Waste Management
33 lCF Kaiser Intemational, Inc.
34 Note on the Oil and Gas Exploration and Production Industry
35 Atlantic Richfield Corporation
36 lCF Resources Incorporated
Section C Individual Industry Notes
37 Note on the Airline Industry
38 Note on the Personal Computer Industry
39 Note on the Biopharmaceutical Industry
40 Note on the Life Insurance Industry
41 Note on the Motion Picture Industry
Case Index
Subject Index
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