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1、Welcome to,STRATEGIC MANAGEMENT,Introductory Lecture,What is Strategy?,The IBM-Lenovo Deal,On Dec 7,2004,IBMs PC division was sold to Lenovo Group.According to the acquisition agreement signed between Lenovo Group and IBM,Lenovo has paid 1.25 billion US dollars for all the PC business of IBM,includi
2、ng 650 million US dollars in cash and Lenovos shares valued at 600 million US dollars.After the trade,IBM will hold 18.9 percent of Lenovos shares and Lenovo will assume about 500 million US dollars net debt of IBM.,Legend to Invest in Real Estate,Legend,now renamed as Lenovo,Chinas leading personal
3、 computer manufacturer,has announced that it intends to invest three billion yuan(about 363 million U.S.dollars)in the burgeoning real estate sector,as part of attempts to readjust its overall business structure.The company will make the investment through its holding company which has started real
4、estate business already in Huizhou and Shenzhen cities,in south Chinas Guangdong Province.,Changhong net drops 24%amid price competition,Sichuan Changhong Electric recorded a net profit of RMB88.5m in 2001.The result represents a decrease of 24%for the Chinese-based appliance manufacturer.Close to 7
5、5%of the revenue of Sichuan Changhong Electric is generated by its television sets.An 11%decrease in core revenue to RMB9.5bn was recorded for the year.,Haier excels in all these areas!,As one of Chinas fastest-growing companies,Haier Group is widely regarded as a successful company.Customer service
6、,product quality,operating efficiency,innovation,and speed to market are among the top seven factors for success.Haier CEO Zhang Ruimin and President Yang Mianmian say the firm developed three major strategies over three stages:brand building or recognition strategy,expansion or diversification stra
7、tegy,and globalization strategy,Adidas China Distribution Center Opens in Suzhou,On Sept 23,2005,Adidas has opened a distribution center in China in Suzhou ProLogis Logistics Park of the Suzhou Industrial Park,east Chinas Jiangsu Province.The distribution center to be built by Adidas will have a spa
8、ce of 60,000 square meters.When completed,it will serve not only its factory in Suzhou,but also the whole Chinese market.,Levels of Strategy-Making in a Diversified Company,Adidas,HaierChangkong,IBMLenovo,Corporate Strategy for a Diversified Company,CorporateStrategy,Approach tocapital allocation,Na
9、rrow or broad-based diversification,Scope ofgeographicoperations,Moves to add newnew businesses,Moves to build positionsin new industries,Efforts to capturecross-businessstrategic fits,Moves to divestweak business units,Is diversificationrelated,unrelatedor a mix?,Identifying the Components ofa Sing
10、le-Business Companys Strategy,Efforts to buildcompetitiveadvantage,Planned,proactive moves to outcompete rivals,Responses to changingconditions,Scope ofgeographiccoverage,Collaborativepartnerships andstrategic alliances,R&D strategy,Supply chain management strategy,Manufacturing strategy,Humanresour
11、ces strategy,Finance strategy,BusinessStrategy,Marketingstrategy,Functional Strategies,Game plan for a strategically-relevant function,activity,or business processDetails how key activities will be managedProvide support for business strategySpecify how functional objectives are to be achieved,Examp
12、le:Functional Strategy,Manufacturer of plumbing equipment emphasizes quick delivery and accurate order-filling as keystones of its customer service approach.Warehouse manager took following approaches:Inventory stocking strategy allowing 99%of all orders to be completely filled without backordering
13、any itemStaffing strategy of maintaining workforce capability to ship any order within 24 hours,Improving Delivery&Order-Filling,Strategic Management in Chinese Context,Combined managerial logic:Chinese and Western StyleGovernment in the strategizing processInformation-based strategizingFormal Vs.In
14、formal rules,Case Analysis,Apple ComputerGucci GroupYahoo!:Business on Internet TimeCisco Systems,Inc.AdidasBen&Jerrys Homemade Inc.:“Yo!Im your CEOStarbucksWalt Disney Co.,Chapter 1,Strategic Management and Strategic Competitiveness,Knowledge Objectives,Studying this chapter should provide you with
15、 the strategic management knowledge needed to:Define strategic competitiveness competitive advantage,and above-average returns.Describe the 21st-century competitive landscape and explain how globalization and technological changes shape it.Use the industrial organization(I/O)model to explain how fir
16、ms can earn above-average returns.,Knowledge Objectives(contd),Studying this chapter should provide you with the strategic management knowledge needed to:,Use the resource-based model to explain how firms can earn above-average returns.Describe strategic intent and strategic mission and discuss thei
17、r value.Define stakeholders and describe their ability to influence organizations.Describe the work of strategic leaders.Explain the strategic management process.,Definitions,Strategic CompetitivenessWhen a firm successfully formulates and implements a value-creating strategySustainable Competitive
18、AdvantageWhen competitors are unable to duplicate a companys value-creating strategyStrategic Management ProcessThe full set of commitments,decisions,and actions required for a firm to achieve strategic competitiveness and earn above-average returns,Definitions(contd),RiskAn investors uncertainty ab
19、out the economic gains or losses that will result from a particular investmentAverage ReturnsReturns equal to those an investor expects to earn from other investments with a similar amount of riskAbove-average ReturnsReturns in excess of what an investor expects to earn from other investments with a
20、 similar amount of risk,Figure 1.1,The Strategic Management Process,Current Competitive Landscape,A Perilous Business WorldInvestments required to compete on a global scale are enormousConsequences of failure are severeImportant Elements of SuccessDeveloping strategyImplementing strategy,Competitive
21、 Landscape:Hypercompetition,Hypercompetition,HypercompetitionA condition of rapidly escalatingcompetition based on,Price-quality positioningCompetition to create new know-how and establish first-mover advantageCompetition to protect or invade established product or geographic markets,Global Economy,
22、Global EconomyGoods,people,skills,and ideas move freely across geographic bordersMovement is relatively unfettered by artificial constraintsExpansion into global arena complicates a firms competitive environment,Global Economy(contd),GlobalizationIncreased economic interdependence among countries as
23、 reflected in the flow of goods and services,financial capital,and knowledge across country bordersIncreased range of opportunities for companies competing in the 21st-century competitive landscape,Country Competitiveness Rankings(Population over 20 Million),Country20022003United States12Australia23
24、Canada32Malaysia46Germany54Taiwan67United Kingdom75France89Spain98Thailand1010Japan1111China1212Brazil130China140Korea1510,Country20022003Colombia1620Italy1714South Africa1816India190India2017Brazil2115Philippines2218Romania230Mexico2419Turkey2523Russia2621Poland2722Indonesia2825Argentina2926Venezue
25、la3024,Technology and Technological Changes,Rate of change of technology and speed at which new technologies become availablePerpetual innovationhow rapidly and consistently new,information-intensive technologies replace older onesThe development of disruptive technologies that destroy the value of
26、existing technology and create new markets,Technological Change,The Information AgeThe ability to effectively and efficiently access and use information has become an important source of competitive advantageTechnology includes personal computers,cellular phones,artificial intelligence,virtual reali
27、ty,massive databases,electronic networks,internet trade,Technological Changes,Increasing Knowledge IntensityStrategic flexibility:set of capabilities used to respond to various demands and opportunities in dynamic and uncertain competitive environmentsOrganizational slack:slack resources that allow
28、the firm flexibility to respond to environmental changesCapacity to learn,Five Forces Model of Competition,An industrys profitability results from interaction amongSuppliersBuyersCompetitive rivalry among firms currently in the industryProduct substitutesPotential entrants to the industry,Five Force
29、s Model of Competition(contd),Firms earn above average returns byProducing standardized products or servicesManufacturing differentiated products for which customers are willing to pay a price premium,Two Models of Strategic Planning,I/O Model of Above Average ReturnsIndustrial/organizational focusD
30、ominant influence on organization is external environmentResource-Based Model of Above Average ReturnsOrganizational resources focusedDominant influence on organizational success is the organizations unique set of resources and capabilities,I/O Model of Above-Average Returns,The industry in which a
31、firm competes has a stronger influence on the firms performance than do the choices managers make inside their organizationsIndustry properties include economies of scalebarriers to market entrydiversificationproduct differentiationdegree of concentration of firms in the industry,Four Assumptions of
32、 the I/O Model,External environment imposes pressures and constraints that determine strategies leading to above-average returns,Most firms competing in an industry control similar strategically relevant resources and pursue similar strategies,Resources used to implement strategies are highly mobile
33、 across firms,Organizational decision makers are assumed to be rational and committed to acting in the firms best interests(profit-maximizing),I/O Model of Above-Average Returns,Strategy dictated by the external environment of the firm(what opportunities exist in these environments?)Firm develops in
34、ternal skills required by external environment(what can the firm do about the opportunities?),External Environments,GeneralEnvironment,1.Study the external environment,especially the industry environmentThe general environmentThe industry environmentThe competitor environment2.Locate an attractive i
35、ndustry with a high potential for above-average returnsAn industry whose structural characteristics suggest above-average returns3.Identify the strategy called for by the attractive industry to earn above-average returnsSelection of a strategy linked with above-average returns in a particular indust
36、ry4.Develop or acquire assets and skills needed to implement the strategyAssets and skills required to implement a chosen strategy5.Use the firms strengths(its developed or acquired assets and skills)to implement the strategySelection of strategic actions linked with effective implementation of the
37、chosen strategy6.Superior returns:earning of above-average returns,Superior Returns,The I/O Model ofAbove-Average Returns,The External Environment,An Attractive Industry,Strategy Formulation,Assets and Skills,Strategy Implementation,Resource-Based Model of Above-Average Returns,Each organization is
38、a collection of unique resources and capabilities that provides the basis for its strategy and that is the primary source of its returnsCapabilities evolve and must be managed dynamically,Resource-Based Model of Above-Average Returns(contd),Differences in firms performances are due primarily to thei
39、r unique resources and capabilities rather than structural characteristics of the industryFirms acquire different resources and develop unique capabilities,Resource-Based Model of Above-Average Returns(contd),1.Strategy dictated by the firms unique resources and capabilities2.Find an environment in
40、which to exploit these assets(where are the best opportunities?),Firms Resources,Resources and Capabilities,ResourcesInputs into a firms production processCapital equipmentSkills of individual employeesPatentsFinancesTalented managers,CapabilitiesCapacity of a set of resources to perform in an integ
41、rative mannerA capability should not beSo simple that it is highly imitableSo complex that it defies internal steering and control,The Resource-Based Model of Above-Average Returns,Superior Returns,Strategy Implementation,An Attractive Industry,Competitive Advantage,Capability,Resources,Identify the
42、 firms resources.Study its strengths and weaknesses compared with those of competitorsInputs into a firms production process,Determine the firms capabilities.What do the capabilities allow the firm to do better than its competitors.Capacity of an integrated set of resources to integratively perform
43、a task or activity,Determine the potential of the firms resources and capabilities in terms of a competitive advantage.Ability of a firm to outperform its rivals,Locate an attractive industry.An industry with opportunities that can be exploited by the firms resources and capabilities,Superior return
44、s:earning of above-average returns,Select a strategy that best allow the firm to utilize its resources and capabilities relative to opportunities in the external environment.Strategic actions taken to earn above-average returns,Key Criteria of Resources and Capabilities,ValuableResources and capabil
45、ities are valuable when they allow a firm to take advantage of opportunities or neutralize threats in external environmentRareResources and capabilities are rare when possessed by few,if any,current and potential competitors,Key Criteria of Resources and Capabilities,Costly to ImitateResources and c
46、apabilities are costly to imitate when other firms either cannot obtain them or are at a cost disadvantage in obtaining themNonsubstitutableResources and capabilities are nonsubstitutable when they have no structural equivalents,Core Competencies,When the four key criteria of resources and capabilit
47、ies are met,they become core competenciesCore competencies serve as a source of competitive advantageManagerial competencies are especially important,How Resources and Capabilities Provide Competitive Advantage,The firm is organized appropriately to obtain the full benefits of the resources in order
48、 to realize a competitive advantage,Valuable,Allow the firm to exploit opportunities or neutralize threats in its external environment,Rare,Possessed by few,if any,current and potential competitors,Costly to imitate,When other firms cannot obtain them or must obtain them at a much higher cost,Nonsub
49、stitutable,Resources and Capabilities,Core Competencies,and Outcomes,Strategic Intent,Internally focusedThe leveraging of a firms resources,capabilities and core competencies to accomplish the firms goalsExists when all employees and levels of a firm are committed to the pursuit of a specific,signif
50、icant performance criterion,Strategic Mission,Externally focusedA statement of a firms unique purpose and the scope of its operations in product and market termsEstablishes a firms individuality and is inspiring and relevant to all stakeholdersProvides general descriptions of the firms intended prod
