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1、,Chapter 1,Strategic Management and Strategic Competitiveness,Michael A.HittR.Duane IrelandRobert E.Hoskisson,2000 South-Western College Publishing,Sustained Competitive Advantage,Above-Average Returns,Returns in excess of what an investor expects to earn from other investments with similar risk,Occ
2、urs when a firm develops a strategy that competitors are not simultaneously implementingProvides benefits which current and potential competitors are unable to duplicate,Strategic Competitiveness,Achieved when a firm successfully formulates and implements a value-creating strategy,which are required
3、 for firms to achieve:,Above-Average Returns,Strategic Competitiveness,Sustained Competitive Advantage,The Strategic Management Process,Involves the full set of:,The StrategicManagementProcess,Chapter One:Key Themes,Industrial Organization Model,Resource-Based Model,Competitive success is transient.
4、unless care is taken to preserve competitive position,Only 16 of the 100 largest U.S.companies at the start of the 20th century are still identifiable today!,In a recent year,44,367 businesses filed for bankruptcy and many more U.S.businesses failed,Challenge of Strategic Management,Challenge of Str
5、ategic Management,21st Century Competitive Landscape,21st Century Competitive Landscape,Country Competitiveness Rankings,21st Century Competitive Landscape,Alternative Models of Superior Returns,Resource-BasedModel,Industrial Organization Model,I/O Model of Superior Returns,The Industrial Organizati
6、on model suggests that above-average returns for any firm are largely determined by characteristics outside the firm.This model largely focuses on industry structure or attractiveness of the external environment rather than internal characteristics of the firm.,Action required:,External Environment,
7、General Environment,Industry Environment,Competitive Environment,Study the external environment,especially the industry environment.,I/O Model of Superior Returns,An Attractive Industry,An industry whose structural characteristics suggest above-average returns are possible,Action required:,Locate an
8、 industry with high potential for above-average returns.,I/O Model of Superior Returns,Action required:,Identify strategy called for by the industry to earn above-average returns.,I/O Model of Superior Returns,Action required:,Develop or acquire assets and skills needed to implement the strategy.,I/
9、O Model of Superior Returns,I/O Model of Superior Returns,Action required:,Maintain selected strategy in order to outperform industry rivals.,I/O Model of Superior Returns,Resource-Based Model of Superior Returns,Resources,Inputs to a firms production process.,Action required:,Identify firm resource
10、s.Study strengths and weak-nesses relative to rivals.,Resource-Based Model of Superior Returns,Resource-Based Model of Superior Returns,Action required:,Determine how firms resources and capabilities may create competitive advantage.,Resource-Based Model of Superior Returns,Action required:,Locate a
11、n attractive industry.,Resource-Based Model of Superior Returns,Action required:,Select strategy that best exploits resources and capabilities relative to opportunities in environs.,Resource-Based Model of Superior Returns,Action required:,Maintain selected strategy in order to outperform industry r
12、ivals.,Resource-Based Model of Superior Returns,Nonsubstitutable,the firm must be organized appropriately to obtain the full benefits of the resources in order to realize a competitive advantage,Valuable,allow the firm to exploit opportunities or neutralize threats in its external environment,Rare,p
13、ossessed by few,if any,current and potential competitors,Costly to Imitate,when other firms either cannot obtain them or must obtain them at a much higher cost,Resources and capabilities lead to Competitive Advantage when they are:,Core Competencies,When these four criteria are met,Resources and Cap
14、abilities become:,Core Competencies are resources and capabilities that can serve as a source of Competitive Advantage.,The Resource-Based model argues that Core Competencies are the basis for a firms Competitive Advantage,Strategic Competitiveness and Ability to Earn Above-average Returns.,Winning
15、competitive battles through deciding how to leverage internal resources,capabilities,and core competencies.,Strategic Intent,The most effective strategists provide a vision(strategic intent)to effectively elicit the help of others in creating a firms competitive advantage.,Strategic Intent,Stakehold
16、ers:,Groups who are affected by a firms performance and who have claims on its wealth,The firm must maintain performance at an adequate level in order to maintain the participation of key stakeholders,Stakeholder Involvement,Each of the key stakeholders wants a piece of the same pie,Chapter 3,Intern
17、al,Environment,Chapter 2,External,Environment,The StrategicManagementProcess,Strategic Intent,Strategic Mission,Strategic,Competitiveness,Above Average,Returns,Feedback,Strategy Formulation,Chapter 4,Business-Level,Strategy,Chapter 5,Competitive,Dynamics,Chapter 6,Corporate-Level,Strategy,Chapter 8,
18、International,Strategy,Chapter 9,Cooperative,Strategies,Chapter 7,Acquisitions&,Restructuring,Strategy Implementation,Chapter 10,Corporate,Governance,Chapter 11,Structure,&Control,Chapter 12,Strategic,Leadership,Chapter 13,Entrepreneurship&Innovation,Strategic,Actions,Chapter 2,The External Environm
19、ent:Opportunities,Threats,Industry Competition,and Competitor Analysis,Michael A.HittR.Duane IrelandRobert E.Hoskisson,2000 South-Western College Publishing,The StrategicManagementProcess,Components of the General Environment,Components of the General Environment,External Environmental Analysis,The
20、external environmental analysis process should be conducted on a continuous basis.This process includes four activities:,Top 10 U.S.States MovingToward Digital Economy,States in the top 10 of those that are trying to transform themselves to the realities and needs of a digital economy may experience
21、 an influx of high-tech companies and skilled workers as well as increases in tax revenues,External Environmental Analysis,Porters Five Forces Model of Competition,Threat of New Entrants,Expected Retaliation,Threat of New Entrants,Threat of New Entrants,Porters Five Forces Model of Competition,Barga
22、ining Power of Suppliers,Suppliers are likely to be powerful if:,Threat of New Entrants,Threat of New Entrants,Bargaining Power of Suppliers,Porters Five Forces Model of Competition,Bargaining Power of Buyers,Buyer groups are likely to be powerful if:,Threat of New Entrants,Threat of New Entrants,Ba
23、rgaining Power of Buyers,Bargaining Power of Suppliers,Porters Five Forces Model of Competition,Threat of Substitute Products,Keys to evaluate substitute products:,Threat of Substitute Products,Threat of New Entrants,Threat of New Entrants,Bargaining Power of Buyers,Bargaining Power of Suppliers,Por
24、ters Five Forces Model of Competition,Rivalry Among Existing Competitors,Cutthroat competition is more likely to occur when:,Rivalry Among Existing Competitors,High exit barriers are economic,strategic and emotional factors which cause companies to remain in an industry even when future profitabilit
25、y is questionable.,Rivalry Among Existing Competitors,Effects of Entry Barriers and Exit Barriers on Industry Profits,Entry Barriers,Exit Barriers,High,Low,High,Low,Low,Stable Returns,Entry Barriers,Exit Barriers,High,Low,High,Low,Effects of Entry Barriers and Exit Barriers on Industry Profits,High,
26、Stable Returns,Entry Barriers,Exit Barriers,High,Low,High,Low,Low,Stable Returns,Effects of Entry Barriers and Exit Barriers on Industry Profits,Low,Risky Returns,Entry Barriers,Exit Barriers,High,Low,High,Low,Low,Stable Returns,High,Stable Returns,Effects of Entry Barriers and Exit Barriers on Indu
27、stry Profits,High,Risky Returns,Entry Barriers,Exit Barriers,High,Low,High,Low,Low,Stable Returns,High,Stable Returns,Low,Risky Returns,Effects of Entry Barriers and Exit Barriers on Industry Profits,Competitor Analysis,The follow-up to Industry Analysis is effective analysis of a firms Competitors,
28、Competitor Analysis,Future Objectives,How do our goals compare to our competitors goals?,Where will emphasis be placed in the future?,What is the attitude toward risk?,What Drives the competitor?,Competitor Analysis,What is the competitor doing?,What can the competitor do?,Future Objectives,How do o
29、ur goals compare to our competitors goals?,Where will emphasis be placed in the future?,What is the attitude toward risk?,Current Strategy,How are we currently competing?,Does this strategy support changes in the competitive structure?,Competitor Analysis,What does the competitor believe about itsel
30、f and the industry?,Do we assume the future will be volatile?,Are we assuming stable competitive conditions?,What assumptions do our competitors hold about the industry and themselves?,Assumptions,Competitor Analysis,What are the competitors capabilities?,What are my competitors strengths and weakne
31、sses?,How do our capabilities compare to our competitors?,Capabilities,Competitor Analysis,Response,What will our competitors do in the future?,Where do we have a competitive advantage?,How will this change our relationship with our competition?,Competitor Analysis,Chapter 3,The Internal Environment
32、:Resources,Capabilities and Core Competencies,Michael A.HittR.Duane IrelandRobert E.Hoskisson,2000 South-Western College Publishing,Chapter 3,Internal,Environment,Chapter 2,External,Environment,The StrategicManagementProcess,Strategic Intent,Strategic Mission,Strategic,Competitiveness,Above Average,
33、Returns,Feedback,Strategy Formulation,Chapter 4,Business-Level,Strategy,Chapter 5,Competitive,Dynamics,Chapter 6,Corporate-Level,Strategy,Chapter 8,International,Strategy,Chapter 9,Cooperative,Strategies,Chapter 7,Acquisitions&,Restructuring,Strategy Implementation,Chapter 10,Corporate,Governance,Ch
34、apter 11,Structure,&Control,Chapter 12,Strategic,Leadership,Chapter 13,Entrepreneurship&Innovation,Strategic,Actions,Discovering Core Competencies,How do we assemble bundles of Resources,Capabilities and Core Competencies to create VALUE for customers?,Will environmental changes make our core compet
35、encies obsolete?,And.,Are substitutes available for our core competencies?,Are our core competencies easily imitated?,Key Questions for Managersin Internal Analysis,Conditions Affecting Managerial Decisions About Resources,Capabilities and Core Competencies,Uncertaintyregarding characteristics of th
36、e general and the industry environments,competitors actions,and customers preferences.,Complexityregarding the interrelated causes shaping a firms environments and perceptions of the environments,Intraorganizational Conflictsamong people making managerial decisions and those affected by them,Discove
37、ring Core Competencies,What a firm has to work with:,its assets,including its people and the value of its brand name,What a firm Has.,Resources,Resources represent inputs into a firms production process.,such as capital equipment,skills of employees,brand names,finances and talented managers,What a
38、firm Has.,What a firm has to work with:,its assets,including its people and the value of its brand name,Resources,What a firm has to work with:,its assets,including its people and the value of its brand name,Resources represent inputs into a firms production process.,such as capital equipment,skills
39、 of employees,brand names,finances and talented managers,“Some genius invented the Oreo.Were just living off the inheritance.”,F.Ross Johnson,Former President&CEO,RJR Nabisco,What a firm Has.,Resources,Tangible Resources,What a firm Has.,What a firm has to work with:,its assets,including its people
40、and the value of its brand name,Resources represent inputs into a firms production process.,such as capital equipment,skills of employees,brand names,finances and talented managers,Intangible Resources,“Some genius invented the Oreo.Were just living off the inheritance.”,F.Ross Johnson,Former Presid
41、ent&CEO,RJR Nabisco,Resources,Discovering Core Competencies,What a firm Does.,Capabilities,What a firm Does.,Capabilities develop over time as a result of complex interactions that take advantage of the interrelationships between a firms tangible and intangible resources that are based on the develo
42、pment,transmission and exchange or sharing of information and knowledge as carried out by the firms employees.,Capabilities,What a firm Does.,Capabilities represent:,the firms capacity or ability to integrate individual firm resources to achieve a desired objective.,Capabilities develop over time as
43、 a result of complex interactions that take advantage of the interrelationships between a firms tangible and intangible resources that are based on the development,transmission and exchange or sharing of information and knowledge as carried out by the firms employees.,Capabilities become important w
44、hen they are combined in unique combinations which create core competencies which have strategic value and can lead to competitive advantage.,Capabilities,Discovering Core Competencies,“are the essence of what makes an organization unique in its ability to provide value to customers.”,Leonard-Barton
45、,Bowen,Clark,Holloway&Wheelwright,McKinsey&Co.recommends identifying three to four competencies to use in framing strategic actions.,Core Competencies,Discovering Core Competencies,*Outsource,For a strategic capability to be a Core Competency,it must be:,Core Competencies,What a firm Does.,that is S
46、trategically Valuable,Valuable,Rare,Costly to Imitate,Capabilities that other firms cannot develop easily,usually due to unique historical conditions,causal ambiguity or social complexity,Capabilities that are not possessed by many others,Capabilities that help a firm neutralize threats or exploit o
47、pportunities,Core Competencies,What a firm Does.,that is Strategically Valuable,What Criteria Make CoreCompetencies Costly to Imitate?,Unique Historical Conditions,Causal Ambiguity,Social Complexity,This occurs when competitors are unable to detect how a firm uses its competencies as a foundation fo
48、r competitive advantage,Occurs when the firms capabilities are the result of complex social phenomena,such as interpersonal relationships,trust and friendships among managers or a firms reputation with suppliers and customers,Example:,Disney created Mickey Mouse at a time when animated motion pictur
49、es were new,An unusual evolutionary pattern of growth may contribute to the development of competencies in a manner that is unique to those particular circumstances,Core Competencies must be:,Nonsubstitutable,Capabilities that do not have strategic equivalents,such as firm-specific knowledge or trus
50、t-based relationships,What a firm Does.,that is Strategically Valuable,Core Competencies,Valuable,Rare,Costly to Imitate,Capabilities that other firms cannot develop easily,usually due to unique historical conditions,causal ambiguity or social complexity,Capabilities that are possessed by few,if any
