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1、What is strategy?,Whats this?-Tiger dog(half white half brown),阿弥陀佛,What does this mean?,We know what it is,but we dont know what it is called?We know what it is called,but defining what it is is difficult.,The IBM-Lenovo Deal,On Dec 7,2004,IBMs PC division was sold to Lenovo Group.According to the
2、acquisition agreement signed between Lenovo Group and IBM,Lenovo has paid 1.25 billion US dollars for all the PC business of IBM,including 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 a
3、ssume about 500 million US dollars net debt of IBM.,Legend to Invest in Real Estate,Legend,now renamed as Lenovo,Chinas leading personal 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 atte
4、mpts to readjust its overall business structure.The company will make the investment through its holding company which has started real estate business already in Huizhou and Shenzhen cities,in south Chinas Guangdong Province.,Changhong net drops 24%amid price competition,Sichuan Changhong Electric
5、recorded a net profit of RMB88.5m in 2001.The result represents a decrease of 24%for the Chinese-based appliance manufacturer.Close to 75%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 excel
6、s in all these areas!,As one of Chinas fastest-growing companies,Haier Group is widely regarded as a successful company.Customer service,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
7、say the firm developed three major strategies over three stages:brand building or recognition strategy,expansion or diversification strategy,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
8、 Logistics Park of the Suzhou Industrial Park,east Chinas Jiangsu Province.The distribution center to be built by Adidas will have a space 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
9、 Company,Adidas,HaierChangkong,IBMLenovo,Corporate Strategy for a Diversified Company,CorporateStrategy,Approach tocapital allocation,Narrow or broad-based diversification,Scope ofgeographicoperations,Moves to add newnew businesses,Moves to build positionsin new industries,Efforts to capturecross-bu
10、sinessstrategic fits,Moves to divestweak business units,Is diversificationrelated,unrelatedor a mix?,Identifying the Components ofa Single-Business Companys Strategy,Efforts to buildcompetitiveadvantage,Planned,proactive moves to outcompete rivals,Responses to changingconditions,Scope ofgeographicco
11、verage,Collaborativepartnerships andstrategic alliances,R&D strategy,Supply chain management strategy,Manufacturing strategy,Humanresources strategy,Finance strategy,BusinessStrategy,Marketingstrategy,Functional Strategies,Game plan for a strategically-relevant function,activity,or business processD
12、etails how key activities will be managedProvide support for business strategySpecify how functional objectives are to be achieved,Chapter 1 Knowledge Objectives,Studying this chapter should provide you with the strategic management knowledge needed to:Define strategic competitiveness competitive ad
13、vantage,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 firms can earn above-average returns.,Chapter 1 Knowledge Objectives(contd),Studying this chapte
14、r 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 their value.Define stakeholders and describe their ability to influence organizations.D
15、escribe the work of strategic leaders.Explain the strategic management process.,Definitions,Strategic CompetitivenessWhen a firm successfully formulates and implements a value-creating strategySustainable Competitive AdvantageWhen competitors are unable to duplicate a companys value-creating strateg
16、yStrategic 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 about the economic gains or losses that will result from a particular investmentAvera
17、ge 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 similar amount of risk,Figure 1.1,The Strategic Management Process,Current Competi
18、tive Landscape,A Perilous Business WorldInvestments required to compete on a global scale are enormousConsequences of failure are severeImportant Elements of SuccessDeveloping strategyImplementing strategy,Global economyRapid technological change,Competitive Landscape,Strategic maneuvering among glo
19、bal and innovative combatants,Competitive 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 prod
20、uct or geographic markets,Global Economy,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 ec
21、onomic interdependence among countries as 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),
22、Country20022003United States12Australia23Canada32Malaysia46Germany54Taiwan67United Kingdom75France89Spain98Thailand1010Japan1111China1212Brazil130China140Korea1510,Country20022003Colombia1620Italy1714South Africa1816India190India2017Brazil2115Philippines2218Romania230Mexico2419Turkey2523Russia2621Po
23、land2722Indonesia2825Argentina2926Venezuela3024,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 disruptiv
24、e technologies that destroy the value of 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 pho
25、nes,artificial intelligence,virtual reality,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 environmentsOrganiz
26、ational slack:slack resources that allow 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 substitutesPote
27、ntial entrants to the industry,Five Forces 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 Averag
28、e ReturnsIndustrial/organizational focusDominant 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
29、-Average Returns,The industry in which a 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
30、firms in the industry,Four Assumptions of 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
31、to implement strategies are highly mobile 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 exis
32、t in these environments?)Firm develops internal 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 compe
33、titor environment2.Locate an attractive industry 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 abo
34、ve-average returns in a particular industry4.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 lin
35、ked with effective implementation of the 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 Ab
36、ove-Average Returns,Each organization is 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 fir
37、ms performances are due primarily to their 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
38、and capabilities2.Find an environment in 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
39、a set of resources to perform in an integrative 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 Ad
40、vantage,Capability,Resources,Identify the 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 s
41、et of resources to integratively perform 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 r
42、esources and capabilities,Superior returns: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 C
43、apabilities,ValuableResources and capabilities 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 Capa
44、bilities,Costly to ImitateResources and capabilities 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 fou
45、r key criteria of resources and capabilities 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 th
46、e 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,Possessed by few,if any,current and potential competitors,Costly to imitate,When other firms cannot obtain them or must
47、 obtain them at a much higher cost,Nonsubstitutable,Resources and Capabilities,Core Competencies,and Outcomes,Developing a Strategic Vision:Delineates managements future aspirations for the business to its stakeholders.Provides direction“where we are going.”Sets out the compelling rationale,rnl(stra
48、tegic soundness)for the firms direction.Uses distinctive and specific language to set the firm apart from its rivals.,Strategic Vision,Examples of Strategic Visions,CaterpillarBe the global leader in customer value.,eBayProvide a global tradingplatform where practically anyonecan trade practically a
49、nything.,2-43,Capturing the Vision in a Slogan,FedEx“Satisfying worldwide demand for fast,time-definite,reliable distribution.”,Home Depot“Helping people improve theplaces where they live and work.”,Hewlett-Packard Vision Statement,To view change in the market as an opportunity to grow;To use our pr
50、ofits and our ability to develop and produce innovative products,services and solutions that satisfy emerging customer needs.,Communicating the Strategic Vision,Why Communicate the Vision:Fosters employee commitment to the firms chosen strategic direction.Ensures understanding of its importance.Moti
