Crafting and executing strategy text and readings
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| Format: | Buch |
| Sprache: | English |
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Boston [u.a.]
McGraw-Hill, Irwin
2007
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| Ausgabe: | 15. ed., internat. ed. |
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| 245 | 1 | 0 | |a Crafting and executing strategy |b text and readings |c Arthur A. Thompson ; A. J. Strickland ; John E. Gamble |
| 250 | |a 15. ed., internat. ed. | ||
| 264 | 1 | |a Boston [u.a.] |b McGraw-Hill, Irwin |c 2007 | |
| 300 | |a Getr. Zählung |b Ill., graph. Darst. | ||
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| 700 | 1 | |a Strickland, Alonzo J. |e Verfasser |0 (DE-588)133565440 |4 aut | |
| 700 | 1 | |a Gamble, John E. |e Verfasser |4 aut | |
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Datensatz im Suchindex
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| adam_text | Part One Concepts and Techniques for Crafting
and Executing Strategy
Section A: Introduction and Overview
1. What Is Strategy and Why Is It Important? 2
2. The Managerial Process of Crafting and Executing Strategy 18
Section B: Core Concepts and Analytical Tools
3. Evaluating a Company s External Environment 48
4. Evaluating a Company s Resources and Competitive Position 94
Section C: Crafting a Strategy
5. The Five Generic Competitive Strategies: Which One to Employ? 132
6. Supplementing the Chosen Competitive Strategy: Other Important
Strategy Choices 160
7. Competing in Foreign Markets 194
8. Tailoring Strategy to Fit Specific Industry and Company Situations 230
7. Diversification: Strategies for Managing a Group ofBusinesses 266
10. Strategy, Ethics, and Social Responsibility 316
Section D: Executing the Strategy
11. Building an Organization Capable of Good Strategy Execution 358
12. Managing Internal Operations: Actions that Promote Good Strategy
Execution 388
13. Corporate Culture and Leadership: Keys to Good Strategy Execution 414
Part TWO Readings in Crafting and Executing Strategy
Section A: What Is Strategy and How Is the Process of Crafting and Executing
Strategy Managed?
1. What Is Strategy and How Do You Know If You Have One? 452
2. Walking the Talk (Really!): Why Visions Fail 459
3. The Power of Business Models 465
xxxii
Brief Contents x:
4. The Balanced Scorecard: To Adopt or Not to Adopt? 475
5. Stretching Strategic Thinking 482
Section B: Crafting Strategy in Single Business Companies
6. A New Tool for Strategy Analysis: The Opportunity Model 489
7. Playing Hardball: Why Strategy Still Matters 496
8. Value Innovation: A Leap into the Blue Ocean 502
9. Confronting the Low-End Competition 508
10. Strategies for Asia s New Competitive Game 515
11. Racing to Be 2nd: Conquering the Industries of the Future 521
12. Outsourcing Strategies: Opportunities and Risks 528
Section C: Crafting Strategy in Diversified Companies
13. Insights from the New Conglomerates 534
Section D: Executing Strategy
14. Turning Great Strategy into Great Performance 551
15. Beyond Best Practice 561
16. The Integration of Lean Management and Six Sigma 571
17. Linking Goals to Monetary Incentives 582
18. A Leader s Guide to Creating an Innovation Culture 587
19. The Seven Habits of Spectacularly Unsuccessful Executives 594
Section E: Strategy, Ethics, and Social Responsibility
20. Competing Responsibly 600
21. The Ethics Commitment Process: Sustainability through Value-Based Ethics 614
Endnotes EN-1
Indexes
Organization 1-1
Name 1-5
Subject 1-9
Part One Concepts and Techniques for Crafting
and Executing Strategy 1
Section A: Introduction and Overview
1- What Is Strategy and Why Is It Important? 2
BS9IPlH|^H What Do We Mean by Strategy? 3
¦RnHpHaHH Strategy and the Quest for Competitive Advantage 6
VSBmHh Identifying a Company s Strategy 7
Why a Company s Strategy Evolves over Time 8
A Company s Strategy Is Partly Proactive and Partly Reactive 9
Strategy and Ethics: Passing the Test of Moral Scrutiny 10
The Relationship between a Company s Strategy and Its Business Model 12
What Makes a Strategy a Winner? 13
hy Are Crafting ar d Executing Strategy Important? 15
Good Strategy + Good Strategy Execution = Good Management 15
Illustration Capsules
1.1. Comcast s Strategy to Revolutionize the Cable Industry 5
1.2. Microsoft and Red Hat: Two Contrasting Business Models 14
2. The Managerial Process of Crafting and
Executing Strategy 18
What Does the Strategy-Making, Strategy-Executing Process Entail? 19
Developing a Strategic Vision: Phase 1 of the Strategy-Making,
Strategy-Executing Process 20
Strategic Vision Covers Different Ground than the Typical
Mission Statement 23
Communicating the Strategic Vision 25
Linking the Vision/Mission with Company Values 27
f Setting Objectives: Phase 2 of the Strategy-Making, Strategy-Executing
Process 29
What Kinds of Objectives to Set: The Need for a Balanced Scorecard 31
Crafting a Strategy: Phase 3 of the Strategy-Making, Strategy-Executing
Process 35
Who Participates in Crafting a Company s Strategy? 35
A Company s Strategy-Making Hierarchy 37
Uniting the Strategy-Making Effort 40
A Strategic Vision + Objectives + Strategy =A Strategic Plan 41
iv
Table of Conter
Implementing and Executing the Strategy: Phase 4 of the Strategy-Making,
Strategy-Executing Process 42
Evaluating Performance and Initiating Corrective Adjustments:
Phase 5 of the Strategy-Making, Strategy-Executing Process 43
Corporate Governance: The Role of the Board of Directors in the Strategy-
Making, Strategy-Executing Process 44
liiustrdtion Capsules
2.1. Examples of Strategic Visions—How Well Do They Measure Up? 23
2.2. Intel s Two Strategic Inflection Points 27
2.3. The Connection between Yahoo s Mission and Core Values 30
2.4. Examples of Company Objectives 33
Section B: Core Concepts and Analytical Tools
3. Evaluating a Company s External Environment 48
The Strategically Relevant Components of a Company s
External Environment 49
Thinking Strategically about a Company s Industry and Competitive
Environment 51
Question 1: What Are the Industry s Dominant Economic Features? 52
Question 2: What Kinds of Competitive Forces Are
Industry Members Facing? 54
Competitive Pressures Associated with Jockeying among Rival Sellers 55
Competitive Pressures Associated with the Threat of New Entrants 60
Competitive Pressures from the Sellers of Substitute Products 64
Competitive Pressures Stemming from Supplier Bargaining
Power and Supplier-Seller Collaboration 66
Competitive Pressures Stemming from Buyer Bargaining
Power and Seller-Buyer Collaboration 69
Is the Collective Strength of the Five Competitive Forces
Conducive to Good Profitability? 72
Question 3: What Factors Are Driving Industry Change and
What Impacts Will They Have? 74
The Concept of Driving Forces 74
Identifying an Industry s Driving Forces 74
Assessing the Impact of the Driving Forces 80
Developing a Strategy That Takes the Impacts
of the Driving Forces into Account 81
Question 4: What Market Positions Do Rivals Occupy—Who Is Strongly
Positioned and Who Is Not? 81
Using Strategic Group Maps to Assess the Market Positions of Key
Competitors 82
What Can Be Learned from Strategic Group Maps? 83
Question 5: What Strategic Moves Are Rivals Likely to Make Next? 85
Identifying Competitors Strategies and Resource Strengths and Weaknesses 85
Predicting Competitors Next Moves 86
Question 6: What Are the Key Factors for Future Competitive Success? 87
Table of Contents
Question 7: Does the Outlook for the Industry Present the Company
with an Attractive Opportunity? 89
Illustration Capsules
3.1. Comparative Market Positions of Selected Retail Chains: A Strategic
Group Map Application 83
4. Evaluating a Company s Resources and Competitive
Position 94
Question 1: How Well Is the Company s Present Strategy Working? 95
Question 2: What Are the Company s Resource Strengths and Weaknesses,
and Its External Opportunities and Threats? 97
Identifying Company Resource Strengths and Competitive Capabilities 97
Identifying Company Resource Weaknesses and Competitive Deficiencies 104
Identifying a Companys Market Opportunities 104
Identifying the External Threats to a Company s Future Profitability 106
What Do the SWOT Listings Reveal? 107
Question 3: Are the Company s Prices and Costs Competitive? 109
The Concept of a Company Value Chain 110
Why the Value Chains of Rival Companies Often Differ 112
The Value Chain System for an Entire Industry 113
Activity-Based Costing: A Tool for Assessing a
Company s Cost Competitiveness 114
Benchmarking: A Tool for Assessing Whether a Company s
Value Chain Costs Are in Line 116
Strategic Options for Remedying a Cost Disadvantage 117
Translating Proficient Performance of Value Chain
Activities into Competitive Advantage 120
Question 4: Is the Company Competitively Stronger or Weaker
Than Key Rivals? 122
Interpreting the Competitive Strength Assessments 124
Question 5: What Strategic Issues and Problems Merit Front-Burner
Managerial Attention? 125
Illustration Capsules
4.1. Estimated Value Chain Costs for Recording and Distributing Music CDs
through Traditional Music Retailers 115
4.2. Benchmarking and Ethical Conduct 118
Section C: Crafting a Strategy
5. The Five Generic Competitive Strategies: Which One
to Employ? 132
The Five Generic Competitive Strategies 134
Low-Cost Provider Strategies 135
The Two Major Avenues for Achieving a Cost Advantage 135
The Keys to Success in Achieving Low-Cost Leadership 142
Table of Contents
Question 7: Does the Outlook for the Industry Present the Company
with an Attractive Opportunity? 89
Illustration Capsules
3.1. Comparative Market Positions of Selected Retail Chains: A Strategic
Group Map Application 83
4. Evaluating a Company s Resources and Competitive
Position 94
Question 1: How Well Is the Company s Present Strategy Working? 95
Question 2: What Are the Company s Resource Strengths and Weaknesses,
and Its External Opportunities and Threats? 97
Identifying Company Resource Strengths and Competitive Capabilities 97
Identifying Company Resource Weaknesses and Competitive Deficiencies 104
Identifying a Company s Market Opportunities 104
Identifying the External Threats to a Company s Future Profitability 106
What Do the SWOT Listings Reveal? 107
Question 3: Are the Company s Prices and Costs Competitive? 109
The Concept of a Company Value Chain 110
Why the Value Chains of Rival Companies Often Differ 112
The Value Chain System for an Entire Industry 113
Activity-Based Costing: A Tool for Assessing a
Company s Cost Competitiveness 114
Benchmarking: A Tool for Assessing Whether a Company s
Value Chain Costs Are in Line 116
Strategic Options for Remedying a Cost Disadvantage 117
Translating Proficient Performance of Value Chain
Activities into Competitive Advantage 120
Question 4: Is the Company Competitively Stronger or Weaker
Than Key Rivals? 122
Interpreting the Competitive Strength Assessments 124
Question 5: What Strategic Issues and Problems Merit Front-Burner
Managerial Attention? 125
Illustration Capsules
4.1. Estimated Value Chain Costs for Recording and Distributing Music CDs
through Traditional Music Retailers 115
4.2. Benchmarking and Ethical Conduct 118
Section C: Crafting a Strategy
5. The Five Generic Competitive Strategies: Which One
to Employ? 132
The Five Generic Competitive Strategies 134
Low-Cost Provider Strategies 135
The Two Major Avenues for Achieving a Cost Advantage 135
The Keys to Success in Achieving Low-Cost Leadership 142
Table of Content:
When a Low-Cost Provider Strategy Works Best 143
The Pitfalls of a Low-Cost Provider Strategy 144
Broad Differentiation Strategies 144
Types of Differentiation Themes 145
Where along the Value Chain to Create the Differentiating Attributes 145
The Four Best Routes to Competitive Advantage via a
Broad Differentiation Strategy 146
The Importance of Perceived Value and Signaling Value 147
When a Differentiation Strategy Works Best 148
The Pitfalls of a Differentiation Strategy 148
Best-Cost Provider Strategies 150
When a Best-Cost Provider Strategy Works Best 151
The Big Risk of a Best-Cost Provider Strategy 151
Focused (or Market Niche) Strategies 151
A Focused Low-Cost Strategy 153
A Focused Differentiation Strategy 153
When a Focused Low-Cost or Focused Differentiation Strategy Is Attractive 154
The Risks of a Focused Low-Cost or Focused Differentiation Strategy 156
The Contrasting Features of the Five Generic Competitive Strategies:
A Summary 156
Illustration Capsules
5.1. Nucor Corporation s Low-Cost Provider Strategy 13 6
5.2. How Wal-Mart Managed Its Value Chain to Achieve a Huge Low-Cost
Advantage over Rival Supermarket Chains 141
5.3. Toyota s Best-Cost Producer Strategy for Its Lexus Line 152
5.4. Motel 6 s Focused Low-Cost Strategy 154
5.5. Progressive Insurance s Focused Differentiation Strategy in Auto
Insurance 155
6. Supplementing the Chosen Competitive Strategy:
Other Important Strategy Choices 160
Collaborative Strategies: Alliances and Partnerships 163
Why and How Strategic Alliances Are Advantageous 164
Capturing the Benefits of Strategic A lliances 166
Why Many A lliances A re Unstable or Break Apart 167
The Strategic Dangers of Relying Heavily on
Alliances and Collaborative Partnerships 167
Merger and Acquisition Strategies 168
Vertical Integration Strategies: Operating across
More Stages of the Industry Value Chain 171
The Advantages of a Vertical Integration Strategy 172
The Disadvantages of a Vertical Integration Strategy 173
Outsourcing Strategies: Narrowing the Boundaries of the Business 175
When Outsourcing Strategies Are Advantageous 175
The Big Risk of an Outsourcing Strategy 177
Table of Contents
Offensive Strategies: Improving Market Position and Building Competitive
Advantage 177
Blue Ocean Strategy: A Special Kind of Offensive 180
Choosing Which Rivals to Attack 181
Choosing the Basis for Competitive Attack 181
Defensive Strategies: Protecting Market Position and Competitive
Advantage 182
Blocking the Avenues Open to Challengers 182
Signaling Challengers That Retaliation Is Likely 182
Web Site Strategies 183
Product Information-Only Web Strategies: Avoiding Channel Conflict 183
Web Site e-Stores as a Minor Distribution Channel 184
Brick-and-Click Strategies 184
Strategies for Online Enterprises 185
Choosing Appropriate Functional-Area Strategies 187
First-Mover Advantages and Disadvantages 188
The Potential for Late-Mover Advantages or First-Mover Disadvantages 189
To Be a First-Mover or Not 189
Illustration Capsuies
6.1. Clear Channel Communications: Using Mergers and Acquisitions to
Become a Global Market Leader 170
6.2. Brick-and-Click Strategies in the Office Supplies Industry 186
6.3. The Battle in Consumer Broadband: First-Movers versus
Late-Movers 190
7. Competing in Foreign Markets 194
Why Companies Expand into Foreign Markets 196
The Difference between Competing Internationally and Competing Globally 196
Cross-Country Differences in Cultural, Demographic, and Market
Conditions 197
Gaining Competitive Advantage Based on Where Activities Are Located 198
The Risks of Adverse Exchange Rate Shifts 199
Host Governments Policies 200
The Concepts of Multicountry Competition and Global Competition 201
Strategy Options for Entering and Competing in Foreign Markets 202
Export Strategies 203
Licensing Strategies 203
Franchising Strategies 204
Localized Multicountry Strategies or a Global Strategy? 204
The Quest for Competitive Advantage in Foreign Markets 209
Using Location to Build Competitive Advantage 209
Using Cross-Border Transfers of Competencies and
Capabilities to Build Competitive Advantage 211
Using Cross-Border Coordination to Build Competitive Advantage 212
Table of Contents
Profit Sanctuaries, Cross-Market Subsidization, and Global Strategic
Offensives 213
Using Cross-Market Subsidization to Wage a Strategic
Offensive 214
Offensive Strategies Suitable for Competing in Foreign Markets 215
Strategic Alliances and Joint Ventures with Foreign Partners 217
The Risks of Strategic Alliances with Foreign Partners 218
When a Cross-Border Alliance May Be Unnecessary 220
Strategies That Fit the Markets of Emerging Countries 220
Strategy Options 222
Defending against Global Giants: Strategies for Local Companies
in Emerging Markets 224
Illustration Capsules
7.1. Multicountry Strategies at Electronic Arts and Coca-Cola 209
7.2. Six Examples of Cross-Border Strategic Alliances 219
7.3. Coca-Cola s Strategy for Growing Its Sales in China and India 221
8. Tailoring Strategy to Fit Specific Industry and
Company Situations 230
Strategies for Competing in Emerging Industries 231
The Unique Characteristics of an Emerging Industry 232
Strategy Options for Emerging Industries 233
Strategies for Competing in Rapidly Growing Markets 234
Strategies for Competing in Maturing Industries 236
How Slowing Growth Alters Market Conditions 236
Strategies That Fit Conditions in Maturing Industries 23 7
Strategic Pitfalls in Maturing Industries 238
Strategies for Competing in Stagnant or Declining Industries 239
End-Game Strategies for Declining Industries 241
Strategies for Competing in Turbulent, High-Velocity Markets 241
Ways to Cope with Rapid Change 242
Strategy Options for Fast-Changing Markets 242
Strategies for Competing in Fragmented Industries 245
Reasons for Supply-Side Fragmentation 245
Competitive Conditions in a Fragmented Industry 246
Strategy Options for Competing in a Fragmented Industry 247
Strategies for Sustaining Rapid Company Growth 249
The Risks of Pursuing Multiple Strategy Horizons 250
Strategies for Industry Leaders 251
Strategies for Runner-Up Firms 254
Obstacles for Firms with Small Market Shares 254
Offensive Strategies to Build Market Share 254
Other Strategic Approaches for Runner-Up Companies 255
Table of Contents
Strategies for Weak and Crisis-Ridden Businesses 257
Turnaround Strategies for Businesses in Crisis 257
Harvest Strategies for Weak Businesses 260
Liquidation— the Strategy of Last Resort 261
10 Commandments for Crafting Successful Business Strategies 261
Illustration Capsules
8.1. Exertris s Focus Strategy in the Fragmented Exercise Equipment
Industry 248
8.2. ESPN s Strategy to Dominate Sports Entertainment 252
8.3. Sony s Turnaround Strategy—Will It Work? 259
9. Diversification: Strategies for Managing a Group
of Businesses 266
When to Diversify 269
Building Shareholder Value: The Ultimate Justification for Diversifying 269
Strategies for Entering New Businesses 270
Acquisition of an Existing Business 271
Internal Start-Up 271
Joint Ventures 271
Choosing the Diversification Path: Related versus Unrelated Businesses 272
The Case for Diversifying into Related Businesses 272
Identifying Cross-Business Strategic Fits along the Value Chain 274
Strategic Fit, Economies of Scope, and Competitive Advantage 277
The Case for Diversifying into Unrelated Businesses 279
The Merits of an Unrelated Diversification Strategy 280
The Drawbacks of Unrelated Diversification 283
Combination Related-Unrelated Diversification Strategies 284
Evaluating the Strategy of a Diversified Company 285
Step 1: Evaluating Industry Attractiveness 286
Step 2: Evaluating Business-Unit Competitive Strength 289
Step 3: Checking the Competitive Advantage Potential
of Cross-Business Strategic Fits 294
Step 4: Checking for Resource Fit 294
Step 5: Ranking the Performance Prospects of Business Units and Assigning
a Priority for Resource A llocation 298
Step 6: Crafting New Strategic Moves to Improve Overall Corporate
Performance 299
After a Company Diversifies: The Four Main Strategy Alternatives 300
Strategies to Broaden a Diversified Company s Business Base 300
Divestiture Strategies Aimed at Retrenching to a Narrower
Diversification Base 303
Strategies to Restructure a Company s Business Lineup 306
Multinational Diversification Strategies 308
Table of Contents
Illustration Capsules
9.1. Related Diversification at L Oreal, Johnson Johnson, PepsiCo, and
Darden Restaurants 277
9.2. Unrelated Diversification at General Electric, United Technologies,
American Standard, and Lancaster Colony 281
9.3. Managing Diversification at Johnson Johnson:
The Benefits of Cross-Business Strategic Fits 302
9.4. Lucent Technology s Retrenchment Strategy 304
9.5. The Global Scope of Four Prominent Diversified Multinational
Corporations 309
10. Strategy, Ethics, and Social Responsibility 316
What Do We Mean by Business Ethics? 317
Where Do Ethical Standards Come From—Are They Universal or Dependent
on Local Norms and Situational Circumstances? 318
The School of Ethical Universalism 318
The School of Ethical Relativism 319
Ethics and Integrative Social Contracts Theory 322
The Three Categories of Management Morality 323
Evidence of Managerial Immorality in the Global Business Community 325
Do Company Strategies Need to Be Ethical? 327
What Are the Drivers of Unethical Strategies and Business Behavior? 328
Approaches to Managing a Company s Ethical Conduct 333
Why Should Company Strategies Be Ethical? 338
The Moral Case for an Ethical Strategy 338
The Business Case for an Ethical Strategy 338
Linking a Company s Strategy to Its Ethical
Principles and Core Values 341
Strategy and Social Responsibility 342
What Do We Mean by Social Responsibility? 342
Crafting a Social Responsibility Strategy:
The Starting Point for Demonstrating a Social Conscience 345
The Moral Case for Corporate Social Responsibility 346
The Business Case for Socially Responsible Behavior 347
The Well-intentioned Efforts of Do-Good Executives
Can Be Controversial 349
How Much Attention to Social Responsibility Is Enough? 351
Linking Social Performance Targets to Executive Compensation 352
Illustration Capsules
10.1. Marsh McLennan s Ethically Flawed Strategy 329
10.2. Philip Morris USA s Strategy for Marlboro Cigarettes:
Ethical or Unethical? 334
10.3. A Test of Your Business Ethics 340
Table of Contents
Section D: Executing the Strategy
11. Building an Organization Capable of Good Strategy
Execution 358
A Framework for Executing Strategy 361
The Principal Managerial Components of the Strategy Execution Process 361
Building an Organization Capable of Good Strategy Execution 363
Staffing the Organization 364
Putting Together a Strong Management Team 364
Recruiting and Retaining Capable Employees 365
Building Core Competencies and Competitive Capabilities 368
The Three-Stage Process of Developing and Strengthening
Competencies and Capabilities 368
The Strategic Role of Employee Training 3 71
From Competencies and Capabilities to Competitive Advantage 373
Execution-Related Aspects of Organizing the Work Effort 373
Deciding Which Value Chain Activities to Perform Internally
and Which to Outsource 373
Making Strategy-Critical Activities the Main Building
Blocks of the Organization Structure 376
Determining the Degree of Authority and Independence
to Give Each Unit and Each Employee 3 78
Providing for Internal Cross-Unit Coordination 381
Providing for Collaboration with Outside Suppliers and Strategic Allies 383
Current Organizational Trends 383
Illustration Capsules
11.1. How General Electric Develops a Talented and Deep Management
Team 366
11.2. Toyota s Legendary Production System: A Capability That Translates into
Competitive Advantage 372
12. Managing Internal Operations: Actions That Promote Good
Strategy Execution 388
Marshaling Resources behind the Drive for Good Strategy Execution 389
Instituting Policies and Procedures That Facilitate Good Strategy
Execution 390
Adopting Best Practices and Striving for Continuous Improvement 393
How the Process of Identifying and Incorporating Best Practices Works 393
Business Process Reengineering, Six Sigma Quality Programs,
and TQM: Tools for Promoting Operating Excellence 395
Capturing the Benefits of Initiatives to Improve Operations 399
Installing Information and Operating Systems 401
Instituting Adequate Information Systems,
Performance Tracking, and Controls 402
Exercising Adequate Controls over Empowered Employees 403
Table of Contents
Tying Rewards and Incentives to Good Strategy Execution 404
Strategy-Facilitating Motivational Practices 404
Striking the Right Balance between Rewards and Punishment 406
Linking the Reward System to Strategically Relevant Performance Outcomes 408
Illustration Capsules
12.1. Granite Construction s Short-Pay Policy: An Innovative Way to Drive
Better Strategy Execution 392
12.2. Whirlpool s Use of Six Sigma to Promote Operating Excellence 398
12.3. What Companies Do to Motivate and Reward Employees 407
12.4. Nucor and Bank One: Two Companies That Tie Incentives Directly to
Strategy Execution 409
13. Corporate Culture and Leadership: Keys to Good Strategy
Execution 414
Instilling a Corporate Culture That Promotes Good Strategy Execution 415
Identifying the Key Features of a Company s Corporate Culture 416
Strong versus Weak Cultures 420
Unhealthy Cultures 422
High-Performance Cultures 424
Adaptive Cultures 425
Culture: Ally or Obstacle to Strategy Execution? 426
Changing a Problem Culture 428
Grounding the Culture in Core Values and Ethics 434
Establishing a Strategy-Culture Fit in Multinational
and Global Companies 437 ,
Leading the Strategy Execution Process 439
Staying on Top of How Well Things Are Going 439
Putting Constructive Pressure on the Organization
to Achieve Good Results and Operating Excellence 441
Leading the Development of Better Competencies and Capabilities 442
Displaying Ethical Integrity and Leading Social Responsibility Initiatives 443
Leading the Process of Making Corrective Adjustments 445
Illustration Capsules
13.1. The Corporate Cultures at Google and Alberto-Culver 417
13.2. Changing the Culture in Alberto-Culver s North American Division 433
Part Two Readings in Crafting and Executing Strategy 451
Section A: What is Strategy and How Is the Process of Crafting and Executing
Strategy Managed?
1. What Is Strategy and How Do You Know If You Have One? 452
Costas Mar/tides, London Business School
2. Walking the Talk (Really!): Why Visions Fail 459
Mark Lipton, New School University
Table of Contents
3. The Power of Business Models 465
Scott M. Shafer, Wake Forest University
H. Jeff Smith, Wake Forest University
Jane E. Under, Accenture Institute for Strategic Change
4. The Balanced Scorecard: To Adopt or Not to Adopt? 475
Kevin B. Hendricks, Richard Ivey School of Business
Larry Menor, Richard Ivey School of Business
Christine Wiedman, Richard Ivey School of Business
5. Stretching Strategic Thinking 482
Stan Abraham, California Polytechnic, Pomona
Section B: Crafting Strategy in Single Business Companies
6. A New Tool for Strategy Analysis: The Opportunity Model 489
Donald Morris, Eastern New Mexico University
7. Playing Hardball: Why Strategy Still Matters 496
George Stalk, The Boston Consulting Group
8. Value Innovation: A Leap into the Blue Ocean 502
W. Chan Kim, INSEAD
Renee Mauborgne, INSEAD
9. Confronting the Low-End Competition 508
Don Potter, Strategy Street.com
10. Strategies for Asia s New Competitive Game 515
Peter J. Williamson, INSEAD
11. Racing to Be 2nd: Conquering the Industries of the Future 521
Costas Markides, London Business School
Paul A. Geroski, London Business School
12. Outsourcing Strategies: Opportunities and Risks 528
Brian Leavy, Dublin City University Business School
Section C: Crafting Strategy in Diversified Companies
13. Insights from the New Conglomerates 534
Gerry Kerr, University of Windsor
James Durroch, York University
Section D: Executing Strategy
14. Turning Great Strategy into Great Performance 551
Michael C. Mankins, Marakon Associates
Richard Steele, Marakon Associates
15. Beyond Best Practice 561
Lynda Gratton, London Business School
Sumantra Ghoshal, London Business School
Table of Contents
16. The Integration of Lean Management and Six Sigma 571
Edward D. Arnheiter, Rensselaer Polytechnic Institute
John Maleyeff, Rensselaer Polytechnic Institute
17. Linking Goals to Monetary Incentives 582
Edwin A. Locke, University of Maryland
18. A Leader s Guide to Creating an Innovation Culture 587
Brian heavy, Dublin City University Business School
19. The Seven Habits of Spectacularly Unsuccessful Executives 594
Sydney Finkelstein, Dartmouth College
Section E: Strategy, Ethics, and Social Responsibility
20. Competing Responsibly 600
Bert van de Ven, University ofTilburg
Ronald Jeurissen, Nyenrode Business University
21. The Ethics Commitment Process: Sustainability through Value-Based
Ethics 614
Jacquelyn B. Gates, Soaring, LLC
Endnotes EN-1
Indexes
Organization 1-1
Name 1-5
Subject 1-9
|
| adam_txt |
Part One Concepts and Techniques for Crafting
and Executing Strategy
Section A: Introduction and Overview
1. What Is Strategy and Why Is It Important? 2
2. The Managerial Process of Crafting and Executing Strategy 18
Section B: Core Concepts and Analytical Tools
3. Evaluating a Company's External Environment 48
4. Evaluating a Company's Resources and Competitive Position 94
Section C: Crafting a Strategy
5. The Five Generic Competitive Strategies: Which One to Employ? 132
6. Supplementing the Chosen Competitive Strategy: Other Important
Strategy Choices 160
7. Competing in Foreign Markets 194
8. Tailoring Strategy to Fit Specific Industry and Company Situations 230
7. Diversification: Strategies for Managing a Group ofBusinesses 266
10. Strategy, Ethics, and Social Responsibility 316
Section D: Executing the Strategy
11. Building an Organization Capable of Good Strategy Execution 358
12. Managing Internal Operations: Actions that Promote Good Strategy
Execution 388
13. Corporate Culture and Leadership: Keys to Good Strategy Execution 414
Part TWO Readings in Crafting and Executing Strategy
Section A: What Is Strategy and How Is the Process of Crafting and Executing
Strategy Managed?
1. What Is Strategy and How Do You Know If You Have One? 452
2. Walking the Talk (Really!): Why Visions Fail 459
3. The Power of Business Models 465
xxxii
Brief Contents x:
4. The Balanced Scorecard: To Adopt or Not to Adopt? 475
5. Stretching Strategic Thinking 482
Section B: Crafting Strategy in Single Business Companies
6. A New Tool for Strategy Analysis: The Opportunity Model 489
7. Playing Hardball: Why Strategy Still Matters 496
8. Value Innovation: A Leap into the Blue Ocean 502
9. Confronting the Low-End Competition 508
10. Strategies for Asia's New Competitive Game 515
11. Racing to Be 2nd: Conquering the Industries of the Future 521
12. Outsourcing Strategies: Opportunities and Risks 528
Section C: Crafting Strategy in Diversified Companies
13. Insights from the New Conglomerates 534
Section D: Executing Strategy
14. Turning Great Strategy into Great Performance 551
15. Beyond Best Practice 561
16. The Integration of Lean Management and Six Sigma 571
17. Linking Goals to Monetary Incentives 582
18. A Leader's Guide to Creating an Innovation Culture 587
19. The Seven Habits of Spectacularly Unsuccessful Executives 594
Section E: Strategy, Ethics, and Social Responsibility
20. Competing Responsibly 600
21. The Ethics Commitment Process: Sustainability through Value-Based Ethics 614
Endnotes EN-1
Indexes
Organization 1-1
Name 1-5
Subject 1-9
Part One Concepts and Techniques for Crafting
and Executing Strategy 1
Section A: Introduction and Overview
1- What Is Strategy and Why Is It Important? 2
BS9IPlH|^H What Do We Mean by Strategy? 3
¦RnHpHaHH Strategy and the Quest for Competitive Advantage 6
VSBmHh Identifying a Company s Strategy 7
Why a Company s Strategy Evolves over Time 8
A Company's Strategy Is Partly Proactive and Partly Reactive 9
' Strategy and Ethics: Passing the Test of Moral Scrutiny 10
The Relationship between a Company's Strategy and Its Business Model 12
What Makes a Strategy a Winner? 13
hy Are Crafting ar d Executing Strategy Important? 15
Good Strategy + Good Strategy Execution = Good Management 15
Illustration Capsules
1.1. Comcast's Strategy to Revolutionize the Cable Industry 5
1.2. Microsoft and Red Hat: Two Contrasting Business Models 14
2. The Managerial Process of Crafting and
Executing Strategy 18
What Does the Strategy-Making, Strategy-Executing Process Entail? 19
Developing a Strategic Vision: Phase 1 of the Strategy-Making,
Strategy-Executing Process 20
Strategic Vision Covers Different Ground than the Typical
Mission Statement 23
Communicating the Strategic Vision 25
Linking the Vision/Mission with Company Values 27
f Setting Objectives: Phase 2 of the Strategy-Making, Strategy-Executing
Process 29
What Kinds of Objectives to Set: The Need for a Balanced Scorecard 31
Crafting a Strategy: Phase 3 of the Strategy-Making, Strategy-Executing
Process 35
Who Participates in Crafting a Company s Strategy? 35
A Company s Strategy-Making Hierarchy 37
Uniting the Strategy-Making Effort 40
A Strategic Vision + Objectives + Strategy =A Strategic Plan 41
iv
Table of Conter
Implementing and Executing the Strategy: Phase 4 of the Strategy-Making,
Strategy-Executing Process 42
Evaluating Performance and Initiating Corrective Adjustments:
Phase 5 of the Strategy-Making, Strategy-Executing Process 43
Corporate Governance: The Role of the Board of Directors in the Strategy-
Making, Strategy-Executing Process 44
liiustrdtion Capsules
2.1. Examples of Strategic Visions—How Well Do They Measure Up? 23
2.2. Intel's Two Strategic Inflection Points 27
2.3. The Connection between Yahoo's Mission and Core Values 30
2.4. Examples of Company Objectives 33
Section B: Core Concepts and Analytical Tools
3. Evaluating a Company's External Environment 48
The Strategically Relevant Components of a Company's
External Environment 49
Thinking Strategically about a Company's Industry and Competitive
Environment 51
Question 1: What Are the Industry's Dominant Economic Features? 52
Question 2: What Kinds of Competitive Forces Are
Industry Members Facing? 54
Competitive Pressures Associated with Jockeying among Rival Sellers 55
Competitive Pressures Associated with the Threat of New Entrants 60
Competitive Pressures from the Sellers of Substitute Products 64
Competitive Pressures Stemming from Supplier Bargaining
Power and Supplier-Seller Collaboration 66
Competitive Pressures Stemming from Buyer Bargaining
Power and Seller-Buyer Collaboration 69
Is the Collective Strength of the Five Competitive Forces
Conducive to Good Profitability? 72
Question 3: What Factors Are Driving Industry Change and
What Impacts Will They Have? 74
The Concept of Driving Forces 74
Identifying an Industry's Driving Forces 74
Assessing the Impact of the Driving Forces 80
Developing a Strategy That Takes the Impacts
of the Driving Forces into Account 81
Question 4: What Market Positions Do Rivals Occupy—Who Is Strongly
Positioned and Who Is Not? 81
Using Strategic Group Maps to Assess the Market Positions of Key
Competitors 82
What Can Be Learned from Strategic Group Maps? 83
Question 5: What Strategic Moves Are Rivals Likely to Make Next? 85
Identifying Competitors 'Strategies and Resource Strengths and Weaknesses 85
Predicting Competitors 'Next Moves 86
Question 6: What Are the Key Factors for Future Competitive Success? 87
Table of Contents
Question 7: Does the Outlook for the Industry Present the Company
with an Attractive Opportunity? 89
Illustration Capsules
3.1. Comparative Market Positions of Selected Retail Chains: A Strategic
Group Map Application 83
4. Evaluating a Company's Resources and Competitive
Position 94
Question 1: How Well Is the Company's Present Strategy Working? 95
Question 2: What Are the Company's Resource Strengths and Weaknesses,
and Its External Opportunities and Threats? 97
Identifying Company Resource Strengths and Competitive Capabilities 97
Identifying Company Resource Weaknesses and Competitive Deficiencies 104
Identifying a Companys Market Opportunities 104
Identifying the External Threats to a Company's Future Profitability 106
What Do the SWOT Listings Reveal? 107
Question 3: Are the Company's Prices and Costs Competitive? 109
The Concept of a Company Value Chain 110
Why the Value Chains of Rival Companies Often Differ 112
The Value Chain System for an Entire Industry 113
Activity-Based Costing: A Tool for Assessing a
Company's Cost Competitiveness 114
Benchmarking: A Tool for Assessing Whether a Company's
Value Chain Costs Are in Line 116
Strategic Options for Remedying a Cost Disadvantage 117
Translating Proficient Performance of Value Chain
Activities into Competitive Advantage 120
Question 4: Is the Company Competitively Stronger or Weaker
Than Key Rivals? 122
Interpreting the Competitive Strength Assessments 124
Question 5: What Strategic Issues and Problems Merit Front-Burner
Managerial Attention? 125
Illustration Capsules
4.1. Estimated Value Chain Costs for Recording and Distributing Music CDs
through Traditional Music Retailers 115
4.2. Benchmarking and Ethical Conduct 118
Section C: Crafting a Strategy
5. The Five Generic Competitive Strategies: Which One
to Employ? 132
The Five Generic Competitive Strategies 134
Low-Cost Provider Strategies 135
The Two Major Avenues for Achieving a Cost Advantage 135
The Keys to Success in Achieving Low-Cost Leadership 142
Table of Contents
Question 7: Does the Outlook for the Industry Present the Company
with an Attractive Opportunity? 89
Illustration Capsules
3.1. Comparative Market Positions of Selected Retail Chains: A Strategic
Group Map Application 83
4. Evaluating a Company's Resources and Competitive
Position 94
Question 1: How Well Is the Company's Present Strategy Working? 95
Question 2: What Are the Company's Resource Strengths and Weaknesses,
and Its External Opportunities and Threats? 97
Identifying Company Resource Strengths and Competitive Capabilities 97
Identifying Company Resource Weaknesses and Competitive Deficiencies 104
Identifying a Company's Market Opportunities 104
Identifying the External Threats to a Company's Future Profitability 106
What Do the SWOT Listings Reveal? 107
Question 3: Are the Company's Prices and Costs Competitive? 109
The Concept of a Company Value Chain 110
Why the Value Chains of Rival Companies Often Differ 112
The Value Chain System for an Entire Industry 113
Activity-Based Costing: A Tool for Assessing a
Company's Cost Competitiveness 114
Benchmarking: A Tool for Assessing Whether a Company's
Value Chain Costs Are in Line 116
Strategic Options for Remedying a Cost Disadvantage 117
Translating Proficient Performance of Value Chain
Activities into Competitive Advantage 120
Question 4: Is the Company Competitively Stronger or Weaker
Than Key Rivals? 122
Interpreting the Competitive Strength Assessments 124
Question 5: What Strategic Issues and Problems Merit Front-Burner
Managerial Attention? 125
Illustration Capsules
4.1. Estimated Value Chain Costs for Recording and Distributing Music CDs
through Traditional Music Retailers 115
4.2. Benchmarking and Ethical Conduct 118
Section C: Crafting a Strategy
5. The Five Generic Competitive Strategies: Which One
to Employ? 132
The Five Generic Competitive Strategies 134
Low-Cost Provider Strategies 135
The Two Major Avenues for Achieving a Cost Advantage 135
The Keys to Success in Achieving Low-Cost Leadership 142
Table of Content:
When a Low-Cost Provider Strategy Works Best 143
The Pitfalls of a Low-Cost Provider Strategy 144
Broad Differentiation Strategies 144
Types of Differentiation Themes 145
Where along the Value Chain to Create the Differentiating Attributes 145
The Four Best Routes to Competitive Advantage via a
Broad Differentiation Strategy 146
The Importance of Perceived Value and Signaling Value 147
When a Differentiation Strategy Works Best 148
The Pitfalls of a Differentiation Strategy 148
Best-Cost Provider Strategies 150
When a Best-Cost Provider Strategy Works Best 151
The Big Risk of a Best-Cost Provider Strategy 151
Focused (or Market Niche) Strategies 151
A Focused Low-Cost Strategy 153
A Focused Differentiation Strategy 153
When a Focused Low-Cost or Focused Differentiation Strategy Is Attractive 154
The Risks of a Focused Low-Cost or Focused Differentiation Strategy 156
The Contrasting Features of the Five Generic Competitive Strategies:
A Summary 156
Illustration Capsules
5.1. Nucor Corporation's Low-Cost Provider Strategy 13 6
5.2. How Wal-Mart Managed Its Value Chain to Achieve a Huge Low-Cost
Advantage over Rival Supermarket Chains 141
5.3. Toyota's Best-Cost Producer Strategy for Its Lexus Line 152
5.4. Motel 6's Focused Low-Cost Strategy 154
5.5. Progressive Insurance's Focused Differentiation Strategy in Auto
Insurance 155
6. Supplementing the Chosen Competitive Strategy:
Other Important Strategy Choices 160
Collaborative Strategies: Alliances and Partnerships 163
Why and How Strategic Alliances Are Advantageous 164
Capturing the Benefits of Strategic A lliances 166
Why Many A lliances A re Unstable or Break Apart 167
The Strategic Dangers of Relying Heavily on
Alliances and Collaborative Partnerships 167
Merger and Acquisition Strategies 168
Vertical Integration Strategies: Operating across
More Stages of the Industry Value Chain 171
The Advantages of a Vertical Integration Strategy 172
The Disadvantages of a Vertical Integration Strategy 173
Outsourcing Strategies: Narrowing the Boundaries of the Business 175
When Outsourcing Strategies Are Advantageous 175
The Big Risk of an Outsourcing Strategy 177
Table of Contents
Offensive Strategies: Improving Market Position and Building Competitive
Advantage 177
Blue Ocean Strategy: A Special Kind of Offensive 180
Choosing Which Rivals to Attack 181
Choosing the Basis for Competitive Attack 181
Defensive Strategies: Protecting Market Position and Competitive
Advantage 182
Blocking the Avenues Open to Challengers 182
Signaling Challengers That Retaliation Is Likely 182
Web Site Strategies 183
Product Information-Only Web Strategies: Avoiding Channel Conflict 183
Web Site e-Stores as a Minor Distribution Channel 184
Brick-and-Click Strategies 184
Strategies for Online Enterprises 185
Choosing Appropriate Functional-Area Strategies 187
First-Mover Advantages and Disadvantages 188
The Potential for Late-Mover Advantages or First-Mover Disadvantages 189
To Be a First-Mover or Not 189
Illustration Capsuies
6.1. Clear Channel Communications: Using Mergers and Acquisitions to
Become a Global Market Leader 170
6.2. Brick-and-Click Strategies in the Office Supplies Industry 186
6.3. The Battle in Consumer Broadband: First-Movers versus
Late-Movers 190
7. Competing in Foreign Markets 194
Why Companies Expand into Foreign Markets 196
The Difference between Competing Internationally and Competing Globally 196
Cross-Country Differences in Cultural, Demographic, and Market
Conditions 197
Gaining Competitive Advantage Based on Where Activities Are Located 198
The Risks of Adverse Exchange Rate Shifts 199
Host Governments Policies 200
The Concepts of Multicountry Competition and Global Competition 201
Strategy Options for Entering and Competing in Foreign Markets 202
Export Strategies 203
Licensing Strategies 203
Franchising Strategies 204
Localized Multicountry Strategies or a Global Strategy? 204
The Quest for Competitive Advantage in Foreign Markets 209
Using Location to Build Competitive Advantage 209
Using Cross-Border Transfers of Competencies and
Capabilities to Build Competitive Advantage 211
Using Cross-Border Coordination to Build Competitive Advantage 212
Table of Contents
Profit Sanctuaries, Cross-Market Subsidization, and Global Strategic
Offensives 213
Using Cross-Market Subsidization to Wage a Strategic
Offensive 214
Offensive Strategies Suitable for Competing in Foreign Markets 215
Strategic Alliances and Joint Ventures with Foreign Partners 217
The Risks of Strategic Alliances with Foreign Partners 218
When a Cross-Border Alliance May Be Unnecessary 220
Strategies That Fit the Markets of Emerging Countries 220
Strategy Options 222
Defending against Global Giants: Strategies for Local Companies
in Emerging Markets 224
Illustration Capsules
7.1. Multicountry Strategies at Electronic Arts and Coca-Cola 209
7.2. Six Examples of Cross-Border Strategic Alliances 219
7.3. Coca-Cola's Strategy for Growing Its Sales in China and India 221
8. Tailoring Strategy to Fit Specific Industry and
Company Situations 230
Strategies for Competing in Emerging Industries 231
The Unique Characteristics of an Emerging Industry 232
Strategy Options for Emerging Industries 233
Strategies for Competing in Rapidly Growing Markets 234
Strategies for Competing in Maturing Industries 236
How Slowing Growth Alters Market Conditions 236
Strategies That Fit Conditions in Maturing Industries 23 7
Strategic Pitfalls in Maturing Industries 238
Strategies for Competing in Stagnant or Declining Industries 239
End-Game Strategies for Declining Industries 241
Strategies for Competing in Turbulent, High-Velocity Markets 241
Ways to Cope with Rapid Change 242
Strategy Options for Fast-Changing Markets 242
Strategies for Competing in Fragmented Industries 245
Reasons for Supply-Side Fragmentation 245
Competitive Conditions in a Fragmented Industry 246
Strategy Options for Competing in a Fragmented Industry 247
Strategies for Sustaining Rapid Company Growth 249
The Risks of Pursuing Multiple Strategy Horizons 250
Strategies for Industry Leaders 251
Strategies for Runner-Up Firms 254
Obstacles for Firms with Small Market Shares 254
Offensive Strategies to Build Market Share 254
Other Strategic Approaches for Runner-Up Companies 255
Table of Contents
Strategies for Weak and Crisis-Ridden Businesses 257
Turnaround Strategies for Businesses in Crisis 257
Harvest Strategies for Weak Businesses 260
Liquidation— the Strategy of Last Resort 261
10 Commandments for Crafting Successful Business Strategies 261
Illustration Capsules
8.1. Exertris's Focus Strategy in the Fragmented Exercise Equipment
Industry 248
8.2. ESPN's Strategy to Dominate Sports Entertainment 252
8.3. Sony's Turnaround Strategy—Will It Work? 259
9. Diversification: Strategies for Managing a Group
of Businesses 266
When to Diversify 269
Building Shareholder Value: The Ultimate Justification for Diversifying 269
Strategies for Entering New Businesses 270
Acquisition of an Existing Business 271
Internal Start-Up 271
Joint Ventures 271
Choosing the Diversification Path: Related versus Unrelated Businesses 272
The Case for Diversifying into Related Businesses 272
Identifying Cross-Business Strategic Fits along the Value Chain 274
Strategic Fit, Economies of Scope, and Competitive Advantage 277
The Case for Diversifying into Unrelated Businesses 279
The Merits of an Unrelated Diversification Strategy 280
The Drawbacks of Unrelated Diversification 283
Combination Related-Unrelated Diversification Strategies 284
Evaluating the Strategy of a Diversified Company 285
Step 1: Evaluating Industry Attractiveness 286
Step 2: Evaluating Business-Unit Competitive Strength 289
Step 3: Checking the Competitive Advantage Potential
of Cross-Business Strategic Fits 294
Step 4: Checking for Resource Fit 294
Step 5: Ranking the Performance Prospects of Business Units and Assigning
a Priority for Resource A llocation 298
Step 6: Crafting New Strategic Moves to Improve Overall Corporate
Performance 299
After a Company Diversifies: The Four Main Strategy Alternatives 300
Strategies to Broaden a Diversified Company's Business Base 300
Divestiture Strategies Aimed at Retrenching to a Narrower
Diversification Base 303
Strategies to Restructure a Company's Business Lineup 306
Multinational Diversification Strategies 308
Table of Contents
Illustration Capsules
9.1. Related Diversification at L'Oreal, Johnson Johnson, PepsiCo, and
Darden Restaurants 277
9.2. Unrelated Diversification at General Electric, United Technologies,
American Standard, and Lancaster Colony 281
9.3. Managing Diversification at Johnson Johnson:
The Benefits of Cross-Business Strategic Fits 302
9.4. Lucent Technology's Retrenchment Strategy 304
9.5. The Global Scope of Four Prominent Diversified Multinational
Corporations 309
10. Strategy, Ethics, and Social Responsibility 316
What Do We Mean by Business Ethics? 317
Where Do Ethical Standards Come From—Are They Universal or Dependent
on Local Norms and Situational Circumstances? 318
The School of Ethical Universalism 318
The School of Ethical Relativism 319
Ethics and Integrative Social Contracts Theory 322
The Three Categories of Management Morality 323
Evidence of Managerial Immorality in the Global Business Community 325
Do Company Strategies Need to Be Ethical? 327
What Are the Drivers of Unethical Strategies and Business Behavior? 328
Approaches to Managing a Company's Ethical Conduct 333
Why Should Company Strategies Be Ethical? 338
The Moral Case for an Ethical Strategy 338
The Business Case for an Ethical Strategy 338
Linking a Company's Strategy to Its Ethical
Principles and Core Values 341
Strategy and Social Responsibility 342
What Do We Mean by Social Responsibility? 342
Crafting a Social Responsibility Strategy:
The Starting Point for Demonstrating a Social Conscience 345
The Moral Case for Corporate Social Responsibility 346
The Business Case for Socially Responsible Behavior 347
The Well-intentioned Efforts of Do-Good Executives
Can Be Controversial 349
How Much Attention to Social Responsibility Is Enough? 351
Linking Social Performance Targets to Executive Compensation 352
Illustration Capsules
10.1. Marsh McLennan's Ethically Flawed Strategy 329
10.2. Philip Morris USA's Strategy for Marlboro Cigarettes:
Ethical or Unethical? 334
10.3. A Test of Your Business Ethics 340
Table of Contents
Section D: Executing the Strategy
11. Building an Organization Capable of Good Strategy
Execution 358
A Framework for Executing Strategy 361
The Principal Managerial Components of the Strategy Execution Process 361
Building an Organization Capable of Good Strategy Execution 363
Staffing the Organization 364
Putting Together a Strong Management Team 364
Recruiting and Retaining Capable Employees 365
Building Core Competencies and Competitive Capabilities 368
The Three-Stage Process of Developing and Strengthening
Competencies and Capabilities 368
The Strategic Role of Employee Training 3 71
From Competencies and Capabilities to Competitive Advantage 373
Execution-Related Aspects of Organizing the Work Effort 373
Deciding Which Value Chain Activities to Perform Internally
and Which to Outsource 373
Making Strategy-Critical Activities the Main Building
Blocks of the Organization Structure 376
Determining the Degree of Authority and Independence
to Give Each Unit and Each Employee 3 78
Providing for Internal Cross-Unit Coordination 381
Providing for Collaboration with Outside Suppliers and Strategic Allies 383
Current Organizational Trends 383
Illustration Capsules
11.1. How General Electric Develops a Talented and Deep Management
Team 366
11.2. Toyota's Legendary Production System: A Capability That Translates into
Competitive Advantage 372
12. Managing Internal Operations: Actions That Promote Good
Strategy Execution 388
Marshaling Resources behind the Drive for Good Strategy Execution 389
Instituting Policies and Procedures That Facilitate Good Strategy
Execution 390
Adopting Best Practices and Striving for Continuous Improvement 393
How the Process of Identifying and Incorporating Best Practices Works 393
Business Process Reengineering, Six Sigma Quality Programs,
and TQM: Tools for Promoting Operating Excellence 395
Capturing the Benefits of Initiatives to Improve Operations 399
Installing Information and Operating Systems 401
Instituting Adequate Information Systems,
Performance Tracking, and Controls 402
Exercising Adequate Controls over Empowered Employees 403
Table of Contents
Tying Rewards and Incentives to Good Strategy Execution 404
Strategy-Facilitating Motivational Practices 404
Striking the Right Balance between Rewards and Punishment 406
Linking the Reward System to Strategically Relevant Performance Outcomes 408
Illustration Capsules
12.1. Granite Construction's Short-Pay Policy: An Innovative Way to Drive
Better Strategy Execution 392
12.2. Whirlpool's Use of Six Sigma to Promote Operating Excellence 398
12.3. What Companies Do to Motivate and Reward Employees 407
12.4. Nucor and Bank One: Two Companies That Tie Incentives Directly to
Strategy Execution 409
13. Corporate Culture and Leadership: Keys to Good Strategy
Execution 414
Instilling a Corporate Culture That Promotes Good Strategy Execution 415
Identifying the Key Features of a Company's Corporate Culture 416
Strong versus Weak Cultures 420
Unhealthy Cultures 422
High-Performance Cultures 424
Adaptive Cultures 425
Culture: Ally or Obstacle to Strategy Execution? 426
Changing a Problem Culture 428
Grounding the Culture in Core Values and Ethics 434
Establishing a Strategy-Culture Fit in Multinational
and Global Companies 437 ,
Leading the Strategy Execution Process 439
Staying on Top of How Well Things Are Going 439
Putting Constructive Pressure on the Organization
to Achieve Good Results and Operating Excellence 441
Leading the Development of Better Competencies and Capabilities 442
Displaying Ethical Integrity and Leading Social Responsibility Initiatives 443
Leading the Process of Making Corrective Adjustments 445
Illustration Capsules
13.1. The Corporate Cultures at Google and Alberto-Culver 417
13.2. Changing the Culture in Alberto-Culver's North American Division 433
Part Two Readings in Crafting and Executing Strategy 451
Section A: What is Strategy and How Is the Process of Crafting and Executing
Strategy Managed?
1. What Is Strategy and How Do You Know If You Have One? 452
Costas Mar/tides, London Business School
2. Walking the Talk (Really!): Why Visions Fail 459
Mark Lipton, New School University
Table of Contents
3. The Power of Business Models 465
Scott M. Shafer, Wake Forest University
H. Jeff Smith, Wake Forest University
Jane E. Under, Accenture Institute for Strategic Change
4. The Balanced Scorecard: To Adopt or Not to Adopt? 475
Kevin B. Hendricks, Richard Ivey School of Business
Larry Menor, Richard Ivey School of Business
Christine Wiedman, Richard Ivey School of Business
5. Stretching Strategic Thinking 482
Stan Abraham, California Polytechnic, Pomona
Section B: Crafting Strategy in Single Business Companies
6. A New Tool for Strategy Analysis: The Opportunity Model 489
Donald Morris, Eastern New Mexico University
7. Playing Hardball: Why Strategy Still Matters 496
George Stalk, The Boston Consulting Group
8. Value Innovation: A Leap into the Blue Ocean 502
W. Chan Kim, INSEAD
Renee Mauborgne, INSEAD
9. Confronting the Low-End Competition 508
Don Potter, Strategy Street.com
10. Strategies for Asia's New Competitive Game 515
Peter J. Williamson, INSEAD
11. Racing to Be 2nd: Conquering the Industries of the Future 521
Costas Markides, London Business School
Paul A. Geroski, London Business School
12. Outsourcing Strategies: Opportunities and Risks 528
Brian Leavy, Dublin City University Business School
Section C: Crafting Strategy in Diversified Companies
13. Insights from the New Conglomerates 534
Gerry Kerr, University of Windsor
James Durroch, York University
Section D: Executing Strategy
14. Turning Great Strategy into Great Performance 551
Michael C. Mankins, Marakon Associates
Richard Steele, Marakon Associates
15. Beyond Best Practice 561
Lynda Gratton, London Business School
Sumantra Ghoshal, London Business School
Table of Contents
16. The Integration of Lean Management and Six Sigma 571
Edward D. Arnheiter, Rensselaer Polytechnic Institute
John Maleyeff, Rensselaer Polytechnic Institute
17. Linking Goals to Monetary Incentives 582
Edwin A. Locke, University of Maryland
18. A Leader's Guide to Creating an Innovation Culture 587
Brian heavy, Dublin City University Business School
19. The Seven Habits of Spectacularly Unsuccessful Executives 594
Sydney Finkelstein, Dartmouth College
Section E: Strategy, Ethics, and Social Responsibility
20. Competing Responsibly 600
Bert van de Ven, University ofTilburg
Ronald Jeurissen, Nyenrode Business University
21. The Ethics Commitment Process: Sustainability through Value-Based
Ethics 614
Jacquelyn B. Gates, Soaring, LLC
Endnotes EN-1
Indexes
Organization 1-1
Name 1-5
Subject 1-9 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Thompson, Arthur A. 1940- Strickland, Alonzo J. Gamble, John E. |
| author_GND | (DE-588)133565467 (DE-588)133565440 |
| author_facet | Thompson, Arthur A. 1940- Strickland, Alonzo J. Gamble, John E. |
| author_role | aut aut aut |
| author_sort | Thompson, Arthur A. 1940- |
| author_variant | a a t aa aat a j s aj ajs j e g je jeg |
| building | Verbundindex |
| bvnumber | BV023197661 |
| classification_rvk | QP 320 |
| ctrlnum | (OCoLC)474963996 (DE-599)BVBBV023197661 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 15. ed., internat. ed. |
| format | Book |
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| id | DE-604.BV023197661 |
| illustrated | Illustrated |
| index_date | 2024-07-02T20:07:00Z |
| indexdate | 2024-07-09T21:12:50Z |
| institution | BVB |
| isbn | 9780071107563 0071107568 9780071109512 007110951X |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016383963 |
| oclc_num | 474963996 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-11 |
| owner_facet | DE-355 DE-BY-UBR DE-11 |
| physical | Getr. Zählung Ill., graph. Darst. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | McGraw-Hill, Irwin |
| record_format | marc |
| spelling | Thompson, Arthur A. 1940- Verfasser (DE-588)133565467 aut Crafting and executing strategy text and readings Arthur A. Thompson ; A. J. Strickland ; John E. Gamble 15. ed., internat. ed. Boston [u.a.] McGraw-Hill, Irwin 2007 Getr. Zählung Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Business planning Strategic planning Strategische Planung (DE-588)4309237-8 gnd rswk-swf Strategisches Management (DE-588)4124261-0 gnd rswk-swf Implementation (DE-588)4026661-8 gnd rswk-swf Strategisches Management (DE-588)4124261-0 s Strategische Planung (DE-588)4309237-8 s Implementation (DE-588)4026661-8 s DE-604 Strickland, Alonzo J. Verfasser (DE-588)133565440 aut Gamble, John E. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016383963&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Thompson, Arthur A. 1940- Strickland, Alonzo J. Gamble, John E. Crafting and executing strategy text and readings Business planning Strategic planning Strategische Planung (DE-588)4309237-8 gnd Strategisches Management (DE-588)4124261-0 gnd Implementation (DE-588)4026661-8 gnd |
| subject_GND | (DE-588)4309237-8 (DE-588)4124261-0 (DE-588)4026661-8 |
| title | Crafting and executing strategy text and readings |
| title_auth | Crafting and executing strategy text and readings |
| title_exact_search | Crafting and executing strategy text and readings |
| title_exact_search_txtP | Crafting and executing strategy text and readings |
| title_full | Crafting and executing strategy text and readings Arthur A. Thompson ; A. J. Strickland ; John E. Gamble |
| title_fullStr | Crafting and executing strategy text and readings Arthur A. Thompson ; A. J. Strickland ; John E. Gamble |
| title_full_unstemmed | Crafting and executing strategy text and readings Arthur A. Thompson ; A. J. Strickland ; John E. Gamble |
| title_short | Crafting and executing strategy |
| title_sort | crafting and executing strategy text and readings |
| title_sub | text and readings |
| topic | Business planning Strategic planning Strategische Planung (DE-588)4309237-8 gnd Strategisches Management (DE-588)4124261-0 gnd Implementation (DE-588)4026661-8 gnd |
| topic_facet | Business planning Strategic planning Strategische Planung Strategisches Management Implementation |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016383963&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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