- •%*• L 1 \ " , • 1H I * , , u Concepts &- Cases 8th Edition R. Duane Ireland Texas A&M University Robert E. Hoskisson Arizona State University Michael A. Hitt Texas A&M University VT^\^^ SOUTH-WESTERN CENGAGE Learning- A u s t r a l i a • B r a z i l • C a n a d a • M e x i c o • S i n g a p o r e • S p a i n • U n i t e d K i n g d o m • U n i t e d S t a t e s
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- •%*• L 1 \ " , • 1H I * , ,
uConcepts &- Cases
8th Edition
R. Duane IrelandTexas A&M University
Robert E. HoskissonArizona State University
Michael A. HittTexas A&M University
VT^\^^
SOUTH-WESTERNCENGAGE Learning-
A u s t r a l i a • B r a z i l • C a n a d a • M e x i c o • S i n g a p o r e • S p a i n • U n i t e d K i n g d o m • U n i t e d S t a t e s
Contents
Preface xviii
About the Authors xxiv
Part 1: Strategic Management Inputs 11: What is StrategicManagement? 2
Opening Case: Boeing and Airbus: A GlobalCompetitive Battle over Supremacy in ProducingCommercial Aircraft 3
The Competitive Landscape 6The Global Economy 7
Technology and Technological Changes 10
Strategic Focus: Apple: Using Innovation toCreate Technology Trends and Maintain Competitive Advantage
The I/O Model of Above-Average Returns 13
Strategic Focus: Netflix Confronts a Turbulent CompetitiveEnvironment 14
The Resource-Based Model of Above-Average Returns 16
Vision and Mission 18
Vision 18
Mission 19
Stakeholders 20
Classifications of Stakeholders 20
Strategic Leaders 22The Work of Effective Strategic Leaders 23
Predicting Outcomes of Strategic Decisions: Profit Pools 24
The Strategic Management Process 24
Summary 26 • Review Questions 26 • Notes 27
......v-
2: Exploring the External Environment:Competition and Opportunities 32Opening Case: Environmental Pressures on Wal-Mart 33
The General, Industry, and Competitor Environments 35
External Environmental Analysis 37
Scanning 38
Monitoring 38
Forecasting 39
Assessing 39
Segments of the General Environment 39
The Demographic Segment 40
The Economic Segment 42
The Political/Legal Segment 42
The Sociocultural Segment 43
The Technological Segment 44
The Global Segment 45
Strategic Focus: Does Google Have the Market Power to Ignore External Pressures? 46
Industry Environment Analysis 48
Threat of New Entrants 49
Bargaining Power of Suppliers 52
Bargaining Power of Buyers 52
Threat of Substitute Products 52
Intensity of Rivalry Among Competitors 53
Interpreting Industry Analyses 55
Strategic Groups 55
Strategic Focus: IBM Closely Watches Its Competitorsto Stay at the Top of Its Game 57
Competitor Analysis 58
Ethical Considerations 60
Summary 61 e Review Questions 61 • Notes 62
3: Examining the internal Organization: Activities,Resources, and Capabilities 68
Opening Case: Managing the Tension Between Innovation and Efficiency 69
Analyzing the Internal Organization 71
The Context of Internal Analysis 71
Creating Value 72
The Challenge of Analyzing the Internal Organization 73
Strategic Focus: Hyundai Cars: The Quality Is There, So Why Aren't theCars Selling? 75
Resources, Capabilities, and Core Competencies 76Resources 76
Strategic Focus: Seeking to Repair a Tarnished Brand Name 79
Capabilities 80
Core Competencies 81
Building Core Competencies 81Four Criteria of Sustainable Competitive Advantage 81
Value Chain Analysis 84
Outsourcing 87
Competencies, Strengths, Weaknesses, and Strategic Decisions 88
Summary 90 • Review Questions 91 • Notes 91
Part 2; Strategic Actions; Strategy Formulation 954: Building and Sustaining CompetitiveAdvantage 96
Opening Case: Competition Between Hewlett-Packardand Dell: The Battle Rages On 97
A Model of Competitive Rivalry 99
Competitor Analysis 100Market Commonality 101
Resource Similarity 102
Drivers of Competitive Actions and Responses 103
Strategic Focus: Who Will Win the Competitive Battles BetweenNetflix and Blockbuster? 105
Competitive Rivalry 105Strategic and Tactical Actions 106
Likelihood of Attack 106Strategic Focus: Using Aggressive Pricing as a Tactical Actionat Wal-Mart 107
First-Mover Incentives 107
Organizational Size 109
Quality 110
Likelihood of Response 111Type of Competitive Action 112
Actor's Reputation 112
Dependence on the Market 113
Competitive Dynamics 113
Slow-Cycle Markets 113
Fast-Cycle Markets 114
Standard-Cycle Markets 115
Summary 117 • Review Questions 118 • Notes 118
5: Strategy at the Business Level 122
Opening Case: From Pet Food to PetSmart 123
Customers: Their Relationship with Business-Level Strategies 125
Effectively Managing Relationships with Customers 126
Reach, Richness, and Affiliation 126
Who: Determining the Customers to Serve 127
What: Determining Which Customer Needs to Satisfy 128
How: Determining Core Competencies Necessary to Satisfy CustomerNeeds 129
The Purpose of a Business-Level Strategy 129
Types of Business-Level Strategies 131
Cost Leadership Strategy 132
Differentiation Strategy 136
Focus Strategies 139
Strategic Focus: Caribou Coffee: When You Are Number Two, You Try Harder 140