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Strategic Management: Concepts



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Pearson College Div
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Featuring a model that is widely used for strategic planning among consultants and companies worldwide, this current, well-written book offers a practitioner-oriented perspective, meets all AACSB guidelines, and focuses on skill-building in all major areas of strategy formation, implementation, and evaluation. Global, natural environment and e-commerce themes are evident throughout the book which also contains 46 Experiential Exercises. A five-part organization includes an overview of strategic management; coverage of strategic formulation, implementation, and evaluation; and a strategic management case analysis. For consultants and other strategic planners.

Table of Contents

Prefacep. xviii
Overview of Strategic Managementp. 2
The Nature of Strategic Managementp. 2
What Is Strategic Management?p. 5
Defining Strategic Managementp. 5
Stages of Strategic Managementp. 5
Integrating Intuition and Analysisp. 7
Adapting to Changep. 8
Key Terms in Strategic Managementp. 8
Competitive Advantagep. 8
Strategistsp. 10
Vision and Mission Statementsp. 11
External Opportunities and Threatsp. 12
Internal Strengths and Weaknessesp. 12
Long-Term Objectivesp. 13
Strategiesp. 13
Annual Objectivesp. 13
Policiesp. 13
The Strategic-Management Modelp. 15
Benefits of Strategic Managementp. 16
Financial Benefitsp. 17
Nonfinancial Benefitsp. 18
Why Some Firms Do No Strategic Planningp. 18
Pitfalls in Strategic Planningp. 19
Guidelines for Effective Strategic Managementp. 20
Business Ethics and Strategic Managementp. 21
Comparing Business and Military Strategyp. 26
The Nature of Global Competitionp. 28
Advantages and Disadvantages of International Operationsp. 28
Cohesion Case: Google Inc.-2005p. 34
Experiential Exercisesp. 50
Google (GOOG)p. 50
Developing a Code of Business Ethics for Google (GOOG)p. 50
The Ethics of Spying on Competitorsp. 51
Strategic Planning for My Universityp. 52
Strategic Planning at a Local Companyp. 52
Does My University Recruit in Foreign Countries?p. 53
Getting Familiar with SMCOp. 53
Strategy Formulationp. 54
The Business Vision and Missionp. 54
What Do We Want to Become?p. 56
What Is Our Business?p. 59
Vision Versus Missionp. 60
The Process of Developing a Mission Statementp. 61
Importance of Vision and Mission Statementsp. 61
A Resolution of Divergent Viewsp. 62
Characteristics of a Mission Statementp. 64
A Declaration of Attitudep. 64
A Customer Orientationp. 66
A Declaration of Social Policyp. 68
Mission Statement Componentsp. 70
Writing and Evaluating Mission Statementsp. 70
Experiential Exercisesp. 77
Evaluating Mission Statementsp. 77
Writing a Vision and Mission Statement for Google (GOOG)p. 78
Writing a Vision and Mission Statement for My Universityp. 78
Conducting Mission Statement Researchp. 79
The External Assessmentp. 80
The Nature of an External Auditp. 82
Key External Forcesp. 83
The Process of Performing an External Auditp. 83
The Industrial Organization (I/O) Viewp. 84
Economic Forcesp. 85
Russia's Economyp. 87
Social, Cultural, Demographic, and Environmental Forcesp. 87
The U.S.-Mexico Borderp. 89
Political, Governmental, and Legal Forcesp. 90
Technological Forcesp. 93
Competitive Forcesp. 94
Competitive Intelligence Programsp. 96
Cooperation Among Competitorsp. 98
Market Commonality and Resource Similarityp. 99
Competitive Analysis: Porter's Five-Forces Modelp. 100
Rivalry Among Competing Firmsp. 101
Potential Entry of New Competitorsp. 102
Potential Development of Substitute Productsp. 103
Bargaining Power of Suppliersp. 103
Bargaining Power of Consumersp. 103
Sources of External Informationp. 104
Forecasting Tools and Techniquesp. 104
Making Assumptionsp. 105
The Global Challengep. 106
Multinational Corporationsp. 106
Globalizationp. 107
China: Opportunities and Threatsp. 108
Industry Analysis: The External Factor Evaluation (EFE) Matrixp. 110
The Competitive Profile Matrix (CPM)p. 111
Experiential Exercisesp. 117
Developing an EFE Matrix for Google (GOOG)p. 117
The External Assessmentp. 117
Developing an EFE Matrix for My Universityp. 117
Developing a Competitive Profile Matrix for Google (GOOG)p. 118
Developing a Competitive Profile Matrix for My Universityp. 118
The Internal Assessmentp. 120
The Nature of an Internal Auditp. 122
Key Internal Forcesp. 123
The Process of Performing an Internal Auditp. 123
The Resource-Based View (RBV)p. 125
Integrating Strategy and Culturep. 126
U.S. Versus Foreign Culturesp. 128
Managementp. 131
Planningp. 131
Organizingp. 133
Motivatingp. 134
Staffingp. 135
Controllingp. 135
Management Audit Checklist of Questionsp. 136
Marketingp. 136
Customer Analysisp. 136
Selling Products/Servicesp. 137
Product and Service Planningp. 137
Pricingp. 138
Distributionp. 138
Marketing Researchp. 139
Opportunity Analysisp. 139
Marketing Audit Checklist of Questionsp. 139
Finance/Accountingp. 140
Finance/Accounting Functionsp. 141
Basic Types of Financial Ratiosp. 142
Finance/Accounting Audit Checklistp. 147
Production/Operationsp. 147
Production/Operations Audit Checklistp. 149
Research and Developmentp. 149
Internal and External R&Dp. 151
Research and Development Auditp. 152
Management Information Systemsp. 152
Strategic-Planning Softwarep. 153
Management Information Systems Auditp. 154
Value Chain Analysis (VCA)p. 154
Benchmarkingp. 157
The Internal Factor Evaluation (IFE) Matrixp. 157
Experiential Exercisesp. 164
Performing a Financial Ratio Analysis for Google (GOOG)p. 164
Constructing an IFE Matrix for Google (GOOG)p. 164
Constructing an IFE Matrix for My Universityp. 164
Strategies in Actionp. 166
Long-Term Objectivesp. 168
The Nature of Long-Term Objectivesp. 168
Financial Versus Strategic Objectivesp. 169
Not Managing by Objectivesp. 170
The Balanced Scorecardp. 170
Types of Strategiesp. 171
Levels of Strategiesp. 172
Integration Strategiesp. 174
Forward Integrationp. 174
Backward Integrationp. 175
Horizontal Integrationp. 176
Intensive Strategiesp. 177
Market Penetrationp. 177
Market Developmentp. 178
Product Developmentp. 179
Diversification Strategiesp. 180
Related Diversificationp. 181
Unrelated Diversificationp. 182
Defensive Strategiesp. 184
Retrenchmentp. 184
Divestiturep. 186
Liquidationp. 186
Michael Porter's Five Generic Strategiesp. 188
Cost Leadership Strategies (Type 1 and Type 2)p. 189
Differentiation Strategies (Type 3)p. 191
Focus Strategies (Type 4 and Type 5)p. 192
Strategies for Competing in Turbulent, High-Velocity Marketsp. 193
Means for Achieving Strategiesp. 193
Joint Venture/Partneringp. 193
Joint Ventures in Russiap. 196
Merger/Acquisitionp. 197
First Mover Advantagesp. 200
Outsourcingp. 201
Strategic Management in Nonprofit and Governmental Organizationsp. 203
Educational Institutionsp. 203
Medical Organizationsp. 203
Governmental Agencies and Departmentsp. 204
Strategic Management in Small Firmsp. 205
Experiential Exercisesp. 210
What Strategies Should Google Pursue in 2006-2007?p. 210
Examining Strategy Articlesp. 210
Classifying Some Year 2005 Strategiesp. 211
How Risky Are Various Alternative Strategies?p. 211
Developing Alternative Strategies for My Universityp. 212
Lessons in Globally Doing Businessp. 213
Strategy Analysis and Choicep. 214
The Nature of Strategy Analysis and Choicep. 216
The Process of Generating and Selecting Strategiesp. 218
A Comprehensive Strategy-Formulation Frameworkp. 218
The Input Stagep. 219
The Matching Stagep. 220
The Strengths-Weaknesses-Opportunities-Threats (SWOT) Matrixp. 221
The Strategic Position and Action Evaluation (SPACE) Matrixp. 225
The Boston Consulting Group (BCG) Matrixp. 227
The Internal-External (IE) Matrixp. 233
The Grand Strategy Matrixp. 237
The Decision Stagep. 239
The Quantitative Strategic Planning Matrix (QSPM)p. 239
Positive Features and Limitations of the QSPMp. 244
Cultural Aspects of Strategy Choicep. 244
The Politics of Strategy Choicep. 245
Governance Issuesp. 246
Experiential Exercisesp. 254
Developing a SWOT Matrix for Googlep. 254
Developing a SPACE Matrix for Googlep. 254
Developing a BCG Matrix for Googlep. 254
Developing a QSPM for Googlep. 255
Formulating Individual Strategiesp. 255
The Mach Testp. 256
Developing a BCG Matrix for My Universityp. 258
The Role of Boards of Directorsp. 258
Locating Companies in a Grand Strategy Matrixp. 259
Strategy Implementationp. 260
Implementing Strategies: Management and Operations Issuesp. 260
The Nature of Strategy Implementationp. 262
Management Perspectivesp. 263
Annual Objectivesp. 264
Policiesp. 266
Resource Allocationp. 268
Managing Conflictp. 269
Matching Structure with Strategyp. 270
The Functional Structurep. 271
The Divisional Structurep. 272
The Strategic Business Unit (SBU) Structurep. 274
The Matrix Structurep. 275
Some Do's and Don'ts in Developing Organizational Chartsp. 277
Restructuring, Reengineering, and E-Engineeringp. 278
Restructuringp. 279
Reengineeringp. 280
Linking Performance and Pay to Strategiesp. 281
Managing Resistance to Changep. 283
Managing the Natural Environmentp. 285
Creating a Strategy-Supportive Culturep. 287
The Mexican Culturep. 288
The Russian Culturep. 289
The Japanese Culturep. 290
Production/Operations Concerns When Implementing Strategiesp. 291
Human Resource Concerns When Implementing Strategiesp. 293
Employee Stock Ownership Plans (ESOPs)p. 294
Balancing Work Life and Home Lifep. 295
Benefits of a Diverse Workforcep. 297
Experiential Exercisesp. 302
Revising Google's Organizational Chartp. 302
Do Organizations Really Establish Objectives?p. 302
Understanding My University's Culturep. 302
Implementing Strategies: Marketing, Finance/Accounting, R&D, and MIS Issuesp. 304
The Nature of Strategy Implementationp. 306
Marketing Issuesp. 306
Market Segmentationp. 307
Does the Internet Make Market Segmentation Easier?p. 310
Product Positioningp. 310
Finance/Accounting Issuesp. 312
Acquiring Capital to Implement Strategiesp. 313
Projected Financial Statementsp. 318
Financial Budgetsp. 320
Evaluating the Worth of a Businessp. 322
Deciding Whether to Go Publicp. 324
Research and Development (R&D) Issuesp. 325
Management Information Systems (MIS) Issuesp. 327
Experiential Exercisesp. 332
Developing a Product-Positioning Map for Googlep. 332
Performing an EPS/EBIT Analysis for Googlep. 332
Preparing Projected Financial Statements for Googlep. 332
Determining the Cash Value of Googlep. 333
Developing a Product-Positioning Map for My Universityp. 333
Do Banks Require Projected Financial Statements?p. 333
Strategy Evaluationp. 334
Strategy Review, Evaluation, and Controlp. 334
The Nature of Strategy Evaluationp. 336
The Process of Evaluating Strategiesp. 339
A Strategy-Evaluation Frameworkp. 340
Reviewing Bases of Strategyp. 340
Measuring Organizational Performancep. 342
Taking Corrective Actionsp. 344
The Balanced Scorecardp. 346
Published Sources of Strategy-Evaluation Informationp. 346
Characteristics of an Effective Evaluation Systemp. 348
Contingency Planningp. 349
Auditingp. 351
The Environmental Auditp. 352
Twenty-First-Century Challenges in Strategic Managementp. 353
The Art or Science Issuep. 353
The Visible or Hidden Issuep. 354
The Top-Down or Bottom-Up Approachp. 354
Experiential Exercisesp. 358
Preparing a Strategy-Evaluation Report for Googlep. 358
Evaluating My University's Strategiesp. 358
Who Prepares an Environmental Audit?p. 358
Strategic Management Case Analysisp. 360
How to Prepare and Present a Case Analysisp. 360
What Is a Strategic-Management Case?p. 362
Guidelines for Preparing Case Analysesp. 362
The Need for Practicalityp. 362
The Need for Justificationp. 362
The Need for Realismp. 362
The Need for Specificityp. 363
The Need for Originalityp. 363
The Need to Contributep. 363
Preparing a Case for Class Discussionp. 363
The Case Method Versus Lecture Approachp. 364
The Cross-Examinationp. 364
Preparing a Written Case Analysisp. 364
The Executive Summaryp. 365
The Comprehensive Written Analysisp. 365
Steps in Preparing a Written Case Analysisp. 365
Making an Oral Presentationp. 366
Organizing the Presentationp. 366
Controlling Your Voicep. 366
Managing Body Languagep. 367
Speaking from Notesp. 367
Constructing Visual Aidsp. 367
Answering Questionsp. 367
Tips for Success in Case Analysisp. 368
Content Tipsp. 368
Process Tipsp. 369
Sample Case Analysis Outlinep. 370
Steps in Presenting an Oral Case Analysisp. 371
1. Introduction (2 minutes)p. 371
2. Mission/Vision (4 minutes)p. 371
3. Internal Assessment (8 minutes)p. 371
4. External Assessment (8 minutes)p. 371
5. Strategy Formulation (14 minutes)p. 372
6. Strategy Implementation (8 minutes)p. 372
7. Strategy Evaluation (2 minutes)p. 373
8. Conclusion (4 minutes)p. 373
Indexp. 374
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