Strategic Management With Infotrac: Competitiveness and Globalization

by Hitt, Michael A.

Edition:

7th

ISBN13:

9780324316940

ISBN10:

0324316941

Format:

Paperback

Pub. Date:

3/2/2006

Publisher(s):

South-Western College Pub

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Summary

STRATEGIC MANAGEMENT: CONCEPTS AND CASES, 7th edition provides the most accurate, relevant, and complete presentation of strategic management today. Each edition is thoroughly updated to include cutting edge research and trends that are shaping business strategy. The authors guide students through the strategic management process using a unique model that blends the classic industrial organizational model with the resource-based view of the firm to explain how firms use the strategic management process to build a sustained competitive advantage. Throughout the text carefully selected examples and highlights help put the ideas presented into context. The text's stunning four color design, illustrative models and figures also helps to focus students attention on the key points. In addition to the concepts portion, the text includes 35 compelling case studies or you can easily build your own case selections from premier providers such as Harvard, Ivey, and Darden.

Preface

xxii

Part 1 Strategic Management Inputs

(101)

Strategic Management and Strategic Competitiveness

(70)

Opening Case: General Motors: How Bright Is the Future?

(3)

The 21 st-Century Competitive Landscape

(9)

The Global Economy

(1)

The March of Globalization

(2)

Technology and Technological Changes

(2)

Strategic Focus: Amazon.com: Using Technology to Create Change

(2)

Strategic Focus: Organizational Change: Be Ready, Because It Can't Be Avoided!

(1)

The I/O Model of Above-Average Returns

(2)

The Resource-Based Model of Above-Average Returns

(2)

Vision and Mission

(2)

Vision

(1)

Mission

(1)

Stakeholders

(3)

Classifications of Stakeholders

(3)

Strategic Leaders

(2)

The Work of Effective Strategic Leaders

(1)

Predicting Outcomes of Strategic Decisions: Profit Pools

(1)

The Strategic Management Process

(2)

Summary

(1)

Review Questions

(1)

Experiential Exercises

(2)

Notes

(4)

The External Environment: Opportunities, Threats, Industry Competition, and Competitor Analysis 34

Opening Case: General and Competitive Environmental Influences on U.S. Airlines

(2)

The General, Industry, and Competitor Environments

(2)

External Environmental Analysis

(3)

Scanning

(1)

Monitoring

(1)

Forecasting

(1)

Assessing

(1)

Segments of the General Environment

(9)

The Demographic Segment

(3)

The Economic Segment

(1)

The Political/Legal Segment

(1)

The Sociocultural Segment

(1)

The Technological Segment

(1)

The Global Segment

(2)

Industry Environment Analysis

(10)

Strategic Focus: The Nature of the Competitive Forces in the Global Automobile Industry

(1)

Threat of New Entrants

(3)

Bargaining Power of Suppliers

(1)

Bargaining Power of Buyers

(1)

Threat of Substitute Products

(1)

Intensity of Rivalry among Competitors

(1)

Strategic Focus: Satellite TV Service Substitutes for Digital Cable Service, Which Substitutes for Local Telephone Service

(2)

Interpreting Industry Analyses

(1)

Strategic Groups

(1)

Competitor Analysis

(2)

Ethical Considerations

(1)

Summary

(1)

Review Questions

(1)

Experiential Exercises

(1)

Notes

(4)

The Internal Environment: Resources, Capabilities, and Core Competencies

(30)

Opening Case: The Capability to Innovate: A Critical Source of Competitive Advantage

(2)

The Nature of Internal Environmental Analysis

(4)

The Context of Internal Analysis

(1)

Creating Value

(2)

The Challenge of Internal Analysis

(2)

Resources, Capabilities, and Core Competencies

(6)

Resources

(3)

Strategic Focus: Human Capital: Underutilizing Valuable Intangible Assets

(1)

Capabilities

(1)

Core Competencies

(1)

Building Core Competencies

(7)

Four Criteria of Sustainable Competitive Advantage

(4)

Value Chain Analysis

(3)

Outsourcing

(3)

Strategic Focus: Outsourcing---Boon or Bane to Competitiveness?

(1)

Competencies, Strengths, Weaknesses, and Strategic Decisions

(1)

Summary

(1)

Review Questions

(1)

Experiential Exercises

(1)

Notes

(4)

Part 2 Strategic Actions: Strategy Formulation

102

(196)

Business-Level Strategy

104

(32)

Opening Case: Lamps of Distinction: Where Did the Customers Go?

105

(2)

Customers: Their Relationship with Business-Level Strategies

107

(5)

Effectively Managing Relationships with Customers

108

(1)

Reach, Richness, and Affiliation

108

(1)

Who: Determining the Customers to Serve

109

(2)

What: Determining Which Customer Needs to Satisfy

111

(1)

How: Determining Core Competencies Necessary to Satisfy Customer Needs

112

(1)

The Purpose of a Business-Level Strategy

112

(2)

Types of Business-Level Strategies

114

(16)

Cost Leadership Strategy

115

(4)

Strategic Focus: Beating Wal-Mart: It's Tough, But It Can Be Done

119

(1)

Differentiation Strategy

120

(5)

Focus Strategies

125

(2)

Integrated Cost Leadership/Differentiation Strategy

127

(4)

Strategic Focus: Maytag Corporation: A Cost Leader? A Differentiator?

131

Summary

130

(2)

Review Questions

132

(1)

Experiential Exercises

132

(1)

Notes

133

(3)

Competitive Rivalry and Competitive Dynamics

136

(30)

Opening Case: Southwest Airlines: The King of the Hill That Is Changing an Industry

137

(2)

A Model of Competitive Rivalry

139

(1)

Competitor Analysis

140

(3)

Market Commonality

141

(1)

Resource Similarity

142

(1)

Drivers of Competitive Actions and Responses

143

(3)

Strategic Focus: Is General Motors Stuck in the 1970s?

145

(1)

Competitive Rivalry

146

(1)

Strategic and Tactical Actions

146

(1)

Likelihood of Attack

147

(5)

First-Mover Incentives

147

(2)

Organizational Size

149

(1)

Quality

150

(2)

Likelihood of Response

152

(3)

Type of Competitive Action

152

(1)

Actor's Reputation

152

(1)

Dependence on the Market

153

(1)

Strategic Focus: The Continuing Saga of Coke and Pepsi Competition: Has Coke Fizzled While Pepsi Popped the Top?

154

(1)

Competitive Dynamics

155

(4)

Slow-Cycle Markets

155

(1)

Fast-Cycle Markets

156

(2)

Standard-Cycle Markets

158

(1)

Summary

159

(2)

Review Questions

161

(1)

Experiential Exercises

161

(2)

Notes

163

(3)

Corporate-Level Strategy

166

(62)

Opening Case: Dining Concepts: What Is the Best Combination?

167

(2)

Levels of Diversification

169

(4)

Low Levels of Diversification

169

(2)

Moderate and High Levels of Diversification

171

(1)

Strategic Focus: What Is the Best Way to Manage Product Diversification at GE?

172

(1)

Reasons for Diversification

173

(2)

Value-Creating Diversification: Related Constrained and Related Linked Diversification

175

(6)

Operational Relatedness: Sharing Activities

175

(1)

Corporate Relatedness: Transferring of Core Competencies

176

(1)

Market Power

177

(1)

Strategic Focus: Adding Maytag's Products to Whirlpool's: An Effort to Develop Market Power

178

(2)

Simultaneous Operational Relatedness and Corporate Relatedness

180

(1)

Unrelated Diversification

181

(2)

Efficient Internal Capital Market Allocation

181

(1)

Restructuring of Assets

182

(1)

Value-Neutral Diversification: Incentives and Resources

183

(5)

Incentives to Diversify

183

(4)

Resources and Diversification

187

(1)

Value-Reducing Diversification: Managerial Motives to Diversify

188

(2)

Summary

190

(1)

Review Questions

190

(1)

Experiential Exercise

191

(1)

Notes

192

(5)

Acquisition and Restructuring Strategies 196

Opening Case: Domestic and Cross-Border Acquisitions: Meeting Competitive Challenges and Acquiring Critical Resources

197

(2)

The Popularity of Merger and Acquisition Strategies

199

(2)

Mergers, Acquisitions, and Takeovers: What Are the Differences?

200

(1)

Reasons for Acquisitions

201

(7)

Increased Market Power

201

(2)

Overcoming Entry Barriers

203

(1)

Strategic Focus: Mittal Steel Becomes the Largest Worldwide Steel Producer through a Strategy of Cross-Border Acquisitions

204

(1)

Cost of New Product Development and Increased Speed to Market

205

(1)

Lower Risk Compared to Developing New Products

206

(1)

Increased Diversification

207

(1)

Reshaping the Firm's Competitive Scope

207

(1)

Learning and Developing New Capabilities

208

(1)

Problems in Achieving Acquisition Success

208

(6)

Integration Difficulties

209

(1)

Inadequate Evaluation of Target

210

(1)

Large or Extraordinary Debt

211

(1)

Inability to Achieve Synergy

211

(1)

Too Much Diversification

212

(1)

Managers Overly Focused on Acquisitions

213

(1)

Too Large

214

(1)

Effective Acquisitions

214

(2)

Restructuring

216

(6)

Downsizing

217

(1)

Downscoping

217

(1)

Strategic Focus: Restructuring through Firm Spin-offs Allows for Value Creation

218

(2)

Leveraged Buyouts

220

(1)

Restructuring Outcomes

220

(2)

Summary

222

(1)

Review Questions

222

(1)

Experiential Exercises

223

(1)

Notes

223

(5)

International Strategy

228

(38)

Opening Case: Chinese Firms' Incentives for Foreign Acquisitions

229

(3)

Identifying International Opportunities: Incentives to Use an International Strategy

232

(4)

Increased Market Size

233

(1)

Return on Investment

234

(1)

Economies of Scale and Learning

234

(1)

Location Advantages

235

(1)

International Strategies

236

(5)

International Business-Level Strategy

236

(2)

International Corporate-Level Strategy

238

(3)

Environmental Trends

241

(4)

Strategic Focus: Whirlpool's Progress toward the Transnational Strategy

242

(1)

Liability of Foreignness

243

(1)

Regionalization

244

(1)

Choice of International Entry Mode

245

(6)

Exporting

245

(1)

Licensing

246

(1)

Strategic Alliances

247

(1)

Acquisitions

248

(1)

New Wholly Owned Subsidiary

249

(1)

Dynamics of Mode of Entry

250

(1)

Strategic Competitiveness Outcomes

251

(2)

International Diversification and Returns

251

(1)

International Diversification and Innovation

252

(1)

Complexity of Managing Multinational Firms

253

(1)

Risks in an International Environment

253

(4)

Political Risks

253

(1)

Economic Risks

254

(1)

Strategic Focus: Are China and India Changing Their Approach to Intellectual Property Enforcement?

255

(1)

Limits to International Expansion: Management Problems

256

(1)

Summary

257

(1)

Review Questions

258

(1)

Experiential Exercises

259

(1)

Notes

260

(6)

Cooperative Strategy

266

(32)

Opening Case: Using Alliances to Build Greater Value

267

(2)

Strategic Alliances as a Primary Type of Cooperative Strategy

269

(4)

Three Types of Strategic Alliances

269

(2)

Reasons Firms Develop Strategic Alliances

271

(2)

Business-Level Cooperative Strategy

273

(6)

Complementary Strategic Alliances

274

(2)

Competition Response Strategy

276

(1)

Uncertainty-Reducing Strategy

276

(1)

Competition-Reducing Strategy

277

(1)

Assessment of Business-Level Cooperative Strategies

278

(1)

Corporate-Level Cooperative Strategy

279

(4)

Diversifying Strategic Alliance

280

(1)

Synergistic Strategic Alliance

280

(1)

Franchising

280

(1)

Strategic Focus: Franchising Finger Foods the American Way

281

(1)

Assessment of Corporate-Level Cooperative Strategies

282

(1)

International Cooperative Strategy

283

(1)

Network Cooperative Strategy

284

(3)

Alliance Network Types

284

(1)

Strategic Focus: Forming an International Alliance Network for Innovation and Its Use

285

(2)

Competitive Risks with Cooperative Strategies

287

(1)

Managing Cooperative Strategies

288

(2)

Summary

290

(2)

Review Questions

292

(1)

Experiential Exercises

292

(1)

Notes

293

(5)

Part 3 Strategic Actions: Strategy Implementation

298

(127)

Corporate Governance

300

(34)

Opening Case: Is Managerial Incentive Compensation Too High?

301

(3)

Separation of Ownership and Managerial Control

304

(7)

Agency Relationships

305

(1)

Product Diversification as an Example of an Agency Problem

306

(2)

Agency Costs and Governance Mechanisms

308

(1)

Strategic Focus: Sarbanes-Oxley Act Increases Governance Intensity

309

(2)

Ownership Concentration

311

(1)

The Growing Influence of Institutional Owners

311

(1)

Board of Directors

312

(5)

Strategic Focus: Governing the CEO

315

(1)

Enhancing the Effectiveness of the Board of Directors

316

(1)

Executive Compensation

317

(2)

A Complicated Governance Mechanism

317

(1)

The Effectiveness of Executive Compensation

318

(1)

Market for Corporate Control

319

(3)

Managerial Defense Tactics

321

(1)

International Corporate Governance

322

(3)

Corporate Governance in Germany

323

(1)

Corporate Governance in Japan

324

(1)

Global Corporate Governance

325

(1)

Governance Mechanisms and Ethical Behavior

325

(1)

Summary

326

(1)

Review Questions

327

(1)

Experiential Exercises

328

(1)

Notes

329

(5)

Organizational Structure and Controls

334

(38)

Opening Case: Sony's Struggles with Its Online Music Business: Organization and Cooperation Difficulties among Its Businesses

335

(1)

Organizational Structure and Controls

336

(5)

Organizational Structure

337

(1)

Organizational Controls

337

(1)

Strategic Focus: A Change in Structure Leads to Improved Strategy Implementation at Kellogg Co

338

(3)

Relationships between Strategy and Structure

341

(1)

Evolutionary Patterns of Strategy and Organizational Structure

341

(21)

Simple Structure

341

(2)

Functional Structure

343

(1)

Multidivisional Structure

343

(1)

Matches between Business-Level Strategies and the Functional Structure

344

(3)

Matches between Corporate-Level Strategies and the Multidivisional Structure

347

(7)

Matches between International Strategies and Worldwide Structures

354

(5)

Strategic Focus: Unilever is Reorganizing to Implement the Transnational Strategy by Using the Combination Structure

359

(1)

Matches between Cooperative Strategies and Network Structures

360

(2)

Implementing Business-Level Cooperative Strategies

362

(1)

Implementing Corporate-Level Cooperative Strategies

362

(1)

Implementing International Cooperative Strategies

363

(1)

Summary

364

(1)

Review Questions

365

(1)

Experiential Exercises

366

(2)

Notes

368

(4)

Strategic Leadership

372

(32)

Opening Case: Long-Term Vision or Operational Performance? The ``Un-Carly'' Takes Hewlett-Packard's Reins

373

(2)

Strategic Leadership and Style

375

(2)

The Role of Top-Level Managers

377

(4)

Top Management Teams

377

(4)

Managerial Succession

381

(3)

Key Strategic Leadership Actions

384

(12)

Determining Strategic Direction

384

(1)

Effectively Managing the Firm's Resource Portfolio

385

(1)

Strategic Focus: How Do Managers Acquire, Protect, and Use Resources Wisely?

386

(3)

Sustaining an Effective Organizational Culture

389

(2)

Strategic Focus: Change Lost in a `Sea' of Organizational Politics

391

(1)

Emphasizing Ethical Practices

392

(2)

Establishing Balanced Organizational Controls

394

(2)

Summary

396

(2)

Experiential Exercises

398

Review Questions

397

(2)

Notes

399

(5)

Strategic Entrepreneurship

404

(21)

Opening Case: W. L. Gore & Associates: The Most Innovative Company in America?

405

(2)

Entrepreneurship and Entrepreneurial Opportunities

407

(1)

Innovation

408

(1)

Entrepreneurs

409

(1)

International Entrepreneurship

410

(1)

Internal Innovation

411

(5)

Strategic Focus: Panera Bread Company: Thriving through Internal Innovation

412

(1)

Incremental and Radical Innovation

413

(1)

Autonomous Strategic Behavior

414

(2)

Induced Strategic Behavior

416

(1)

Implementing Internal Innovations

416

(3)

Cross-Functional Product Development Teams

417

(1)

Facilitating Integration and Innovation

417

(1)

Creating Value from Internal Innovation

418

(1)

Innovation through Cooperative Strategies

419

(2)

Strategic Focus: Cooperating to Innovate in the DVD Rental and Sales Markets

420

Innovation through Acquisitions

421

(1)

Creating Value through Strategic Entrepreneurship

422

(1)

Summary

423

(1)

Review Questions

424

(1)

Experiential Exercises

424

(1)

Notes

425

Strategic Management With Infotrac: Competitiveness and Globalization

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