strategic management © robert jones 2012 based on johnson, scholes & whittington (2005)...
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Strategic Management
© Robert Jones 2012
Based on Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Definition of Strategy
Strategy is the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations.
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Exhibit 2.1
Layers of the business environment
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Exhibit 1.2
The vocabulary of strategy
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Exhibit 1.3
A model of the elements of strategic management
Analysis – external, internaland stakeholders(fairly straightforward)
Optionsand selection ofoption(not so difficult)
Implementation (now it gets tricky ! )
Based on Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Strategy as a Subject of Study
Unique resources, core competencesResource based theory (Hamel, Prahalad)
1980s
Innovation to deal with changeFirms as organisms(Eisenhardt, Stacey)
1990s
Assessing competitive forces (5 forces) and positioning
Market positioning (Porter)
1980s
Complexity and uncertainty. Influence of experience, politics, culture, history
Adaptive processes(Quinn)
1980s
Systematised and analytical approachCorporate planning60/70s
What would you do if you were CEO?Harvard case study1960s
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Mintzberg, H. Ten Strategy Schools (The Strategy Safari)
Bowman, C. Generic Strategies – a Substitute for Thinking
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There are many ways of looking at strategy:
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The risk of strategic drift
Exhibit 1.4 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Good strategy is in the overlap
Often, the environment E movesand the organisation does not move- this can be fatal (strategic drift)
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• Internationalisation– Size of market– Range of competitors– Relationships
overseas– Institutional/cultural
orientation to strategy and profit orientation
• E-Commerce– Speed and direction
of technology change– Expectations about
how to do business– E-commerce
capability– Service small markets
Contemporary Strategy Themes (1)
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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• Changing purposes– Change from pure
profit driven– Corporate scandals– Corporate social
responsibility– AND drive for
shareholder value– Public sector more
“business-like” – target setting and service orientation
• Knowledge and Learning– Innovation – Generate and
integrate knowledge/promote learning
– New ways of doing business
– People interactions
Contemporary Strategy Themes (2)
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Exhibit I.i
The role of the paradigm in strategy formulation
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Exhibit I.v
Three strategy lenses
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Macroenvironment – PESTEL (1)
Exhibit 2.2 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Government policy
The 2012 Financial Statement
How will this influence business and strategy?
http://www.youtube.com/watch?v=d0-V_HrrzcU
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http://www.youtube.com/watch?v=RuQY_WKbHEM&feature=related
Wille Walsh, IAG plc (British Airways) and Mike O’Leary, Ryanairrespond to recent changes in APD Air Passenger Duty
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Drivers of Globalisation
Source: Based on G. Yip, Total Global Strategy ll, FT/Prentice Hall, 2003, chapter 2.
Exhibit 2.3
This is an excellent framework –we will build on this in later lectures
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Porter’s Diamond The Determinants of National Advantage
Source: M. Porter, Competitive Advantage of Nations, Macmillan, 1990.
Exhibit 2.4
This is an excellent frameworkwhen looking atconditions for business
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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First test yourself –you have seen this beforefill in the blanks
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The Five Forces Framework
Source: Adapted from M.E. Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors © 1980, Free Press, 1980, p. 4. Copyright 1980,1988 by The Free Press, a division of Simon & Schuster Inc. Reproduced with permission.
Exhibit 2.5
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The Life-Cycle Model
Exhibit 2.6 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Strategic Capability- the terminology
Exhibit 3.2 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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The Value Chain
Source: M.E. Porter, Competitive Advantage: Creating and Sustaining Superior Performance, Free Press, 1985. Used with permission of The Free Press, a division of Simon & Schuster, Inc. © 1985, 1988 by Michael E. Porter. All rights reserved.
Exhibit 3.6 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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The Value Network
Source: M.E. Porter, Competitive Advantage: Creating and Sustaining Superior Performance, Free Press, 1985. Used with permission of The Free Press, a division of Simon & Schuster Inc. © 1985, 1988 by Michael E. Porter. All rights reserved.
Exhibit 3.7 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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See my lecture on Competences
based on application of the Value Chain
With examples of
Zara
Ryanair
Apple
Honda
Toyota
http://cambridgemba.wordpress.com/strategy/
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Knowledge Creation Processes
Exhibit 3.9
Source: I. Nonaka and H. Takeuchi, The Knowledge-Creating Company, Oxford University Press Inc., © 1995. Reprinted by permission of Oxford University Press.
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Expectations and Purposes - Outline
• Corporate governance• Organisational stakeholders• Stakeholder mapping• Ethical issues• Culture• Cultural web• Communication of organisational purposes
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Expectations and Purposes
Exhibit 4.1 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Stakeholder Mapping: the Power/Interest Matrix
Exhibit 4.5
Source: Adapted from A. Mendelow, Proceedings of the Second International Conference on Information Systems, Cambridge, MA, 1991.
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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The Cultural Web
Exhibit 4.11 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Exhibit III.1
Strategic choices
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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The Strategy Clock
Exhibit 5.2a
Note: The strategy clock is adapted from the work of Cliff Bowman (see D. Faulkner and C. Bowman, The Essence of Competitive Strategy, Prentice Hall, 1995.) However, Bowman uses the dimenstion ‘Perceived Use Value’.
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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The Strategy Clock
Exhibit 5.2b Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Competitive Strategies in Hypercompetitive Conditions
• Competitive advantage is temporary– Rapid imitation– Not sustainable
• Competitive advantage relates to– Organisation’s ability to change– Speed– Flexibility– Innovation– Disruption of market
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Competition and Collaboration
Exhibit 5.5 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Game Theory - Prisoner’s Dilemma
Exhibit 5.6 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Corporate Level Issues
Exhibit 6.1 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Related Diversification
Exhibit 6.3 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Diversity and Performance
Exhibit 6.4 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Reasons for International DiversityMarket-based Exploit cultural/
geographic differences
Globalisation of markets & competition
Cash in on differences in culture
Following customers Administrative differences
Bypass limitations in home market
Specific geographical/economic differences
Utilise strategic capabilities Economic benefits
Broaden market size Economies of scale
Internationalise value-adding activities
Stabilisation of earnings across markets
Enhance knowledge
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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The Growth Share (or BCG) Matrix
Exhibit 6.8 Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Public Sector Portfolio Matrix
Exhibit 6.9
Source: J.R. Montanari and J.S. Bracker, Strategic Management Journal, vol. 7, no. 3 (1986), reprinted by permission of John Wiley & Sons Ltd.
Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Indicators of SBU Strength and Market Attractiveness
Exhibit 6.10a Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Market Attractiveness/SBU Strength Matrix
Exhibit 6.10b Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education
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Strategy Guidelines Based on Directional Policy Matrix
Exhibit 6.10c Johnson, Scholes & Whittington (2005) Exploring Corporate Strategy, 7th Edition, Pearson Education