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1、1Strategic Management and Strategic CompetitivenessChapter 12“ “The Essence of Strategic The Essence of Strategic Management is Competitiveness”Management is Competitiveness”3lThe Purpose of this course is to learn and be able to apply the Strategic Management Process.4lThe purpose of the Strategic
2、Management Process is to enable a firm to achieve strategic competitiveness and earn above average returns.5Important DefinitionsStrategic Management Process The full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above -average returnsSt
3、rategic Competitiveness Achieved when a firm successfully formulates and implements a value-creating strategy6Important DefinitionsSustained Competitive Advantage Occurs when a firm develops a strategy that competitors are not simultaneously implementing Provides benefits which current and potential
4、 competitors are unable to duplicate7Important DefinitionsRisk An investors uncertainty about the economic gains or losses that will result from a particular investmentReturns that are equal to those an investor expects to earn from other investments with a similar amount of riskAverage Returns8Abov
5、e-Average ReturnsAbove-Average ReturnsReturnReturnRiskRisk* * * * * *9Above-Average ReturnsAbove-Average ReturnsReturnReturnRiskRisk* * * * * *10Above-Average ReturnsAbove-Average ReturnsReturnReturnRiskRisk11Above-Average ReturnsAbove-Average ReturnsReturnReturnRiskRisk12Above-Average ReturnsAbove-
6、Average ReturnsReturnReturnRiskRisk13Above-Average ReturnsAbove-Average ReturnsReturnReturnRiskRisk14Above-Average ReturnsAbove-Average ReturnsReturnReturnRiskRiskAbove Average15Above-Average ReturnsAbove-Average ReturnsReturnReturnRiskRiskAbove Average16Above-Average ReturnsAbove-Average ReturnsRet
7、urnReturnRiskRiskAbove AverageBelow Average17Fundamental nature of competition is changing Competitive LandscapeCompetitive LandscapeHypercompetitive Hypercompetitive environmentsenvironmentsDynamics of strategic maneuvering among global and innovative combatantsPrice-quality positioning, new know-
8、how, first moverProtect or invade established product or geographic markets18Fundamental nature of competition is changing Hypercompetitive Hypercompetitive environmentsenvironmentsCompetitive LandscapeCompetitive LandscapeEmergence of global economyGoods, services, people, skills, and ideas move fr
9、eely across geographic borders.Spread of economic innovations around the world.Political and cultural adjustments are required.19Fundamental nature of competition is changing Hypercompetitive Hypercompetitive environmentsenvironmentsCompetitive LandscapeCompetitive LandscapeEmergence of global econo
10、myRapid technological changeIncreasing rate of technological change and diffusionThe information ageIncreasing knowledge intensity20Two Approaches to the Strategic Management ProcesslThe Industrial/Organizational (IO) Model (External)lThe Resource Based Model (Internal)21Alternative Models of Superi
11、or ReturnsResource-Based ModelIndustrial Organization ModelThe External EnvironmentAn Attractive IndustryStrategy FormulationAssets and SkillsStrategy ImplementationSuperior ReturnsResourcesCapabilityCompetitive AdvantageAn Attractive IndustryStrategy ImplementationSuperior ReturnsI/O Model of Above
12、-Average ReturnslThe Industrial Organization model suggests that above-average returns for any firm are largely determined by characteristics outside the firm.lThis model largely focuses on industry structure or attractiveness of the external environment rather than internal characteristics of the f
13、irm.2223231. 1. Strategy dictated by the Strategy dictated by the external environments of external environments of the firm (what the firm (what opportunities exist in opportunities exist in these environments?)these environments?)2. 2. Firm develops internal Firm develops internal skills required
14、by skills required by external environment external environment (what can the firm do (what can the firm do about the opportunities?)about the opportunities?)GeneralGeneralEnvironmentEnvironmentGlobalGlobalTechnologicalTechnologicalEconomicEconomicSocioculturalSocioculturalPolitical/LegalPolitical/L
15、egalDemographicDemographic1. External Environments1. External EnvironmentsIndustry Industry EnvironmentEnvironmentCompetitor Competitor EnvironmentEnvironmentI/O Model of Above-Average ReturnsI/O Model of Above-Average Returns24Four Assumptions of the I/O Model1.The external environment is assumed t
16、o possess pressures and constraints that determine the strategies that would result in above-average returns 2. Most firms competing within a particular or within a certain segment of it are assumed to control similar strategically relevant resources and to pursue similar strategies in light of those res
