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1、1,Strategic Management and Strategic Competitiveness,Chapter 1,2,“The Essence of Strategic Management is Competitiveness”,3,The Purpose of this course is to learn and be able to apply the Strategic Management Process.,4,The purpose of the Strategic Management Process is to enable a firm to achieve s
2、trategic competitiveness and earn above average returns.,5,Important Definitions,Strategic Management Process,The full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns,Strategic Competitiveness,Achieved when a firm suc
3、cessfully formulates and implements a value-creating strategy,6,Important Definitions,Sustained Competitive Advantage,Occurs when a firm develops a strategy that competitors are not simultaneously implementing,Provides benefits which current and potential competitors are unable to duplicate,7,Import
4、ant Definitions,Risk,An investors uncertainty about the economic gains or losses that will result from a particular investment,Returns that are equal to those an investor expects to earn from other investments with a similar amount of risk,Average Returns,8,Above-Average Returns,Return,Risk,*,*,*,*,
5、*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,9,Above-Average Returns,Return,Risk,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,*,10,A
6、bove-Average Returns,Return,Risk,11,Above-Average Returns,Return,Risk,12,Above-Average Returns,Return,Risk,13,Above-Average Returns,Return,Risk,14,Above-Average Returns,Return,Risk,Above Average,15,Above-Average Returns,Return,Risk,Above Average,16,Above-Average Returns,Return,Risk,Above Average,Bel
7、ow Average,17,Fundamental nature of competition is changing,Competitive Landscape,Hypercompetitive environments,Dynamics of strategic maneuvering among global and innovative combatants,Price-quality positioning, new know-how, first mover,Protect or invade established product or geographic markets,18
8、,Fundamental nature of competition is changing,Hypercompetitive environments,Competitive Landscape,Emergence of global economy,Goods, services, people, skills, and ideas move freely across geographic borders.,Spread of economic innovations around the world.,Political and cultural adjustments are req
9、uired.,19,Fundamental nature of competition is changing,Hypercompetitive environments,Competitive Landscape,Emergence of global economy,Rapid technological change,Increasing rate of technological change and diffusion,The information age,Increasing knowledge intensity,20,Two Approaches to the Strateg
10、ic Management Process,The Industrial/Organizational (IO) Model (External) The Resource Based Model (Internal),21,Alternative Models of Superior Returns,Resource-Based Model,Industrial Organization Model,22,I/O Model of Above-Average Returns,The Industrial Organization model suggests that above-avera
11、ge returns for any firm are largely determined by characteristics outside the firm. This model largely focuses on industry structure or attractiveness of the external environment rather than internal characteristics of the firm.,23,1. Strategy dictated by the external environments of the firm (what
12、opportunities exist in these environments?) 2. Firm develops internal skills required by external environment (what can the firm do about the opportunities?),1. External Environments,Industry Environment,Competitor Environment,I/O Model of Above-Average Returns,24,Four Assumptions of the I/O Model,1
13、. The external environment is assumed to 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 pur
14、sue similar strategies in light of those resources,25,Four Assumptions of the I/O Model,3. Resources used to implement strategies are highly mobile across firms 4. Organizational decision makers are assumed to be rational and committed to acting in the firms best interests, as shown by their profit-
15、maximizing behaviors,26,Industrial Organization Model,I/O Model of Above-Average Returns,1. Study the external environment, especially the industry environment economies of scale barriers to market entry diversification product differentiation degree of concentration of firms in the industry,27,I/O
16、Model of Above-Average Returns,2. Locate an attractive industry with a high potential for above-average returns,Attractive industry: one whose structural characteristics suggest above-average returns,Industrial Organization Model,28,I/O Model of Above-Average Returns,3. Identify the strategy called for by the attractive industry to earn above-average returns,Strategy formulation: selection of a strategy linked with above-average returns in a particular industry,
