Strategic Management and Cengage Learning Essay

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Chapter 1
Strategic Management and
Strategic Competitiveness

PART 1 STRATEGIC MANAGEMENT INPUTS

© 2015 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

Presentation design by Charlie Cook

Learning Objectives
Studying this chapter should provide you with the strategic management knowledge needed to:
1. Define strategic competitiveness, strategy, competitive advantage, above-average returns, and the strategic management process.
2. Describe the competitive landscape and explain how globalization and technological changes shape it.
3. Use the industrial organization (I/O) model to explain how firms can earn above-average returns.
4. Use the resource-based model to explain how firms can earn above-average returns.
5. Describe vision and mission and discuss their value.
6. Define stakeholders and describe their ability to influence organizations. 7. Describe the work of strategic leaders.
8. Explain the strategic management process.
© 2015 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

1–2

Twenty-First Century Competition

© 2015 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

1–3

Strategic Competitiveness
Formulation and implementation of a superior valuecreating strategy

Commitments and actions to achieve above-average performance and returns

What the firm will do

Competitive advantage © 2015 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

What the firm will not do

1–4

Figure 1.1
Process

The Strategic Management

© 2015 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

1–5

Increasing
Increasing

The Global Competitive Landscape
• Market volatility and instability due to the rapid pace of change in markets
• Blurring of market boundaries
• Globalized flow of financial capital
• Need for flexibility, speed, innovation, and integration in the use of technology
• Strategic and operational complexity of global-scale competition
• Rising product quality standards

Decreasing
Decreasing

• Traditional time for adapting to change
• Traditional sources of competitive advantage
• Traditional managerial mindset

© 2015 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

1–6

Hypercompetition

Global economy Use of price-quality positioning to build market presence Strategic options in hypercompetitive environments

Creation of new know-how and use of first-mover advantage © 2015 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.

Technology

Protection or invasion of established geographic or product markets

1–7

Competitive Success Factors

© 2015 Cengage Learning. All rights reserved. May not be copied,
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