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Strategic Management and Strategic CompetitivenessMichael A.HittR.Duane IrelandRobert E.HoskissonChapter 1Chapter 112003 Southwestern Publishing CompanyStrategy ImplementationStrategy ImplementationChapter 13Chapter 13StrategicStrategicEntrepreneurshipEntrepreneurshipChapter 11Chapter 11OrganizationalOrganizationalStructure and Structure and ControlsControlsChapter 10Chapter 10CorporateCorporateGovernanceGovernanceChapter 12Chapter 12StrategicStrategicLeadershipLeadershipStrategy FormulationStrategy FormulationStrategicStrategicCompetitivenessCompetitivenessAbove-AverageAbove-AverageReturnsReturnsStrategic IntentStrategic IntentStrategic MissionStrategic MissionChapter 2Chapter 2The ExternalThe ExternalEnvironmentEnvironmentChapter 3Chapter 3The InternalThe InternalEnvironmentEnvironmentThe Strategic Management ProcessFeedbackFeedbackStrategic InputsStrategic InputsStrategic ActionsStrategic ActionsStrategic OutcomesStrategic OutcomesChapter 6Chapter 6Corporate-Corporate-Level StrategyLevel StrategyChapter 9Chapter 9CooperativeCooperativeStrategyStrategyChapter 5Chapter 5Competitive RivalryCompetitive Rivalryand Competitiveand CompetitiveDynamics Dynamics Chapter 8Chapter 8InternationalInternationalStrategyStrategyChapter 4Chapter 4Business-LevelBusiness-LevelStrategyStrategyChapter 7Chapter 7Acquisition andAcquisition andRestructuringRestructuringStrategiesStrategies2Important DefinitionsStrategic Management Process策略管理程序策略管理程序The full set of The full set of commitments,decisions,commitments,decisions,and actionsand actions required for a firm to achieve required for a firm to achieve strategic competitiveness and earn strategic competitiveness and earn above-average returnsabove-average returns3Important DefinitionsStrategic Competitiveness策略性競爭力策略性競爭力Achieved when a firm successfully formulates Achieved when a firm successfully formulates and implements a value-creating strategyand implements a value-creating strategyOccurs when a firm develops a strategy that Occurs when a firm develops a strategy that competitors are not simultaneously competitors are not simultaneously implementingimplementingProvides benefits which current and potential Provides benefits which current and potential competitors are unable to duplicatecompetitors are unable to duplicateAbove-Average Returns平均以上報酬平均以上報酬4Important DefinitionsRisk風險風險An investors uncertainty about the An investors uncertainty about the economic gains or losses that will result economic gains or losses that will result from a particular investmentfrom a particular investmentReturns that are equal to those an investor Returns that are equal to those an investor expects to earn from other investments with expects to earn from other investments with a similar amount of riska similar amount of riskAverage Returns平均報酬平均報酬5Fundamental nature of competition is changing Competitive Landscape競爭情勢Hypercompetitive Hypercompetitive environmentsenvironments超競爭環境超競爭環境Dynamics of strategic maneuvering among global and innovative combatantsPrice-quality positioning,new know-how,first moverProtect or invade established product or geographic markets6Fundamental nature of competition is changing Hypercompetitive Hypercompetitive environmentsenvironmentsCompetitive LandscapeEmergence of global economy全球經濟的出現Goods,services,people,skills,and ideas move freely across geographic borders.Spread of economic innovations around the world.Political and cultural adjustments are required.7Fundamental nature of competition is changing Hypercompetitive Hypercompetitive environmentsenvironmentsCompetitive LandscapeEmergence of global economyRapid technological change快速科技變遷Increasing rate of technological change and diffusionThe information ageIncreasing knowledge intensity8超競爭Hypercompetition產品生命週期短均衡是短期現象對手的行動會使自己喪失優勢很難有持久的競爭優勢9Strategic Flexibility策略彈性A set of capabilities used to respond to A set of capabilities used to respond to various demands and opportunities various demands and opportunities existing in a dynamic and uncertain existing in a dynamic and uncertain competitive environmentcompetitive environmentIt involves coping with uncertainty and the It involves coping with uncertainty and the accompanying risksaccompanying risks10StrategicFlexibilityStrategicFlexibilityStrategic FlexibilityStrategicStrategicflexibilityflexibilityStrategicStrategicReorientationReorientation策略性引導策略性引導Capacity toCapacity toLearnLearn學習能力學習能力OrganizationalOrganizationalSlackSlack緩衝資源緩衝資源111.1.Strategy dictated by the Strategy dictated by the external environments of external environments of the firm the firm(what(what opportunities exist in opportunities exist in these environments?these environments?)2.2.Firm develops internal Firm develops internal skills required 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/LegalDemographicDemographic1.External EnvironmentsIndustry EnvironmentCompetitor EnvironmentI/O Model of Above-Average Returns12Four Assumptions of the I/O Model1.1.The external environment is The external environment is assumed toassumed to possess pressures and constraints that possess pressures and constraints that determine the strategiesdetermine the strategies that would result that would result in above-average returnsin above-average returns2.2.Most firms competing within a particular Most firms competing within a particular or within a certain segment of it are or within a certain segment of it are assumed to control similar strategically assumed to control similar strategically relevant resources and to pursue similar relevant resources and to pursue similar strategiesstrategies in light of those resources in light of those resources13Four Assumptions of the I/O Model3.3.Resources used to implement strategies Resources used to implement strategies are are highly mobile across firmshighly mobile across firms4.4.Organizational decision makers are Organizational decision makers are assumed to be rational and committed to assumed to be rational and committed to acting in the firms best interestsacting in the firms best interests,as,as shown by their profit-maximizing shown by their profit-maximizing behaviorsbehaviors14Industrial Organization Industrial Organization ModelModelI/O Model of Above-Average Returns1.1.Study the external Study the external environment,environment,especially the especially the industry environmentindustry environment economies of scaleeconomies of scale barriers to market entrybarriers to market entry diversificationdiversification product differentiationproduct differentiation degree of concentration of degree of concentration of firms in the industryfirms in the industryThe External EnvironmentThe External Environment15I/O Model of Above-Average Returns2.2.Locate an attractive industryLocate an attractive industry with a high potential for with a high potential for above-average returnsabove-average returnsAttractive industry:one whose Attractive industry:one whose structural characteristics structural characteristics suggest above-average returnssuggest above-average returnsIndustrial Organization Industrial Organization ModelModelThe External EnvironmentThe External EnvironmentAn Attractive IndustryAn Attractive Industry16I/O Model of Above-Average Returns3.3.Identify the strategyIdentify the strategy called called for by the attractive industry for by the attractive industry to earn above-average returnsto earn above-average returnsStrategy formulation:selection Strategy formulation:selection of a strategy linked with of a strategy linked with above-average returns in a above-average returns in a particular industryparticular industryIndustrial Organization Industrial Organization ModelModelThe External EnvironmentThe External EnvironmentAn Attractive IndustryAn Attractive IndustryStrategy FormulationStrategy Formulation17I/O Model of Above-Average Returns4.4.Develop or acquire assets and Develop or acquire assets and skills neededskills needed to implement to implement the strategythe strategyAssets and skills:those assets Assets and skills:those assets and skills required to and skills required to implement a chosen strategyimplement a chosen strategyIndustrial Organization Industrial Organization ModelModelThe External EnvironmentThe External EnvironmentAn Attractive IndustryAn Attractive IndustryStrategy FormulationStrategy FormulationAssets and SkillsAssets and Skills18I/O Model of Above-Average Returns5.Use the firms strengths(its 5.Use the firms strengths(its developed or acquired assets developed or acquired assets and skills)to and skills)to implement the implement the strategystrategyStrategy implementation:select Strategy implementation:select strategic actions linked with strategic actions linked with effective implementation of the effective implementation of the chosen strategychosen strategyIndustrial Organization Industrial Organization ModelModelThe External EnvironmentThe External EnvironmentAn Attractive IndustryAn Attractive IndustryStrategy FormulationStrategy FormulationAssets and SkillsAssets and SkillsStrategy ImplementationStrategy Implementation19I/O Model of Above-Average ReturnsIndustrial Organization ModelThe External EnvironmentThe External EnvironmentAn Attractive IndustryAn Attractive IndustryStrategy FormulationStrategy FormulationAssets and SkillsAssets and SkillsStrategy ImplementationStrategy ImplementationSuperior ReturnsSuperior ReturnsSuperior returns:earning of above-average returns201.1.Strategy dictated by Strategy dictated by unique resources and unique resources and capabilities of the firm capabilities of the firm(what can the firm do(what can the firm do best?best?)2.2.Find an environment in Find an environment in which to exploit these which to exploit these assets(where are the best assets(where are the best opportunities?)opportunities?)Resource-based Model of Above Average Returns1.Firms Resources1.Firms Resources211.1.Identify the firms resources-Identify the firms resources-strengths and weaknessesstrengths and weaknesses compared with competitorscompared with competitorsResources:inputs into a firms Resources:inputs into a firms production processproduction processResource-based Model of Above Average ReturnsResource-based Resource-based ModelModelResourcesResources222.2.Determine the firms Determine the firms capabilitiescapabilities-what it can do-what it can do better than its competitorsbetter than its competitorsCapability:capacity of an Capability:capacity of an integrated set of resources to integrated set of resources to integratively perform a task or integratively perform a task or activityactivityResource-based Model of Above Average ReturnsResource-based Resource-based ModelModelResourcesResourcesCapabilityCapability23Four Attributes of Resources and Capabilities(Competitive Advantage)the firm is organized appropriately to the firm is organized appropriately to obtain the full benefits of the resources in obtain the full benefits of the resources in order to realize a competitive advantage order to realize a competitive advantage ValuableValuableallow the firm to exploit opportunities or allow the firm to exploit opportunities or neutralize threats in its external neutralize threats in its external environmentenvironmentRareRarepossessed by few,if any,current and possessed by few,if any,current and potential competitorspotential competitorsCostly to imitateCostly to imitatewhen other firms cannot obtain them or when other firms cannot obtain them or must obtain them at a much higher costmust obtain them at a much higher costNonsubstitutableNonsubstitutableResources and CapabilitiesResources and Capabilities24Core CompetenciesResources and capabilities that meet these four criteria become a source of:ValuableValuableRareRareCostly to imitateCostly to imitateNonsubstitutableNonsubstitutableCore Competencies核心能力核心能力Resources and CapabilitiesResources and Capabilities25Core Competencies are the basis for a firmsCompetitive Competitive advantage advantage 競爭優勢競爭優勢競爭優勢競爭優勢Strategic Strategic competitiveness competitiveness 策略性競爭力策略性競爭力策略性競爭力策略性競爭力Ability to earn Ability to earn above-average above-average returns returns 獲取平均以獲取平均以獲取平均以獲取平均以上報酬的能力上報酬的能力上報酬的能力上報酬的能力Core Competencies263.3.Determine the potential of the Determine the potential of the firms resources and firms resources and capabilitiescapabilities in terms of a in terms of a competitive advantagecompetitive advantageCompetitive advantage:ability Competitive advantage:ability of a firm to outperform its of a firm to outperform its rivalsrivalsResource-based Model of Above Average ReturnsResource-based Resource-based ModelModelResourcesResourcesCapabilityCapabilityCompetitive AdvantageCompetitive Advantage274.4.Locate an attractive industryLocate an attractive industryAn attractive industry:an An attractive industry:an industry with opportunities that industry with opportunities that can be exploited by the firms can be exploited by the firms resources and capabilitiesresources and capabilitiesResource-based Model of Above Average ReturnsResource-based Resource-based ModelModelResourcesResourcesCapabilityCapabilityCompetitive AdvantageCompetitive AdvantageAn Attractive IndustryAn Attractive Industry285.5.Select a strategySelect a strategy that best that best allows the firm to utilize its allows the firm to utilize its resources and capabilities resources and capabilities relative to opportunities in relative to opportunities in the external environmentthe external environmentStrategy formulation and Strategy formulation and implementation:strategic implementation:strategic actions taken to earn above actions taken to earn above average returnsaverage returnsResource-based Model of Above Average ReturnsResource-based Resource-based ModelModelResourcesResourcesCapabilityCapabilityCompetitive AdvantageCompetitive AdvantageAn Attractive IndustryAn Attractive IndustryStrategy Form/ImplStrategy Form/Impl29Resource-based Model of Above Average ReturnsResource-based Resource-based ModelModelResourcesResourcesCapabilityCapabilityCompetitive AdvantageCompetitive AdvantageAn Attractive IndustryAn Attractive IndustryStrategy Form/ImplStrategy Form/ImplSuperior ReturnsSuperior ReturnsSuperior returns:earning Superior returns:earning of above-average returnsof above-average returns30Strategic Intent&Missionl lStrategic Intent 策略性企圖策略性企圖l lWinning competitive battles through deciding Winning competitive battles through deciding how to leverage internal resources,how to leverage internal resources,capabilities,and core competenciescapabilities,and core competenciesl lStrategic Mission 策略性宗旨策略性宗旨l lAn application of strategic intent in terms of An application of strategic intent in terms of products to be offe
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