Essentials of strategic management
A strategic decision-making model based on the underlying processes of environmental scanning, strategy formulation, strategy implementation, and evaluation and control is presented in chapter 1 and provides an integrating framework for the book. Michael Porter's approach to industry analysis and competitive strategy (plus competitive tactics) is highlighted in chapters 3 and 5. The resource-based view of the firm, in chapter 4, serves as a foundation for organizational analysis. Functional analysis and functional strategies receive major attention in chapters 4 and 7. Sections on R&D and R&D strategies emphasize the importance of technology to strategy and product-market decisions. Strategy implementation deals not only with organization design and structure, but also with executive leadership and succession, reengineering, total quality management, MBO, and action planning in chapters 8 and 9. Chapter 10 on evaluation and control explains the importance of measurement and incentives to organizational performance. Benchmarking and economic value-added measures are highlighted. International considerations are included in all chapters and are highlighted in special sections in chapters 3, 8, 9, and 10.Environmental scanning and forecasting is given emphasis equal to industry analysis in chapter 3. Suggested EFAS, IFAS, and SIAS Tables in chapters 3, 4, and 5 enable the reader to better identify and evaluate strategic factors. Top management and the board of directors are examined in detail in their roles as strategic managers in chapter 2. Social responsibility is discussed in chapter 2 in terms of its importance to strategic decision making. Suggestions for in-depth case analysis provide a complete listing of financial ratios, recommendations for oral and written analysis, and ideas for further research in chapter 11. The strategic audit is proposed as an aid to case analysis. This chapter is most useful for those who wish to supplement this book with cases. Each chapter begins and ends with a brief situation vignette of an actual company that helps illustrate the material. Each chapter ends with a list of key terms (which are also italicized within the text) and a set of discussion questions.
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