Strategic Management - Io & Resourse Model
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Strategic Competitiveness Achieved when a firm successfully formulates and implements a value-creating strategy
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
Above-Average Returns Returns in excess of what an investor expects to earn from other investments with similar risk
Ch1
The Strategic Management Process Involves the full set of:
Commitments
Decisions
Actions
which are required for firms to achieve:
Strategic Competitiveness Sustained Competitive Advantage Above-Average Returns
Ch1
Strategic Inputs
Chapter 2 External Environment
Strategic Intent Strategic Mission
Chapter 3 Internal Environment
Strategic Outcomes
Strategic Actions
Strategy Formulation
The Strategic Management Process Strategy Implementation
Chapter 4 Business-Level Strategy
Chapter 5 Competitive Dynamics
Chapter 6 Corporate-Level Strategy
Chapter 10 Corporate Governance
Chapter 11 Structure & Control
Chapter 7 Acquisitions & Restructuring
Chapter 8 International Strategy
Chapter 9 Cooperative Strategies
Chapter 12 Strategic Leadership
Chapter 13
Feedback
Entrepreneurship
& Innovation
Strategic Competitiveness Above Average Returns
Ch1
Chapter One: Key Themes Challenge of Strategic Management Changing Competitive Landscape Two Models of Superior Profitability • Industrial Organization Model • Resource-Based Model Key Stakeholder Groups
Ch1
Challenge of Strategic Management Only 16 of the 100 largest U.S. companies at the start of the 20th century are still identifiable today! In a recent year, 44,367 businesses filed for bankruptcy and many more U.S. businesses failed
Competitive success is transient...unless care is taken to preserve competitive position
Ch1
Challenge of Strategic Management Best Stocks of the Decade
The goals of achieving strategic competitiveness and earning aboveaverage returns are challenging The performance of some companies more than meets strategic management's challenge
Ch1
21st Century Competitive Landscape Fundamental nature of competition is changing • Rapid technological changes • Rapid technology diffusions • Dramatic changes in information and communication technologies • Increasing importance of knowledge
The pace of change is relentless.... and increasing Traditional industry boundaries are blurring, such as... • Computers • Telecommunications
Ch1
21st Century Competitive Landscape The global economy is changing • People, goods, services and ideas move freely across geographic boundaries • New opportunities emerge in multiple global markets • Markets and industries become more internationalized
Traditional sources of competitive advantage no longer guarantee success New keys to success include: • • • •
Flexibility Innovation Speed Integration
Ch1
21st Century Competitive Landscape A country’s competitiveness is achieved through the accumulation of individual firms’ strategic competitiveness in the global economy Achieving improved competitiveness allows a country's citizens to have a higher standard of living
Country Competitiveness Rankings 1999
1998
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
1 3 2 6 5 8 10 4 7 11 15 14 13 12 9 17 16 30 23 20 18 19 22 27 24 25
Country Singapore United States Hong Kong Taiwan Canada Switzerland Luxembourg United Kingdom Netherlands Ireland Finland Australia New Zealand Japan Norway Malaysia Denmark Iceland Sweden Austria Chile Korea France Belgium Germany Spain
Competitiveness Index 1999 2.12 1.58 1.41 1.38 1.33 1.27 1.25 1.17 1.13 1.11 1.11 1.04 10.1 1.00 0.92 0.86 0.85 0.59 0.58 0.37 0.57 0.46 0.44 0.39 0.37 0.16
Competitiveness Index 1998 2.16 1.41 1.91 1.19 1.27 1.10 1.05 1.29 1.13 1.05 0.70 0.79 0.84 0.97 1.09 0.59 0.61 -0.18 0.25 0.37 0.57 0.39 0.25 -0.03 0.15 0.02
Alternative Models of Superior Returns Industrial Organization Model
Resource-Based Model
The External Environment
Resources
An Attractive Industry
Capability
Strategy Formulation
Competitive Advantage
Assets and Skills
An Attractive Industry
Strategy Implementation
Strategy Implementation
Superior Returns
Superior Returns
Ch1-
I/O Model of Superior Returns The Industrial Organization model suggests that above-average 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.
Ch1-
I/O Model of Superior Returns External Environment General Environment Industry Environment Competitive Environment
Action required: Study the external environment, especially the industry environment.
Ch1-
I/O Model of Superior Returns External Environment An Attractive GeneralIndustry Environment Industry Environment An industry whose Competitive structural characteristics Environment suggest above-average returns are possible
Action required: Locate an industry with high potential for aboveaverage returns.
Ch1-
I/O Model of Superior Returns External Environment Attractive GeneralIndustry Environment Industry Environment Strategy An industry whose Formulation Competitive structural characteristics
Action required: Identify strategy called for by the industry to earn above-average returns.
Environment Selection of a strategy suggest above-average with abovereturns are linked possible average returns in a particular industry
Ch1-
I/O Model of Superior Returns Action required: External Develop or acquire assets Environment Attractive and skills needed to GeneralIndustry Environment implement the strategy. Strategy Industry Environment An industry whose Formulation Competitive structural characteristics Environment and Skills Selection ofAssets a strategy suggest above-average with abovereturns arelinked possible Assetsinand average returns a skills required to implement particular industry a chosen strategy
Ch1-
I/O Model of Superior Returns Action required: External Use the firm’s strengths Environment Attractive (its assets or skills) to GeneralIndustry Environment implement the strategy. Strategy Industry Environment An industry whose Formulation Competitive structural characteristics Environment and Skills Selection ofAssets a strategy suggest above-average with abovereturns arelinked possible Assetsinand skills average returns a Strategy required to implement Implementation particular industry a chosen strategy Selection of strategic actions linked with effective implementation of the chosen strategy
Ch1-
I/O Model of Superior Returns Action required: External Maintain selected strategy Environment Attractive in order to outperform GeneralIndustry Environment industry rivals. Strategy Industry Environment An industry whose Formulation Competitive structural characteristics Environment and Skills Selection ofAssets a strategy suggest above-average with abovereturns arelinked possible Assetsinand skills average returns a Strategy required to implement Implementation particular industry a chosen strategy Superior Returns Selection of strategic actions linked with Earning of aboveeffective implementation average returns of the chosen strategy
Ch1-
Resource-Based Model of Superior Returns The Resource-Based model suggests that above-average returns for any firm are largely determined by characteristics inside the firm. This model focuses on developing or obtaining valuable resources and capabilities which are difficult or impossible for rivals to imitate.
Ch1-
Resource-Based Model of Superior Returns Resources Inputs to a firm’s production process.
Action required: Identify firm resources. Study strengths and weaknesses relative to rivals.
Ch1-
Resource-Based Model of Superior Returns Resources Capability
Inputs to a firm’s production process. Capacity for an integrated set of resources to perform a task or activity.
Action required: Determine what firm capabilities allow it to do better than rivals.
Ch1-
Resource-Based Model of Superior Returns Resources Capability
Inputs to a firm’s production process. Competitive Capacity for an integrated set of resources to Advantage integratively perform a Ability of a firm to task or activity. outperform its rivals
Action required: Determine how firm’s resources and capabilities may create competitive advantage.
Ch1-
Resource-Based Model of Superior Returns Resources Capability
Action required: Locate an attractive industry.
Inputs to a firm’s production process. Competitive Capacity for an integrated set of resources to Advantage integratively perform An a Attractive Ability of aIndustry firm to task or activity. outperform its rivals Location of an industry with opportunities that can be exploited by the firm’s resources and capabilities
Ch1-
Resource-Based Model of Superior Returns Resources Capability
Action required: Select strategy that best exploits resources and capabilities relative to opportunities in environs.
Inputs to a firm’s production process. Competitive Capacity for an integrated set of resources to Advantage integratively perform An a Attractive Ability of aIndustry firm to task or activity. outperform its rivalsStrategy Location of an Formulation and industry with opportunities that can Implementation be exploited by the Strategic actions taken to firm’s resources and earn above-average capabilities returns
Ch1-
Resource-Based Model of Superior Returns Resources Capability
Action required: Maintain selected strategy in order to outperform industry rivals.
Inputs to a firm’s production process. Competitive Capacity for an integrated set of resources to Advantage integratively perform An a Attractive Ability of aIndustry firm to task or activity. outperform its rivalsStrategy Location of an Formulation and industry with Superior Returns opportunities that can Implementation be exploited by the Strategic actions taken to Earning of abovefirm’s resources and earn above-average average returns capabilities returns
Ch1-
Resources and capabilities lead to Competitive Advantage when they are: Valuable
allow the firm to exploit opportunities or neutralize threats in its external environment
Rare
possessed by few, if any, current and potential competitors
Costly to Imitate when other firms either cannot obtain them or must obtain them at a much higher cost
Nonsubstitutable the firm must be organized appropriately to obtain the full benefits of the resources in order to realize a competitive advantage
Ch1-
When these four criteria are met, Resources and Capabilities become:
Core Competencies
Core Competencies are resources and capabilities that can serve as a source of Competitive Advantage. The Resource-Based model argues that Core Competencies are the basis for a firm’s Competitive Advantage, Strategic Competitiveness and Ability to Earn Above-average Returns.
Ch1-
Strategic Intent Winning competitive battles through deciding how to leverage internal resources, capabilities, and core competencies.
Strategic Mission An application of strategic intent in terms of products to be offered and markets to be served.
Ch1-
Strategic Intent BUSINESS WEEKS’S 10 Top Managers of the Year, 1999
The most effective strategists provide a vision (strategic intent) to effectively elicit the help of others in creating a firm's competitive advantage.
Name
Company
Strategic Accomplishment
Minoru Arakawa
Nintendo America
Scored huge hit by bringing Pokė mon to U.S. over objections of co-workers and negative market research
Bernard Arnault
LVMH
From just 23 in Oct. ’98, LVMH’s U.S. shares have vaulted 280%, to about 87
Arthur Blank
Home Depot
Profits should jump 46%, to $2.3 billion for fiscal year 1999. Sales are expected to grow 25%, to $38 billion
Peter Bijur
Texaco
After his company was labeled racist, attracted minorities to key jobs, including treasurer Ira Hall, a former IBM executive
Gordon Binder
Amgen
Boosted stock price by around 100% last year, to about $54
Steve Case
America Online
Deals to broaden AOL’s availability and services will help boost income 102% this fiscal year, to $800 million
John Chambers
Cisco Systems
Broadened Cisco into strategic businesses such as software, consulting, and fiber-optic communications
Jim Curvey
Fidelity Investments
Reduced internal conflicts and spurred growth through management changes
Thierry Desmarest
Totalfina
Acquired rival French oil company ELF Aquitaine for $44 billion. Shares up about 35% in ’99, as profits expected to grow 20%, to $3.1 billion
Bernie Ebbers
MCI Worldcom
Turned toward more profitable data, Internet, and international operations
Ch1-
Stakeholders:
Groups who are affected by a firm’s performance and who have claims on its wealth
The firm must maintain performance at an adequate level in order to maintain the participation of key stakeholders
Firm Product Market Primary Customers Suppliers
Capital Market
Stock market/Investor Debt suppliers/Banks
Organizational Employees Managers Non-Managers
Ch1-
Stakeholder Involvement Each of the key stakeholders wants a piece of the same pie
1
How do you divide the pie in order to keep all of the stakeholders involved?
2
How do you increase the size of the pie so that there is more to go around?
Ch1-
Strategic Inputs
Chapter 2 External Environment
Strategic Intent Strategic Mission
Chapter 3 Internal Environment
Strategy Implementation
Chapter 4 Business-Level Strategy
Chapter 5 Competitive Dynamics
Chapter 6 Corporate-Level Strategy
Chapter 10 Corporate Governance
Chapter 11 Structure & Control
Chapter 7 Acquisitions & Restructuring
Chapter 8 International Strategy
Chapter 9 Cooperative Strategies
Chapter 12 Strategic Leadership
Chapter 13
Outcomes
Strategic
Strategic Actions
Strategy Formulation
The Strategic Management Process
Feedback
Entrepreneurship
& Innovation
Strategic Competitiveness Above Average Returns
Ch1-
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
Above-Average Returns Returns in excess of what an investor expects to earn from other investments with similar risk
Ch1
The Strategic Management Process Involves the full set of:
Commitments
Decisions
Actions
which are required for firms to achieve:
Strategic Competitiveness Sustained Competitive Advantage Above-Average Returns
Ch1
Strategic Inputs
Chapter 2 External Environment
Strategic Intent Strategic Mission
Chapter 3 Internal Environment
Strategic Outcomes
Strategic Actions
Strategy Formulation
The Strategic Management Process Strategy Implementation
Chapter 4 Business-Level Strategy
Chapter 5 Competitive Dynamics
Chapter 6 Corporate-Level Strategy
Chapter 10 Corporate Governance
Chapter 11 Structure & Control
Chapter 7 Acquisitions & Restructuring
Chapter 8 International Strategy
Chapter 9 Cooperative Strategies
Chapter 12 Strategic Leadership
Chapter 13
Feedback
Entrepreneurship
& Innovation
Strategic Competitiveness Above Average Returns
Ch1
Chapter One: Key Themes Challenge of Strategic Management Changing Competitive Landscape Two Models of Superior Profitability • Industrial Organization Model • Resource-Based Model Key Stakeholder Groups
Ch1
Challenge of Strategic Management Only 16 of the 100 largest U.S. companies at the start of the 20th century are still identifiable today! In a recent year, 44,367 businesses filed for bankruptcy and many more U.S. businesses failed
Competitive success is transient...unless care is taken to preserve competitive position
Ch1
Challenge of Strategic Management Best Stocks of the Decade
The goals of achieving strategic competitiveness and earning aboveaverage returns are challenging The performance of some companies more than meets strategic management's challenge
Ch1
21st Century Competitive Landscape Fundamental nature of competition is changing • Rapid technological changes • Rapid technology diffusions • Dramatic changes in information and communication technologies • Increasing importance of knowledge
The pace of change is relentless.... and increasing Traditional industry boundaries are blurring, such as... • Computers • Telecommunications
Ch1
21st Century Competitive Landscape The global economy is changing • People, goods, services and ideas move freely across geographic boundaries • New opportunities emerge in multiple global markets • Markets and industries become more internationalized
Traditional sources of competitive advantage no longer guarantee success New keys to success include: • • • •
Flexibility Innovation Speed Integration
Ch1
21st Century Competitive Landscape A country’s competitiveness is achieved through the accumulation of individual firms’ strategic competitiveness in the global economy Achieving improved competitiveness allows a country's citizens to have a higher standard of living
Country Competitiveness Rankings 1999
1998
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
1 3 2 6 5 8 10 4 7 11 15 14 13 12 9 17 16 30 23 20 18 19 22 27 24 25
Country Singapore United States Hong Kong Taiwan Canada Switzerland Luxembourg United Kingdom Netherlands Ireland Finland Australia New Zealand Japan Norway Malaysia Denmark Iceland Sweden Austria Chile Korea France Belgium Germany Spain
Competitiveness Index 1999 2.12 1.58 1.41 1.38 1.33 1.27 1.25 1.17 1.13 1.11 1.11 1.04 10.1 1.00 0.92 0.86 0.85 0.59 0.58 0.37 0.57 0.46 0.44 0.39 0.37 0.16
Competitiveness Index 1998 2.16 1.41 1.91 1.19 1.27 1.10 1.05 1.29 1.13 1.05 0.70 0.79 0.84 0.97 1.09 0.59 0.61 -0.18 0.25 0.37 0.57 0.39 0.25 -0.03 0.15 0.02
Alternative Models of Superior Returns Industrial Organization Model
Resource-Based Model
The External Environment
Resources
An Attractive Industry
Capability
Strategy Formulation
Competitive Advantage
Assets and Skills
An Attractive Industry
Strategy Implementation
Strategy Implementation
Superior Returns
Superior Returns
Ch1-
I/O Model of Superior Returns The Industrial Organization model suggests that above-average 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.
Ch1-
I/O Model of Superior Returns External Environment General Environment Industry Environment Competitive Environment
Action required: Study the external environment, especially the industry environment.
Ch1-
I/O Model of Superior Returns External Environment An Attractive GeneralIndustry Environment Industry Environment An industry whose Competitive structural characteristics Environment suggest above-average returns are possible
Action required: Locate an industry with high potential for aboveaverage returns.
Ch1-
I/O Model of Superior Returns External Environment Attractive GeneralIndustry Environment Industry Environment Strategy An industry whose Formulation Competitive structural characteristics
Action required: Identify strategy called for by the industry to earn above-average returns.
Environment Selection of a strategy suggest above-average with abovereturns are linked possible average returns in a particular industry
Ch1-
I/O Model of Superior Returns Action required: External Develop or acquire assets Environment Attractive and skills needed to GeneralIndustry Environment implement the strategy. Strategy Industry Environment An industry whose Formulation Competitive structural characteristics Environment and Skills Selection ofAssets a strategy suggest above-average with abovereturns arelinked possible Assetsinand average returns a skills required to implement particular industry a chosen strategy
Ch1-
I/O Model of Superior Returns Action required: External Use the firm’s strengths Environment Attractive (its assets or skills) to GeneralIndustry Environment implement the strategy. Strategy Industry Environment An industry whose Formulation Competitive structural characteristics Environment and Skills Selection ofAssets a strategy suggest above-average with abovereturns arelinked possible Assetsinand skills average returns a Strategy required to implement Implementation particular industry a chosen strategy Selection of strategic actions linked with effective implementation of the chosen strategy
Ch1-
I/O Model of Superior Returns Action required: External Maintain selected strategy Environment Attractive in order to outperform GeneralIndustry Environment industry rivals. Strategy Industry Environment An industry whose Formulation Competitive structural characteristics Environment and Skills Selection ofAssets a strategy suggest above-average with abovereturns arelinked possible Assetsinand skills average returns a Strategy required to implement Implementation particular industry a chosen strategy Superior Returns Selection of strategic actions linked with Earning of aboveeffective implementation average returns of the chosen strategy
Ch1-
Resource-Based Model of Superior Returns The Resource-Based model suggests that above-average returns for any firm are largely determined by characteristics inside the firm. This model focuses on developing or obtaining valuable resources and capabilities which are difficult or impossible for rivals to imitate.
Ch1-
Resource-Based Model of Superior Returns Resources Inputs to a firm’s production process.
Action required: Identify firm resources. Study strengths and weaknesses relative to rivals.
Ch1-
Resource-Based Model of Superior Returns Resources Capability
Inputs to a firm’s production process. Capacity for an integrated set of resources to perform a task or activity.
Action required: Determine what firm capabilities allow it to do better than rivals.
Ch1-
Resource-Based Model of Superior Returns Resources Capability
Inputs to a firm’s production process. Competitive Capacity for an integrated set of resources to Advantage integratively perform a Ability of a firm to task or activity. outperform its rivals
Action required: Determine how firm’s resources and capabilities may create competitive advantage.
Ch1-
Resource-Based Model of Superior Returns Resources Capability
Action required: Locate an attractive industry.
Inputs to a firm’s production process. Competitive Capacity for an integrated set of resources to Advantage integratively perform An a Attractive Ability of aIndustry firm to task or activity. outperform its rivals Location of an industry with opportunities that can be exploited by the firm’s resources and capabilities
Ch1-
Resource-Based Model of Superior Returns Resources Capability
Action required: Select strategy that best exploits resources and capabilities relative to opportunities in environs.
Inputs to a firm’s production process. Competitive Capacity for an integrated set of resources to Advantage integratively perform An a Attractive Ability of aIndustry firm to task or activity. outperform its rivalsStrategy Location of an Formulation and industry with opportunities that can Implementation be exploited by the Strategic actions taken to firm’s resources and earn above-average capabilities returns
Ch1-
Resource-Based Model of Superior Returns Resources Capability
Action required: Maintain selected strategy in order to outperform industry rivals.
Inputs to a firm’s production process. Competitive Capacity for an integrated set of resources to Advantage integratively perform An a Attractive Ability of aIndustry firm to task or activity. outperform its rivalsStrategy Location of an Formulation and industry with Superior Returns opportunities that can Implementation be exploited by the Strategic actions taken to Earning of abovefirm’s resources and earn above-average average returns capabilities returns
Ch1-
Resources and capabilities lead to Competitive Advantage when they are: Valuable
allow the firm to exploit opportunities or neutralize threats in its external environment
Rare
possessed by few, if any, current and potential competitors
Costly to Imitate when other firms either cannot obtain them or must obtain them at a much higher cost
Nonsubstitutable the firm must be organized appropriately to obtain the full benefits of the resources in order to realize a competitive advantage
Ch1-
When these four criteria are met, Resources and Capabilities become:
Core Competencies
Core Competencies are resources and capabilities that can serve as a source of Competitive Advantage. The Resource-Based model argues that Core Competencies are the basis for a firm’s Competitive Advantage, Strategic Competitiveness and Ability to Earn Above-average Returns.
Ch1-
Strategic Intent Winning competitive battles through deciding how to leverage internal resources, capabilities, and core competencies.
Strategic Mission An application of strategic intent in terms of products to be offered and markets to be served.
Ch1-
Strategic Intent BUSINESS WEEKS’S 10 Top Managers of the Year, 1999
The most effective strategists provide a vision (strategic intent) to effectively elicit the help of others in creating a firm's competitive advantage.
Name
Company
Strategic Accomplishment
Minoru Arakawa
Nintendo America
Scored huge hit by bringing Pokė mon to U.S. over objections of co-workers and negative market research
Bernard Arnault
LVMH
From just 23 in Oct. ’98, LVMH’s U.S. shares have vaulted 280%, to about 87
Arthur Blank
Home Depot
Profits should jump 46%, to $2.3 billion for fiscal year 1999. Sales are expected to grow 25%, to $38 billion
Peter Bijur
Texaco
After his company was labeled racist, attracted minorities to key jobs, including treasurer Ira Hall, a former IBM executive
Gordon Binder
Amgen
Boosted stock price by around 100% last year, to about $54
Steve Case
America Online
Deals to broaden AOL’s availability and services will help boost income 102% this fiscal year, to $800 million
John Chambers
Cisco Systems
Broadened Cisco into strategic businesses such as software, consulting, and fiber-optic communications
Jim Curvey
Fidelity Investments
Reduced internal conflicts and spurred growth through management changes
Thierry Desmarest
Totalfina
Acquired rival French oil company ELF Aquitaine for $44 billion. Shares up about 35% in ’99, as profits expected to grow 20%, to $3.1 billion
Bernie Ebbers
MCI Worldcom
Turned toward more profitable data, Internet, and international operations
Ch1-
Stakeholders:
Groups who are affected by a firm’s performance and who have claims on its wealth
The firm must maintain performance at an adequate level in order to maintain the participation of key stakeholders
Firm Product Market Primary Customers Suppliers
Capital Market
Stock market/Investor Debt suppliers/Banks
Organizational Employees Managers Non-Managers
Ch1-
Stakeholder Involvement Each of the key stakeholders wants a piece of the same pie
1
How do you divide the pie in order to keep all of the stakeholders involved?
2
How do you increase the size of the pie so that there is more to go around?
Ch1-
Strategic Inputs
Chapter 2 External Environment
Strategic Intent Strategic Mission
Chapter 3 Internal Environment
Strategy Implementation
Chapter 4 Business-Level Strategy
Chapter 5 Competitive Dynamics
Chapter 6 Corporate-Level Strategy
Chapter 10 Corporate Governance
Chapter 11 Structure & Control
Chapter 7 Acquisitions & Restructuring
Chapter 8 International Strategy
Chapter 9 Cooperative Strategies
Chapter 12 Strategic Leadership
Chapter 13
Outcomes
Strategic
Strategic Actions
Strategy Formulation
The Strategic Management Process
Feedback
Entrepreneurship
& Innovation
Strategic Competitiveness Above Average Returns
Ch1-
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