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Cover Half Title Title Copyright Dedication About the Authors Preface The Business Strategy Game or GLO-BUS Simulation Exercises Connect Brief Contents Contents PART 1 Concepts and Techniques for Crafting and Executing Strategy 1 What Is Strategy and Why Is It Important? WHAT DO WE MEAN BY STRATEGY? Strategy Is about Competing Differently Strategy and the Quest for Competitive Advantage Why a Company’s Strategy Evolves over Time A Company’s Strategy Is Partly Proactive and Partly Reactive Strategy and Ethics: Passing the Test of Moral Scrutiny A COMPANY’S STRATEGY AND ITS BUSINESS MODEL WHAT MAKES A STRATEGY A WINNER? WHY CRAFTING AND EXECUTING STRATEGY ARE IMPORTANT TASKS Good Strategy + Good Strategy Execution = Good Management THE ROAD AHEAD ILLUSTRATION CAPSULES 1.1 Apple Inc.: Exemplifying a Successful Strategy 1.2 Pandora, SiriusXM, and Over-the-Air Broadcast Radio: Three Contrasting Business Models 2 Charting a Company’s Direction WHAT DOES THE STRATEGY-MAKING, STRATEGY-EXECUTING PROCESS ENTAIL? STAGE 1: DEVELOPING A STRATEGIC VISION, MISSION STATEMENT, AND SET OF CORE VALUES Developing a Strategic Vision Communicating the Strategic Vision Expressing the Essence of the Vision in a Slogan Why a Sound, Well-Communicated Strategic Vision Matters Developing a Company Mission Statement Linking the Vision and Mission with Company Values STAGE 2: SETTING OBJECTIVES Setting Stretch Objectives What Kinds of Objectives to Set The Need for a Balanced Approach to Objective Setting Setting Objectives for Every Organizational Level STAGE 3: CRAFTING A STRATEGY Strategy Making Involves Managers at All Organizational Levels A Company’s Strategy-Making Hierarchy Uniting the Strategy-Making Hierarchy A Strategic Vision + Mission + Objectives + Strategy = A Strategic Plan STAGE 4: EXECUTING THE STRATEGY STAGE 5: EVALUATING PERFORMANCE AND INITIATING CORRECTIVE ADJUSTMENTS CORPORATE GOVERNANCE: THE ROLE OF THE BOARD OF DIRECTORS IN THE STRATEGY-CRAFTING, STRATEGY-EXECUTING PROCESS ILLUSTRATION CAPSULES 2.1 Examples of Strategic Visions—How Well Do They Measure Up? 2.2 TOMS Shoes: A Mission with a Company 2.3 Examples of Company Objectives 2.4 Corporate Governance Failures at Volkswagen 3 Evaluating a Company’s External Environment ANALYZING THE COMPANY’S MACRO-ENVIRONMENT ASSESSING THE COMPANY’S INDUSTRY AND COMPETITIVE ENVIRONMENT THE FIVE FORCES FRAMEWORK Competitive Pressures Created by the Rivalry among Competing Sellers The Choice of Competitive Weapons Competitive Pressures Associated with the Threat of New Entrants Whether Entry Barriers Are High or Low The Expected Reaction of Industry Members in Defending against New Entry Competitive Pressures from the Sellers of Substitute Products Competitive Pressures Stemming from Supplier Bargaining Power Competitive Pressures Stemming from Buyer Bargaining Power and Price Sensitivity Whether Buyers Are More or Less Price Sensitive Is the Collective Strength of the Five Competitive Forces Conducive to Good Profitability? Matching Company Strategy to Competitive Conditions COMPLEMENTORS AND THE VALUE NET INDUSTRY DYNAMICS AND THE FORCES DRIVING CHANGE Identifying the Forces Driving Industry Change Assessing the Impact of the Forces Driving Industry Change Adjusting the Strategy to Prepare for the Impacts of Driving Forces STRATEGIC GROUP ANALYSIS Using Strategic Group Maps to Assess the Market Positions of Key Competitors The Value of Strategic Group Maps COMPETITOR ANALYSIS AND THE SOAR FRAMEWORK Current Strategy Objectives Resources and Capabilities Assumptions KEY SUCCESS FACTORS THE INDUSTRY OUTLOOK FOR PROFITABILITY ILLUSTRATION CAPSULES 3.1 Comparative Market Positions of Selected Companies in the Casual Dining Industry: A Strategic Group Map Example 3.2 Business Ethics and Competitive Intelligence 4 Evaluating a Company’s Resources, Capabilities, and Competitiveness QUESTION 1: HOW WELL IS THE COMPANY’S PRESENT STRATEGY WORKING? QUESTION 2: WHAT ARE THE COMPANY’S STRENGTHS AND WEAKNESSES IN RELATION TO THE MARKET OPPORTUNITIES AND EXTERNAL THREATS? Identifying a Company’s Internal Strengths Identifying Company Internal Weaknesses Identifying a Company’s Market Opportunities Identifying External Threats What Do the SWOT Listings Reveal? QUESTION 3: WHAT ARE THE COMPANY’S MOST IMPORTANT RESOURCES AND CAPABILITIES, AND WILL THEY GIVE THE COMPANY A LASTING COMPETITIVE ADVANTAGE? Identifying the Company’s Resources and Capabilities Types of Company Resources Identifying Capabilities Assessing the Competitive Power of a Company’s Resources and Capabilities The Four Tests of a Resource’s Competitive Power A Company’s Resources and Capabilities Must Be Managed Dynamically The Role of Dynamic Capabilities QUESTION 4: HOW DO VALUE CHAIN ACTIVITIES IMPACT A COMPANY’S COST STRUCTURE AND CUSTOMER VALUE PROPOSITION? The Concept of a Company Value Chain Comparing the Value Chains of Rival Companies A Company’s Primary and Secondary Activities Identify the Major Components of Its Internal Cost Structure The Value Chain System Benchmarking: A Tool for Assessing the Costs and Effectiveness of Value Chain Activities Strategic Options for Remedying a Cost or Value Disadvantage Improving Internally Performed Value Chain Activities Improving Supplier-Related Value Chain Activities Improving Value Chain Activities of Distribution Partners Translating Proficient Performance of Value Chain Activities into Competitive Advantage How Value Chain Activities Relate to Resources and Capabilities QUESTION 5: IS THE COMPANY COMPETITIVELY STRONGER OR WEAKER THAN KEY RIVALS? Strategic Implications of Competitive Strength Assessments QUESTION 6: WHAT STRATEGIC ISSUES AND PROBLEMS MERIT FRONT-BURNER MANAGERIAL ATTENTION? ILLUSTRATION CAPSULES 4.1 The Value Chain for Boll & Branch 4.2 Benchmarking in the Solar Industry 5 The Five Generic Competitive Strategies TYPES OF GENERIC COMPETITIVE STRATEGIES BROAD LOW-COST STRATEGIES The Two Major Avenues for Achieving a Cost Advantage Cost-Efficient Management of Value Chain Activities Revamping of the Value Chain System to Lower Costs Examples of Companies That Revamped Their Value Chains to Reduce Costs The Keys to a Successful Broad Low-Cost Strategy When a Low-Cost Strategy Works Best Pitfalls to Avoid in Pursuing a Low-Cost Strategy BROAD DIFFERENTIATION STRATEGIES Managing the Value Chain to Create the Differentiating Attributes Revamping the Value Chain System to Increase Differentiation Delivering Superior Value via a Broad Differentiation Strategy When a Differentiation Strategy Works Best Pitfalls to Avoid in Pursuing a Differentiation Strategy FOCUSED (OR MARKET NICHE) STRATEGIES A Focused Low-Cost Strategy A Focused Differentiation Strategy When a Focused Low-Cost or Focused Differentiation Strategy Is Attractive The Risks of a Focused Low-Cost or Focused Differentiation Strategy BEST-COST (HYBRID) STRATEGIES When a Best-Cost Strategy Works Best The Risk of a Best-Cost Strategy THE CONTRASTING FEATURES OF THE GENERIC COMPETITIVE STRATEGIES Successful Generic Strategies Are Resource-Based Generic Strategies and the Three Different Approaches to Competitive Advantage ILLUSTRATION CAPSULES 5.1 Vanguard’s Path to Becoming the Low-Cost Leader in Investment Management 5.2 Clinícas del Azúcar’s Focused Low-Cost Strategy 5.3 Canada Goose’s Focused Differentiation Strategy 5.4 Trader Joe’s Focused Best-Cost Strategy 6 Strengthening a Company’s Competitive Position LAUNCHING STRATEGIC OFFENSIVES TO IMPROVE A COMPANY’S MARKET POSITION Choosing the Basis for Competitive Attack Choosing Which Rivals to Attack Blue-Ocean Strategy—a Special Kind of Offensive DEFENSIVE STRATEGIES—PROTECTING MARKET POSITION AND COMPETITIVE ADVANTAGE Blocking the Avenues Open to Challengers Signaling Challengers That Retaliation Is Likely TIMING A COMPANY’S STRATEGIC MOVES The Potential for First-Mover Advantages The Potential for Late-Mover Advantages or First-Mover Disadvantages To Be a First Mover or Not STRENGTHENING A COMPANY’S MARKET POSITION VIA ITS SCOPE OF OPERATIONS HORIZONTAL MERGER AND ACQUISITION STRATEGIES Why Mergers and Acquisitions Sometimes Fail to Produce Anticipated Results VERTICAL INTEGRATION STRATEGIES The Advantages of a Vertical Integration Strategy Integrating Backward to Achieve Greater Competitiveness Integrating Forward to Enhance Competitiveness The Disadvantages of a Vertical Integration Strategy Weighing the Pros and Cons of Vertical Integration OUTSOURCING STRATEGIES: NARROWING THE SCOPE OF OPERATIONS The Risk of Outsourcing Value Chain Activities STRATEGIC ALLIANCES AND PARTNERSHIPS Capturing the Benefits of Strategic Alliances The Drawbacks of Strategic Alliances and Their Relative Advantages How to Make Strategic Alliances Work ILLUSTRATION CAPSULES 6.1 Bonobos’s Blue-Ocean Strategy in the U.S. Men’s Fashion Retail Industry 6.2 Tinder Swipes Right for First-Mover Success 6.3 Walmart’s Expansion into E-Commerce via Horizontal Acquisition 6.4 Tesla’s Vertical Integration Strategy 7 Strategies for Competing in International Markets WHY COMPANIES DECIDE TO ENTER FOREIGN MARKETS WHY COMPETING ACROSS NATIONAL BORDERS MAKES STRATEGY MAKING MORE COMPLEX Home-Country Industry Advantages and the Diamond Model Demand Conditions Factor Conditions Related and Supporting Industries Firm Strategy, Structure, and Rivalry Opportunities for Location-Based Advantages The Impact of Government Policies and Economic Conditions in Host Countries The Risks of Adverse Exchange Rate Shifts Cross-Country Differences in Demographic, Cultural, and Market Conditions STRATEGIC OPTIONS FOR ENTERING INTERNATIONAL MARKETS Export Strategies Licensing Strategies Franchising Strategies Foreign Subsidiary Strategies Alliance and Joint Venture Strategies The Risks of Strategic Alliances with Foreign Partners INTERNATIONAL STRATEGY: THE THREE MAIN APPROACHES Multidomestic Strategies—a “Think-Local, Act-Local” Approach Global Strategies—a “Think-Global, Act-Global” Approach Transnational Strategies—a “Think-Global, Act-Local” Approach INTERNATIONAL OPERATIONS AND THE QUEST FOR COMPETITIVE ADVANTAGE Using Location to Build Competitive Advantage When to Concentrate Activities in a Few Locations When to Disperse Activities across Many Locations Sharing and Transferring Resources and Capabilities across Borders to Build Competitive Advantage Benefiting from Cross-Border Coordination CROSS-BORDER STRATEGIC MOVES Waging a Strategic Offensive Defending against International Rivals STRATEGIES FOR COMPETING IN THE MARKETS OF DEVELOPING COUNTRIES Strategy Options for Competing in Developing-Country Markets DEFENDING AGAINST GLOBAL GIANTS: STRATEGIES FOR LOCAL COMPANIES IN DEVELOPING COUNTRIES ILLUSTRATION CAPSULES 7.1 Walgreens Boots Alliance, Inc.: Entering Foreign Markets via Alliance Followed by Merger 7.2 Four Seasons Hotels: Local Character, Global Service 7.3 WeChat’s Strategy for Defending against International Social Media Giants in China 8 Corporate Strategy WHAT DOES CRAFTING A DIVERSIFICATION STRATEGY ENTAIL? WHEN TO CONSIDER DIVERSIFYING BUILDING SHAREHOLDER VALUE: THE ULTIMATE JUSTIFICATION FOR DIVERSIFYING APPROACHES TO DIVERSIFYING THE BUSINESS LINEUP Diversifying by Acquisition of an Existing Business Entering a New Line of Business through Internal Development Using Joint Ventures to Achieve Diversification Choosing a Mode of Entry The Question of Critical Resources and Capabilities The Question of Entry Barriers The Question of Speed The Question of Comparative Cost CHOOSING THE DIVERSIFICATION PATH: RELATED VERSUS UNRELATED BUSINESSES DIVERSIFICATION INTO RELATED BUSINESSES Identifying Cross-Business Strategic Fit along the Value Chain Strategic Fit in Supply Chain Activities Strategic Fit in R&D and Technology Activities Manufacturing-Related Strategic Fit Strategic Fit in Sales and Marketing Activities Distribution-Related Strategic Fit Strategic Fit in Customer Service Activities Strategic Fit, Economies of Scope, and Competitive Advantage From Strategic Fit to Competitive Advantage, Added Profitability, and Gains in Shareholder Value DIVERSIFICATION INTO UNRELATED BUSINESSES Building Shareholder Value via Unrelated Diversification The Benefits of Astute Corporate Parenting Judicious Cross-Business Allocation of Financial Resources Acquiring and Restructuring Undervalued Companies The Path to Greater Shareholder Value through Unrelated Diversification The Drawbacks of Unrelated Diversification Demanding Managerial Requirements Limited Competitive Advantage Potential Misguided Reasons for Pursuing Unrelated Diversification COMBINATION RELATED–UNRELATED DIVERSIFICATION STRATEGIES EVALUATING THE STRATEGY OF A DIVERSIFIED COMPANY Step 1: Evaluating Industry Attractiveness Calculating Industry-Attractiveness Scores Interpreting the Industry-Attractiveness Scores Step 2: Evaluating Business Unit Competitive Strength Calculating Competitive-Strength Scores for Each Business Unit Interpreting the Competitive-Strength Scores Using a Nine-Cell Matrix to Simultaneously Portray Industry Attractiveness and Competitive Strength Step 3: Determining the Competitive Value of Strategic Fit in Diversified Companies Step 4: Checking for Good Resource Fit Financial Resource Fit Nonfinancial Resource Fit Step 5: Ranking Business Units and Assigning a Priority for Resource Allocation Allocating Financial Resources Step 6: Crafting New Strategic Moves to Improve Overall Corporate Performance Sticking Closely with the Present Business Lineup Broadening a Diversified Company’s Business Base Retrenching to a Narrower Diversification Base Restructuring a Diversified Company’s Business Lineup ILLUSTRATION CAPSULES 8.1 The Kraft–Heinz Merger: Pursuing the Benefits of Cross-Business Strategic Fit 8.2 Restructuring for Better Performance at Hewlett-Packard (HP) 9 Ethics, Corporate Social Responsibility, Environmental Sustainability, and Strategy WHAT DO WE MEAN BY BUSINESS ETHICS? WHERE DO ETHICAL STANDARDS COME FROM—ARE THEY UNIVERSAL OR DEPENDENT ON LOCAL NORMS? The School of Ethical Universalism The School of Ethical Relativism The Use of Underage Labor The Payment of Bribes and Kickbacks Why Ethical Relativism Is Problematic for Multinational Companies Ethics and Integrative Social Contracts Theory HOW AND WHY ETHICAL STANDARDS IMPACT THE TASKS OF CRAFTING AND EXECUTING STRATEGY DRIVERS OF UNETHICAL BUSINESS STRATEGIES AND BEHAVIOR Faulty Oversight, Enabling the Unscrupulous Pursuit of Personal Gain and Self-Interest Heavy Pressures on Company Managers to Meet Short-Term Performance Targets A Company Culture That Puts Profitability and Business Performance Ahead of Ethical Behavior WHY SHOULD COMPANY STRATEGIES BE ETHICAL? The Moral Case for an Ethical Strategy The Business Case for Ethical Strategies STRATEGY, CORPORATE SOCIAL RESPONSIBILITY, AND ENVIRONMENTAL SUSTAINABILITY The Concepts of Corporate Social Responsibility and Good Corporate Citizenship Corporate Social Responsibility and the Triple Bottom Line What Do We Mean by Sustainability and Sustainable Business Practices? Crafting Corporate Social Responsibility and Sustainability Strategies The Moral Case for Corporate Social Responsibility and Environmentally Sustainable Business Practices The Business Case for Corporate Social Responsibility and Environmentally Sustainable Business Practices ILLUSTRATION CAPSULES 9.1 Ethical Violations at Uber and their Consequences 9.2 How PepsiCo Put Its Ethical Principles into Practice 9.3 Warby Parker: Combining Corporate Social Responsibility with Affordable Fashion 9.4 Unilever’s Focus on Sustainability 10 Building an Organization Capable of Good Strategy Execution: People, Capabilities, and Structure A FRAMEWORK FOR EXECUTING STRATEGY The Principal Components of the Strategy Execution Process What’s Covered in Chapters 10, 11, and 12 BUILDING AN ORGANIZATION CAPABLE OF GOOD STRATEGY EXECUTION: THREE KEY ACTIONS STAFFING THE ORGANIZATION Putting Together a Strong Management Team Recruiting, Training, and Retaining Capable Employees DEVELOPING AND BUILDING CRITICAL RESOURCES AND CAPABILITIES Three Approaches to Building and Strengthening Capabilities Developing Capabilities Internally Acquiring Capabilities through Mergers and Acquisitions Accessing Capabilities through Collaborative Partnerships The Strategic Role of Employee Training Strategy Execution Capabilities and Competitive Advantage MATCHING ORGANIZATIONAL STRUCTURE TO THE STRATEGY Deciding Which Value Chain Activities to Perform Internally and Which to Outsource Aligning the Firm’s Organizational Structure with Its Strategy Making Strategy-Critical Activities the Main Building Blocks of the Organizational Structure Matching Type of Organizational Structure to Strategy Execution Requirements Determining How Much Authority to Delegate Centralized Decision Making: Pros and Cons Decentralized Decision Making: Pros and Cons Capturing Cross-Business Strategic Fit in a Decentralized Structure Providing for Internal Cross-Unit Coordination Facilitating Collaboration with External Partners and Strategic Allies Further Perspectives on Structuring the Work Effort ILLUSTRATION CAPSULES 10.1 Management Development at Deloitte Touche Tohmatsu Limited 10.2 Zara’s Strategy Execution Capabilities 10.3 Which Value Chain Activities Does Apple Outsource and Why? 11 Managing Internal Operations ALLOCATING RESOURCES TO THE STRATEGY EXECUTION EFFORT INSTITUTING POLICIES AND PROCEDURES THAT FACILITATE STRATEGY EXECUTION EMPLOYING BUSINESS PROCESS MANAGEMENT TOOLS Promoting Operating Excellence: Three Powerful Business Process Management Tools Business Process Reengineering Total Quality Management Programs Six Sigma Quality Control Programs The Difference between Business Process Reengineering and Continuous-Improvement Programs Like Six Sigma and TQM Capturing the Benefits of Initiatives to Improve Operations INSTALLING INFORMATION AND OPERATING SYSTEMS Instituting Adequate Information Systems, Performance Tracking, and Controls Monitoring Employee Performance USING REWARDS AND INCENTIVES TO PROMOTE BETTER STRATEGY EXECUTION Incentives and Motivational Practices That Facilitate Good Strategy Execution Striking the Right Balance between Rewards and Punishment Linking Rewards to Achieving the Right Outcomes Additional Guidelines for Designing Incentive Compensation Systems ILLUSTRATION CAPSULES 11.1 Charleston Area Medical Center’s Six Sigma Program 11.2 How Wegmans Rewards and Motivates its Employees 11.3 Nucor Corporation: Tying Incentives Directly to Strategy Execution 12 Corporate Culture and Leadership INSTILLING A CORPORATE CULTURE CONDUCIVE TO GOOD STRATEGY EXECUTION Identifying the Key Features of a Company’s Corporate Culture The Role of Core Values and Ethics Embedding Behavioral Norms in the Organization and Perpetuating the Culture The Role of Stories Forces That Cause a Company’s Culture to Evolve The Presence of Company Subcultures Strong versus Weak Cultures Strong-Culture Companies Weak-Culture Companies Why Corporate Cultures Matter to the Strategy Execution Process Healthy Cultures That Aid Good Strategy Execution High-Performance Cultures Adaptive Cultures Unhealthy Cultures That Impede Good Strategy Execution Change-Resistant Cultures Politicized Cultures Insular, Inwardly Focused Cultures Unethical and Greed-Driven Cultures Incompatible, Clashing Subcultures Changing a Problem Culture Making a Compelling Case for Culture Change Substantive Culture-Changing Actions Symbolic Culture-Changing Actions How Long Does It Take to Change a Problem Culture? LEADING THE STRATEGY EXECUTION PROCESS Staying on Top of How Well Things Are Going Mobilizing the Effort for Excellence in Strategy Execution Leading the Process of Making Corrective Adjustments A FINAL WORD ON LEADING THE PROCESS OF CRAFTING AND EXECUTING STRATEGY ILLUSTRATION CAPSULES 12.1 Strong Guiding Principles Drive the High-Performance Culture at Epic 12.2 Driving Cultural Change at Goldman Sachs PART 2 Cases in Crafting and Executing Strategy 1 Mystic Monk Coffee 2 Airbnb In 2018 3 Wil’s Grill 4 Costco Wholesale in 2018: Mission, Business Model, and Strategy 5 Competition in the Craft Beer Industry in 2018 6 Fixer Upper: Expanding the Magnolia Brand 7 Under Armour’s Turnaround Strategy in 2018: Efforts to Revive North American Sales and Profitability 8 MoviePass—Are Subscribers Loving It to Death? 9 TOMS Shoes: Expanding Its Successful One For One Business Model 10 Lola’s Market: Capturing A New Generation 11 iRobot in 2018: Can the Company Keep the Magic? 12 Chipotle Mexican Grill’s Strategy in 2018: Will the New CEO Be Able to Rebuild Customer Trust and Revive Sales Growth? 13 Twitter Inc. in 2018: Too Little Too Late? 14 Netflix’s Strategy in 2018: Does the Company Have Sufficient Competitive Strength to Fight Off Aggressive Rivals? 15 Walmart’s Expansion into Specialty Online Retailing 16 Amazon.com, Inc.: Driving Disruptive Change in the U.S. Grocery Market 17 Aliexpress: Can It Mount a Global Challenge to Amazon? 18 Tesla Motors in 2018: Will the New Model 3 Save the Company? 19 Mattel Incorporated in 2018: Can Ynon Kreiz Save the Toys? 20 Shearwater Adventures Ltd. 21 TJX Companies: It’s Strategy in Off-Price Home Accessories and Apparel Retailing 22 IKEA’s International Marketing Strategy in China 23 PepsiCo’s Diversification Strategy in 2018: Will the Company’s New Businesses Restore its Growth? 24 The Walt Disney Company: Its Diversification Strategy in 2018 25 Robin Hood 26 Dilemma at Devil’s Den 27 Nucor Corporation in 2018: Contending with the Challenges of Low-Cost Foreign Imports and Launching Initiatives to Grow Sales and Market Share 28 Vail Resorts, Inc. 29 Starbucks in 2018: Striving for Operational Excellence and Innovation Agility 30 Concussions in Collegiate and Professional Football: Who Has Responsibility to Protect Players? 31 Chaos at Uber: The New CEO’s Challenge 32 Profiting from Pain: Business and the U.S. Opioid Epidemic Guide to Case Analysis Indexes Company Name Subject

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