Strategic Management
[Pages:877]Strategic Management
Colin White
Strategic Management
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Strategic Management
Colin White
? Colin White 2004
All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission.
No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1T 4LP.
Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages.
The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988.
First published 2004 by PALGRAVE MACMILLAN Houndmills, Basingstoke, Hampshire RG21 6XS and 175 Fifth Avenue, New York, N.Y. 10010 Companies and representatives throughout the world
PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St. Martin's Press, LLC and of Palgrave Macmillan Ltd. Macmillan? is a registered trademark in the United States, United Kingdom and other countries. Palgrave is a registered trademark in the European Union and other countries.
ISBN 1?4039?0400?6
This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources.
A catalogue record for this book is available from the British Library.
Library of Congress Cataloging-in-Publication Data
White, Colin (Colin M.) Strategic management / Colin White. p. cm. Includes bibliographical references and index. ISBN 1?4039?0400?6 (pbk.) 1. Strategic planning. I. Title.
HD30.28.W447 2004 658.4'012--dc22
2003062091
Editing and origination by Aardvark Editorial, Mendham, Suffolk
10 9 8 7 6 5 4 3 2 1 13 12 11 10 09 08 07 06 05 04
Printed and bound in China
v
Brief contents
Prologue
xxi
Part I Introducing Strategic Management
1
1 Introducing strategy and strategy making
4
2 Thinking and acting strategically
43
3 Adopting a global perspective
78
4 Reading an uncertain future
113
Part II Strategic Environments and Competitive Advantage 157
5 Identifying opportunity and risk
160
6 Reading the competitive environment
199
7 Analysing resources, capabilities and core competencies
233
8 Creating and maintaining competitive advantage
266
9 Reducing costs
302
10 Differentiating the product
338
Part III Strategic Dilemmas
375
11 Determining the size of an enterprise
378
12 Integrating the strategists
416
13 When to compete and when to cooperate
456
14 Managing risk
495
15 Participating in the global economy
530
Part IV Bringing it all Together
565
16 Formulating strategy
568
17 Implementing strategy
614
18 Monitoring strategic performance
651
Part V Strategic Analysis and Audit
699
Long case studies
702
Epilogue
798
Glossary
802
Bibliography
812
Index
823
vi
Full contents
List of figures List of tables Acknowledgements
Prologue Who this book is for How to use the book The case studies Companion website Introductory reading
xiii xv xvii
xxi xxii xxiii xxix xxxii xxxiii
Part I
Introducing Strategic Management
1
1 Introducing strategy and strategy making
4
What is strategy?
5
A brief history of the concept
8
A multiplicity of meanings
13
Assumptions and metatheories
20
Strategists and stakeholders
26
The social web and the `political' process of strategy making
33
2 Thinking and acting strategically
43
Case Study Scenario The IKEA way
44
The distinction between strategic thinking, strategic management
and strategic planning
45
STRATEGY IN ACTION Quick strategic thinking in unfavourable circumstances 45
STRATEGY IN ACTION Sony ? the disruptive innovator
50
Principles for the successful use of strategy
61
Finding the right strategic mix of entrepreneurial creativity and
administrative expertise
65
Case Study The IKEA way
69
3 Adopting a global perspective
78
Case Study Scenario The airlines and the integration of global markets 79
The meaning of globalization
80
The five main elements of globalization
83
Home country bias
90
A convergent world
93
Global players
95
The impact of globalization on strategy
101
Case Study Bad strategy and bad fortune ? Swissair and Qantas
103
Full contents
vii
4 Reading an uncertain future
113
Case Study Scenario Airbus Industrie and the next generation
of civil airliners
114
Limited information
115
Information, knowledge and strategy
119
Reading the general environment
120
Coping with the future
124
Different kinds of risk
132
Scenario building
136
Case Study Airbus Industrie and the next generation of civil airliners 147
Part II
Strategic Environments and Competitive Advantage 157
5 Identifying opportunity and risk
160
Case Study Scenario A clean vehicle ? the hybrid electric vehicle (HEV) 161
General and competitive environments
162
The nature of the general environment
164
Change and strategy
167
Environment segments
169
STRATEGY IN ACTION Riding the Internet wave ?
173
STRATEGY IN ACTION The Celtic tiger
178
STRATEGY IN ACTION Argentina, a case of recurrent crises
179
STRATEGY IN ACTION The development state ? the port of Tanjung
Pelepas (PTP)
182
The main features of global change
185
Case Study A clean vehicle ? the hybrid electric vehicle (HEV)
193
6 Reading the competitive environment
199
Case Study Scenario Video game wars
200
Strategic players
201
The forces of competition
204
STRATEGY IN ACTION Competitive forces for Starbucks
205
Risk and market structures
213
Indeterminateness of outcomes
216
STRATEGY IN ACTION Banking in Europe, Germany and market structure 216
Country risk
219
STRATEGY IN ACTION Business crisis, country risk and the case
of Indonesia
219
Strategic risk
221
STRATEGY IN ACTION The Deutsche Bank and investment banking
222
Case Study Video game wars
224
7 Analysing resources, capabilities and core competencies
233
Case Study Scenario Branding a sports team ? Manchester United
234
Enterprise identity
235
The nature of resources: tangible and intangible
237
Resources and capabilities
239
STRATEGY IN ACTION Charles Schwab and online broking
240
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