战略管理竞争性和全球化(doc 35页)(英文版).doc

Strategic ManagementCompetitiveness and globalization:Concepts & CasesThird EditionHitt, Ireland, HoskissonChapter I Strategic Management and Strategic CompetitivenessChapter 2 The External Environment Opportunities, Threats, IndustryCompetition and Competitor AnalysisChapter 3 The internal Environment: Resources, Capabilities and Core CompetenciesChapter 4 Business-Level StrategyChapter 5 Competitive DynamicsChapter 6 Corporate Level StrategyChapter 7 Acquisitions and RestructuringChapter 8 International StrategyChapter 9 Cooperative StrategiesChapter 10 Corporate GovernanceChapter 11 Organizational Structure and ControlChapter 12 Strategic LeadershipChapter 13 Corporate Entrepreneurship and innovationCHAPTER 1STRATEGY & STRATEGIC COMPETITIVENESSLearning Objectives:1. Understand the l. Define strategic competitiveness, competitive advantage and above-average returns.2. Discuss the challenge of strategic management.3. Describe the new competitive landscape and how it is being shaped by global andtechnological changes.4. Use the industrial organization (I/O) model to explain bow firms can earn above-averagereturns.5. Use the resources based model to explain how firms can earn above average-returns.6. Describe strategic intent and strategic mission and discuss their value to the strategicmanagement process.7. Define stakeholders and describe the three primary stakeholder groups ability to influenceorganizations.8. Describe the work of strategists.9. Explain the strategic management process.Chapter Outlines1. Strategy and Strategic Management2. The Challenge of Strategic Management:l The global economy and globalization, l Technological change and diffusion, l The information age and increasing knowledge intensity3. The I/O Model of Above-Average Returns4. The Resource-based Model of Above-Average Returns5. Strategic Intent and Strategic Mission6. Stakeholders7. Organizational Strategists8. Review QuestionsTeaching Focus: It may be very good to begin this lecture with a general comment thatChapter I provides an overview of the strategic management process. In this Chapter, theAuthors introduces a number of terms and models that students will study in more detail inChapters 2 through 13. Stress the importance of students paying careful attention to theconcepts introduced in this Chapter so that they are well grounded in the strategicmanagement concept before proceeding further.This Chapters Opening Case discusses the changes taking place in the telecommunicationsindustry and the effects of these changes on the industrys competitive landscape.Opening Case A New World Order in the Telecommunications industryl The Federal Communications Commission voted to allow foreign companies increased access to the U.S. market. l A World Trade Organization Agreement saw 69 countries agree to open theirTelecommunications markets.l Countries of the European Union are deregulating their telecommunications markets andpreviously protected franchises are now open to foreign and domestic competition.l Emerging markets such as China present significant opportunities to telecommunications firms from around the world.l The ability of firms to compete successfully in this new competitive landscape, will bedetermined by their abilities to marshal (meaning: control and organize) vast amounts of resources. As an example, in 1996, the required investment in the global telecommunications infrastructure was $ 160 billion, an amount that seems small compared to the $ 1 trillion opportunity in China alone. And vast investments also will be required to maintain competitive technological parity throughout Europe and Asia as well as in the U.S.As implied by the Chapter title-strategic Management and Strategic Competitiveness-andillustrated by the discussion of changes taking place in the telecommunications industry, theprimary purpose of the strategic management process is to enable firms to achieve strategiccompetitiveness and earn above-average returns. An in-depth discussion of international (global)strategies will be found in Chapter 8.Definitions:l strategyl Strategic competitiveness is achieved when a firm successfully formulates and implements a value-creating strategy. By implementing a value-creating strategy that current and potential competitors are not simultaneously implementing and that competitors are unable to duplicate the benefits of, a firm achieves a sustained or sustainable competitive advantage.l Above average returns represent returns that exceed returns that investors expect to earn from other investments with similar levels of risk (investor uncertainty about the economic gains or losses that will result from a particular investment). In other words, above average-returns exceed investors expected levels of return for given levels of risk. So long as a firm can sustain (or maintain) a competitive advantage, investors will earn above-average returns.Teaching suggestion: Point out that, in the long run, firms must earn at least average returnsand provide investors with average returns if they are to survive. If a firm earns below averagereturns and provides investors with below-average returns, investors will withdraw their fundsand place them in investments that earn at least average returns.l Strategic Management Process is a framework that can assist firms in their quest for strategic competitiveness, it is the full set of commitments, decisions and actions required for a firm to systematically achieve strategic competitiveness and earn above-average returns- This process is illustrated in Figure 1-1 .The dynamic nature of the strategic management process is indicated by feedback linkagesamong the three primary elements: strategic inputs, strategic actions and strategic outcomes.l Strategic inputs, in the form of information gained by scrutinizing the internal environmentand scanning the external environment are used to develop the firms strategic intent andstrategic mission.l Strategic actions are guided by the firms strategic intent and strategic mission, and are represented by strategies that are formulated or developed and subsequently implemented or put into action. l Strategic outcome is the result of a firms strategy implemented. A desired strategic outcome-strategic competitiveness and above-average returns-result when a firm is able to successfully formulate and implement value-creating strategies that others are unable to duplicate. l Feedback links the elements of the strategic management process together and helps firmscontinuously adjust or revise strategic inputs and strategic actions in order to achieve desiredstrategic outcomes.This Chapter also will discuss two approaches to the strategic management process. The first,the industrial organization model, suggests that the external environment should be considered as the primary determinant of a firms strategic actions. The second is the resource-based model,which perceives the firms resources and capabilities (the internal environment) as critical linksto strategic competitiveness. Following the discussion in this Chapter, as well as in Chapters 2and 3, students should see that these models must be integrated to achieve strategic Competitiveness.THE CHALLENGE OF STRATEGIC MANAGEMENTAs noted in earlier comments, all firms-and managers-are challenged to achieve strategiccompetitiveness and earn above-average returns. And, the challenge can be formidable. Aprimary challenge facing managers today is the need to recognize-as illustrated by the commentson such firms as IBM, Union Pacific, Honda and The Limited-that the strategic managementprocess and the striving for strategic competitiveness takes place in a dynamic global economy.As a result of this ongoing struggle, success today does not necessarily equate with successtomorrow.Honda has had to make major changes to survive in the global automobile market. In itsattempt to make its flagship Accord more sporty, it found that the car was too small to satisfy theexpectations and not sporty enough to satisfy Japanese buyers. As a result, it has designed theAccord around a world car design with alterations to meet different market expectations. ItsU.S. Accord is now larger, the Japanese model is smaller and contains more of the high-technology features desired by Japanese buyers and a smaller European version has beenintroduced.TABLE I-1 Top Ten Wealth CreatorsAs shown in Table 1-1, Coca-Cola and General Electric continue to lead the least of wealthcreators for the second consecutive years they have created more wealth (measured by market value added) than other U.S. firms. However, The balance of the listing indicates the shiftingnature of success for the other firms.l Since 1992, Microsoft has improved from number 14 to number three on the list.l Intel has leaped from number 74 in 1992 to the number four position in 1997.l While the other changes in the list have not been as dramatic as those reported for Microsoftand Intel, students should recognize that the dynamics of the new competitive landscape haveresulted in a shuffling of positions for the other firms on the list.The transient nature of strategic competitiveness is pointed out even more clearly when oneRealize that only 2 of the 25 largest U.S. industrial corporations in 1900 remain competitive inthe 1990s and that four members of 1997s top ten were not among the top ten in 1992.It also should be noted that firms in the global telecommunications industry-including AT&T,Nippon Telephone & Telegraph and WorldCom must be prepared to compete differently thanthey have in the past if they hope to achieve long-term strategic competitiveness. One key tosuccess will be which firms strategies will represent the best fit between the demands of theexternal environment and the resources and capabilities in their respective internal environments.THE NEW COMPETITIVE LANDSCAPEThis new competitive landscape can be described as one in which the fundamental nature ofcompetition is changing in a number of the worlds industries. And, the boundaries of industriesare becoming blurred and more difficult to define.Consider changes that have taken place in the entertainment and communications industries:l Traditional broadcast networks-ABC, NBC and CBS-now must compete with cable networks such as ESPN, A&E, HBO and Showtime as well as with cable systems.l Rupert Murdochs News Corp. (owner of the Fox Network) formed a strategic alliance withTele-Communications Inc (the largest U.S. cable system) to develop a venture that is intended to control a global web of sports TV networks.l Disneys 1996 purchase of Cap Cities/ABC has resulted in a media network that includes abroadcast network (ABC), a cable station (The Disney Channel) as well as motion pictureproduction and distribution, newspapers, magazines and theme parks.l Innovative companies such as AT&T, Sony and Microsoft have indicated that they areinterested in participating in this new entertainment-communications industry.The new competitive landscape thus implies that traditional sources of competitive advantage-economies of scale and large advertising budgets-may not as important in the future as theywere in the past. The rapid and unpredictable technological change that characterizes this newcompetitive landscape implies that managers must adopt new ways of thinking. The newcompetitive mind set must value flexibility, speed, innovation and integration.A term often used to describe the new realities of competition is hypercompetition, a conditionthat results from the dynamics of strategic moves and countermoves among innovative, globalfirms: a condition of rapidly escalating competition that is based on price-quality positioning.battles to achieve first-mover advantage and battles to protect or to invade established product orgeographic markets (that will be discussed in more detail in Chapter 5).Teaching suggestion; Two primary drivers of the new competitive landscape are illustrated inFigure 1-2The New Competitive Landscape1. Technology and technological changel Technology is changing rapidlyl Technology diffuses rapidly, not only across company boundaries but also across national borders.l Information technology is changing both rapidly and dramatically. l Knowledge is becoming increasingly important2. The global economyl People, goods, services and ideas move freely across geographic bordersl Significant opportunities emerge in multiple global marketsl Markets and industries are becoming more internalizedThe Global EconomyA global economy is one in which goods, services, people, skills and ideas move freely acrossgeographic borders.Also, globalization is referred to as the shift toward a more integrated and interdependent world economy. Globalization has two main components: the globalization of markets and the globalization of production.The Globalization of MarketsThe globalization of markets refers to the merging of historically distinct and separate national markets into one huge global marketplace. l The tastes and preferences of consumers in different nations are beginning to converge on some global norm, thereby helping to create a global market. The global acceptance of consumer products such as Citicorp credit cards, Coca-Cola, Levis jeans, Sony Walkmans, Nintendo game players, and McDonalds hamburgers are all frequently held up as prototypical examples of this trend. l The expansion of some huge firms creates a global market. Firms such as Citicorp, Coca-Cola, McDonalds, and Levi Strauss are more than just benefactors of this trend; they are also instrumental in facilitating it. By offering a standardized product worldwide, they are helping to create a global market. l Markets for industrial goods and materials that serve a universal need the world over such as aluminum, oil, and wheat, the markets for industrial products such as microprocessors, DRAMs (computer memory chips), and commercial jet aircraft; and the markets for financial assets from US Treasury Bills to eurobonds and futures have become global markets. Markets for consumer products are still often to act as a brake on globalization because of the national differences in tastes and preferences. l diversity is replaced by greater uniformity, because some firms, especially some multinational companies bring with them many of the assets that have served them well in other national markets-including their products, operating strategies, marketing strategies, and brand names-creating a certain degree of homogeneity across markets. Thus, diversity is replaced by greater uniformity. As rivals follow rivals around the world, these multinational enterprises emerge as an important driver of the convergence of different national markets into a single, and increasingly homogenous, global marketplace. Due to such developments, in an increasing number of industries it is no longer meaningful to talk about the German market, the American market, the Brazilian market, or the Japanese market; for many firms there is only the global market.The emergence of this global economy results in a number of challenges and opportunities.For instance, many now consider Europe to be the worlds largest single market (despite thedifficulties of adapting to multiple national cultures and the lack of a single currency).Including the nations that make up the former Soviet Union and the rest of the Eastem bloc, theEuropean economy has a gross domestic product (GDP) of $ 5 trillion with 700 millionpotential customer. In addition, China is seen as an emerging giant that is expected to have ahigher GDP (but a lower per capita output) than Japan by 2015 or sooner.In the eyes of many observers, the U.S., Europe and Japan are relatively equal contenders in the race to be the most competitive nation or economic bloc in the 21st century. And, exports arebecoming an even more important segment of the economy, especially in the U.S., as indicatedby the following: l 42% of U.S. economic growth was based on exportsl Exports and imports accounted for approximately 28% of U.S. gross domestic product in1997, up from 21% in 1991l The competitive advantage in global technology is expected to drive continued export growthfor U.S firms into the 21st centuryWhile large firms may commit resources to global markets more quickly than small and mid-size firms, in 1995, over one-half (50%) of U.S. midsize companies were competing inmarkets outside of the U.S.l U.S. firms are successfully penetrating Japans high-tech, automobile, consumer goods andretailing marketsl In 1995, U.S. exports increased 12 % over 1994, exceeding $800 billionl Exports are expected to reach the $1trillion level by 1998l The largest share of U.S. exports currently go to Europe, Canada and Japanl The fastest growth in demand for U.S. goods and services is projected to be in Asian markets(excluding Japan); from 1996 to 2000, expected annual growth is 12 %. The March of GlobalizationGlobalization is the spread (or diffusion) of economic innovations around the world and thepolitical and cultural adjustments that accompany this diffusion.In essence, globalization seems to have gathered a momentum of its own because ofl increased levels of interdependence among industrialized nationsl the needs of developing countriesl the continuing disintegration or dropping of trade barriersl intensified international