战略管理各章主要知识点.doc

CHAPTER1 BASIC CONCEPTS OF STRATEGIC MANAGEMENT Strategic management starts with three key questions: (1) Where is the organization now? (2) If no changes are made, where will the organization be in a few years? (3) If the answers are not acceptable, what specific actions should management undertake? Strategic management is that set of managerial decisions and actions that determines the long-run performance of a corporation. It includes environmental scanning, strategy formulation, strategy implementation, and evaluation and control. Strategic management in many organizations tends to evolve in four phases from basic financial planning to forecast-based planning, to what people refer to as strategic planning (strategy formulation only), and finally to full-blown strategic management (including implementation and evaluation and control). Research reveals that companies engaging in strategic management tend to outperform those organizations which do not. Strategy formulation is typically not a regular, continuous process but is often initiated by triggering events, such as a new CEO or a performance gap. The strategic management model proceeds from environmental scanning to strategy formulation (including establishing mission, objectives, strategies, and policies) to strategy implantation (including developing programs, budgets, and procedures) to evaluation and control. A large corporation tends to have three levels of strategy (corporate, business, and functional) which form a hierarchy of strategy. Strategic decisions are rare, consequential（重要的）, and directive. Top managers tend to use one of three modes of strategy formulation: entrepreneurial, adaptive, planning, or logic al incrementalism.CHAPTER 2 CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY Corporate governance is the relationship among the board of directors, top management, and the shareholders in determining the direction and performance of the corporation. The board of directors of the modern corporation is typically responsible for setting corporate direction, hiring and firing top management, monitoring top management and its use of resources, and stockholder interests. Boards can be placed on a continuum from passive to active regarding their involvement in the strategic management process through monitoring corporate activities, evaluating and influencing top management, plus initiating and determining a corporations strategic direction. In addition to fulfilling key roles and managing the strategic planning process, top management is responsible for providing executive leadership. The concept of social responsibility proposes that a private corporation has responsibilities to society that extend beyond making a profit. Even though a business firm has economic and legal responsibilities (in agreement with Friedmans stand), it can be argued (from Carroll) that it also has ethical and discretionary（任意的，自由的） responsibilities. Strategists must be aware of the stakeholders within their companys task environment and be prepared to juggle priorities in order to negotiate through a maze of conflicting demands.CHAPTER 3ENVIRONMENTAL SCANNING AND INDUSTRY ANALYSIS The societal environment is composed of sociocultural, economic, political-legal, and technological forces. The task environment (industry) contains stakeholder groups that have an impact or are heavily impacted by the organization. These are governments, local communities, suppliers, creditors, employees/labor unions, special interest groups, and trade associations. The level of competitive intensity present in an industry is determined by (1) threat of new entrants, (2) rivalry among existing firms, (3) threat of substitute products, (4) bargaining power of buyers, (5) bargaining power of suppliers, and (6) relative power of other stakeholders. Strategic groups are important because a company does not compete against everyone in an industry but only against those with similar strategies using similar resources. Although most people use trend extrapolation in forecasting, many large companies find scenario-writing to be better at helping them identify and integrate a large number of variables. The many possible external factors can be analyzed using an EFAS Table in which opportunities and threats are weighted and rated according to their importance to the company under consideration.CHAPTER 4 INTERNAL SCANNING: ORGANIZATIONAL ANALYSIS According to the resource-based view of the firm, a companys sustained competitive advantage is primarily determined by its resource endowments. The two basic characteristics of a companys resources and capabilities that determine the sustainability of its distinctive competencies are durability and imitability. Value chain analysis can be used at both the industry level and at the corporate level to assess a corporations strengths (competencies) and weaknesses. The basic organizational structures are simple, functional, divisional, and conglomerate. Corporate culture is the collection of beliefs, expectations, and values learned and shared by a corporations members and transmitted from one generation of employees to another. The analysis of a corporations internal environment includes not only an assessment of a firms structure and culture, but also of its functional areas such as marketing, finance, research & development, operations, human resources, and information systems. An IFAS Table helps strategic managers to summarize their analysis of internal factors and forces them to prioritize each strength and weakness in terms of its importance to the future of the corporation.CHAPTER 5STRATEGY FORMULATION: SITUATION ANALYSIS BUSINESS STRATEGY The basis of strategy formulation is S.W.O.T. analysis, an in-depth consideration of a companys Strengths, Weaknesses, Opportunities, and Threats. A Strategic Factors Analysis Table can summarize and condense the external and internal factors identified earlier as EFAS and IFAS into strategic factors. After situation analysis and before considering alternative strategies, it is important to take the time to review the companys current mission and objectives. If they are inappropriate, change them. The TOWS (SWOT) Matrix combines Opportunities and Threats with Strengths and Weaknesses to suggest four possible alternative sets of strategies. Business strategy is concerned with improving the competitive position of a companys or business units products or services within a specific industry or market segment. Porter proposes differentiation and lower cost as the two basic competitive strategies. If the strategies are aimed at a specific market segment or niche, they are called focus strategies and designated as differentiation focus or cost focus. A tactic is a specific operating plan specifying how a strategy is to be implemented in terms of when and where it is to be put into action. These may be timing or location tactics. Cooperative strategy is usually conducted via strategic alliances. Mutual service consortia, joint ventures, licensing arrangements, and value-chain partnerships are types of strategic alliances. CHAPTER 6STRATEGY FORMULATION: CORPORATE STRATEGY Corporate strategy deals with three key issues facing the corporation as a whole: the firms overall orientation toward growth (directional strategy), the industries in which the firm competes (portfolio analysis), and the manner in which management coordinates activities, transfers resources, and cultivates capabilities among units (parenting strategy). Directional strategies may be growth, stability, or retrenchment. Directional growth strategies are composed of concentration via vertical or horizontal growth and diversification via concentric or conglomerate means. Stability strategies are composed of pause, no change, and profit. These are typically temporary. Retrenchment strategies are composed of turnaround, captive company, selling out/divestment, and bankruptcy or liquidation. Portfolio analysis (specifically the BCG Growth Share Matrix and the GE Business Screen) is a useful technique for evaluating the contributions of various business units to corporate performance. Parenting strategy deals with what businesses the company should own and with what structure, management processes, and philosophy it should foster superior performance from the companys business units.CHAPTER7 STRATEGY FORMULATION: FUNCTIONAL STRATEGY AND STRATEGIC CHOICE For a competency to be distinctive, it must have customer value, be unique and superior to the competition, and must be something that can be used to develop new products/services. Outsourcing is purchasing from someone else a product or service that had been previously provided internally. Purchase only those activities that are not key to the companys distinctive competence. Functional strategy maximizes resource productivity so that a distinctive competence will develop to provide a company or business unit a competitive advantage. Among the many functional strategies are marketing, financial, R&D, operations, human resource management, and information system strategies. Corporate scenarios use spreadsheets to develop pro forma financial statements as a decision aid in choosing the best alternative strategy. Strategic decision-makers must keep in mind questions of acceptable risk levels, pressures from stakeholders and the corporate culture, as well as the needs and desires of key managers when selecting an alternative. Once a set of strategies are formulated, policies must be established to define the ground rules for those charged with implementing the strategies.CHAPTER 8STRATEGY IMPLEMENTATION: ORGANIZING FOR ACTION Changes in a corporations structure, according to Chandler, follow significant changes in strategy. As a company grows and develops, it tends to move from a stage I simple structure to a stage II functional structure and finally to a stage III divisional structure. The organizational life cycle helps explain why companies, which have successfully progressed through the stages of birth, growth, and maturity, eventually go into decline and die. More flexible advanced forms of organizational structure are being used to implement strategies. Some of these are the matrix, network, and cellular organization structures. Reengineering is the radical redesign of business processes to achieve major gains in cost, service, or time. It is an implementation program because it asks, If this were a new company, how would we run this place? The job characteristics model of job design is a very useful way to rethink the way work is done at the employee level. Multinational corporations tend to organize themselves either into product groups or by geographic areas to balance the needs of the corporation (satisfied through centralization) with those of the local situation (satisfied through decentralization).CHAPTER 9STRATEGY IMPLEMENTATION: STAFFING AND DIRECTING A change in strategy will probably mean that staffing needs will change. If the new strategy is one of retrenchment, less people will be needed. Match the manager to the strategy. The most appropriate type of manager needed to effectively implement a strategy depends on the strategy of the firm or business unit. Successful downsizing programs include training remaining employees to implement new strategies and programs. Multinational corporations are usually very careful to hire local people from the host countries to staff foreign subsidiaries. After a change in strategy, the strategic manager must (1) evaluate what a particular change in strategy will mean to the corporate culture, (2) assess if a change in culture will be needed, and (3) decide if an attempt to change the culture will be worth the costs. After an acquisition, a corporation can manage the culture of the newly-acquired company in one of four ways: integration, assimilation, separation, or deculturation. Action planning, MBO, and TQM are techniques used to implement a new strategy. Hofstede proposes that the success or failure of certain management practices can be explained internationally using five cultural dimensions: power distance, uncertainty avoidance, individualism-collectivism, masculinity-femininity, and long-term orientation.CHAPTER 10 EVALUATION AND CONTROL The basic evaluation and control process is a five-step model requiring the strategist to (1) determine what to measure, (2) establish standards for performance, (3) measure actual performance, (4) compare actual performance with the standard, and (5) take corrective action. Behavior controls are most relevant for those situations in which performance results are hard to measure and there is a clear cause-effect relationship between activities and results. Output controls are most appropriate when there are agreed-upon output measures and there is no clear cause-effect relationship between activities and results. Input controls are most appropriate when performance results are hard to measure and when there is no clear-cut relationship between activities and results. Although corporations are typically evaluated on the basis of ROI and EPS, one should also consider shareholder value measures (like EVA and MVA) and the balanced scorecard. The performance of divisions and functional units is often evaluated as responsibility centers. Benchmarking is an excellent way to compare a companys or business units products, services, or practices against the toughest competitors or best-in-class firms. In terms of international considerations, the control and reward systems used by a global multinational corporation should be different from those used by a multidomestic MNC. Controls should follow strategy. The text proposes six guidelines to help ensure the proper use of controls. The weighted-factor, long-term evaluation, and strategic-funds methods reward managers for effectively formulating and implementing strategy.CHAPTER 11SUGGESTIONS FOR CASE ANALYSIS A case can be analyzed using a number of organizing frameworks. Keep in mind that there is no one right way to analyze a case. A particular recommendation is less important than the process of analysis and decision-making used in making that recommendation. Once a student has read the case to get a sense of the situation, calculate ratios and generate common-size statements over a five-year period. The figures will very likely point out some symptoms of underlying problems that should be addressed. A student may wish to do some library research to get a feel for what was happening in th