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Summary Strategic Management
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Summary of classes 'Strategic Management' given by Profesoor Haezendonck. Summary based on slides, notes and classes. Summary in bulletpoint style, no full text.
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Strategic Management 2022 – 2023Inhoud
1. Part 1: Concepts & Evolution of Strategic « Schools of Thought”.......................................................3
1.1. CH1 What is Strategy?.................................................................................................................3
2. Part 2: Boundaries of the Firm..........................................................................................................11
2.1. CH2 Horizontal Boundaries of the Firm.....................................................................................11
2.2. CH3 Vertical Boundaries of the Firm & CH4 Integration & its Alternatives (WHERE).................21
3. Part 3 : Competition..........................................................................................................................26
3.1. CH6 Entry & Exit (WHO).............................................................................................................26
3.2. CH7 Dynamics: Competing Across Time (HOW).........................................................................34
3.3. CH8 Industry Analysis................................................................................................................43
4. Part 4 : Positioning & Dynamics........................................................................................................51
4.1. CH9 Strategic Positioning for Competitive Advantage...............................................................51
4.2. CH11 Sustaining Competitive Advantage...................................................................................61
4.3. CH13 Strategy & Structure.........................................................................................................74
4.4. CH14 Environment, Power & Culture........................................................................................82
,Introduction
Evaluatie
- 15/20 : open book exam
- 5/20: group assignments case studies in groups of 4/5
Calender
Deadlines !!!
- DL1 : Wed. 19/10/2022; upload on canvas before 15u
- DL2 : Mon. 21/11/2022; upload on canvas before 15u
- DL3 : Mon. 05/12/2022; upload on canvas before 15u
Materials
- Handbook : Besanko, Dravone, Shanley & Schaefer : Economics of Strategy
- Slides
- Notes
Assignments
- Every member should know each part/question & answer
- Not just your own part
- Important for presentation & discussions in class
Aim
- Concepts, schools of thought, current trends
- Strategy instruments, analyses, frameworks
- Principles, limitations, practice/reality, links & assumptions
,4 Parts of this course
- P1 : Concepts & Evolution of Strategic “Schools of Thought” (WHAT)
- P2: Boundaries of the Firm (WHERE)
o Horizontal: company size, production
o Vertical: make-or-buy
o Corporate: on which markets are we active, where do we operate
- P3 : Competition (WHO & HOW)
o Type of market
o Interactions with rivals (how)
- P4 : Positioning & Dynamics (WHY)
o Where do we want tob e, focus on low cost or differentiation?
o Competitive advantages + resources & capabilities for it
These are the 4 Big Issues of strategy
1. Part 1: Concepts & Evolution of Strategic « Schools of
Thought”
1.1. CH1 What is Strategy?
OVERVIEW
- General
o Strategy VS Tactics
o Characteristiscs of Strategic Decisions
o Role of Analysis
- Process/Plan/Framework
o Process
o Plan
o Framework
- Succes
o Sources
o Components
- Evolution SM
o Timeline
- Design VS Process
o Schedule
o Mintzberg’s Critique of Formal Strategic Planning
- Strategy Safari (Mintzberg)
o Overview
o Ten schools & their characteristics
, A. GENERAL
Allocation of the Issues
- Top of Hierarchy: top layer management decides teh where-aspect
- Middle-layer management decides Who & How
- Lower-level management decides the Why & goes over value adding
Strategy VS Tactics
- Strategy = Overall design & philosophy to plan for using/deploying resources to establish a
favorable position or reach succès
o Rather a long term investment
o Irreversible
o Strong commitments form all layers of the Firm
- Tactics = scheme for a specific maneuver
o Rather short term results
o Reversible
o Often impulsive, doesn’t require strong commitments
Characteristics of Strategic Decisions
- Any strat. Decision is important
- It involves a strong commitment of resources AND people so the entire org.
- Not easily reversible ; defies ypur path fofr quite a while
Role of Analysis
- Improves & supports your decision processes
o Shows the reasons behind your decisions
- Supports your visions
- Doens’t give answers
- Identify & understand main challenges of the org.
- Helps to manage complexity
o Humans can only physically choose between 9 alternatives
o Simplicity helps
- Enhance flexibility & innovation by supporting learning
o Should be open to learn & inprove your strategy
o Not a linear proces, but a loop
B. PROCESS /PLAN/FRAMEWORK
Processes
- Different roles of strategy making in the company
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