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Summary Strategic Management (2101TEWMBA) - Prof. Verhezen
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Complete summary of the course Strategic Management from Prof. Verhezen 2101TEWMBA Got me a 15/20
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Summary Strategic ManagementInhoud
Summary Strategic Management ............................................................................................................ 1
Theme 1: What is Strategy and why it is important ............................................................................ 3
The concept of strategy ................................................................................................................... 3
Theme 2: External industry analysis .................................................................................................. 11
Purpose (why) and strategy .......................................................................................................... 11
Stage 1: Developing a strategic vison, mission and a set of core values....................................... 13
Stage 2: The 2 essential kind of objectives to set.......................................................................... 14
Stage 3: Crafting a strategy ........................................................................................................... 15
The strategy making hierarchy ...................................................................................................... 16
Stage 4: Executing the strategy ..................................................................................................... 16
Stage 5: Evaluating performance and initiating corrective adjustments ...................................... 17
The role of the Board of Directors in Corporate Governance ....................................................... 17
Management = Leadership? .......................................................................................................... 19
An industry or External analysis .................................................................................................... 20
Attractiveness of industries........................................................................................................... 21
Analysing the industry: 5 forces of Porter ..................................................................................... 22
Does industry matter? (exam question) ....................................................................................... 26
Case Ryanair (in Europe) EXAM question ..................................................................................... 30
Industry dynamics (Changing dynamics within industries) ........................................................... 31
Theme 3: Resources and Capabilities (internal analysis) .................................................................. 33
What questions to ask when evaluating a firm’s internal situation? ............................................ 33
The indicators of strategic success ................................................................................................ 33
The impact of resources & capabilities in firms ............................................................................ 34
Understanding your internal position within the competitive setting : SWOT & 7S + VRIO model
....................................................................................................................................................... 36
Strategy: focusing on distinctive capabilities => Brand recognition ............................................. 39
Resources / Capabilities of strong strategic leader: “Strategizing”distinctive capabilities ........... 40
Capabilities > Resources : A case: Ducati vs Harley Davidson ....................................................... 42
Theme 4: Competitive advantage through positioning .................................................................... 44
Positioning through: low cost (1) .................................................................................................. 48
Positioning through: Differentiation (2) ........................................................................................ 49
Gaining competitive advantage..................................................................................................... 51
, Cases on positioning (ZARA) .......................................................................................................... 55
Demand & Supply .......................................................................................................................... 59
Positioning taking advantage of Supply & Demand networks ...................................................... 63
Theme 5: Business Strategy – Restructuring the industry: Blue ocean strategy .............................. 67
Theme 6: The importance of innovation to sustain competitive advantage .................................... 73
Innovation in industry: The importance of strategic innovation .................................................. 75
Strategic innovation – What, Why, Who & How ........................................................................... 75
Strategy for innovation: Disruptive Innovation – A job to be done .............................................. 76
AI & Big data driving innovation – The advantage of big data ...................................................... 76
AI based on the use of Big Data : Artificial Intelligence ................................................................ 78
Network effects ............................................................................................................................. 81
Case: An AI driven company – Netflix (From DVD logistics over streaming to entertainment firm)
....................................................................................................................................................... 81
Theme 7: A global strategy for international expansion (Multi National Corporations MNC’s) ....... 82
Theme 8: A corporate strategy beyond strategic units ..................................................................... 87
M&A, Strategic Alliances, Vertical/Horizontal Integration............................................................ 87
Creating value in a diversified firm................................................................................................ 90
Synergy among business units?..................................................................................................... 93
Theme 9: Making a strategy work: Governance, Ethics & Sustainability .......................................... 99
Strategy and sustainability ............................................................................................................ 99
Theme 10: Strategy in turbulent times (strategy under extreme uncertainty) .............................. 106
Rumble in the jungle case ........................................................................................................... 110
,Oral exam:
Get 1 question , prepare for 45 – 60 minutes and then defend your case.
Ex: “What is strategy?” -> With a practical view on it.
Bringing personal examples to the exam gets valued by Peterke.
45min preparation time
3 questions on the exam
BELANGRIJK: ALTIJD ALLES KUNNEN LINKEN AAN EEN PRAKTISCH VOORBEELD
*overal waar (important) bijstaat , werd nogmaals aangehaald tijdens de summary sessies.
Theme 1: What is Strategy and why it is important
The concept of strategy
The essence of strategic thinking & implementation
EXAM question: Explain me the strategy of netflix? Connect with the schema underneath:
, What does explain Netflix’s success (i.e. competitiveness)
Netflix responded successfully to 4 massive transitions in the Entertainment Business/Industry:
1) From DVD by mail to Streamlining old TV Series and movies over the Internet
2) From Streaming old content to launching new original content (such as House of Cards)
produced by external studios
3) From licensing content provided by external studios to building their own in-house studio
that creates award-winning TV shows and movies (such as Roma, Stranger Things, La Casas
De Papel, and The Ballad of Buster Scruggs).
4) From a USA-only company to a global company entertaining people in 190 countries.
What do we mean by strategy?
• What is our present situation? = CONTEXT
- Business environment and industry conditions
- Firm’s financial and competitive capabilities
• Where do we want to go from here? = CONTENT
- Creating a vision for the firm’s future direction
• How are we going to get there? = PROCESS
- Crafting an action plan that will get us there
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