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Instructor Manual For Strategic Management Theory & Cases An Integrated Approach 14th Edition By Charles Hill, Melissa Schilling (All Chapters, 100% Original Verified, A+ Grade)
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Strategic Management Theory & Cases An Integrated
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Strategic Management Theory & Cases An Integrated
Instructor Manual For Strategic Management Theory & Cases An Integrated Approach 14th Edition By Charles Hill, Melissa Schilling (All Chapters, 100% Original Verified, A+ Grade)
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Instructor Manual: Hill/Schilling, Strategic Management: Theory and Cases, Core ISBN: 9780357716670; Chapter 1: Strategic Leadership: Managing the Strategy -Making Process for Competitive Advantage 1 © 202 4 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part . Instructor Manual Hill/Schilling , Strategic Management: Theory and Cases , Core ISBN: 9780357716670 ; Chapter 1: Strategic Leadership: Managing the Strategy -Making Process for Competitive Advantage TABLE OF CONTENTS Purpose and Perspective of the Chapter ................................ ................................ .......... 2 Chapter Objectives ................................ ................................ ................................ ............. 2 Complete List of Chapter Activities and Assessments ................................ .................... 3 Key Terms ................................ ................................ ................................ ........................... 3 What's New in This Chapter ................................ ................................ .............................. 5 Chapter Outline ................................ ................................ ................................ ................... 6 Discussion Questions ................................ ................................ ................................ ........ 26 Closing Case ................................ ................................ ................................ ...................... 28 Appendix ................................ ................................ ................................ ............................ 30 Generic Rubrics ................................ ................................ ................................ ...................... 30 Standard Writing Rubric ................................ ................................ ................................ ........ 30 Standard Discussion Rubric ................................ ................................ ................................ .. 31 Instructor Manual: Hill/Schilling, Strategic Management: Theory and Cases, Core ISBN: 9780357716670; Chapter 1: Strategic Leadership: Managing the Strategy -Making Process for Competitive Advantage 2 © 202 4 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part . PURPOSE AND PERSPECTIVE OF THE CHAPTER This chapter is an introductory chapter. Its purpose is to define critical concepts and introduce the main components of the strategic leadership and management process. This chapter serves to establish the context within which subsequent chapters fit. Chapter 1 begins with a discussion of the concept of strategy. The strategies an organization pursues have a major impact upon its performance relative to its peers. The firm’s top managers have direct responsibility for choosing strategies that will lead to superior performance and provide competitive advantage. Next, the chapter equates superior performance with profitability for profit -seeking enterprises. Sustained competitive advantage occurs when a firm is able to maintain above -average profitability over an extended period of time. Strategic management is just as crucial to nonprofits as it is to profit -seeking businesses. Much of this book is about identifying and describing the strategies that managers can pursue to achieve superior performance and provide their company with a competitive advantage. The book will provide a thorough understanding of the business model analytical techniques and skills necessary to identify and implement strategies successfully. CHAPTER OBJECTIVES The following objectives are addressed in this chapter : 1.1 Define strategic leadership. 1.2 Discuss leadership and its relationship to superior performance. 1.3 Explain what is meant by “competitive advantage.” 1.4 Discuss the strategic role of managers at different levels within an organization. 1.5 Identify the primary steps in a strategic planning process. 1.6 Examine the criticisms of strategic planning. 1.7 Review the practice of strategic planning. 1.8 Explain strategic decision making and the cognitive biases that might lead to poor strategic decisions. 1.9 Discuss the characteristics of strategic leaders. Instructor Manual: Hill/Schilling, Strategic Management: Theory and Cases, Core ISBN: 9780357716670; Chapter 1: Strategic Leadership: Managing the Strategy -Making Process for Competitive Advantage 3 © 202 4 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part . COMPLETE LIST OF CHAPTER ACTIVITIES AND ASSESSMENTS Refer to the Learning Objectives Mapping document, posted on the online resources, for a comprehensive guide to how this chapter's learning activities and assessments support the learning objectives. Chapter Objective PPT slide Activity/Assessment Duration Opening Case 15 min 1.1 6 Knowledge Check 1.1 < 5 min 1.3 15–16 Discussion Activity 1 5–10 min 1.5 32 Polling Activity < 5 min 1.6 36–37 Discussion Activity 2 5–10 min 1.7 42 Group Activity 10–20 min 1.8 47 Knowledge Check 1.2 < 5 min 1.1–1.9 50 Self-Assessment 15–30 min 1.1–1.9 End-of-Chapter Discussion Questions 45 min [return to top] KEY TERMS Availability error: A bias that arises from our predisposition to estimate the probability of an outcome based on how easy the outcome is to imagine. Business model: The conception of how strategies should work together as a whole to enable the company to achieve competitive advantage. Business unit: A self -contained division that provides a product or service for a particular market. Cognitive biases: Systematic errors in decision making that arise from the way people process information. Competitive advantage: The achieved advantage over rivals when a company’s profitability is greater than the average profitability of firms in its industry. Confirmation bias: Refers to the fact that decision makers who have strong prior beliefs tend to make decisions on the basis of these beliefs, even when presented with evidence that their beliefs are wrong. Instructor Manual: Hill/Schilling, Strategic Management: Theory and Cases, Core ISBN: 9780357716670; Chapter 1: Strategic Leadership: Managing the Strategy -Making Process for Competitive Advantage 4 © 202 4 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part . Devil’s advocacy: A technique in which one member of a decision -making team identifies all the considerations that might make a proposal unacceptable. Dialectic inquiry: The generation of a plan (a thesis) and a counterplan (an antithesis) that reflect plausible but conflicting courses of action. Escalating commitment: A cognitive bias that occurs when decision makers, having already committed significant resources to a project, commit even more resources after receiving feedback that the project is failing. Functional managers: Managers responsible for supervising a particular function; that is, a task, activity, or operation, such as accounting, marketing, research and development (R&D), information technology, or logistics. General managers: Managers who bear responsibility for the overall performance of the company or for one of its major self -contained subunits or divisions. Illusion of control: A cognitive bias rooted in the tendency to overestimate one’s ability to control events. Mission: The purpose of the company, or a statement of what the company strives to do. Multidivisional company: A company that competes in several different businesses and has created a separate, self -contained division to manage each. Outside view : Identification of past successful or failed strategic initiatives to determine whether those initiatives will work for the project at hand. Profit growth: The increase in net profit over time. Profitability: The return a company makes on the capital invested in the enterprise. Reasoning by analogy: Use of simple analogies to make sense out of complex problems. Representativeness: A bias rooted in the tendency to generalize from a small sample or even a single , vivid anecdote. Return on invested capital (ROIC): Return on invested capital is equal to net profit divided by capital invested in the company. Risk capital: Equity capital invested with no guarantee that stockholders will recoup their cash or earn a decent return. Scenario planning: Formulating plans that are based upon “what -if” scenarios about the future.
