This summary is explicitely for premaster students at Tilburg University for strategic management. The summary contains content from the Canvas videos, but also the more detailled information from the book and a lot of examples that make you understand the theory much better.
The summary is in ...
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Part 1 the tools of strategic analysis ....................................................................................................... 3
Chapter 1 What is strategic management process? ............................................................................... 3
Chapter 2 External analyses ................................................................................................................... 8
Chapter 3 internal analysis .................................................................................................................... 15
PART 2 Business level strategy, ............................................................................................................. 19
Chapter 4 Cost leadership ..................................................................................................................... 19
Chapter 5 product differentiation: ........................................................................................................ 25
Extra pp materials (is not in the book, but is examen material) ........................................................... 30
Chapter 6 Flexibility and Real Options .................................................................................................. 33
Chapter 7 collusion. ............................................................................................................................... 36
Part 3 Corporate strategies ................................................................................................................... 41
Chapter 7 Vertical integration ............................................................................................................... 42
Chapter8 (week 6, might be different from the book chapter) ............................................................ 47
Palich, Cardinal and Miller article (not included in the book) week 7 .................................................. 51
Week 8 implementation (chapter 10 book) .......................................................................................... 58
Chapter 11, Strategic alliances. ............................................................................................................. 63
Chapter 12 Mergers and acquisitions (is more or less a strategic implementation) ............................ 69
Week 12 international strategy (not in the book, only pp) ................................................................... 77
,Part 1 the tools of strategic analysis
Chapter 1 What is strategic management process?
Firm’s Strategy definition: The theory to gain competitive advantage. (a good strategy generates this
advantages)
Although it is difficult to choose the ‘perfect’ strategy, it is recommended to choose the strategy
carefully and systematically (the management process). Dit model wordt uiteindelijk uitgebreid.
Figure 1 Simpele versie
Mission: Also, be written down as a ‘mission statement’. The mission can be defined as a long-term
purpose. Mission statements could not affect firm performance. Because missions are quite
common, some argue this does NOT create value to the company. Some visionary firms have
however proven it can improve the company performance.
Objectives: Measurable targets to evaluate to what extend the mission is succeeding.
External and internal analyses:
External: The threats and opportunities in the environment (chapter 2)
Internal: Identified the strengths and weaknesses of the company. Can be used to identify the areas
of which the firm should improve. (Chapter 3)
Strategic choice: The strategic choices are available in 2 large categories, namely:
Business-level strategy: Gain competitive advantage in a SINGLE market or industry
1. Is based on the mission
2. Is consistent with the objectives
3. Exploits opportunities with the firms’ strengths
4. Neutralizes threats and avoiding the firm’s weakness
5. Implement strategy↓
Strategy implementation: This ‘occurs’ when the firm adopts organizational policies and practices
that are consistent with its strategy. Three important policies are:
1. Firms formal organizational structure
2. Formal and informal management control system
3. Employee compensation policies
The main objective of this course is to choose and implements a strategy! (Choosing strategy ch9 and
implementing ch10)
What is competitive advantage? In general, this is creating more economic value than the
competitors.
Looking at (a) firm 1 greatest more economic value, they have the same costs as firm 2, but firm 1
has more income. Looking at (b), firm 1 has more economic value because the costs are lower and
the income are the same.
Competitive advantage can be temporary of can be sustained. Looking closely the next figure.
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