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Strategic Management Summary

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Universiteit Van Amsterdam (UvA)

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Strategic Management

This is a summary of all lectures, book readings, and additional readings (papers) for the course Strategic Management as part of the Minor Business Administration: Managing Strategy and Marketing at the Universiteit van Amsterdam (as well as the minors: Business Administration: Designing Effective...

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Geupload op 12 december 2022
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Aantal pagina's 91
Geschreven in 2022/2023
Type Samenvatting

startegic management
business
marketing
management
managing strategy
strategy
university of amsterdam
managing s
business administration managing strategy and marketing
uva
universiteit van amsterdam

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Strategic Management 2022/2023

Strategic Management
Summary

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,Strategic Management 2022/2023

Table of Contents

WEEK 1 - INTRODUCTION TO STRATEGIC MANAGEMENT AND EXTERNAL ANALYSIS 5

STRATEGIC MANAGEMENT AND EXTERNAL ANALYSIS 5
WHAT IS STRATEGY? 5
SOME KEY DEFINITIONS 5
TO SUM UP 7
TWO UNDERLYING MODELS 7
INDUSTRIAL ORGANIZATION MODEL (I/O MODEL) 8
RESOURCE-BASED VIEW 9
HOW CAN WE IDENTIFY OPPORTUNITIES AND THREATS? 10
ANALYZING THE MACRO ENVIRONMENT 10
ANALYZING THE INDUSTRY ENVIRONMENT 11
EXTERNAL ENVIRONMENTAL ANALYSIS 14
RECAP: STRATEGIC MANAGEMENT AND EXTERNAL 14

WEEK 2 - INTERNAL ANALYSIS AND RESOURCE INTEGRATION 15

EXAMINING INTERNAL DRIVERS OF STRATEGY 15
COMPONENTS OF INTERNAL ANALYSIS 15
RESOURCES VS. CAPABILITIES 16
BUILDING CORE COMPETENCIES 17
VRIN MODEL 18
VALUE CHAIN ANALYSIS 19
COMBINING INTERNAL AND EXTERNAL ANALYSES 20
SWOT ANALYSIS 20
INTEGRATING INTERNAL AND EXTERNAL RESOURCES 23
RECAP: INTERNAL ANALYSIS AND RESOURCE INTEGRATION 26

WEEK 3 - RIVALRY, BUSINESS-LEVEL STRATEGY & CORPORATE-LEVEL STRATEGY 27

BUSINESS-LEVEL STRATEGY 27
CUSTOMERS 27
GENERIC STRATEGIES 29
CORPORATE-LEVEL STRATEGY 36
DIVERSIFICATION 37
COMPLETIVE RIVALRY AND COMPETITIVE DYNAMICS 43
A MODEL OF COMPETITIVE RIVALRY 44
COMPETITOR ANALYSIS 44
DRIVERS OF COMPETITIVE ACTIONS AND RESPONSES 44
COMPETITIVE RIVALRY 45
LIKELIHOOD OF ATTACK 45
COMPETITIVE DYNAMICS 45
THE CORE COMPETENCE OF THE CORPORATION 46
CLARIFY CORE COMPETENCIES 46
BUILD CORE COMPETENCIES 46
CULTIVATE A CORE COMPETENCY MIND-SET 46

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HOW NOT TO THINK OF COMPETENCE 46
IDENTIFYING CORE COMPETENCIES - AND LOSING THEM 46
FROM CORE COMPETENCIES TO CORE PRODUCTS 46
THE TYRANNY OF THE SBU 47

WEEK 5 – STRATEGIC LEADERSHIP, CORPORATE GOVERNANCE & ORGANIZATIONAL CONTROL 48

STRATEGIC LEADERSHIP 48
TRANSACTIONAL VS. TRANSFORMATIONAL LEADERSHIP? 49
STRATEGIC LEADERSHIP AND THE STRATEGIC MANAGEMENT PROCESS 50
TOP-LEVEL MANAGERS 50
MANAGERIAL SUCCESSION 52
EFFECTIVE STRATEGIC LEADERSHIP ACTIONS 52
CORPORATE GOVERNANCE 56
UPPER ECHELON PERSPECTIVE 56
WHAT IS CORPORATE GOVERNANCE? 58
AGENCY COSTS AND GOVERNANCE MECHANISMS 60
CORPORATE GOVERNANCE MECHANISMS 60
MARKET FOR CORPORATE CONTROL 61
ORGANIZATIONAL STRUCTURE 62
ORGANIZATIONAL CONTROLS 62
STRATEGY AND STRUCTURE 63
TRADITIONAL FORMS – PATTERNS OF STRATEGY 63
IMPLEMENTING BUSINESS-LEVEL COOPERATIVE STRATEGIES 67
IMPLEMENTING CORPORATE-LEVEL COOPERATIVE STRATEGIES 67
IMPLEMENTING INTERNATIONAL COOPERATIVE STRATEGIES 67

WEEK 6 – CORPORATE ENTREPRENEURSHIP AND STRATEGIC RENEWAL 69

STRATEGIC ENTREPRENEURSHIP 69
CORPORATE ENTREPRENEURSHIP 70
STRATEGIC FIT & SPIN-OFFS 70
INVENTION, INNOVATION, IMITATION & TYPES OF INNOVATION 70
THE FUNCTIONS OF START-UP ENTREPRENEURSHIP AND VENTURE CAPITAL 72
WHAT IS NECESSARY FOR SUCCESSFUL EFFORTS OF CORPORATE ENTREPRENEURSHIP? 73
CORPORATE ENTREPRENEURSHIP & INNOVATION: CHALLENGES 73
STRATEGIC RENEWAL 73
STRATEGIC RENEWAL PERSPECTIVES 74
DIMENSIONS OF STRATEGIC RENEWAL 81
SINGLE AND DUAL TRAJECTORIES OF RENEWAL 82
MASTERING STRATEGIC RENEWAL JOURNEYS WITHIN MULTI-UNIT FIRMS: EXPLORING THE DIFFERENT ROLES OF
MANAGERS 84
THE AMBIDEXTROUS ORGANIZATION 88
THE IDEA IN BRIEF 88
THE AMBIDEXTROUS ORGANIZATIONS 88
EXPLOITING AND EXPLORING 88
A MAP OF INNOVATION 89
ORGANIZING TO INNOVATE 89
A NEWSPAPER REINVENTS ITSELF 90
THE SCOPE OF THE AMBIDEXTROUS ORGANIZATION 90

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BECOMING AMBIDEXTROUS 90

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,Strategic Management 2022/2023

Week 1 - Introduction to Strategic Management
And External Analysis
Strategic Management And External Analysis
What is Strategy?
• Words that come to mind
i. Plan
ii. Offerings
iii. Activities
iv. Competition
v. Clients & potential customers
• Origin strategy: Strategos (Greek): “the general’s view”
• Strategy: A detailed plan for achieving success in situations such as war, politics,
industry, or support, or the skill of planning for such situations
i. Dictionary definition
• Three keyprinciples underlie strategic positioning
i. Strategy: The creation of a unique and valuable position, involving a different
set of activities
• Strategic position emerges from three distinct sources:
i. Serving few needs of many customers
ii. Serving broad needs of few customers
iii. Serving broad needs of many customers in a narrow market
ii. Strategy requires you to make trade-offs in competing—to choose what not to
do
• Some competitive activities are incompatible; thus, gains in one area
can be achieved only at the expense of another area
iii. Strategy involves creating “fit” among a company’s activities
• Fit has to do with the ways a company’s activities interact and
reinforce one another.
• Fit drives both competitive advantage and sustainability: When
activities mutually reinforce each other, competitors can’t easily
imitate them
Two Definitions of Strategy
1. “Strategy is the creation of unique and valuable position, involving a different set
of activities.”
o Porter's definition (1996, p. 10)
• You want to guard your position. It is about finding the right market,
idea and place.
2. “A strategy is an integrated and coordinated set of commitments and actions designed
to exploit and develop core competencies and gain a competitive advantage”
o Volberda et al. (2011, p.7)
Some Key Definitions
• Competitive advantage: A firm has a competitive advantage when it implements a
strategy competitors are unable to duplicate or find too costly to try to imitate it
o Competitive advantage is about being different
• Above average returns: Returns in excess of what an investor expects to earn from
other investments with a similar amount risk

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, Strategic Management 2022/2023

o Average returns: Returns equal to those an investor expects to earn from other
investments with a similar amount of risk
• Strategic competitiveness: Achieved when a firm successfully formulates and
implements a value-creating strategy
• Risk: An investor's uncertainty about the economic gains or losses that will result
from a particular investment
Operational Effectiveness

• Performing activities better – that is faster, or with fewer inputs and defects – than
rivals
• Being good at production is not enough for a strategy. A strategy is about a
combination of activities
o You can't just be better than your competitors; efficiency is something that
you can learn and imitate. You need to have a unique set of activities that
cannot easily be imitated. And even if it can be imitated, it will be to costly in
terms of money and time
Strategic Positioning
• Attempts to achieve sustainable competitive advantage by preserving what is
distinctive about a company. ... (by) performing different activities from rivals, or
performing similar activities in different ways
o Porter, 1996

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