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strategic management summary 2023
strategic management summary with pictures and all the extra articles 2023
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LECTURE 1What is strategy? Harvard business review
● What is strategy?
- Operational effectiveness: performing these activities better (faster, with fewer inputs
and defects) than rivals
- Productivity frontier: the maximum value a company can deliver at a given cost, given
the best technology, skills and managements
- Strategic positioning: performing different activities from rival, or performing similar
activities in different ways
- 3 key principles:
1. Strategy is the creation of a unique and valuable position, involving a different set
of activities. Emerges from: serving few needs of many customers, serving broad
need of few customers, serving broad need of many customers in a narrow
market
2. Strategy requires you to make trade offs in competing - to choose what not to do
3. Strategy involves creating “fit” among a company’s activities
● Operational effectiveness is not strategy
- Operational effectiveness is necessary but not sufficient. Operational effectiveness and
strategy are both essential to superior performance, which after all, is the primary goal of
any enterprise
- Activities are the basic units of competitive advantage
- Operational effectiveness includes but is not limited to efficiency. Refers to any number
of practices that allow a company to better utilize its inputs
- Operational effectiveness competition shifts the productivity frontier outward, effectively
raising the bar for everones
● Strategy rests on unique activities
- Competitive strategy is about being different. Deliberately choosing a different set of
activities to deliver a unique mix of value
- The essence of strategy is in the activiews - choosing to perform activities differently or
to perform different activities than rivals/ otherwise, is nothing more than a marketing
slogan
1. Variety based positioning
- Producing a subset of an industry’s products or services
- Bases on the choice of product service varieties rather than customer segments
2. Needs- based positioning
- Targeting a segment of customers. Servicing costs or all the needs of particular
group of customers
3. Access based positioning
- Segmenting customers who are accessible in different ways/ although their
needs are similar to those of other costumes, the best configuration of activities
to reach them is different
, - Can be a function of customer geography or customer scale - or of anything that
requires a different set of activities to reach customer
- “A company can outperform rivals only if it can establish a difference that if can
preserve”
- Strategy is the creation of a unique and valuable position, involving a different set of
activities
● A sustainable strategic position requires trade offs
- Choosing a unique positions, is not enough
- Will attract imitation
- Strategic position is not sustainable unless there are trade offs
- Trade offs create the need for choice and protect against repositioners and straddlers
- Positioning trade offs are persuasive in competition adn essential to strategy. They
create the need for choice and purposefully limit what a company offers
- Strategy is making trade offs in competing. The essence of strategy is choosing what not
to do without trade offs. There could be no need for choice and thus no need for strategy
● Fit drives both competitive advantage and sustainability
- How activities relate to one another
- While operational effectiveness is about achieving excellence in individual activities, or
functions, strategy is about combing activities
- Fit locks out imitators by creating a chain that is as strong as its strongest links
- 3 types of fit:
1. First order fit: simple consistency between each activity (function) and the overall
strategy
2. Second order fit: when activities are reinforcing
3. Third order fit: optimization of effort
- The whole matters more than any individual part
- Competitive advantage grows out of the entire system of activities
- Fit and sustainability
- The more a company’s positioning rest on activity systems with second adn thor order fit,
the more sustainable its advantage will be
- Fit among a company’s activities creates pressures and incentives to improve
operational effectiveness,which makes imitation even harder
- “Strategy is creating fit among a company’s activities. Integrating”
● Rediscovering strategy
- Improving operational effectiveness is a necessary part of management, but it is not
strategy
CHAPTER 1: strategic management and strategic competitiveness
- Strategic competitiveness is achieved when a firm successfully formulates and
implements a value - creating strategy
, - Strategy is an integrated and coordinates set of commitments and actions designed to
develop and exploit core competencies and gain a competitive advantage
- Competitive advantage - when implements a strategy competitors are unable to
duplicate or find too costly to try to imitate
- No competitive advantage is permanent
- Above average returns are returns in excess of what an investor expects to earn from
other investments with a similar amount of risk
- Average returns: returns equal to those an investor expects to earn from other
investments with a similar amount of risk
- Strategic management process: the full set of commitments, decisions and actions
required for a firms to achieve strategic competitiveness adn earn above average returns
● The global economy
- Is one in which good, services, people, skills and ideas move freely across geographic
borders
- Globalization is the increasing economic interdependence among countries and their
organizations as reflected in the flow of goods and services, financial capital and
knowledge across country borders
a. Financial capital might be obtained in one national market and used to buy raw
materials in another one
b. Liability of foreignness
● Technology and technological changes
Technology diffusion and disruptive technologies
- Technology diffusion: the speed at which new technologies become available and are
used, has increased substantially over the last 15 to 20 years
- Perpetual innovation: how rapidly and consistently new information - intensive
technologies replace older ones
- Disruptive technologies: technologies that destroy the value of an existing technology
and create new markets
The information age
- Ability to effectively and efficiently access and use information has become an important
source of competitive advantage in virtually all industries
Increasing knowledge intensity
- Knowledge - basis of technology and its application
a. Information, intelligence adn expertise. Gained through experience, observation
and inference
b. Intangible resource
- Strategic flexibility: set of capabilities used to respond to various demands and
opportunities existing in a dynamic and uncertain competitive environment
● The I/O model of above average returns
- External environment's dominant influence on a firm’s strategic actions
, - The firm’s performance is believed to be determined primarily by industry properties:
economies of scale, barriers to market entry, diversification, product difference and the
degree of concentration of firms in the industry
- 4 assumptions:
1. External environment is assumed to impose pressures and constraints that
determine the strategies that would result in above average returns
2. Most firms competing within an industry or within a segment of that industry are
assumed to control similar strategically relevant resources and to pursue similar
strategies in light of those resources
3. Resources used to implement strategies are assumed to be highly mobile across
firms, so any resources differences that might develop between firms will be short
lived
4. Organizational decisions makers are assumed to be rational and committed to
acting in the firm’s best interests, as shown by their profit maximizing behaviors
- The I/O model challenges firms to find the most attractive industry in which to compete
and shape the structure of the industry to their advantage
- Five forces model competitions: an industry's profitability is a function of interactions
among five forces suppliers, buyers, competitive rivalry among firms currently in the
industry, product substitutes and potential entrants to the industry
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