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 EIGHTH: EDITION

JOHN THOMPSON, JONATHAN M. SCOTT AND FRANK RTIN

Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
 CONTENTS

Part 3 Strategy development 237

7 Introducing culture and values 239

Introduction 240
7.1 The manifestations and impact of culture 240
7.2 Culture, structure and styles of management 252
7.3 Culture and power 256
7.4 Culture -An international dimension 259
Summary 270
Online cases for this chapter 270
Questions and research assignments 270
Internet and library projects 271
Strategy activity 271
References 272

8 Creating and formulating strategy: alternatives,

evaluation and choice 273
Introduction 274
8.1 Strategy creation 275
8.2 Strategic alternatives 284
8.3 Introducing strategy evaluation 301
8.4 Decision-making, subjectivity and judgement 308
Summary 322
Online cases for this chapter 323
Web supplement related to this chapter 323
Questions and research assignments 323
Internet and library projects 323
Strategy activity 324
References 324

9 Strategic planning 326

Introduction 327
9.1 Strategic thinking and strategic planning 328
9.2 Alternative approaches to planning 333
9.3 The planning gap 334
9.4 A contemporary approach to strategic planning 336
Summary 353
Online cases for this chapter 354
Web supplement related to this chapter 354
Questions and research assignments 354
Internet and library projects 354
Strategy activity 354
References 355

Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
CONTENTS

10 Strategic leadership and intrapreneurship: towards visionary

leadership? 356
Introduction 357
10.1 Strategic leaders(hip) and entrepreneurs(hip): same or different? 360
10.2 lntrapreneurship 375
10.3 Visionary leadership 382
10.4 Critical issues in strategic leadership: towards visionary leadership? 387
Summary 394
Online cases for this chapter 394
Questions and research assignments 394
Internet and library projects 395
Strategy activity 395
References 395

Part 4 Strategic growth issues 397

11 Strategic control and measuring success 398

Introduction 399
11.1 Defining and measuring success 399
11.2 What should we measure? A holistic model 405
11.3 The measurement of success in not-for-profit organizations 415
11.4 A holistic framework of measures- revisited 417
Summary 419
Online cases for this chapter 419
Web supplement related to this chapter 419
Questions and research assignments 419
Internet and library projects 420
References 420

12 Strategic growth: domestic and/or international? 422

Introduction 423
12.1 Domestic and/or international strategy? 423
12.2 Diversification 431
12.3 Mergers and acquisitions 434
12.4 Strategic alliances and joint ventures 441
12.5 Franchising and licensing 449
12.6 Exporting and other international market entry strategies 451
12.7 Internationalization constraints and influences on future global growth 455
Summary 464
Online cases for this chapter 465
Questions and research assignments 465
Internet and library projects 465
Strategy activity 466
References 468

Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
 CONTENTS

13 Failure, consolidation and recovery strategies 470

13.1 Outcomes of strategic change for companies in difficulty 471
13.2 Symptoms and causes of decline 476
13.3 The feasibility of recovery 481
13.4 Managing in a recession and a declining industry 494
Summary 503
Online cases for this chapter 503
Questions and research assignments 504
Internet and library projects 504
Strategy activity 504
References 504

Part 5 Strategy implementation and strategic management 507

14 Strategy implementation and structure 508

Introduction 509
14.1 Strategy~ structure or structure ~ strategy? 511
14.2 Implementation and change 515
14.3 Structural alternatives 516
14.4 Structural forms 521
Summary 535
Online cases for this chapter 535
Questions and research assignments 536
Internet and library projects 536
Strategy activity 536
References 538

15 Leading change 539

Introduction 540
15.1 Strategic change: dynamics, management, growth, forces, types and modes 540
15.2 The change process and resistance to change 551
15.3 Strategies for implementation and change 555
15.4 Power and politics 562
Summary 571
Online cases for this chapter 571
Questions and research assignments 571
Internet and library projects 572
Strategy activity 572
References 572

16 Managing strategy in the organization 574

Introduction 575
16.1 Managing corporate strategy and implementation 579
16.2 Corporate parenting and the heartland 582

Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
CONTENTS

16.3 Resource management 587

16.4 Resilience, risk and crises 596
Summary 616
Online cases for this chapter 617
Questions and research assignments 617
Internet and library projects 617
Strategy activity 618
References 61 9

17 Final thoughts and reflections: the practice of strategy 621

Introduction 622
17.1 The purpose of strategy 622
17.2 Ten key elements of strategy 624
17.3 Strategic paradoxes 627
In conclusion - what is strategy? 629
References 630

Bibliography 631
Glossary 633
Index 640
Credits 649

Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
List o cases

Chapter 1 Case 5.4 Hornby Hobbies {UK, Ch) 168

Case 1.1 The Low-Price, No-Frills Airlines Case 5.5 Ricardo Semler and Semco {Br) 170
(USA, UK) 9 Case 5.6 Team New Zealand (NZ) 178
Case 1.2 Marks & Spencer pie {UK) 13 Case 5.7 Russian Standard Vodka (Rus) 195
Case 1.3 McDonald's {USA) 29
Case 1.4 Richard Branson, Virgin, and Virgin
Chapter 6
'overseas' {UK, Int) 34 Case 6.1 Barbie and Mattel (US, Int) 206
Case 6.2 Toyota's Cost Leadership Strategy
Chapter 2 (Jpn, Int) 213
Case 2.1 No-Frills Retailing - the Aldi and Lid I Case 6.3 Five Differentiation Strategies
business model {Ger) 55 (Int) 214
Case 2.2 Glasses Direct (UK) 58 Case 6.4 Galanz (Int) 219
Case 2.3 Cirque du Soleil (Ca) 63 Case 6.5 Coca-Cola (Int) 220
Case 2.4 Daphne Shoes {Ch) 71 Case 6.6 The Tata Nano -A Low-Cost, No-Frills
Car {Ind, UK) 230
Chapter 3
Selca {Ind) 83
Chapter 7
Case 3.1
Case 3.2 The Republic of Tea (USA) 86 Case 7.1 Hewlett-Packard {USA) 242

Case 3.3 Trade Plus Aid (Int) 94 Case 7.2 IKEA {EUR) 246

London Zoo {UK) 97 Case 7.3 Kungkas Can Cook (Aus) 260
Case 3.4
Case 3.5 The Flying Scotsman {UK) 102 Case 7.4 Aiptek (Taiwan) 267

Chapter 4 Chapter 8
Case 4.1 BHP Billiton (Int, Africa) 115 Case 8.1 Sole Rebels (Africa) 276

Case 4.2 The Recorded Music Industry (UK) 120 Case 8.2 Eclipse Aviation - Great Opportunity
or Just a Great Idea? (USA) 281
Case 4.3 Barriers to Entry: Netflix and DVD
Rentals {USA) 128 Case 8.3 Haier {Ch, Int) 285

Case 4.4 Goody Good Stuff {UK) 137 Case 8.4 BUPA and IMAX {UK & USA) 290

Case 4.5 Flying Brands (UK) 138 Case 8.5 Lego (Eur, Int) 293

A Tale of Two Hotels {Singapore, Case 8.6 Airbus and Boeing {Eur, USA) 317
Case 4.6
UAE) 141
Case 4.7 PlayPumps (Africa) 142
Chapter 9
Case 4.8 eBay {US, Int) 152 Case 9.1 Federal Express {USA) 328
Case 9.2 The Dabbawallas of Mumbai {Ind) 331
Chapter 5 Case 9.3 Rio Tinto (Aus) 338
Case 5.1 James Dyson {UK) 159
Case 5.2 Sustainability in Ethiopia {Int) 161
Chapter 10
Case 5.3 Piano Manufacturing in China Case 10.1 Innocent Smoothies {UK) 357
(Int, US, Ch) 166 Case 10.2 Sir Tom Farmer and Kwik-Fit (UK) 367

•
XI
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LIST OF CASES

Case 10.3 James Watt and BrewDog, and Case 13.6 Gap, Gucci and Maserati (US, Eur,
William Chase and Tyrrell Chips Int) 488
(UK) 371 Case 13.7 William Kendall - Turnaround
Case 10.4 Alibaba.com (and Jack Ma) (Ch) 374 Specialist (UK) 492
Case 10.5 Richer Sounds (UK) 378
Case 10.6 Bill Gates (USA) 383 Chapter 14
Case 10.7 Jim McColl (UK) 386 Case 14.1 The Royal Flying Doctor Service of
Case 10.8 Volvo (Eur) 388 Australia (Aus) 510
Case 14.2 Divine Chocolate (Africa, Int) 514
Chapter 11 Case 14.3 Oxfam - Structures for Emergent
Strategy (UK) 519
Case 11.1 Classic FM (UK) 413
Case 14.4 Nantucket Nectars (US) 520
Case 11.2 Ajisen Ra men (China) (Ch) 414
Case 14.5 ABB (Asea Brown Boveri) (Eur) 529
Case 11.3 Masdar (UAE) 416

Chapter 12 Chapter 15
Case 15.1 Domino's US, (Int) 544
Case 12.1 Bata Shoes (Eur) 425
Case 15.2 One Foundation (UK, Africa) 547
Case 12.2 Infosys (Ind) 429
Case 15.3 The UK National Health Service
Case 12.3 Tata and the Acquisition of Jaguar
between 2006 and 2009 (UK) 549
(Int) 438
Case 15.4 Transformational Change at General
Case 12.4 Yorkshire Water's Onion Strategy
Electric (GE) (USA) 559
(UK) 442
Case 12.5 Sanyo (Jpn, Int) 448
Chapter 16
Case 12.6 Fred Deluca and Subway (USA) 450
Case 16.1 General Electric - The Welch Years
Case 12.7 Li Ning Company (Ch) 453
(USA) 575
Case 12.8 The Michelin Guide 457
Case 16.2 Smiths Group: developing a new
'Heartland' (UK) 584
Chapter 13 Case 16.3 McDonald's in Russia (Russia) 597
Case 13.1 Jinan Sanzhu Group (Ch) 471 Case 16.4 Huawei (Ch) 602
Case 13.2 Leeds United Football Club (UK) 474 Case 16.5 The FIFA World Cup in Qatar 2022
Case 13.3 Nine Dragons Paper Limited (Ch) 478 (Qatar) 604
Case 13.4 Kids Company (UK) 480 Case 16.6 Jollibee (Asia) 611
Case 13.5 Kim Winser, Pringle and Aquascutum
(UK, Int) 484

A range of additional cases can be found on the associated online platform. See the list provided at
the end of each chapter.

Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
Pre ace

The natural world, which relies on seasons and cycles, is constantly changing and evolving. There is a pre-
dictable cycle, illustrated by the series of changing leaves, but this is supplemented by unexpected events
generated by, for example, 'freak' weather conditions and human interventions. The world of organizations
is no different. There are identified cycles such as the product life cycle, but there is irregular turbulence from
competition and the uncertainty of today's 'New Normal' business world. Organizations, their leaders and
their managers, must be constantly alert to new opportunities and threats; this book sets out to prepare people
for how they might deal with these challenges.

This book is about strategic awareness, strategic analysis, strategy development, strategic decision-making
and the management of strategic change. It is designed for use by students who will become future managers
and for managers in practice; after all, in some way or another, all managers are strategy makers. It looks at
how managers become strategically aware of their company's position and potential opportunities for change,
at how changes often happen in reality, and at how the process could be managed more effectively.
Strategic management is concerned with the actions that organizations take to deal with the changes, op-
portunities, threats, challenges and surprises in their external and internal environments. Put simply, strategies
are means to ends. How, then, do organizations:
• determine desired outcomes?
• understand the circumstances and events affecting these outcomes and the means of attaining them?
• decide on actions that they intend to take?
• implement these desired strategies through a series of tactical moves and changes?
• evaluate progress and relative success?
These are the broad themes addressed in this book.
Since the first edition was published in 1990, the subject of strategic management has been developed and
our understanding of certain aspects has changed. In addition, the world of business has been transformed not
only by the rapid growth of the Internet and the emergence of the new and entrepreneurial dot.com organi-
zations, but also, more recently, a protracted recession fuelled in part by a banking crisis. At the same time,
entrepreneurship as a subject has also increased in popularity and significance; it is not realistic to treat it
as completely divorced from strategy as the two are very clearly related. While some of these changes were
reflected in earlier editions of this book, this eighth edition sees further revisions to both the structure and
content to bring the text and the case material fully up-to-date. For this edition, we have introduced some new
content in every chapter and added a number of new figures. The most obvious of these are in Chapter 2 on the
Business Model. Research Snapshots (explained later in this Preface), found at the end of most chapters and
introduced in the seventh edition, have been extensively updated to reflect cutting-edge, up-to-date academic
research and scholarship on strategic management. Further discernible changes have also been made to the
structure of the book, especially to the running order of chapters, so as to make the book easier to navigate.
Chapter 12 on strategic (and international) growth has been restructured. The Case collection has been re-
vised. The scope and variety of short cases has been increased. All the retained Cases have been checked for
relevance and, where appropriate, revised. For this revision, John Thompson has continued his collaboration
with Dr Jonathan M. Scott from Teesside University; Frank Martin had a reduced role in this edition.

• ••
XIII
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PREFACE

Thinking strategically

Strategy is about how an organization sets about getting to where it wants to be. It is about setting, pursuing
and achieving its mission and o~jectives. In the early stages of a company's development, this aspect is usu-
ally straightforward. It is not difficult for everyone concerned to appreciate the desired end points and the
routes forward. As the business grows and diversifies, it separates into different parts and these have to be co-
ordinated. Strategy takes on a different complexity. The ideal outcome is synergistic - the sum of the achieve-
ments of the various parts exceeds what they could be expected to achieve individually and independently. At
this stage, issues of strategy and structure (including managing and controlling within the structure) have to
be dealt with together. The ability to implement strategic ideas holds the key to prosperity.
If something goes wrong, it could be that the organization has made a strategic misjudgement- it has at-
tempted to do something for which it is inadequately or inappropriately resourced, for example; or it could be
that it makes mistakes in implementation - it underestimates the reaction of its competitors, perhaps.
Uncertainty (and, therefore, risk) is always prevalent in strategy. Organizations will plan to some extent, and
they will vary in the extent to which they do plan. But managers can never plan for every eventuality and possibility.
Strategies emerge as managers and organizations react to the world around them. They attempt to counter threats
and seize opportunities. Flexibility is essential. How they do so comes down to the style and approach of the person
in ultimate charge- the strategic leader. But in some way or other, every manager is (potentially) a 'strategy maker'.
We could, here, draw a parallel with the 2012 London Olympic Games. Thousands of volunteers perform-
ing a wide range of modest support roles were seen as both essential and valuable for making sure 'everything
worked' and for enhancing the visitor experience. Although working to instruction, many of them made individ-
ual contributions and developed their own particular ways of doing things. They were called 'Games Makers'.
Strategy may involve planning, plans and even formal documentation but, fundamentally, it is a way of
thinking and behaving.
Ultimately, it is probably true that 'everything in strategy is simple, but nothing in strategy is very easy'. It is a
mistake to overcomplicate things. It is also a mistake to underestimate competition - in part, because new com_peti-
tors can enter an industry quickly and surprisingly- or to ignore change pressures and become complacent.
It has to be tempting, though, to sit back and enjoy the fruits of success once an organization has become
an industry leader and maybe a global organization in the process. But size and success is no guarantee of
permanency, especially in the uncertain and turbulent economic conditions we have witnessed globally in the
recent past. In fact, the phrase 'New Normal' has come to characterize these turbulent times. Corporate his-
tory (as with military history) contains numerous stories of once-great, once-dominant corporations that have
fallen by the wayside. It is vital that stasis and inertia are avoided. Again, it is an attitude of mind.
Prolonged success, then, in part, depends on how organizations deal with setbacks and crises when they oc-
cur. Astute companies will have made preparations for dealing with possible crises, but these will still have to
be dealt with when they happen. Yet again, this comes down to an ability to think things through and to stay vig-
ilant and flexible. As always happens, some organizations will emerge intact from the economic challenges we
are still experiencing as we write these comments in 2016; they will be in a position to exploit the opportunities
that are there. But other organizations will have fared less well. We need to understand why this is the case.
Of course, from time to time, there will be changes of strategic leadership. When these changes happen,
it is likely that newcomers will want to change strategies and/or structures. There is always the potential to
improve a situation, but it is equally possible to destroy something that works well.
From this short and cryptic explanation of strategy, you will see why we subtitle our book Awareness and Change!

How to use this book

Structure and content

The content generally follows the established Analysis, Choice and Implementation model that is used in most
strategy texts; it is structured in five parts, which systematically deal with a series of key questions and issues.

Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
 PREFACE

Part 1: Understanding Strategy and Strategic Management examines the strategy process as a whole and
includes a comprehensive explanation and framework of the process around which the book is structured.
Part 1 introduces a mind map summary of the book's structure. Material on the business model is developed
in a short, dedicated chapter to stress its significance for understanding the strategy of an organization.
Content:
Chapter 1 What is strategy and who is involved?
Chapter 2 The business model and the revenue model
Chapter 3 Strategic purpose
Part 2: Analysis and Positioning looks at three distinct but clearly related approaches to strategy: market-
or opportunity-driven; resource-based; and competitor influenced strategic management. It is crafted around
the Environment-Values-Resources (E-V-R) model introduced in Chapter 1. Part 2 includes a number of
tools and techniques which help us to understand the current competitive situation. This part also looks at
strategic positioning and competitive advantage.
Content:
Chapter 4 The business environment and strategy
Chapter 5 Resource-led strategy
Chapter 6 The dynamics of competition
Part 3: Strategy Development describes and evaluates the different ways in which strategies are formulated
and created. Several valuable planning models and techniques are discussed. We look at both entrepreneur-
ship and intrapreneurship in Chapter 9 on strategic leadership; we also explore the role and value of strategic
planning. Part 3 opens with Chapter 7 on culture; this is a vital element of our study, as it determines how
strategies and changes are both determined and implemented. Next, we consider the various strategic alterna-
tives that a firm may consider and the determinants of a good choice, leading on to examinations of strategic
planning, strategic leadership and intrapreneurship.
Content:
Chapter 7 Introducing culture and values
Chapter 8 Creating and formulating strategy: alternatives, evaluation and choice
Chapter 9 Strategic planning
Chapter 10 Strategic leadership and intrapreneurship: towards visionary leadership?
Part 4: Strategic Growth Issues deals with both growth and retrenchment issues, which includes material
on international strategy. There is also a discussion of business failure. This part opens with Chapter 11 on
evaluating strategic success.
Content:
Chapter 11 Strategic control and measuring success
Chapter 12 Strategic growth: domestic and/or international?
Chapter 13 Failure, consolidation and recovery strategies
Part 5: Strategy Implementation evaluates the issues involved in strategy implementation. Organization
structures, resource management and the complexities of managing change are included, as are issues of risk
and crisis management.
Content:
Chapter 14 Strategy implementation and structure
Chapter 15 Leading change
Chapter 16 Managing strategy in the organization
Chapter 17 Final thoughts and reflections: the practice of strategy
Strategic management is a complex and dynamic subject and, as we said at the beginning of this Preface, since
the first seven editions of this book were published a number of new ideas and views have emerged. In addi-
tion, certain practices and priorities have changed to reflect developments around the world. Consequently,

Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
PREFACE

the whole text has once again been reviewed and, where appropriate, restructured. Every chapter has been
edited and rewritten - although there are few radical changes - and some have been consolidated. Inevitably,
new material has been added and some taken out. Many of the short cases are new.

Key themes

Strategy in practice
This new edition contains a total of 88 short cases within the various chapters. We reviewed every case in the
seventh edition and concluded that some, while still having value as a story illustrating a key theme, situa-
tion or decision, were best used as supplementary material. Consequently, they have been moved to become
online learning materials, easily accessible on the online platform. They are listed at the end of every chapter
for you to follow up as you wish. A number of new cases have been written for this edition and, in this task,
we were keen to make sure there is a wide variety of organizations and countries. Clearly, then, we believe
there is 'something here for everyone'. Lecturers who use the book will choose the ones that work best for
their teaching and their students. Some 50 of the cases feature what we would call Western businesses - here,
organizations from the UK, USA and Europe all feature. The remaining cases are split roughly 50:50 between
cases written about Far Eastern organizations, mainly Chinese and Indian companies, and cases written about
organizations in the Southern Hemisphere: the African continent, Australia, New Zealand and South America.
All the cases cover large and small businesses, both national and international in scope, manufacturing
and service, and the private, public and non-profit sectors, including social enterprises. The retail, leisure,
financial and transport service industries are included, as are several non-profit and charity organizations. We
have included a reasonable number of retail examples for several reasons:
• They are mostly recognizable companies that students can readily visit and experience at first hand.
• They sell products that many readers will buy regularly.
• They are in an industry that is subject to fashion and innovation; strategies change frequently.
• We have also determinedly included cases from industries that place a heavy reliance on the Internet -
in part, because they are typically very contemporary but, again, it is because students can easily ac-
cess them for follow-up material.
A few of the cases have been included in earlier editions of this book but, where this is so, they have been
either updated or rewritten for this new edition.

Differing perspectives
It must be emphasized that no single approach, model or theory can explain the realities of strategic change in
practice for all organizations; different organizations and managers will find certain approaches much more
relevant to their circumstances and style. All approaches will have both supporters and critics. It is, therefore,
important to study the various approaches within a sound intellectual framework so that they can be evaluated
by students and other readers.
Students of business and management and practising managers must work out for themselves the intrica-
cies and difficulties of managing organizations at the corporate level, and of managing strategic change at all
levels of the organization. It is no good being told how to be prescriptive when it is patently obvious that there
is no universal model. Observations of practice in isolation are equally limited in their usefulness.
However, an attempt to find explanations that can be utilized does make sense. Testing and evaluating real-
ity against a theoretical framework helps this process.

Key features
Cases and examples In addition to numerous references in the main text to organizations and events, as
we mentioned above, some 88 short case examples are included. The cases are all designed to illustrate points
in the main text. They are also intended to supplement the reader's own experiences and investigation. There

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 PREFACE

are specific questions at the end of every case and relevant website addresses are provided to enable easy
follow-up. Inevitably, some of the cases will date during the life of the text, in the sense that the strategies
and fortunes of the companies featured in the examples will change. Strategies have life cycles, and strate-
gies that prove effective at certain times will not always remain so. Companies that fail to change their
strategies at the right time are likely to experience declining fortunes. Questions are included at the ends of
chapters to encourage the reader to research and analyze the subsequent fortunes of companies included as cases.
As teachers and examiners ourselves, we are aware of the value of longer and more analytical cases that can
be particularly useful for examination purposes. We also recognize that a number of competing books feature a
selection of such cases. We recommend that lecturers visit the Case Centre website - www.thecasecentre.org -
where they will be able to search through abstracts for literally thousands of cases written by case writers from
around the world, many of whom have enjoyed direct access to the organizations involved. In fact, longer cases on
many of the organizations we feature in our 88 cases are there to be found, if you are attracted to a particular busi-
ness. In addition, the Case Centre includes details of the most popular long cases with lecturers around the world.
Learning objectives These appear at the start of every chapter to help you monitor your understanding
and progress through the chapter. You will see we have adopted a principle of one learning objective for each
major section in a chapter.
Boxes These are used in the text and featured separately within the relevant chapter for special emphasis and
easy reference. They cover five tasks:
1 Boxes define Key Concepts in strategy and also explain significant contributions which underpin an
understanding of strategic management.
2 Critical Reflections feature debates and discussions where there are differing opinions.
3 Strategy in Action boxes provide annotated applications of particular ideas and concepts.
4 Strategy in Practice boxes were new in the seventh edition and they put strategy decisions and actions
into an everyday setting to help provide insight into how we could interpret behaviours and events.
5 Research Snapshots were also introduced in the seventh edition, since updated, and appear at the end
of most chapters.
We believe that some, but not all, readers will be keen to access up-to-date and relevant journal articles and
follow up on the current and recent strategy research agenda. Rather than attempt to capture this level of detail
in the main text, and to keep the book easy-to-read, we have developed and separated these summaries and
recommended reading lists. Where Research Snapshots are inappropriate to a chapter (for example, due to
the 'generic' or introductory nature of its material), the rationale for its exclusion is given within the chapter.
Finance in Action Linked directly to certain chapters, and in the form of online appendices, there are
Finance in Action supplements which expand on points introduced in the text. They provide more detail than
some readers will require; for others, they enhance key aspects of strategic analysis.
Figures A comprehensive set of figures, which are either new or redrawn, illustrate and explain the issues
covered in the text.
Quotations Short and pithy quotations from a variety of senior managers in the private and the public sec-
tors are sprinkled throughout the text to illustrate a spectrum of opinions. These are useful for provoking class
discussion and examination questions.
Chapter summaries An outline summary of the content and main points is given at the end of every chap-
ter. This summary can help readers to check that they appreciate the main points and issues before reading on.
Questions and research assignments These are included at the end of each chapter. Some questions re-
late to the ideas contained in the text and the illustrative cases, and some are examples of the type that feature
in study examinations of this subject that are not related to cases.
Several research projects, both library- and Internet-based, are included to encourage the reader to develop
their knowledge and understanding further. The website provides a gateway of links to sites that are helpful
in researching the Internet projects.

Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02·200-202
PREFACE

In addition, we have included one extra short case at the end of Chapters 1- 16 to allow further exploration
of strategy in action.
Further reading There are also three different types of listings of books, chapters, journal articles and other
sources of literature at the end of each chapter:
• Bibliography comprises works that are not cited directly in the text but would be useful for students
to follow up (compiled at the back of the book).
• References are those pieces of literature which are directly cited in the text.
• Further reading provides the full list of references for each Research Snapshot. However, these are
not considered references but, instead, 'further reading', to distinguish them from the reference list at
the end of each chapter.
It should be appreciated that, although fresh articles are being published constantly, only a very small
number add anything really new and seminal to our understanding of strategy and strategic management.
Glossary The book also offers a glossary, including definitions of well over 100 key terms. For ease of refer-
ence, words that are included in the glossary are highlighted in purple in the text.

An extensive accompanying online platform provides a comprehensive set of additional resources for both
students and lecturers. It includes additional material and examples about strategic management, links to
companies and further information sources, guidance for lecturers and interactive resources for students. For
full details, see 'About the digital resources' (p. xxii), and look out for the marginal icon throughout the text,
which denotes associated resources available on the platform.

Teaching aims
The main purpose of the book is to help students who aim to become managers and also managers in practice, to:
• develop their strategic awareness;
• increase their understanding of how the functional areas of management (in which they are most
likely to work) contribute to strategic management and to strategic changes within organizations;
• appreciate how strategic change is managed in organizations.
The content is broad and the treatment is both academic and practical, in order to provide value for practis-
ing managers as well as full- and part-time students. The subject matter included is taught in a wide variety
of courses, including undergraduate courses in business studies and related areas, MBA and other post-
graduate Master's degrees, post-experience management courses and courses for a number of professional
qualifications. The subject can be entitled 'strategic management', 'business policy', 'corporate strategy' or
'business planning', although strategic management now seems the most popular.
The material is relevant for all types of organization: large and small businesses, manufacturing and ser-
vice organizations, social enterprises, and both the public and private sectors: the examples included relate to
all of these. Although the topics discussed are broadly applicable, certain issues are sector specific; these are
discussed individually.
This edition has been written and structured into 16 main chapters to support courses that last up to a full
academic year. Clearly, some lecturers will opt to spend longer than a single week or session on some topics, or
possibly switch the order of the chapters marginally. Neither of these should present any problems and suggested

Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
 PREFACE

course outlines are provided on the website for different types of course. Some courses in strategy run for only a
single semester, focusing more on the analytical aspects of the subject. A careful selection of chapters, in a logical
sequence, can underpin such courses quite readily and a suggested outline is provided on the companion website.

Studying strategy
Strategic management is concerned with understanding, as well as choosing and implementing, the strategy or
strategies that an organization follows. It is a complex process that can be considered from a number of different
perspectives. For example, one can design prescriptive models based on a series of logical stages that look at how to
choose and implement strategies aimed at achieving some form of long-term success for the organization. This sys-
tematic approach is designed to bring about optimum results. An alternative paradigm, or conceptual framework,
is a systemic approach that concerns understanding what is happening in reality and thinking about how things
could be improved. The emphasis is on learning about how strategic management is practised by looking at what
organizations actually do and by examining the decisions that they make and carry out.
In this book both perspectives are considered and linked together. While it is always useful to develop
models that attempt to provide optimizing solutions, this approach is inadequate if it fails to explain reality.
Strategic management and strategic change are dynamic, often the result of responses to environmental pres-
sures, and frequently not the product of extensive deliberations involving all affected managers.
Managers should be aware of the issues and questions that must be addressed if changes in strategy are to be
formulated and implemented effectively. At the same time, they should be aware of the managerial and behavioural
processes taking place within organizations in order that they can understand how changes actually come about.
Prescriptive models are found quite frequently in business and management teaching. For example, there
are models for rational decision-making built around the clear recognition and definition of a problem, and
the careful and objective analysis and evaluation of the alternative solutions. There are economic models of
various market structures showing how an organization can maximize profit. However, decision-making in-
variably involves subjectivity and shortcuts, and organizations do not always seek profit maximization as their
top priority. Although organizations and individuals rarely follow these models slavishly - quite often they
cannot, and sometimes they choose not to - this does not render them worthless. Far from it: they provide an
excellent framework or yardstick for evaluating how people reach their decisions, what objectives are being
pursued and how situations could be improved. The argument is that if managers observe what is happen-
ing and seek to explain it and evaluate it against some more ideal state, then they will see ways of managing
things more effectively. In this way, managerial performance can be improved. Note the use of the expression
'more effectively'. For a whole variety of reasons, situations cannot be managed peifectly.
The reader with personal experience of organizations, management and change - whether it is limited or
extensive, broad or specialized - should use this experience to complement the examples and cases described
in the book. Ideally, the experience and the cases will be used jointly to evaluate the theories and concepts
discussed. There is no universal approach to the management of strategy and strategic change. An individual
must establish what approaches and decisions are likely to prove most effective in particular circumstances,
and why. This learning experience can be enhanced by:

• evaluating the theoretical and conceptual contributions of various authors;

• considering practical examples of what has proved successful and unsuccessful for organizations;
• examining these two aspects in combination to see which theories and concepts best help an under-
standing of reality.

The manager's job is change. It is what we live with. It is what we are here to create. If we cannot do
that, then we are not good at the job. It is our basic job to have the nerve to keep changing and changing
and changing again.
SIR PETER PARKER

Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
PREFACE

Pressures to change are always present in the form of opportunities and threats. At any point in time, the
significance of these pressures will vary markedly from industry to industry and from organization to organi-
zation. Managers may be aware of them and seek to respond positively; they may recognize opportunities and
threats and choose to do little about them, other than perhaps to avert crises; or they may be totally unaware of
them. A lack of awareness can mean that potentially good opportunities are also lost; it may mean that busi-
nesses fail if they are not able to react and respond to the threats and problems when they arise. All businesses
must react to pressures from the environment such as supply shortages, new products from competitors, or
new retailing opportunities, but some will be very proactive and thereby seek to manage their environment.
It is important to point out that students of strategic management may not be, or may not become, key
strategic decision-makers in their organizations but, instead, may specialize in one particular function, such as
marketing, production or finance. Similarly, their experience may be with only one product or one division if
their employer is a multi-product or multi-divisional organization. Nevertheless, the decisions that they make
or to which they contribute can affect the strategy for a particular product or service and, in turn, affect the or-
ganization. It is vital that they appreciate exactly how their function operates within an organizational context,
and how decisions made in their area of interest can affect both other functions and the organization as a whole.
Finally, and to reinforce this last point, students occasionally ask whether 'strategic management' is about
the management of strategy in organizations, or about how people can manage strategically - an interesting
point! The focus here is on the management of strategy in organizations but, by studying and applying the
theory, and reflecting on its relevance in the context of personal observations and experience, readers should be
able to improve their strategic effectiveness as managers. In essence, they will benefit - as will any organization
in which they work - by being better placed to take a strategic perspective and to use it to inform decisions and
actions. Remember, there are no finite answers to the decisions and actions that should be taken. Organizations,
and many of the problem issues they have to deal with, are complex and ill-defined. After all, if strategy were
straightforward, the relative success rate of organizations of every type and size would be much greater than it is.
Experience is a wonderful thing, but not a useful one. When you are young, you don't trust others'
experience - for if you do, this can paralyze you. When you get old, it is too late to use it- and you
cannot transmit it.for the reasons outlined.
JACQUES CALVET, WHEN LE PRESIDENT DU DIRECTOIRE, PSA PEUGEOT CITROEN

The publisher would like to thank the following reviewers for their contribution:
Louw van der Walt, Themba R. Missouw,
North-West University, South Africa Wits Business School, University of the
Dr Efstathios Tapinos, Witwatersrand, South Africa
Aston University, UK Francois du Toit,
Louisa Jones, UNISA, South Africa
University of Central Lancashire, UK David Hailstones,
HTMi, Switzerland.
The publisher would also like to thank the fallowing people for their contributions to the digital resources
accompanying this book:
Marc Cashin, Bobby Mackie,
Athlone Institute of Technology, Ireland University of the West of Scotland, UK
Anna Rosinus, Neil Coade,
Hochschule Mainz, Germany Regent's University London, UK

Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
 (ENGAGE
Learning®

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 (ENGAGE
Learning®

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All of our Higher Education textbooks are accompanied by a range of digital support
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book's readers. Examples of the kind of resources provided include:

• A password protected area for instructors with, for example, a testbank,

PowerPoint slides and an instructor's manual.

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Lecturers: to discover the dedicated lecturer digital support resources accompanying this
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000
 •• • •••• •••••• ••••••• •• •• • ••• ••••••• ••
•
rt 1

rganizations, their strategies, their structures and how they are managed become ever more com-
plex. Among the reasons for such complexity are the increasing turbulence and propensity to
change in the business environment, and the tendency for multi-product, multi-national organiza-
tions to become commonplace. Organizations need to know where they are, where they are going and
how to manage the changes. Managers in these organizations need to know where their roles fit in
relation to the whole and how they can contribute to strategic developments and changes. These are
the issues addressed by a study of the practice of strategic management.
The first part of this book is designed to provide a broad appreciation of strategic management and
to develop the framework used in the book in order to:

• outline the scope and complexity of the study area;

• provide an initial overview of some major contributors to the subject in order to illustrate what
is meant by, and included in the definition of, strategic management and to demonstrate that
there is no single universally accepted approach;
• provide a framework for the structure and content of the book;
• explain the significance of a robust business model;
• examine what is meant by purpose, direction and objectives, and consider how these may be
set and used;
• help you to think and act in a strategic way.
In Chapter 1, we introduce the subject of strategy and create the framework for this book. We examine
and discuss what strategy is, who is involved in strategic decisions, and how and when they are involved.
Chapter 2 is a relatively short chapter on the business and revenue models. These topics could have
been included in Chapter 1 but we believe they are of significant importance and deserve special treatment.
Chapter 3 sets strategic decision-making in the context of strategic purpose; it helps us to under-
stand why organizations pursue particular routes and what they are hoping to achieve.

1
Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
 Chapter 1
••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••

• •
•

PART1
Understanding strategy

1 What is strategy and who is

involved?
• Appendix

2 The business model and the

revenue model

3 Strategic purpose

14 Strategy implementation and 4 The business environment

structure and strategy

15 Leading change 5 Resource-led strategy

16 Managing strategy in the 6 The dynamics of competition

organization

17 Final thoughts and reflections:

the practice of strategy

7 Introducing culture and values

8 Creating and formulating
11 Strategic control and
• strategy: alternatives,
measuring success evaluation and choice
12 Strategic growth: domestic
9 Strategic planning
and/or international?
10 Strategic leadership and
13 Failure, consolidation and intrapreneurship: towards
recovery strategies visionary leadership?

2
Copyright 2017 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-202
Random documents with unrelated
content Scribd suggests to you:
 Emännöitsijän kai täytyi uskoa noita sangen päättäväisesti
lausuttuja sanoja, sillä lyödyn, mutta viisaan sotapäällikön tavoin
alkoi hän taas ajattelemaan peräytymistä:

"Minä tulin viekkaudella voitetuksi; mutta jota minä eräänä

heikkona hetkenä lupasin, sen olen minä nyt kerran vannonut. Minua
pidättää vaan sinun isäparkasi, joka kyllä tarvitsisi luotettavaa poikaa
ja kelpo Leonaxia."

Tässä silmänräpäyksessä astui, aivan kuin olisi hän kuullut omaa

nimeänsä ja kuin hän kuuliaisena hänen kutsumuksellensa
näyttäytyisi, Alkiphronin poika Messenestä Phaonin isän Protarchon
kanssa myrttipensastosta esiin.

Hän oli kaunis, vilkas nuorukainen, komeasti ja huolellisesti

puettu.

Monien kättenpuristusten ja sydämmellisien tervehdyksien jäljestä

tarttui Phaon morsiamensa käteen, vei hänet vastatulleita vastaan ja
sanoi:

"Anna Xanthe minulle puolisoksi, isäni. Me olemme yhdessä

kasvaneet isoiksi, niinkuin muratti tuolla viiniköynnöksen kanssa
alttarin luona, emmekä voi jättää toisiamme."

"Ei, aivan varmaan emme!" vakuutti Xanthe, hiipi aivan lähelle

kihlattuansa ja katseli sitten punehtuen ja sydämmellisen
rukoilevaisesti ensin enoansa ja sitten nuorta messeneläistä silmiin.

"Lapset, lapset!" huusi Protarchos. "Te teette tyhjiksi minun

kauniimmat tuumani. Agaristea, rikkaan Mentorin ainoata lasta, pidin
minä silmällä sinulle, sinä mieletön poika, ja olin jo yksimielinen tuon
vanhan saiturin kanssa. Sano nyt vielä sitten, minä tahdon tai tämä
ja tuo on huomenna tapahtuva! Rakastettava ja hyvähän sinä olet,
tyttö, enkä minä väitä, että minä en muka iloitse, mutta —
kaikkivaltias Zeus! mitä on minun veljeni Alkiphron sanova ja sinä,
Leonaxini?"

"Minäkö?" kysyi nuori messeneläinen hymyillen. "Minä tulin tänne

kuuliaisena poikana, mutta minä tunnustan, että minä iloitsen siitä,
mitä täällä on tapahtunut, sillä nyt vanhemmat tuskin toista kertaa
sanovat ei, kun minä pyydän heitä antamaan Kodrolisen tytärtä
Ismeä minulle vaimoksi."

"Ja tuossa seisoo tyttö, joka näyttää kuulevan noin epäkohteliaita

sanoja vielä mieluimmin kuin Helena Parisin hyväilyspuheita!" huusi
Phaonin isä ja suuteli ensin tulevaa tytärtänsä poskelle ja sitten
poikansa otsaa.

"Mutta nyt isän luo!" pyysi Xanthe.

"Vielä silmänräpäys", vastasi Protarchos, "katsoakseni kirstuja,

joita väki tuo tuolla. Te pojat siellä, ottakaa vaaria tuosta isosta
laatikosta feniläisine sjaaleineen ja rouvanpukuineen!"

Semestre oli jo ensimäisen tervehdyksen jäljestä lähestynyt

lemmikkinsä poikaa, sanonut hänelle, kuka hän oli, ottanut vastaan
nuorukaisen isän tervehdykset, suudellut hänen kättänsä ja silittänyt
hänen käsivarttansa.

Leonaxin selitys, että hän halusi erästä toista eikä Xanthea

vaimoksi, ei rauhoittanut häntä vähän, ja kun hän nyt kuuli
rouvanpuvuista, eikä vaan yhdestä puvusta, loistivat hänen silmänsä
iloisina ja maahan katsoen kysyi hän:
 "Onko siellä sininenkin? — sinisestä pidän minä erittäinkin."

"Olenhan minä valinnut sinisenkin", vastasi Protarchos.

"Ja mitä tarkoitusta varten, sen selitän minä tuolla ylhäällä. Nyt
menemme ylös tervehtämään veljeäni."

Xanthe kiiruhti käsi kädessä kihlattunsa kanssa edellä joukkoa,

valmisti isäänsä helläsydämmisesti edeltäpäin siitä, mitä oli
tapahtunut, kertoi, kuinka isä, hän ja vanha Semestre olivat tehneet
väärin Phaonille, vei nuorukaisen hänen eteensä, vaipui liikutettuna
alas hänen edessänsä, kun isä oli pannut hänen kätensä tytön
kumppanin käteen ja huutanut vapisevalla äänellä:

"Rakas olet sinä aina ollut minulle, sinä mustatukka, ja Xanthe

tahtoo sinua puolisoksensa. Niin olisi minullakin sitten poika! Te
korkeat olymppilaiset, kuulkaatte, hyvä, vahva, ystävällinen poika.
Nosta minua ylös. Kuinka terveeksi minä itseni tunnen! Enkö minä
ole saanut sinun kanssasi kaksi vahvaa jalkaa ja käsivartta? Tänään
saa tuo eukko vallan hyvin tulla! Silmänkääntäjä opetti minulle,
kuinka tuon kanssa pitää menetellä."

Phaonin vahvoille olkapäille nojautuneena astui hän onnellisena

hymyillen ulos, tervehti nuorta komeata veljensä poikaa sekä
veljeänsä ja sanoi:

"Anna Phaonin asua Xanthen luona minun talossani, joka kyllä

kohta on oleva hänen omansa, sillä minä olen heikko ja tarvitsen
apua."

"Mielelläni, sydämmeni pohjasta mielelläni", huusi Protarchos, "ja

kaikissa tapauksissa on se sillä lailla hyvä, sillä, sillä, — no kerranhan
sen kuitenkin täytyy tulla ilmi, sillä minä, minä hullu harmaapää…"

"No?" kysyi Lysander, ja Semestre kaaritti kätensä kokoon

näkinkengän tavoin ja pani sen korvan taa kuullaksensa paremmin.

"Minä, — katsokaa vaan minua, — minä Protarchos, Dionysioksen

poika, en tule enään toimeen tuolla talossa yksinäni harvapuheisen
pojan ja vanhan Iasonin kanssa ja sentähden olen minä, — kenties
se on hulluutta, mutt'ei ainakaan rikos, — ja sentähden olen minä
valinnut Messenestä uuden vaimon."

"Protarchos!" huusi sairas ja nosti hämmästyneenä kätensä; mutta

Phaon nyykäytti isälle suostuvaisesti ja vaihtoi iloisen katseen
kihlattunsa kanssa.

"Minun äitini nuoremman sisaren on hän valinnut", sanoi

messeneläinen
Leonax.

"Nuoremman, niin, ei kuitenkaan nuorimman", keskeytti

Protarchos tätä puhetta. "Kolmen päivän perästä vietätte te häänne,
lapset. Phaon hallitsee täällä sinun luonasi, Lysander, Xanthen
kanssa, ja minä vanhassa talossa tuolla ylhäällä Praxillan kanssa.
Kohta teidän naimisenne jälkeen menen minä Leonaxin kanssa
Messeneen ja tuon minun pikku vaimoni tänne."

"Meilt' on jo kauan aikaa puuttunut emäntä ja minä siunaan sinun

rohkeata päätöstäsi!" huusi Iason.

"Niin, urhoollinen olet sinä aina ollut", sanoi sairas.

"Tällä kertaa en kuitenkaan niin paljon, kuin se voisi näyttää",

vastasi Protarchos hymyillen. "Praxilla on arvoisa leski ja hänelle
ostin minä nuo rouvanpuvut Messenestä, joista sinä kyselit,
Semestre."

"Hänelle?" mutisi eukko.

"Yksi on siellä sininenkin, joka on häntä kaunistava, koska hänellä

on vaaleanruskeat hiukset, hienosti harmailla sekoitetut. Mutta hän
on raitis, iloinen ja taitava kuni nuori ja on auttava Phaonia ja
Xanthea uudessa talossa monella hyvällä neuvolla."

"Minä muutan Agrigentiin tyttäreni luo", sanoi Semestre

päättäväisesti.

"Mene vaan", vastasi sairas ystävällisesti, "ja hoida itseäsi

vanhoina päivinäsi säästöilläsi."

"Joita minun isäni", lisäsi Leonax, "suurentaa tuhannella

drachmalla."

"Minun Alkiphronillani on sydän", huusi emännöitsijä.

"Minulta saat sinä yhtä paljon ja sinisen rouvanpuvun eron

päivänä", sanoi Lysander.

*****

Kohta Phaonin ja Xanthen häitten jäljestä muutti Semestre

tyttärensä luo.

Rakennus meren rannalla oli uudistettu kauniiksi ja ilman riitaa,

sillä maatila kuului nyt taas molemmille veljeksille yhteisesti, ja
Xanthe löysi Praxillassa uuden, hyvän äidin.
 Tuota marmorista leposijaa, jolla nuoren parin onni tuli päätetyksi,
nimittivät rakkaudessa ja hyvässä sovussa vanhentuvan avioparin
jälkeiset "kysymyksen penkiksi."
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