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Get this from a library! Essentials of strategic management: the quest for competitive advantage. [John Gamble; Arthur A Thompson; Margaret Ann Peteraf]. Chapter 2 Leadership and the Strategic Management Process Multiple Choice Questions The Strategic Management Process 1. Which one of the following is not one of the five stages of the strategic management process?
Essentials of Strategic Management responds head-on to the growing requests by business faculty for a concisely-written strategic management text that’s robust and theory-driven and supported with a compelling collection of cases. This text was written with four objectives in mind: 1) Although relatively brief in length, the text provides students with an up-to-date and thorough understanding of essential strategic management concepts and analytic tools; 2) It simplifies the task of demonstrating student learning through course embedded assessment; 3) The concepts are supported by contemporary, well-written cases involving headline strategic issues; and lastly, 4) The text serves as the theoretical foundation of a teaching approach incorporating a business strategy simulation.
Free Action Essentials 2 2K Download Free. Essentials Of Strategic Management Gamble Pdf Converter. Log in Log out Edit. Oct 06, 2011. East paperback essentials of strategic management the quest for competitive advantage 2nd edition by gamble john. Free pdf word converter.
How Will You Win? Where to play and how to win are intimately tied, and together they form the very heart of strategy. While where to play is about determining the playing field, how to win is about defining the method by which you will win on that field. Importantly, how to win must be considered within the context of the where-to-play choice: it is not how to win generally, but how to win given a specific where-to-play choice. The where-to-play and how-to-win choices flow from and reinforce one another. So, if a clothing company chooses to compete for the loyalty of young women aged 16-24, it needs to build a brand, offer products and distribute them in a way that distinctively and powerfully speaks to that demographic. It needs to fit the where-to-play and how-to-win choices together to make the company stronger.
To determine how to win, an organization must figure out what will enable it to create unique value, and it must decide how it can sustainably deliver that value to customers in way that is distinct from its completion. This is what constitutes competitive advantage—the specific way a firm leverages its advantages to create superior value for a customer and superior returns for the firm. Choosing how to win is about finding and building on sources of competitive advantage. To be successful, how-to-win choices must be appropriate to the specific organizational context and must be very difficult to copy. P&G’s competitive advantages are its ability to understand its core consumers and to create differentiated brands on the basis of this understanding. No company in its industry outpaces P&G along these dimensions. On the playing field it has selected, P&G wins by relentlessly building its brands and by producing distinctive, innovative products and services.
It leverages global scale and deep partnerships with suppliers and channel customers to deliver distinctive retail distribution and consumer value in its chosen markets. Of course, P&G’s where-to-play and how-to-win-choices aren’t appropriate for every context. Every organization must find a combination of where to play and how to win that is appropriate, doable and decisive for it, within its unique context.
With where to play, there is a specific set of considerations that apply across contexts (geography, customer segments, channel, product categories and stages of production); with how to win, the set of considerations is less structured and categorical. There is no checklist from which to select a plausible way to win.
Selecting how to win entails matching a firm’s advantages (both existing and potential) against its where-to-play choices. But determining how to win does begin with a single, crucial choice: will the organization win on the basis of having lower costs than the other players in the industry (like Walmart does in retail, or like M&M/Mars does in confectionary), or on the basis of brand differentiation (like Apple or Starbucks do). In a low-cost strategy, as the name suggests, profit is driven by having a lower cost structure than competitors. In a differentiation strategy, on the other hand, profit is driven by a price premium, derived because the company’s products or services are perceived to be distinctively more valuable to customers than competitive offerings. Both cost leadership and differentiation can produce a sustainable winning advantage. Cost leaders and differentiators behave very differently on the basis of very different ways to win. Game The Warriors Pc Indowebster. With cost leaders, managers work to understand cost drivers, to remove costs from the system, to standardize and to rationalize.
At a differentiator, managers work to deepen their understanding of customers, to build the brand with customers in mind, to delight current customers and to create new ones. Both work towards a specific kind of competitive advantage, a particular way to win. Which Capabilities Must Be in Place?
Organizations do many things. But there is a subset of activities that truly matter, that make the difference between winning and losing.
These are an organization’s core capabilities — the map of activities that, when performed at the highest level, enable the organization to bring its where-to-play and how-to-win choices to life. Determining core capabilities is not about asking what you are really, really good at now. It is about asking what the organization would need to be distinctively good at in order to play where you want to play and win how you want to win. These capabilities may map well to your current activities, or they may represent capabilities you need to build in order to deliver on the chosen strategy Even at a company the size of P&G ($190 billion market cap, over $80 billion in annual revenue and more than 100,000 employees worldwide), just a few capabilities are absolutely fundamental to winning in the places and way that it has chosen. In fact, there are five: Deep consumer understanding: This is the ability to truly know consumers better than any competitors do, to uncover unarticulated needs, and to see opportunities before they are obvious to others. Innovation: This is the capacity to translate deep understanding of consumer needs into brands, products and services, relationships, distribution models, businesses and systems. Brand building: This is about a building and deploying a distinctive heuristic for creating strong consumer trial and lasting consumer loyalty.
P&G trains and develops brand leaders and marketers in this discipline effectively and efficiently. Go-to-market ability: This capability concerns channel and consumer relationships. P&G thrives on reaching its customers (e.g. Retailers) and consumers (i.e. The families who buy and use P&G products) at the right time, in the right place, in the right way. It invests in building partnerships with retailers to consistently deliver more value to P&G, to retailers and to consumers in the store. Global scale: This capability relates to the power of hiring together, learning together, buying together, researching and testing together, and going to market together across multiple categories around the world, to capture the global benefits of scale.
Taken together, these five capabilities set P&G apart. In isolation, each capability is important but not sufficient to generate true competitive advantage over the long term. Instead, it is the way all of the capabilities fit with the others that generates enduring advantage. For instance, a consumer-driven innovation from P&G labs can be effectively branded and marketed around the world at scale in relatively short order. Such a combination of capabilities is hard for competitors to match. As Michael Porter first noted, powerful and sustainable competitive advantage is unlikely to arise from any one capability (e.g., having an unparalleled sales force or the best technology in the industry), but rather from a reinforcing set of capabilities.
What Management Systems Are Required? The last of the five essential questions is about management systems — the systems that build, support and measure a strategy.
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This last question is typically the most neglected, but is no less crucial to effective strategy than the others. Even if the other four questions are well answered, a strategy will fail if management systems that support the choices and capabilities are not established as well. Without supporting structures, systems, and measures, the strategy will simply be a ‘wish list’ — a set of goals that may or may not ever amount to anything. To truly win, an organization needs systems in place to support and measure the strategy. It needs a robust process for creating, reviewing, and communicating about strategy; it needs structures to support its core capabilities; and it needs specific measures to determine whether the strategy is working (or not). At P&G, critical management systems included strategy dialogues, innovation-program reviews, brand-equity reviews, budget and operating plan discussions, and talent assessment development reviews. From the year 2000 on, every one of these management systems was changed to reflect the organization’s strategic choices.
For instance, it was important to build specific systems to support P&G’s core capabilities. While brand building had always been at the heart of its endeavours, the company had not traditionally done a good job of capturing, cataloging, and systematically learning from its successes and failures. Brand building was largely learned by osmosis — from watching leaders, from individual trial and error and from the oral history passed down from brand manager to brand manager. Now, P&G has formally codified its approach in a brand-building framework. Beginning with this comprehensive document, marketers can learn the trade more quickly and leaders have an organized resource to guide their efforts. The brand-building framework is a management system that nurtures and enhances the critical a critical core capability. It represents the kind of system every company needs to deliver effectively on its strategy.
Reinforcing Choices The five strategy questions and the relationship between them can be understood as a reinforcing ‘choice cascade’, with the choices at the top of the cascade setting the context for those below, and choices at the bottom influencing and refining the choices above (see Figure One). Making your way through the choice cascade isn’t a one-way, linear process. You don’t simply create and articulate aspirations, then move on to where-to-play and how-to-win choices, then consider capabilities and systems.
Essentials Of Strategic Management Chapter 1
Rather, strategy is an iterative process in which all of the moving parts influence one another and should be taken into account together. For instance, an organization must understand its existing core capabilities and consider them when deciding where to play and how to win in future. And it may need to develop new core capabilities to support important forward-looking where-to-play and how-to-win choices, too.
In closing Developing a dynamic feedback loop between all five choices isn’t simple, but it is doable. The intent of the strategic choice cascade is to provide a clear and powerful framework for thinking about winning choices, a shared language for thinking about strategy within an organization and a playbook for developing that strategy. The good news is that strategy needn’t be the purview of a small set of experts. It can be demystified into a set of five important questions that can (and should) be asked at every level of an organization. The answers to all five questions can be captured on a single page, creating a shared understanding of an organization’s strategy and what must be done to achieve it. And are co-authors of (Harvard Business Review Publishing, 2013).
Is the former Chairman, President and CEO of Procter & Gamble. Roger is Dean, Premier’s Research Chair in Productivity & Competitiveness and Professor of Strategic Management at the Rotman School of Management. Jennifer Riel is Associate Director of the Desautels Centre for Integrative Thinking at the Rotman School of Management. Reprinted with permission from the Winter 2013 issue of, the magazine of the University of Toronto’s Rotman School of Management.
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