Hitt M.A., Ireland R.D., Hoskisson R.E. Strategic Management: Competitiveness and Globalization: Concepts
Подождите немного. Документ загружается.
Strategic Management
Michael A. Hitt
Texas A&M University
R. Duane Ireland
Texas A&M University
Robert E. Hoskisson
Rice University
9th Edition
Concepts
Competitiveness & Globalization
H
I
T
T
•
I
R
E
L
A
N
D
•
H
O
S
K
I
S
S
O
N
© 2011, 2009 South-Western, a Part of Cengage Learning
ALL RIGHTS RESERVED. No part of this work covered by the copyright
herein may be reproduced, transmitted, stored or used in any form
or by any means graphic, electronic, or mechanical, including but not
limited to photocopying, recording, scanning, digitizing, taping, Web
distribution, information networks, or information storage and retrieval
systems, except as permitted under Section 107 or 108 of the 1976
United States Copyright Act, without the prior written permission of the
publisher.
ExamView® and ExamView Pro® are registered trademarks of
FSCreations, Inc. Windows is a registered trademark of the Microsoft
Corporation used herein under license. Macintosh and Power Macintosh
are registered trademarks of Apple Computer, Inc. used herein under
license.
Concepts ISBN 13: 978-0-538-75309-8
Concepts ISBN 10: 0-538-75309-9
South-Western Cengage Learning
5191 Natorp Boulevard
Mason, OH 45040
USA
Cengage Learning products are represented in Canada
by Nelson Education, Ltd.
For your course and learning solutions, visit www.cengage.com
Purchase any of our products at your local college store or at our
preferred online store www.ichapters.com
Strategic Management: Competitiveness
and Globalization: Concepts, Ninth Edition
Michael A. Hitt, Duane Ireland, and
Robert E. Hoskisson
VP/Editorial Director:
Jack W. Calhoun
Editor-in-Chief:
Melissa Acuna
Senior Acquisitions Editor:
Michele Rhoades
Director of Development:
John Abner
Senior Editorial Assistant:
Ruth Belanger
Marketing Manager:
Nathan Anderson
Senior Marketing Communications Manager:
Jim Overly
Marketing Coordinator:
Suellen Ruttkay
Content Project Manager:
Jacquelyn K Featherly
Media Editor:
Rob Ellington
Senior Manufacturing Coordinator:
Sandee Milewski
Production House/Compositor:
Cadmus Communications
Senior Art Director:
Tippy McIntosh
Cover and Internal Designer:
Craig Ramsdell, Ramsdell Design
Cover Image:
©Media Bakery
For product information and technology assistance, contact us at
Cengage Learning Customer & Sales Support, 1-800-354-9706
For permission to use material from this text or product,
submit all requests online at www.cengage.com/permissions
Further permissions questions can be emailed to
permissionrequest@cengage.com
Printed in Canada
1 2 3 4 5 6 7 13 12 11 10 09
iii
To Ashlyn and Aubrey
Your smiles are like sunshine—they brighten my day.
—Michael A. Hitt
To my entire family
I love each of you dearly and remain so grateful for your incredibly strong support
and encouragement over the years. Your words and deeds have indeed showed
me how to “keep my good eye to the sun and my blind eye to the dark.”
—R. Duane Ireland
To my wonderful grandchildren (Mara, Seth, Roselyn, Ian, Abby, Madeline,
Joseph, and Nadine), who are absolutely amazing and light up my life.
—Robert E. Hoskisson
iv
Brief Contents
Preface xiv
Part 1: Strategic Management Inputs 1
1. Strategic Management and Strategic Competitiveness, 2
2. The External Environment: Opportunities, Threats, Industry
Competition, and Competitor Analysis, 34
3. The Internal Organization: Resources, Capabilities, Core
Competencies, and Competitive Advantages, 70
Part 2: Strategic Actions: Strategy Formulation 97
4. Business-Level Strategy, 98
5. Competitive Rivalry and Competitive Dynamics, 128
6. Corporate-Level Strategy, 156
7. Merger and Acquisition Strategies, 186
8. International Strategy, 216
9. Cooperative Strategy, 252
Part 3: Strategic Actions: Strategy Implementation 283
10. Corporate Governance, 284
11. Organizational Structure and Controls, 316
12. Strategic Leadership, 350
13. Strategic Entrepreneurship, 378
Part 4: Cases 1
Name Index, I-1
Company Index, I-15
Subject Index, I-18
v
Brief Contents
Preface xiv
About the Authors xxi
Part 1: Strategic Management Inputs 1
1: Strategic Management and Strategic
Competitiveness 2
Opening Case: McDonald’s Corporation: Firing on All
Cylinders while Preparing for the Future 3
Strategic Focus: Circuit City: A Tale of Ineffective Strategy
Implementation and Firm Failure 7
The Competitive Landscape 8
The Global Economy 9
Technology and Technological Changes 11
The I/O Model of Above-Average Returns 13
The Resource-Based Model of Above-Average Returns 15
Vision and Mission 16
Vision 17
Mission 18
Strategic Focus: Effective Vision and Mission Statements: Why Firms Need Them 19
Stakeholders 20
Classifi cations of Stakeholders 20
Strategic Leaders 23
The Work of Effective Strategic Leaders 23
Predicting Outcomes of Strategic Decisions: Profi t Pools 24
The Strategic Management Process 25
Summary 26
• Review Questions 27 • Experiential Exercises 27
Video Case 28
• Notes 29
2: The External Environment: Opportunities, Threats, Industry
Competition, and Competitor Analysis 34
Opening Case: Philip Morris International: The Effects of Its External
Environment 35
The General, Industry, and Competitor Environments 37
External Environmental Analysis 39
Contents
vi
Scanning 40
Monitoring 40
Forecasting 41
Assessing 41
Strategic Focus: Consumers’ Desire to Receive Additional Value
When Purchasing Brand-Name Products 42
Segments of the General Environment 43
The Demographic Segment 43
The Economic Segment 45
The Political/Legal Segment 46
The Sociocultural Segment 46
The Technological Segment 47
The Global Segment 48
The Physical Environment Segment 49
Industry Environment Analysis 50
Strategic Focus: Firms’ Efforts to Take Care of the Physical Environment In Which
They Compete 51
Threat of New Entrants 52
Bargaining Power of Suppliers 55
Bargaining Power of Buyers 56
Threat of Substitute Products 56
Intensity of Rivalry Among Competitors 57
Interpreting Industry Analyses 58
Strategic Groups 59
Competitor Analysis 59
Ethical Considerations 61
Summary 62
• Review Questions 62 • Experiential Exercises 63
Video Case 64 • Notes 65
3: The Internal Organization: Resources,
Capabilities, Core Competencies, and
Competitive Advantages 70
Opening Case: Apple Defi es Gravity with Innovative
Genius 71
Analyzing the Internal Organization 73
The Context of Internal Analysis 73
Creating Value 74
The Challenge of Analyzing the Internal Organization 75
Strategic Focus: GE Builds Management Capabilities and Shares
Them with Others 77
Resources, Capabilities, and Core Competencies 78
Resources 78
Capabilities 80
Core Competencies 80
Building Core Competencies 82
Four Criteria of Sustainable Competitive Advantage 82
Strategic Focus: Ryanair: The Passionate Cost Cutter That Is Both Loved and Hated 84
Value Chain Analysis 85
Outsourcing 89
Contents
vii
Competencies, Strengths, Weaknesses, and Strategic Decisions 90
Summary 91
• Review Questions 91 • Experiential Exercises 92
Video Case 93 • Notes 93
Part 2: Strategic Actions: Strategy Formulation 97
4: Business-Level Strategy 98
Opening Case: Acer Group: Using a “Bare Bones” Cost
Structure to Succeed in Global PC Markets 99
Customers: Their Relationship with Business-Level
Strategies 101
Effectively Managing Relationships with Customers 101
Reach, Richness, and Affi liation 102
Who: Determining the Customers to Serve 103
What: Determining Which Customer Needs to Satisfy 104
How: Determining Core Competencies Necessary to Satisfy
Customer Needs 104
The Purpose of a Business-Level Strategy 105
Types of Business-Level Strategies 107
Cost Leadership Strategy 108
Differentiation Strategy 112
Focus Strategies 116
Strategic Focus: Declaring War against Counterfeiters to Protect Product Integrity
and Profi tability 117
Strategic Focus: Kazoo Toys: Crisp Differentiation as a Means of Creating Value for a
Certain Set of Customers 119
Integrated Cost Leadership/Differentiation Strategy 120
Summary 123 • Review Questions 124 • Experiential Exercises 124
Video Case 125 • Notes 125
5: Competitive Rivalry and Competitive Dynamics 128
Opening Case: Competition in Recessions: Let the Bad Times Roll 129
A Model of Competitive Rivalry 132
Competitor Analysis 133
Market Commonality 133
Resource Similarity 134
Drivers of Competitive Actions and Responses 135
Strategic Focus: The Competitive Battle among Big Box Retailers: Wal-Mart
versus All the Others 137
Competitive Rivalry 138
Strategic and Tactical Actions 138
Likelihood of Attack 139
First-Mover Incentives 139
Organizational Size 140
Quality 141
Likelihood of Response 142
Type of Competitive Action 142
Actor’s Reputation 143
Dependence on the Market 143
Competitive Dynamics 144
Slow-Cycle Markets 144
Contents
viii
Contents
Fast-Cycle Markets 145
Strategic Focus: Soothing the Soul with Kisses—Candy Kisses That Is 147
Standard-Cycle Markets 148
Summary 149 • Review Questions 150 • Experiential Exercises 150
Video Case 151 • Notes 151
6: Corporate-Level Strategy 156
Opening Case: Foster’s Group Diversifi cation into the
Wine Business 157
Levels of Diversifi cation 159
Low Levels of Diversifi cation 159
Moderate and High Levels of Diversifi cation 160
Reasons for Diversifi cation 161
Value-Creating Diversifi cation: Related Constrained and
Related Linked Diversifi cation 163
Operational Relatedness: Sharing Activities 163
Corporate Relatedness: Transferring of Core Competencies 164
Strategic Focus: Oracle’s Related Constrained Diversifi cation
Strategy 165
Market Power 166
Simultaneous Operational Relatedness and Corporate Relatedness 167
Unrelated Diversifi cation 168
Effi cient Internal Capital Market Allocation 168
Strategic Focus: Johnson & Johnson Uses Both Operational and Corporate
Relatedness 169
Restructuring of Assets 171
Strategic Focus: Danaher and ITW: Serial Acquirers of Diversifi ed Industrial Manufacturing
Businesses 172
Value-Neutral Diversifi cation: Incentives and Resources 173
Incentives to Diversify 173
Resources and Diversifi cation 176
Value-Reducing Diversifi cation: Managerial Motives to Diversify 177
Summary 179
• Review Questions 179 • Experiential Exercises 180
Video Case 181 • Notes 181
7: Merger and Acquisition Strategies 186
Opening Case: Global Merger and Acquisition Activity
during a Global Crisis 187
The Popularity of Merger and Acquisition Strategies 188
Mergers, Acquisitions, and Takeovers: What Are the
Differences? 189
Reasons for Acquisitions 190
Increased Market Power 190
Overcoming Entry Barriers 192
Cost of New Product Development and Increased Speed to Market 193
Strategic Focus: The Increasing Use of Acquisition Strategies by Chinese Firms as a Means
of Gaining Market Power in a Particular Industry 194
Lower Risk Compared to Developing New Products 195
Increased Diversifi cation 195
Strategic Focus: Pfi zer’s Proposed Acquisition of Wyeth: Will This Acquisition Be
Successful? 196
ix
Contents
Reshaping the Firm’s Competitive Scope 197
Learning and Developing New Capabilities 197
Problems in Achieving Acquisition Success 198
Integration Diffi culties 198
Inadequate Evaluation of Target 200
Large or Extraordinary Debt 200
Inability to Achieve Synergy 201
Too Much Diversifi cation 201
Managers Overly Focused on Acquisitions 202
Too Large 203
Effective Acquisitions 203
Restructuring 205
Downsizing 205
Downscoping 206
Leveraged Buyouts 207
Restructuring Outcomes 207
Summary 208 • Review Questions 209 • Experiential Exercises 209
Video Case 210 • Notes 210
8: International Strategy 216
Opening Case: Entry Into China by Foreign Firms and
Chinese Firms Reaching for Global Markets 217
Identifying International Opportunities: Incentives to Use an
International Strategy 219
Increased Market Size 221
Return on Investment 221
Economies of Scale and Learning 222
Location Advantages 222
International Strategies 223
International Business-Level Strategy 223
International Corporate-Level Strategy 225
Strategic Focus: Country Conditions Spawn Successful High Tech Firms in Emerging
Markets 226
Environmental Trends 230
Liability of Foreignness 230
Regionalization 230
Choice of International Entry Mode 231
Exporting 232
Licensing 232
Strategic Alliances 233
Acquisitions 234
New Wholly Owned Subsidiary 235
Dynamics of Mode of Entry 236
Strategic Competitive Outcomes 237
International Diversifi cation and Returns 237
International Diversifi cation and Innovation 237
Complexity of Managing Multinational Firms 238
Risks in an International Environment 238
Political Risks 238
Economic Risks 240