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Chapter One Sammary"Strategic Management Bus 333 Essay

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Theory of Strategic Management

Chapter 1
LEADERSHIP, STRATEGY, AND COMPETITIVE ADVANTAGE

Why do some organizations succeed while others fail?
Strategy- a set of related actions managers take to increase company’s performance.

Strategic Leadership- Effectively managing a company’s strategy-making process  Strategy Formulation- Determining & selecting strategies  Strategy Implementation- Putting strategies into action to improve company’s efficiency & effectiveness

1-2

Determinants of Shareholder Value

Figure 1.2

To increase shareholder value, managers must pursue strategies that increase the profitability of the company and grow the profits.

1-3

Superior Performance

“Maximizing shareholder value is the ultimate goal of profit making companies…”
1-4

Competitive Advantage

“…results when a company’s strategies lead to superior performance compared to competitors
1-5

Sustained Competitive Advantage
“A company’s… strategies enable it to maintain above average profitability for a number of years.”

1-6

Company’s Business Model
“…a conception of how a set of strategies…mesh… (to) allow… company to gain competitive advantage and achieve superior profitability… Encompasses how the company will:
• • • • • • Select customers Define/differentiate product offerings Create value for customers Acquire/keep customers Produce goods/services Lower costs • Deliver goods/services to market Organize activities within company Configure its resources Achieve/sustain a high profitability Grow business over time
1-7


• • •

Differences in Industry Performance Profitability/Profit Growth: Overall performance
of industry relative to other industries

Company’s relative
success in industry compared to competitors
1-8

ROI in Selected Industries (2004–2008)

Figure 1.3

1-9

Performance in Nonprofit Enterprises
Nonprofit entities= government agencies, universities, charities:
◦ Not in business to make a...

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