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Corporate strategy PDF

864 Pages·2006·33.925 MB·English
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CS4_A01.qxd 11/11/2005 15:24 Page i CORPORATE STRATEGY Visit the Corporate Strategy, fourth editionCompanion Website at www.pearsoned.co.uk/lynchto find valuable studentlearning material including: ● Chapter overviewincluding key concepts and definitions ● Multiple choice questionsto help you test your understanding ● Case Study Guideoffering help with reading, analysing and presenting cases ● A searchable onlineglossaryto explain key terms CS4_A01.qxd 11/11/2005 15:24 Page ii We work with leading authors to develop the strongest educational materials in business studies, bringing cutting-edge thinking and best learning practice to a global market. Under a range of well-known imprints, including Financial Times Prentice Hall, we craft high quality print and electronic publications which help readers to understand and apply their content, whether studying or at work. To find out more about the complete range of our publishing, please visit us on the World Wide Web at: www.pearsoned.co.uk CS4_A01.qxd 11/11/2005 15:24 Page iii Fourth Edition CORPORATE STRATEGY Richard Lynch CS4_A01.qxd 11/11/2005 15:24 Page iv Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk First published 1997 Second edition 2000 Third edition 2003 Fourth edition published 2006 © Aldersgate Consultancy Limited 1997, 2000 © Richard Lynch 2003 © Richard Lynch 2006 text and all photographs, except those specifically attributed to other copyright holders as identified in the text. The right of Richard Lynch to be identified as author of this work has been asserted by him in accordance with the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior written permission of the publisher or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London W1T 4LP. All trademarks used herein are the property of their respective owners. The use of any trademark in this text does not vest in the author or publisher any trademark ownership rights in such trademarks, nor does the use of such trademarks imply any affiliation with or endorsement of this book by such owners. ISBN-13: 978-0-273-70178-1 ISBN-10: 0-273-70178-9 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data Lynch, Richard L. Corporate strategy / Richard Lynch.—4th ed. p. cm. Includes bibliographical references and indexes. ISBN 0-273-70178-9 1. Business planning. 2. Strategic planning. I. Title. HD30.28.L92 2006 658.4′012—dc22 2005042438 10 9 8 7 6 5 4 3 2 1 09 08 07 06 Typeset in 9/12 pt Stone Serif by 35 Printed and bound by Graficas Estella, Spain The publisher’s policy is to use paper manufactured from sustainable forests. CS4_A01.qxd 11/11/2005 15:24 Page v Ex umbris et imaginibus in veritatem. From shadows and imagination to the truth. JOHN HENRY NEWMAN CS4_A01.qxd 11/11/2005 15:24 Page vi CS4_A01.qxd 11/11/2005 15:24 Page vii Brief contents About this book xv How to use this book xx Guided tour of the book xxii Guided tour of companion website xxv Guide to the main focus of case studies xxvi Acknowledgements xxviii Publisher’s acknowledgements xxxi Part 1 INTRODUCTION 1 1 Corporate strategy 2 2 A review of theory and practice 32 Part 2 ANALYSIS OF THE ENVIRONMENT 75 3 Analysing the environment – the basics 76 4 Analysing markets, competition and co-operation 114 5 Developing customer-driven strategy 154 Part 3 ANALYSIS OF RESOURCES 189 6 Analysing resources – the basics 190 7 Analysing human resources 238 8 Analysing financial resources 272 9 Analysing operations resources 307 Part 4 THE PURPOSE OF THE ORGANISATION 339 10 Purpose shaped by vision, leadership and ethics 340 11 Purpose emerging from knowledge, technology and innovation 375 12 Purpose delivered through corporate and business objectives 410 Part 5 DEVELOPING THE STRATEGY 445 13 Developing strategic options – the prescriptive process 446 14 Strategy evaluation and development – the prescriptive process 488 15 Finding the route forward – emergent and prescriptive approaches 529 16 Organisational structure and style and people issues 573 Part 6 THE IMPLEMENTATION PROCESS 609 17 Resource allocation, strategic planning and control 610 18 Government, public sector and not-for-profit strategies 643 19 International expansion and globalisation strategy 679 20 Strategy dynamics and entrepreneurial strategy 723 21 Managing strategic change 749 22 Building a cohesive corporate strategy 787 Glossary 805 Indexes 815 vii CS4_A01.qxd 11/11/2005 15:24 Page viii CS4_A01.qxd 11/11/2005 15:24 Page ix Contents About this book xv 2.4 Some prescriptive theories of corporate How to use this book xx strategy 48 Guided tour of the book xxii Case study 2.5 55 Guided tour of companion website xxv 2.5 Some emergent theories of corporate strategy 56 Guide to the main focus of case studies xxvi 2.6 Strategy as history – the contributions Acknowledgements xxviii of Penrose and Chandler 62 Publisher’s acknowledgements xxxi Case study 2.6 63 Critical reflection 68 Part 1 Summary 68 INTRODUCTION Questions 70 Further reading 70 Notes and references 71 Chapter 1 Corporate strategy 2 Part 2 Introduction 2 ANALYSIS OF THE ENVIRONMENT Case study 1.1 3 1.1 What is corporate strategy? 5 Case study 1.2 10 Chapter 3 1.2 Core areas of corporate strategy 13 Analysing the environment – basics 76 1.3 Process, content and context 15 Introduction 76 1.4 Process: linking the three core areas 16 Case study 3.1 77 1.5 What makes ‘good’ strategy? 20 3.1 Exploring the competitive environment 78 1.6 Strategy development in public and 3.2 Strategic environment – the basics 81 non-profit organisations 21 3.3 Degree of turbulence in the environment 82 1.7 International dimensions in corporate 3.4 Analysing the general environment 83 strategy 23 Case study 3.2 86 Case study 1.3 23 3.5 Analysing the stages of market growth 87 Critical reflection 28 Case study 3.3 90 Summary 29 3.6 Key factors for success in an industry 92 Questions 29 3.7 Analysing the competitive industry Further reading 30 environment – the contribution of Porter 93 Notes and references 30 3.8 Analysing the co-operative environment 99 3.9 Analysing one or more immediate Chapter 2 competitors in depth 103 A review of theory and practice 32 3.10 Analysing the customer and market Introduction 32 segmentation 104 Case study 2.1 33 3.11 Conclusions 106 2.1 Historical context of strategy 34 Case study 3.4 107 Case study 2.2 37 Critical reflection 111 2.2 Prescriptive corporate strategy in practice 38 Summary 111 Case study 2.3 42 Questions 112 2.3 Emergent corporate strategy in practice 43 Further reading 112 Case study 2.4 47 Notes and references 113 ix CS4_A01.qxd 11/11/2005 15:24 Page x Contents Chapter 4 Part 3 Analysing markets, competition ANALYSIS OF RESOURCES and co-operation 114 Introduction 114 Chapter 6 Case study 4.1 115 Analysing resources – basics 190 4.1 Sustainable competitive advantage 117 4.2 Dynamics of competitive advantage 121 Introduction 190 Case study 4.2 122 Case study 6.1 191 4.3 The nature and intensity of competition 6.1 Prescriptive and emergent approaches to in an industry 123 resource issues 193 4.4 Aggressive competitive strategies 125 6.2 Key factors for success in an industry 194 4.5 Analysing an organisation’s portfolio of 6.3 Analysing the resources of an individual competing products and services 130 organisation 197 Case study 4.3 134 Case study 6.2 199 4.6 Developing co-operation strategies 136 6.4 Resource analysis and adding value 201 4.7 Distributor analysis 139 6.5 Adding competitive value: the value chain 4.8 Analysing the role of government 140 and the value system – the contribution 4.9 Analysing international competitors of Porter 202 and co-operators 143 6.6 Resource analysis and economic rent – the Case study 4.4 144 contribution of David Ricardo 208 Critical reflection 149 Case study 6.3 212 Summary 149 6.7 Resource analysis and competitive Questions 150 advantage – the resource-based view 215 Further reading 151 6.8 Identifying which resources deliver Notes and references 151 sustainable competitive advantage 222 6.9 Resource analysis – improving competitive Chapter 5 advantage 228 Developing customer-driven Case study 6.4 231 strategy 154 Critical reflection 233 Summary 233 Introduction 154 Questions 234 Case study 5.1 155 Further reading 235 5.1 Customers and customer-driven strategy – Notes and references 235 the contribution of Theodore Levitt 158 5.2 Customer profiling and sustainable Chapter 7 competitive advantage 161 Analysing human resources 238 5.3 Market segmentation 165 Case study 5.2 167 Introduction 238 5.4 Competitive positioning 169 Case study 7.1 239 5.5 Strategy implications: analysing branding 7.1 Human resource analysis and corporate and reputation 170 strategy 242 5.6 Strategy implications: communicating with 7.2 Human resource audit 243 customers and stakeholders 172 7.3 Analysis of organisational culture 245 5.7 Strategy implications: strategic pricing Case study 7.2 252 and value for money 174 7.4 Analysis of strategic change in 5.8 International customer considerations 179 organisations 255 Case study 5.3 180 7.5 Analysis of politics, power and strategic Critical reflection 183 change 260 Summary 184 7.6 International cultural perspectives 262 Questions 185 Case study 7.3 264 Further reading 186 Case study 7.4 265 Notes and references 186 Critical reflection 268 x

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