10 points of weaknesses for gap company

GLOBAL

EDITION

STRATEGIC MANAGEMENT

A Competitive Advantage Approach

Concepts and Cases

17 th Edition

Fred R. David, Forest R. David,

and Meredith E. David

1

STRATEGIC MANAGEMENT Concepts and Cases

A COMPETITIVE ADVANTAGE APPROACH

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Fred R. David Francis Marion University

Florence, South Carolina

Forest R. David Strategic Planning Consultant

Ocean Isle Beach, North Carolina

Meredith E. David Baylor University

Waco, Texas

STRATEGIC MANAGEMENT Concepts and Cases

A COMPETITIVE ADVANTAGE APPROACH

SEVENTEENTH

EDITION

GLOBAL

EDITION

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Authorized adaptation from the United States edition, entitled Strategic Management: Concepts and Cases, 17th Edition, ISBN 978-0-135-17394-7 by Fred R. David, Forest R. David, and Meredith E. David, published by Pearson Education © 2020.

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5

Preface 15

Acknowledgments 25

About the Authors 27

PART 1 Overview of Strategic Management 30 Chapter 1 The Nature of Strategic Management 31

THE COHESION CASE: COCA-COLA COMPANY, 2018 56

PART 2 Strategy Formulation 70 Chapter 2 Business Vision and Mission 71 Chapter 3 The External Assessment 93 Chapter 4 The Internal Assessment 123 Chapter 5 Strategies in Action 155 Chapter 6 Strategy Analysis and Choice 191

PART 3 Strategy Implementation 228 Chapter 7 Implementing Strategies: Management and Marketing Issues 229 Chapter 8 Implementing Strategies: Finance and Accounting Issues 269

PART 4 Strategy Evaluation and Governance 298 Chapter 9 Strategy Evaluation and Governance 299

PART 5 Key Strategic-Management Topics 326 Chapter 10 Business Ethics, Environmental Sustainability, and Corporate Social Responsibility 327 Chapter 11 Global and International Issues 351

PART 6 Strategic-Management Case Analysis 376 How to Prepare and Present a Case Analysis 377

Glossary 659

Name Index 667

Subject Index 673

Brief Contents

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7

Preface 15

Acknowledgments 25

About the Authors 27

PART 1 Overview of Strategic Management 30

Chapter 1 The Nature of Strategic Management 31

What Is Strategic Management? 32

EXEMPLARY STRATEGIST SHOWCASED: COACH VINCE LOMBARDI 32

Strategic Planning 33 • The Strategic-Management Model 34

ETHICS CAPSULE 1: WHAT ETHICS VARIABLE IS MOST IMPORTANT IN DOING BUSINESS? 35

Stages of Strategic Management 35

Integrating Analysis and Intuition 36

Adapting to Change 37

GLOBAL CAPSULE 1: MOBIKE: GLOBAL BIKE RENTING TAKES OFF LIKE A JET PLANE 38

Key Terms in Strategic Management 38

Competitive Advantage 38 • Strategists 38 • Vision and Mission Statements 39 • External Opportunities and Threats 40 • Internal Strengths and Weaknesses 40 • Long-Term Objectives 41 • Strategies 41 • SWOT Analysis 42 • Annual Objectives 42 • Policies 44

Benefits of Engaging in Strategic Management 44

Financial Benefits 45 • Nonfinancial Benefits 45

Why Some Firms Do No Strategic Planning 46

Pitfalls in Strategic Planning 46

Comparing Business and Military Strategies 46

Developing Employability Skills 48

IMPLICATIONS FOR STRATEGISTS 49

IMPLICATIONS FOR STUDENTS 50

Chapter Summary 51

Key Terms and Concepts 51

Issues for Review and Discussion 52

MINI-CASE ON TESLA, INC. (TSLA): WHAT AMERICAN COMPANY DOES THE BEST JOB OF STRATEGIC PLANNING, AND HOW IS IT DONE? 53

Web Resources 54 Current Readings 54

Endnotes 55

THE COHESION CASE: COCA-COLA COMPANY, 2018 56

ASSURANCE-OF-LEARNING EXERCISES 65

Set 1: Strategic Planning for Coca-Cola 65

Exercise 1A: Gather Strategy Information for Coca-Cola Company 65

Exercise 1B: Enter Coca-Cola Vitals into the Strategic Planning Template 66

Set 2: Strategic Planning for My University 66

Exercise 1C: Perform SWOT Analysis for My University 66

Set 3: Strategic Planning to Enhance My Employability 67

Exercise 1D: Perform SWOT Analysis on Myself 67

Set 4: Individual versus Group Strategic Planning 67

Exercise 1E: How Detrimental Are Various Pitfalls in Strategic

Planning? 67

PART 2 Strategy Formulation 70

Chapter 2 Business Vision and Mission 71 Core Values Statements: What Is Our Foundation? 72

EXEMPLARY STRATEGIST SHOWCASED: FREDERICK W. SMITH, FOUNDER AND CEO OF FEDEX CORPORATION 72

GLOBAL CAPSULE 2: LINKEDIN: CLEAR CORE VALUES, VISION, AND MISSION LEAD TO GLOBAL PROMINENCE 73

Vision Statements: What Do We Want to Become? 73

Characteristics of a Vision Statement 74

Vision Statement Analysis 75

Mission Statements: What Is Our Business? 75

Characteristics of a Mission Statement 76

Components of a Mission Statement 77

ETHICS CAPSULE 2: FACEBOOK: CHANGING OUR MISSION TO ENHANCE OUR ETHICS AND INTEGRITY 79

The Importance (Benefits) of Vision and Mission Statements 79

The Process of Developing Vision and Mission Statements 81

Evaluating and Writing Mission Statements 81

IMPLICATIONS FOR STRATEGISTS 83

IMPLICATIONS FOR STUDENTS 84

Chapter Summary 84

Key Terms and Concepts 85

Issues for Review and Discussion 85

ASSURANCE-OF-LEARNING EXERCISES 86

Set 1: Strategic Planning for Coca-Cola 86

Exercise 2A: Develop an Improved Coca-Cola Vision Statement 86

Exercise 2B: Develop an Improved Coca-Cola Mission Statement 86

Exercise 2C: Compare Coca-Cola’s Mission Statement to a Rival Firm’s 87

Set 2: Strategic Planning for My University 87

Exercise 2D: Compare Your University’s Vision and Mission Statements to Those of a Rival Institution 87

Set 3: Strategic Planning for Myself 87

Exercise 2E: Develop a Vision and Mission Statement for Yourself 87

Set 4: Individual versus Group Strategic Planning 88

Exercise 2F: What Is the Relative Importance of Each of the Nine Components of a Mission Statement? 88

Contents

8 CONTENTS

MINI-CASE ON FORD MOTOR COMPANY (F): EVALUATE FORD’S VISION FOR THE FUTURE AND MISSION FOR THE PRESENT 89 Web Resources 90 Current Readings 90 Endnotes 91

Chapter 3 The External Assessment 93 EXEMPLARY STRATEGIST SHOWCASED: BEN SILBERMANN, CEO AND COFOUNDER OF PINTEREST 94

The External Assessment Phase of Strategy Formulation 95

Key External Forces 95 • The Actionable-Quantitative- Comparative-Divisional (AQCD) Test 95

10 External Forces that Impact Organizations 96

Economic Forces 96 • Social, Cultural, Demographic, and Environment (SCDE) Forces 97 • Political, Governmental, and Legal Forces 97

ETHICS CAPSULE 3: PRESERVE ALASKA WILDLIFE OR BOOST ALASKA ECONOMY? 98

Technological Forces 99 • Competitive Forces 100

GLOBAL CAPSULE 3: WHAT COMPANY IS GROWING FASTEST GLOBALLY? 101

Porter’s Five-Forces Model 101

Rivalry among Competing Firms 102 • Potential Entry of New Competitors 103 • Potential Development of Substitute Products 103 • Bargaining Power of Suppliers 103 • Bargaining Power of Consumers 104

Key Sources of Information for an External Audit 105

Forecasting and Making Assumptions 105

Making Assumptions 106

The External Factor Evaluation Matrix 107

Steps to Develop an EFE Matrix 107 • Step 1: Develop a Full and Narrow List of Key External Factors 107 • Step 2: Assign Weights to Key External Factors 108 • Step 3: Assign Ratings to Key External Factors 108 • Step 4: Obtain Weighted Scores 108 • Step 5: Obtain Total Weighted Score 108 • An Example EFE Matrix 109

The Competitive Profile Matrix 110

IMPLICATIONS FOR STRATEGISTS 112

IMPLICATIONS FOR STUDENTS 113

Chapter Summary 114

Key Terms and Concepts 114

Issues for Review and Discussion 114

ASSURANCE-OF-LEARNING EXERCISES 115

Set 1: Strategic Planning for Coca-Cola 115

Exercise 3A: Develop an EFE Matrix for Coca-Cola 115

Exercise 3B: Develop a Competitive Profile Matrix for Coca-Cola 116

Set 2: Strategic Planning for My University 116

Exercise 3C: Develop an EFE Matrix for Your College or University 116

Exercise 3D: Develop a Competitive Profile Matrix for Your College or University 116

Set 3: Strategic Planning to Enhance My Employability 117

Exercise 3E: How Competitive Is Your State among All States for Finding a Job? 117

Exercise 3F: Compare and Contrast CareerBuilder, Glassdoor, Monster Jobs, and ZipRecruiter 117

Exercise 3G: A Template Competency Test 117

Set 4: Individual versus Group Strategic Planning 118

Exercise 3H: What External Forces Are Most Important in Strategic Planning? 118

MINI-CASE ON SAM’S CLUB: SAM’S CLUB IS BOOMING IN CHINA 119 Web Resources 120 Current Readings 120 Endnotes 121

Chapter 4 The Internal Assessment 123 The Internal Assessment Phase of Strategy Formulation 124

EXEMPLARY STRATEGIST SHOWCASED: ELON MUSK, CEO AND COFOUNDER OF TESLA, INC. AND SPACE EXPLORATION TECHNOLOGIES CORPORATION (SPACEX) 124

Resource-Based View 125 • Key Internal Forces 125

ETHICS CAPSULE 4: THE SAGEBRUSH LIZARD VERSUS THE BIG OIL MAN 126

Management 126

Planning 127 • Organizing 127 • Motivating 127 • Controlling 128 • Integrating Strategy and Culture 129 • Management Audit Checklist of Questions 130

Marketing 131

Marketing Research and Target Market Analysis 131 • Product Planning 132 • Pricing 133 • Promotion 133

GLOBAL CAPSULE 4: BITCOIN: THE NEW GLOBAL CURRENCY 134

Channels of Distribution 134 • Marketing Audit Checklist of Questions 135

Finance and Accounting 135

Finance and Accounting 135 • Financial Ratios 136 • Finance and Accounting Audit Checklist 138

Management Information Systems 140

Business Analytics 140

The Internal Factor Evaluation (IFE) Matrix 141

The Actionable-Quantitative-Comparative-Divisional (AQCD) Test 141 • Steps in Developing an IFE Matrix 142 • Step 1: Develop a Full and Narrow List of Key Internal Factors 142 • Step 2: Assign Weights to Key Internal Factors 142 • Step 3: Assign Ratings to Key Internal Factors 142 • Step 4: Obtain Weighted Scores 143 • Step 5: Obtain Total Weighted Score 143 • An Example IFE Matrix 144

IMPLICATIONS FOR STRATEGISTS 145

IMPLICATIONS FOR STUDENTS 146

Chapter Summary 146

Key Terms and Concepts 147

Issues for Review and Discussion 147

ASSURANCE-OF-LEARNING EXERCISES 149

Set 1: Strategic Planning for Coca-Cola 149

Exercise 4A: Perform a Financial Ratio Analysis for Coca-Cola 149

Exercise 4B: Construct an IFE Matrix for Coca-Cola 149

Set 2: Strategic Planning for My University 149

Exercise 4C: Construct an IFE Matrix for Your College or University 149

Set 3: Strategic Planning for Myself 150

Exercise 4D: Construct an IFE Matrix for Yourself 150

Set 4: Individual versus Group Strategic Planning 150

Exercise 4E: What Internal Functional Areas Are Most Important to Examine in Strategic Planning? 150

CONTENTS 9

MINI-CASE ON PROCTER & GAMBLE (P&G) COMPANY: WHAT COMPANY IS BEST MANAGED IN THE UNITED STATES? 151 Web Resources 152 Current Readings 152 Endnotes 153

Chapter 5 Strategies in Action 155 Long-Term Objectives 156

Characteristics and Benefits of Objectives 156

EXEMPLARY STRATEGIST SHOWCASED: TIM COOK, CEO OF APPLE, INC. 156

Financial versus Strategic Objectives 157 • Avoid Managing by Crisis, Hope, Extrapolation, and Mystery (CHEM) 158

Types of Strategies 158

Levels of Strategies 159

Integration Strategies 160

Forward Integration 160 • Backward Integration 161 • Horizontal Integration 162

Intensive Strategies 163

Market Penetration 163 • Market Development 163

GLOBAL CAPSULE 5: HOW CAN A FIRM DETERMINE WHERE TO INITIATE NEW BUSINESS? USE GROSS DOMESTIC PRODUCT (GDP) AS A GUIDE. 164

Product Development 164

Diversification Strategies 165

Related Diversification 166 • Unrelated Diversification 166

Defensive Strategies 166

Retrenchment 166 • Divestiture 167 • Liquidation 168

Value Chain Analysis and Benchmarking 169

Benchmarking 171

Michael Porter’s Two Generic Strategies 172

Cost Leadership 172 • Differentiation 173

Means for Achieving Strategies 174

BUILD from Within to Grow 174 • BORROW from Others to Grow 174 • BUY Others to Grow 176

ETHICS CAPSULE 5: ARE CEOS LESS ETHICAL TODAY THAN IN THE PAST? 176

First-Mover Advantages 177

Strategic Management in Nonprofit and Small Firms 178

Educational Institutions 178 • Governmental Agencies and Departments 179 • Small Firms 179

IMPLICATIONS FOR STRATEGISTS 180

IMPLICATIONS FOR STUDENTS 181

Chapter Summary 181

Key Terms and Concepts 182 Issues for Review and Discussion 182

ASSURANCE-OF-LEARNING EXERCISES 183

Set 1: Strategic Planning for Coca-Cola 183

Exercise 5A: Develop Hypothetical Coca-Cola Company Strategies 183

Exercise 5B: Should Coca-Cola Build, Borrow, or Buy in 2020–2021? 184

Set 2: Strategic Planning for My University 184

Exercise 5C: Develop Alternative Strategies for Your University 184

Set 3: Strategic Planning for Myself 185

Exercise 5D: The Key to Personal Strategic Planning: Simultaneously Build and Borrow 185

Set 4: Individual versus Group Strategic Planning 185

Exercise 5E: What Is the Best Mix of Strategies for Coca-Cola Company? 185

MINI-CASE ON FACEBOOK (FB): SHOULD FACEBOOK ACQUIRE, COOPERATE, OR JUST STAY FIERCE RIVALS WITH LINKEDIN? 187 Web Resources 187 Current Readings 188 Endnotes 188

Chapter 6 Strategy Analysis and Choice 191 Strategy Analysis and Choice 192

EXEMPLARY STRATEGIST SHOWCASED: DAVID GREEN, CEO OF HOBBY LOBBY 192

The Process of Generating and Selecting Strategies 193

The Strategy-Formulation Analytical Framework 193

Stage 1: The Input Stage 194 • Stage 2: The Matching Stage 194 • Stage 3: The Decision Stage 194

The SWOT Matrix 195

ETHICS CAPSULE 6: AS WE STRATEGIZE WE MUST NOT JEOPARDIZE ANIMAL WELFARE 196

The Strategic Position and Action Evaluation (SPACE) Matrix 197

Steps in Performing SPACE Analysis 198 • SPACE Matrix Quadrants 199 • SPACE Matrix 202

The Boston Consulting Group (BCG) Matrix 202

The Internal-External (IE) Matrix 206

The Grand Strategy Matrix 208

The Decision Stage: The QSPM 210

Positive Features and Limitations of the QSPM 214

How to Estimate Costs Associated with Recommendations 214

GLOBAL CAPSULE 6: INDIA’S ECONOMY IS BOOMING 214

Cultural Aspects of Strategy Analysis and Choice 216

The Politics of Strategy Analysis and Choice 216

IMPLICATIONS FOR STRATEGISTS 217

IMPLICATIONS FOR STUDENTS 218

Chapter Summary 218

Key Terms and Concepts 219

Issues for Review and Discussion 219

ASSURANCE-OF-LEARNING EXERCISES 221

Set 1: Strategic Planning for Coca-Cola 221

Exercise 6A: Perform a SWOT Analysis for Coca-Cola 221

Exercise 6B: Develop a SPACE Matrix for Coca-Cola 221

Exercise 6C: Develop a BCG Matrix for Coca-Cola 222

Exercise 6D: Develop a QSPM for Coca-Cola 222

Set 2: Strategic Planning for My University 222

Exercise 6E: Develop a BCG Matrix for My University 222

Set 3: Strategic Planning to Enhance My Employability 223

Exercise 6F: Perform QSPM Analysis on Myself 223

Exercise 6G: A Template Competency Test 223

Set 4: Individual versus Group Strategic Planning 224

10 CONTENTS

Exercise 6H: How Severe Are Various Subjective Threats in Strategic Planning?  224

MINI-CASE ON THE BOSTON CONSULTING GROUP: WHAT AMERICAN FIRM HELPS THE MOST COMPANIES DO STRATEGIC PLANNING? 225 Web Resources 226 Current Readings 226 Endnotes 227

PART 3 Strategy Implementation 228

Chapter 7 Implementing Strategies: Manage- ment and Marketing Issues 229

EXEMPLARY STRATEGIST SHOWCASED: INDRA NOOYI, FORMER CEO OF PEPSICO 230

Transitioning from Formulating to Implementing Strategies 231

The Need for Clear Annual Objectives 231

Establish Policies 233

ETHICS CAPSULE 7: DO FIRMS NEED A POLICY AGAINST WORKPLACE PHUBBING? 235

Allocate Resources and Manage Conflict 235

Allocate Resources 235 • Manage Conflict 236

Match Structure with Strategy 236

Types of Organizational Structure 237

The Functional Structure 237 • The Divisional Structure 238 • The Strategic Business Unit Structure 240 • The Matrix Structure 240

Do’s and Don’ts in Developing Organizational Charts 242

How to Depict an Organizational Chart 243

Strategic Production/Operations Issues 245

Restructuring and Reengineering 246 • Manage Resistance to Change 246 • Decide Where and How to Produce Goods 247

Strategic Human Resource Issues 247

Link Performance and Pay to Strategy 248 • Balance Work Life and Home Life 248 • Promote Diversity 249 • Use Caution in Hiring a Rival’s Employees 250 • Create a Strategy-Supportive Culture 250 • Use Caution in Monitoring Employees’ Social Media 251 • Develop a Corporate Well-Being Program 252

Strategic Marketing Issues 252

Segment and Target Markets Effectively 252 • Product Positioning 253 • Perceptual Mapping 254

GLOBAL CAPSULE 7: FOUR GUIDELINES TO FOLLOW IN GLOBAL MARKETING 254

Engage Customers in Social Media 256

IMPLICATIONS FOR STRATEGISTS 257

IMPLICATIONS FOR STUDENTS 258

Chapter Summary 259

Key Terms and Concepts 259

Issues for Review and Discussion 259

ASSURANCE-OF-LEARNING EXERCISES 261

Set 1: Strategic Planning for Coca-Cola 261

Exercise 7A: Compare and Contrast Coca-Cola’s Marketing Expenses versus Rival Firms 261

Exercise 7B: Diagram an Existing and Proposed Organizational Chart for Coca-Cola 261

Set 2: Strategic Planning for My University 262

Exercise 7C: Develop a Perceptual Map for My University 262

Set 3: Strategic Planning to Enhance My Employability 262

Exercise 7D: Marketing Yourself to Best Achieve Your Career Objectives 262

Set 4: Individual versus Group Strategic Planning 263

Exercise 7E: What Are the Most Important Benefits of Having a Diverse Workforce? 263

MINI-CASE 7 ON DE BEERS GROUP OF COMPANIES: DE BEERS SHIFTS ITS MARKET SEGMENTATION STRATEGY 264

Web Resources 265 Current Readings 266 Endnotes 267

Chapter 8 Implementing Strategies: Finance and Accounting Issues 269

EXEMPLARY STRATEGIST SHOWCASED: JAMIE DIMON, CEO JPMORGAN CHASE 270

Capital Structure 271

EPS/EBIT Analysis: Steps to Complete 272 • EPS/EBIT Analysis: An Example 273 • EPS/EBIT Analysis: Limitations 275

Projected Financial Statements 275

The Free Excel Strategic Planning Template at www.strategyclub.com 276

ETHICS CAPSULE 8: PROJECTED FINANCIAL STATEMENT MANIPULATION 277

GLOBAL CAPSULE 8: THE LEAST (AND MOST) CORRUPT COUNTRIES IN THE WORLD FOR DOING BUSINESS 277

Steps to Develop Projected Financial Statements 278 • Nonprofit Organizations 279 • P&G’s Actual Financial Statements 279 • P&G’s Projected Financial Statements 281 • P&G’s Retained Earnings Data Table 283

Corporate Valuation 284

Corporate Valuation Methods 284

Manage Financial Ratios, IPOs, and Bonds 286

Financial Ratio Analyses 286 • Go Public with an IPO? 287 • Issue Bonds to Raise Capital? 288

IMPLICATIONS FOR STRATEGISTS 288

IMPLICATIONS FOR STUDENTS 289

Chapter Summary 290

Key Terms and Concepts 290

Issues for Review and Discussion 290

ASSURANCE-OF-LEARNING EXERCISES 291

Set 1: Strategic Planning for Coca-Cola 291

Exercise 8A: Perform an EPS/EBIT Analysis for Coca-Cola 291

Exercise 8B: Prepare Projected Financial Statements for Coca-Cola 292

Exercise 8C: Determine the Cash Value of Coca-Cola 292

Exercise 8D: Prepare Projected Financial Ratios for Coca-Cola 292

Set 2: Strategic Planning for My University 293

Exercise 8E: Determine the Cash Value of My University 293

Set 3: Strategic Planning to Enhance My Employability 293

Exercise 8F: Developing Personal Financial Statements 293

Exercise 8G: A Template Competency Test 293

Set 4: Individual versus Group Strategic Planning 294

Exercise 8H: How Severe Are the Seven Limitations to EPS/EBIT Analysis? 294

MINI-CASE ON HASBRO, INC.: NERF WANTS TO TAKE OVER BARBIE DOLL: THE CASE OF HASBRO, INC. 296

Web Resources 296

Current Readings 296

CONTENTS 11

PART 4 Strategy Evaluation and Governance 298

Chapter 9 Strategy Evaluation and Governance 299

The Strategy-Evaluation Process 300

EXEMPLARY STRATEGIST SHOWCASED: ANTHONY WOOD, FOUNDER AND CEO OF ROKU, INC. 300

GLOBAL CAPSULE 9: WHAT COUNTRY’S NEW STRATEGY IS CALLED “VISION 2030”? 302

Three Strategy-Evaluation Activities 302

Reviewing Bases of Strategy 303 • Measuring Organizational Performance 304 • Taking Corrective Actions 306

The Balanced Scorecard 307

Boards of Directors: Governance Issues 308

Challenges in Strategic Management 310

The Art or Science Issue 311 • The Visible or Hidden Issue 311

ETHICS CAPSULE 9: ACHIEVING EXEMPLARY BUSINESS ETHICS THROUGH EXEMPLARY TRANSPARENCY 312

Promote Workplace Democracy 312 • Contingency Planning 313

• Auditing 314

Guidelines for Effective Strategic Management 314

IMPLICATIONS FOR STRATEGISTS 317

IMPLICATIONS FOR STUDENTS 317

Chapter Summary 318

Key Terms and Concepts 318

Issues for Review and Discussion 318

ASSURANCE-OF-LEARNING EXERCISES 319

Set 1: Strategic Planning for Coca-Cola 319

Exercise 9A: Develop a Balanced Scorecard for Coca-Cola 319

Set 2: Strategic Planning for My University 320

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