10 points of weaknesses for gap company
10 points of weaknesses for gap company
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I HAVE ATTACHED THE CASE STUDY AND THE RUBRIC
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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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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