What Is Strategy and Why Is What Is Strategy and Why Is It Important?It Important?

Chapter 1Chapter 1

Chapter Roadmap• What Do We Mean by “Strategy?”• Strategy and the Quest for Competitive Advantage• Identifying a Company’s Strategy• Why a Company’s Strategy Evolves Over Time• A Company’s Strategy Is Partly Proactive and Partly

Reactive• The Relationship Between a Company’s Strategy and

Its Business Model• What Makes a Strategy a Winner?• Why Are Crafting and Executing Strategy Important?

Thinking Strategically:The Three Big Strategic Questions

1. What’s the company’s present situation?

2. Where does the company need to go from here?– Business(es) to be in and market positions to stake

out– Buyer needs and groups to serve– Direction to head

3. How should it get there?– A company’s answer to “how

will we get there?” is its strategy

What Do We Mean By “Strategy?”

• Consists of competitive moves and business approaches used by managers to run the company

• Management’s “action plan” toGrow the business Attract and please customers Compete successfully Conduct operations Achieve the targeted levels of

organizational performance

The Hows That Define a Firm's Strategy

• How to grow the business

• How to please customers

• How to outcompete rivals

• How to manage each functionalpiece of the business (R&D, production, marketing, HR, finance, and so on)

• How to respond to changing market conditions

• How to achieve targeted levels of performance

Strategy is HOW

to . . .

Choosing the “Hows” of Strategy

• Strategic choices about “how” are based on – Trial-and-error organizational learning about what has worked and

what has not worked

– Management’s appetite for taking risks

– Managerial analysis and strategic thinking about how best to proceed, given market conditions and a company’s circumstances

• In choosing a strategy, management is in effect saying,“Among all the many different ways of competing we could have chosen, we have decided to employ this combination of competitive and operating approaches to move the company in the intended direction, strengthen its market position and competitiveness, and boost performance

Strategy and the Quest for Competitive Advantage

• The heart and soul of any strategy are actions a company makes to

– Improve its financial performance,

– Strengthen its competitive position, and

– Gain a competitive advantage over

• A creative, distinctive strategy that sets a company apart from rivals and yields a competitive advantage is a company’s most reliable ticket to above average profitability

– Operating with a competitive advantage is more profitable than operating without one

– Operating with a competitive disadvantage nearly always results in below-average profitability

A Powerful Strategy Leads to Sustainable Competitive Advantage

• A company achieves sustainable competitive advantage when

– An attractive number of buyers prefer its products/services over those of rivals and

– The basis for this preference is durable• Its nice when a strategy produces

– A temporary competitive edge but– A sustainable edge over rivals greatly enhances a company’s

prospects for above-average profitability

What separates a powerful strategy from an ordinarystrategy is management’s ability to forge a series ofmoves, both in the marketplace and internally, that

! produces sustainable competitive advantage

Strategic Approaches to Building Sustainable Competitive Advantage

• Be the industry’s low-cost provider– Achieve a cost-based competitive advantage

• Incorporate differentiating features– Superior product/service keyed to higher quality, better

performance, wider selection, value-added services, or some other attribute

• Focus on a narrow market niche– Win a competitive edge by doing a

better job than rivals of serving the needs and preferences of buyers in the niche

• Develop expertise and resource strengths not easily imitated or matched by rivals

– Achieve a capabilities-based competitive

Figure 1.1: Identifying a Company’s Strategy

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Why Do Strategies Evolve?• A company’s strategy is a work in progress

• Changes may be necessary to react to– Financial crisis

– Fresh moves of competitors

– Evolving customer preferences

– Technological breakthroughs

– Emerging market opportunities

– Changing political or economic climate

– New ideas to improve strategy

Figure 1.2: A Company’s Strategy Is a Blend ofProactive Initiatives and Reactive Adjustments

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What Is a Business Model?

• A business model addresses “How do we make money in this business?”

– Is the company’s strategy capable of deliveringgood bottom-line results?

• Do the revenue-cost-profit economicsof the strategy make good business sense?

– Look at revenue streams thestrategy is expected to produce

– Look at associated cost structureand potential profit margins

– Do resulting earnings streams and ROI indicate the strategy has good potential to deliver acceptable profitability?

Relationship Between Strategy and Business Model

Strategy . . . Deals with a company’s

competitive initiatives and business approaches

Business Model . . . Concerns whether revenues and costs

flowing from the strategy demonstrate a business can be

profitable and viable

Strategy

Business

Model

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Sequential Phases of Strategic Planning

1. Basic Financial Planning2. Forecast-Based Planning3. Externally-Oriented Planning (Strategic

Planning)4. Strategic Management

Dimensions Of Strategic Decisions1. Strategic issues require Top-Management Decisions Top management has the perspective needed to understand the broad

implications of such decision and power to authorize the necessary resource allocation

2. Strategic Issues Require Large Amounts of the firm’s Resources Involve substantial allocation of people, physical assets, or money that either

must be redirected from internal sources or outside the firm Commit the firm to action for an extended period3. Strategic issues often affect the firm’s long-term prosperity Strategic decisions commit the firm for a long time, the impact of such decisions

lasts much longer Once a firm has committed itself to a particular strategy, its image and

competitive advantage are tied to that strategy Firms become known in certain markets for certain products , with certain

technologies They would jeopardize their previous gains if they shifted from these markets,

markets, products, or technology

Dimensions Of Strategic Decisions4. Strategic decisions are future oriented Strategic decisions are based on what managers forecast, rather than on what

they know In such decisions, emphasis is on the development of projections that will enable

the firm to select the most promising strategic option In a turbulent and competitive free enterprise environment, a firm will succeed

only if it takes proactive (anticipatory) stance towards change5. Strategic issues usually have multifunctional or multi-business consequences Complex implication for most areas of the firm Decisions about matters as: Customer mix Competitive emphasis Organizational structure Involve a number of firms SBUs, divisions, or program units All of these areas will be affected by allocation or reallocation of responsibilities

and resources that result from these decisions6. Strategic issues require considering the firms external environment

The Strategy Diamond and the Five Elements of Strategy

1. Arenas: where will we be active Decisions about a firm’s arenas may encompass its products,

channels, market segments, geographic areas, technologies, and even stages in the value creation process.

2. Vehicles: how will we get there? provide the means for participating in the targeted arenas

(acquisitions, internal development, joint ventures, etc.) Wal-Mart is an example of a firm that has used different vehicles

for expanding internationally In some markets, they have chosen to grow organically (such as

Argentina), while in others they have used acquisitions of existing retailers (such as in England and Germany).

The Strategy Diamond and the Five Elements of Strategy

3. Differentiators: how will we win in the marketplace? are features and attributes of a company’s product or

services that help it beat its competitors in the marketplace

Two critical factors in selecting differentiators are:(1) Make decisions early (2) Identifying and executing successful differentiators

means making tough choices – namely tradeoffs The earlier and more consistent the firm is at

defining and driving these differentiators, the greater the likelihood that customers will recognize them

The Strategy Diamond and the Five Elements of Strategy

4. Staging: what will be our speed and sequence of moves? These staging choices depend on available resources,

including cash, human capital, and knowledge Staging decisions should be driven by several factors:

resources, urgency, credibility, and need for early wins. Opportunities must be matched with available resources. In addition, not all opportunities to enter new arenas are

permanent; some have only brief windows. In these cases, early wins and the credibility of certain

key stakeholders may be necessary to implement a strategy.

The Strategy Diamond and the Five Elements of Strategy

5. Economic logic: how will we obtain our returns? This reflects the firm’s ability to generate

positive returns above the firm’s cost of capital. Both costs and revenues are considered.

Sometimes economic logic resides primarily on the cost side of the equation

Other times, economic logic may rest on the firm’s ability to increase the customer’s willingness to pay premium prices for products

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BUSINESS STRATEGY DIAMOND

Staging

Differentiators

Economic logic

Vehicles

Arenas

• What will be our speed and sequence of moves?– Speed of expansion?– Sequence of initiatives

Staging

• How will returns be obtained?– Lowest costs through scale

advantages?– Lowest costs through scope and

replication advantages– Premium prices due to

unmatchable service?– Premium prices due to proprietary

product features?

Economic logic

• How will we get there?– Internal development?– Joint ventures?– Licensing/franchising?– Experimentation?– Acquisitions?

Vehicles

• How will we win?– Image?– Customization?– Price?– Styling?– Product reliability?– Speed to market?

Differentiators

• Where will we be active? ( and with how much emphasis?)– Which product categories?– Which channels?– Which market segments?– Which geographic areas?– Which core technologies– Which value-creation

strategies?

Arenas

Leading the Process of Crafting Leading the Process of Crafting and Executing Strategyand Executing Strategy

Chapter 2:Chapter 2:

Chapter Roadmap• What Does the Strategy-Making, Strategy-Executing process

Entail?• Phase 1: Developing a Strategic Vision• Phase 2: Setting Objectives • Phase 3: Crafting a Strategy • Phase 4: Implementing and Executing the Strategy• Phase 5: Evaluating Performance and Initiating Corrective

Adjustments• Leading the Strategic Management Process • Corporate Governance: The Role of the Board of Directors

in the Strategy-Making, Strategy-Executing Process

Figure 2.1: The Strategy-Making, Strategy-Executing Process

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Developing a Strategic VisionPhase 1Phase 1

Involves thinking strategically about

Future direction of company

Changes in company’s product/market/customer technology to improve

Current market position

Future prospects

A strategic vision describes the route a company intends to take in developing and strengthening its business. It lays out the

company’s strategic course in preparing for the future.

Key Elements of a Strategic VisionDelineates management’s aspirations for the businessProvides a panoramic view of “where we are going”Charts a strategic path Is distinctive and specific to a particular organizationAvoids use of generic language thatis dull and boring and that couldapply to most any company

Captures the emotions ofemployees and steers themin a common direction Is challenging and a bit beyond a company’s immediate reach

Role of a Strategic Vision• A well-conceived, well-communicated vision

functions as a valuable managerial tool to– Give the organization a sense of direction, mold

organizational identity, and create a committed enterprise

– Illuminate the company’s directional path – Provide managers with a reference point to

• Make strategic decisions• Translate the vision into hard-edged

objectives and strategies• Prepare the company for the future

A strategic vision exists only as words and has noorganizational impact unless and until it wins the commitmentof company personnel and energizes them to act in ways that

move the company along the intended strategic path!

Table 2.2: Characteristics of an Effectively Worded Vision Statement

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Table 2.3: Common Shortcomings in Company Vision Statements

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Strategic Vision vs. Mission

A strategic vision concerns a firm’s future business path - “wherewe are going” Markets to be pursued Future product/market/

customer/technology focus Kind of company

management is trying to create

A company’s mission statement typically focuses on its present business purpose - “who we are and what we do” Current product and service

offerings Customer needs and

customer groups being served

Geographic coverage

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Characteristics of a Mission Statement• Identifies boundaries of a company’s current business and

says something about

– Present products and services– Types of customers served– Geographic coverage

• Conveys

– Who we are,– What we do, and– Why we are here

A good mission statement describes a company’s business makeup and purpose in language specific enough to give the company its own identity

and distinguish it from other enterprises in the same or other industries!

Key Elements of aMission Statement

• A complete mission statement should cover three things:– Customer needs being met –

What is being satisfied– Customer groups or markets being served –

Who is being satisfied– What the organization does (in terms of business

approaches, technologies used, and activities performed) to satisfy the targeted needs of the targeted customer groups – How customer needs are satisfied

A company’s mission is not to make a profit! Its true mission is its answer to “What will we do to make a profit?” Making a profit is an objective or

intended outcome!

Linking the Visionwith Company Values

• Companies often develop a statement of values to guide a company’s pursuit of its vision and strategy and paint the white lines for how a company’s business is to be conducted– Company values statements typically

contain four to eight beliefs, traits, and behaviors relating to such things as • Fair treatment, integrity, ethical behavior,

innovation, teamwork, product quality, customer satisfaction,social responsibility, community citizenship

Linking the Visionwith Company Values

• But values statements remain a bunch of nice words until espoused beliefs, traits, and behaviors are – Incorporated into company’s operations and work

practices– Used as benchmarks for job appraisal, promotions, and

rewards

If company personnel are not held accountablefor displaying company values in doing their jobs, then the

company values statement is a bunch of empty words!

ValuesValues

Communicating the Strategic Vision

• Winning support for the vision involves– Putting “where we are going and why” in writing– Distributing the statement organization-wide– Having executives explain vision to employees

• An engaging, inspirational vision– Challenges and motivates workforce– Articulates a compelling case

for where company is headed– Evokes positive support and excitement– Arouses a committed organizational

effort to move in a common direction

Recognizing Strategic Inflection Points

• Sometimes an order-of-magnitude change occurs in a company’s environment that– Dramatically alters its future prospects

– Mandates radical revision of its strategic course

• Critical decisions have to be made about where to go from here– A major new directional path may have to be taken

– A major new strategy may be needed

• Responding quickly to unfolding changes in the marketplace lessons a company’s chances of– Becoming trapped in a stagnant business or

– Letting attractive new growth opportunities slip away

Overcoming Resistance toa New Strategic Vision

• Mobilizing support for a new vision entails

– Reiterating basis for the new direction

– Addressing employee concerns head-on

– Calming fears

– Lifting spirits

– Providing updates and progressreports as events unfold

Payoffs of a Clear Strategic Vision

• Crystallizes an organization’s long-term direction

• Reduces risk of rudderless decision-making

• Creates a committed enterprise where organizational members enthusiastically pursue efforts to make the vision a reality

• Provides a beacon to keep strategy-related actions of all managers on common path

• Helps an organization prepare for the future

Setting ObjectivesPhase 2Phase 2

•Purpose of setting objectivesConverts vision into specific performance targets

Creates yardsticks to track performance

•Well-stated objectives are

Quantifiable

Measurable

Contain a deadline for achievement

• Spell-out how much of what kindof performance by when

Importance of Setting Stretch Objectives

• Objectives should be set at levels that stretch an organization to– Perform at its full potential,

delivering the best possible results– Push firm to be more inventive– Exhibit more urgency to improve its business position– Be intentional and focused in its actions

There’s no better way to avoid ho-hum results thanby setting stretch objectives and using compensation

incentives to motivate organization members to achieve the stretch performance targets!

Types of Objectives Required

Financial Objectives Strategic Objectives

Outcomes focusedon improving financial performance

Outcomes focused on improving competitive strength and market

standing

$

Examples: Financial Objectives• Annual revenue growth of X%• X % increase in after-tax profits annual• Earnings per share growth of X% annually• Annual dividend increases of X%• Profit margins of X%• X% return on capital employed (ROCE)• Annual stock price increases that average X% over time• Strong bond and credit ratings • Sufficient internal cash flows to fund 100% of new capital

investment• Stable earnings during periods of recession

Examples: Strategic Objectives• Winning an X% market share within 3 years• Achieving lower overall costs than rivals• Overtaking key competitors on product performance or quality or

customer service within 2 years• Deriving X% of revenues from sale of new products introduced in

past 5 years• Being the recognized industry leader in product innovation and/or

technological know-how• Having a wider product line than rivals• Consistently getting new or improved products to market ahead of

rivals• Having stronger national or global sales and distribution capabilities

than rivals

Good Strategic Performance Is the Key to Better Financial Performance

• Achieving good financial performance is not enough – Current financial results are “lagging indicators” reflecting results of past

decisions and actions — good profitability now does not translate into stronger capability for delivering even better financial results later

• However, setting well-chosen strategic objectives and achieving them signals

– Growing competitiveness– Growing strength in the marketplace

• A company that is growing competitively stronger is developing the capability for better financial performance in the years ahead

– Good strategic performance is thus a “leading indicator” of a company’s capability to deliver improved future financial performance

Unless a company sets and achieves stretch strategic objectivesit is not developing the competitive muscle to deliver even

better financial results in the years ahead!

A Balanced Scorecard Approach –Setting Strategic and Financial Objectives

• A balanced scorecard for measuringcompany performance is optimal; it entails

– Setting financial and strategic objectives– Placing balanced emphasis on achieving

both types of objectives(However, if a company’s financial performance is dismal or if its very survival is in doubt because of poor financial results, then stressing the achievement of the financial objectives and temporarily de-emphasizing the strategic objectives may have merit)

• Just tracking financial performance overlooks the importance of measuring whether a company is strengthening its competitiveness and market position

The surest path to sustained future profitability year after year is to relentlessly pursue strategic outcomes that strengthen a company’s business

position and give it a growing competitive advantage over rivals!

Both Short-Term and Long-Term Objectives Are Needed

• Short-term objectives

– Targets to be achieved soon

– Milestones or stair steps for reaching long-range performance targets

• Long-term objectives

– Targets to be achieved within3 to 5 years

– Calls for actions now that willpermit reaching targetedlong-range performance

Concept of Strategic Intent

A company exhibits strategic intent when it relentlessly pursues an ambitious strategic objective, concentrating the full force of its

resources and competitive actions on achieving that objective!

Characteristics of Strategic Intent

• Indicates firm’s intent to making quantum gains in competing against key rivals and to establishing itself as a winner in the marketplace, often against long odds

• Involves establishing a grandiose performance target out of proportion to immediate capabilities and market position but then devoting the firm’s full resources and energies to achieving the target over time

• Entails sustained, aggressive actions to take market share away from rivals and achieve a much stronger market position

Objectives Are Needed at All Levels

• The objective-setting process is more top-down than bottom up

1. First, set organization-wide objectives and performance targets

2. Next, set business andproduct line objectives

3. Then, establish functionaland departmental objectives

4. Individual objectives are established

Crafting a StrategyPhase 3Phase 3

• Strategy-making involves astute entrepreneurship Actively searching for opportunities

to do new things or

Actively searching for opportunities to do existing things in new or better ways

• Strategizing involvesDeveloping timely responses to happenings

in the external environment and

Steering company activities in new directions dictated by shifting market conditions

The Role of Astute Entrepreneurship in Crafting a Company’s Strategy

Masterful strategies come partly (maybe mostly) by doing things differently from competitors where it counts

– Innovating more creatively– Being more efficient– Being more imaginative– Adapting faster Rather than running with the herd!

Good strategy-making is therefore inseparable from good entrepreneurship—one cannot exist without the other!

The Hows That Define a Firm's Strategy

• How to grow the business• How to please customers• How to outcompete rivals• How to respond to changing market conditions• How to manage each functional

piece of the business (R&D, production, marketing, HR, finance, and so on)

• How to achieve targeted levels of performance

Who Is Involved in Strategy Making

• CEO (chief executive officer)– Has ultimate responsibility for leading

the strategy-making process– Functions as strategic visionary and

chief architect of strategy• Senior executives

– Typically have influential roles in fashioning those strategy components involving their areas of responsibility

• Managers of subsidiaries, divisions, geographic regions, plants, and other important operating units (and, often, key employees with specialized expertise)– Some pieces of the strategy are best orchestrated by on-the-scene

company personnel with detailed familiarity of the piece of the business they are in charge of running

Why Is Strategy-Making Nearly Always a Collaborative Process

• The job is often way too big for one person or a small executive group—many strategic issues are complex or cut across multiple areas of expertise

• The more a company’s operations cut across different products, industries and geographic areas, the more that headquarters executives must delegate strategy-making authority to down-the-line managers in charge of particular functions and operating units

Figure 2.2: A Company’s Strategy-Making Hierarchy

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Three Levels of Strategy • Corporate Level Composed principally of Board of Directors, CEO and Administrative

officers Responsible for firm’s Financial Performance and Non Financial Goals To large extent, attitudes at the corporate level reflect the concerns of

stock holders and society at large In multi business firms: Determine what business to be involved What markets to enter How to grow the business:- Vertical Integration- Horizontal integration- Diversification- Develop synergies between the various units ( economies of scope) Set objectives for various business units Determine investment priorities using portfolio models for various units

Three Levels of Strategy • Business Level Strategies Composed principally of business and corporate managers Translate the statements of direction and intent generated at corporate

level into concrete objectives and strategies for individual divisions or SBUs

Determine how the division or SBU will compete in the product- market arena

Strive to identify and secure the most promising market segment within that arena

Common business level strategies are: Overall low cost leadership Differentiation Focus a. Low cost focusb. Focus differentiation

Three Levels of Strategy

• Functional Level StrategiesDevelop annual objectives and short-term

strategies in functional areasTheir principal responsibility is to implement

or execute the firm’s strategic plansThey a address issues relating to efficiency

and effectiveness of their functional activities in increasing the firms

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Single-business Firms

P O M /R & Ds tra te g ies

F in a n c ia l/a cco u n tings tra te g ies

M a rke tings tra te g ies

H u m anre la tio ns

s tra te g ies

C o rp ora te /b u s ine ss le ve l

Func

tiona

l Lev

el

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Multiple business Firms

Busi

ness

Le

vel

Func

tiona

l Le

vel

Corporatestrategies

Corporatestrategies

Business 1Business 1 Business 2Business 2 Business 3Business 3

POM/R&Dstrategies

POM/R&Dstrategies

Financial/accountingstrategies

Financial/accountingstrategies

Marketingstrategies

Marketingstrategies

Human relations

strategies

Human relations

strategies

What Is a Strategic Plan?

Its strategic vision and business mission

Its strategy

Its strategic andfinancial objectives

A

Company’s

Strategic Plan

Consists of

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Implementing and Executing StrategyPhase 4Phase 4

• Operations-oriented activity aimed atperforming core business activities in astrategy-supportive manner

• Tougher and more time-consumingthan crafting strategy

• Key tasks include

Improving the efficiency with which the strategy is being executed

Showing measurable progress in achieving both operating excellence and targeted results

What Does Implementing and Executing the Strategy Involve

• Building a capable organization• Allocating resources to strategy-critical activities• Establishing strategy-supportive policies• Instituting best practices and programs

for continuous improvement• Installing information, communication,

and operating systems• Motivating people to pursue the target objectives• Tying rewards to achievement of results• Creating a strategy-supportive corporate culture• Exerting the leadership necessary to drive the process forward and

keep improving

Evaluating Performance andMaking Corrective Adjustments

• Crafting and implementing a strategy is not a one-time exercise– Customer needs and competitive conditions change– New opportunities appear; technology

advances; any number of other outside developments occur

– One or more aspects of executing thestrategy may not be going well

– New managers with different ideas take over– Organizational learning occurs

• All these trigger a need for corrective actions and adjustments on an as-needed basis

Phase 5Phase 5

Leading the StrategicManagement Process

• Diverse leadership challenges include– Exerting take-charge leadership– Being a spark plug for change and action– Ramrodding things through– Achieving results

• Leading the strategic managementprocess can involve various stylesand approaches

– Being a hard-nosed authoritarian– Being a perceptive listener– Being a compromising decision maker– Delegating authority to people closest to the action– Being a coach– Assuming a highly visible role in guiding the process– Making brief ceremonial appearances

Things a Chief Strategy Implementer Must Do to Be Successful

1. Stay on top of what’s happening2. Make sure company has a

good strategic plan3. Put constructive pressure on

company to achieve good results4. Push corrective actions to improve overall strategic

performance5. Lead development of stronger core

competencies and competitive capabilities6. Display ethical integrity and lead social responsibility

initiatives

Role #1: Stay on Topof What’s Happening

• Develop a broad network of formaland informal sources of information

• Talk with many people at all levels

• Be an avid practitioner of MBWA

– Observe situation firsthand

• Monitor operating results regularly

• Get feedback from customers

• Watch competitive reactions of rivals

Role #2: Make Sure CompanyHas a Good Strategic Plan

• Two key responsibilities of CEO and top-level executives

– Effectively communicate company’s vision, objectives, and major strategy components to down-the-line managers and key personnel

– Exercise due diligence in reviewing lower-level strategies for consistency and support of higher-level strategies

• Effective leadership minimizespotential for conflict betweendifferent levels in the strategy hierarchy

Role #3: Put Constructive Pressure on Company to Achieve Good Results

• Successful leaders spend time – Mobilizing organizational energy behind

• Good strategy execution and• Operating excellence

– Nurturing a results-oriented work climate– Promoting enabling cultural drivers

• Strong sense of involvement on part of company personnel

• Emphasis on individual initiative and creativity• Respect for contributions of individuals and groups• Pride in doing things right

Role #4: Push Corrective Actions to Improve Strategy-Making and Strategy-

Execution • Requires deciding

– When adjustments are needed– What adjustments to make

• Involves – Adjusting long-term direction, objectives, and strategy on

an as-needed basis in response to unfolding events and changing circumstances

– Promoting fresh initiatives to bring internal activities and behavior into better alignment with strategy

– Making changes to pick up the pace when results fall short of performance targets

Role #5: Promote Stronger CoreCompetencies and Capabilities

• Top management intervention isrequired to establish better or new

– Resource strengths and competencies– Competitive capabilities

• Senior managers mustlead the effort because

– Competencies reside in combinedefforts of different work groups and departments, thus requiring cross-functional collaboration

– Stronger competencies and capabilitiescan lead to a competitive edge over