Strategic Management in the 21st Century. Corporate Strategy

Structure Making Sense of a Competitor’s Innovation: A Signaling Perspective on Whether to Imitate or Ignore the Competition INTRODUCTION SIGNALING THEORY SIGNAL INTERPRETATION PRODUCT-LEVEL INNOVATIVENESS ORGANIZATIONAL LEVEL Innovative History Market Competency INTERACTION OF PRODUCT- AND ORGANIZATIONAL-LEVEL SIGNALS INDUSTRY CONTEXT COMPETITIVE IMPLICATIONS CONCLUSION NOTES Strategic Alliances: Promise, Perils, and a Roadmap to Success OVERVIEW: ALLIANCE CONCEPTS AND TERMINOLOGY CROSS-BORDER (INTERNATIONAL) ALLIANCES AND CULTURAL DIFFERENCES THE RESOURCE-BASED MOTIVATION FOR FIRMS TO ENGAGE IN ALLIANCES MAKING ALLIANCES WORK: GOVERNANCE OF ALLIANCES A SPECIAL NOTE ON RELATIONSHIP DEVELOPMENT IN INTERIMISTIC ALLIANCES MAKING ALLIANCES WORK: ALLIANCE CAPABILITY AS A CORE COMPETENCE Alliance Experience Alliance Management Skill Ability to Identify/Secure Attractive Alliance Opportunities ALLIANCE CHALLENGES Alliance Complexity Organizational Control/Oversight Issues CONCLUSION NOTES A Phased Approach to Merger and Acquisition Integration: Tapping Experiential Learning EXPERIENTIAL LEARNING M&A PHASES Target Selection Resource Combinations Target Environment Friendly Fit Method of Payment Integration Planning Government Regulators Customers Employees Competitors Prudent Planning Implementation Integration Management Continuing Adaptation DISCUSSION IMPLICATIONS FOR MANAGEMENT THEORY AND PRACTICE NOTES Contemporary Diversification via Internal Corporate Venturing MOTIVATION FOR DIVERSIFICATION Economic Firm Level Managerial DIVERSIFICATION: HISTORY AND CURRENT TRENDS DIVERSIFICATION THROUGH INTERNAL CORPORATE VENTURING Motives for Internal Corporate Ventures Measuring ICV Performance Position and Control as Determinants of ICV Performance Parent-Venture Product Similarity FUTURE DIRECTIONS FOR INTERNAL CORPORATE VENTURING NOTES Functional Strategies Marketing Strategy STRATEGIC MARKET ORIENTATION COMPETITIVE EVOLUTION AND THE INTERACTION OF STRATEGIC MODES The Breakdown in Profitability Evolutionary Equilibrium Environmental Influences in Competitive Evolution Changes to Political Barriers and Other Political Accommodations Competitive Destabilization from Globalization Patterns of Competitive Evolution in a Global Context AN ILLUSTRATION OF COMPETITIVE EVOLUTION: THE U.S. AUTOMOBILE INDUSTRY -1908: The Margin-Orientation Era -1925: The Volume-Orientation Era -1974: The Margin-Volume-Differentiation Equilibrium Era The Post-Equilibrium Era THE FUTURE OF MARKETING STRATEGY IN A GLOBAL ENVIRONMENT Consumer Confusion in Global Branding Complexities in Global Partnering GLOBAL PARTNERSHIPS OF THE FUTURE Opportunity One: Partnerships for Satisfying Global Demand Opportunity Two: Partnerships for Developing Complementary Products Opportunity Three: Partnerships for New Marketing Approaches CONCLUSION NOTES Maximizing the Firm Value Impact of Outsourcing Decisions INTRODUCTION THE IMPACT OF OUTSOURCING ON SHAREHOLDER VALUE A Comparison of Onshore and Offshore Outsourcing The Decline in the Value of Offshoring STRATEGIES FOR SUCCESSFUL OUTSOURCING The Benefits of Alignment Competitive Priorities and Outsourcing Alignment of Priorities, Activities, and Performance Managerial Implications of Outsourcing Alignment NOTES Strategic HRM: Building the Bridge between HR and Business Strategies HISTORY OF SHRM The Role of Strategic Management Related to SHRM HR Strategy and Vertical Alignment Horizontal Alignment A FRAMEWORK: HR STRATEGY AND STRATEGIC MANAGEMENT THEORY The Agency/Transactions Cost Perspective and HR Strategy The Industrial Organization Economics Perspective and HR Strategy Strategic Group Process Perspective and HR Strategy Dynamic Capabilities Perspective and HR Strategy A BRIDGE BETWEEN HR AND BUSINESS STRATEGIES Latticed HR Strategies: Vertical and Horizontal Alignments BUSINESS STRATEGIES Miles and Snow's Typology of Defender, Prospector, Analyzer, and Reactor Porter's Typology of Cost Leadership, Differentiation, and Focus THE LAST PIECE OF THE PUZZLE: HR PRACTICES UNIVERSAL HR PRACTICES: HPWS (HIGH-PERFORMANCE WORK SYSTEMS)CONCLUSION NOTES Corporate Financial Strategy TEXTBOOK CAPITAL STRUCTURE THEORY Miller and Modigliani (M&M) Theory Financial Distress Costs and Trade-Off Theory Pecking-Order Theory RECENT ACADEMIC FINDINGS Capital Structure Policy and Market Timing Capital Structure, Historical Stock, and Operating Performance Capital Structure and Firm Characteristics Capital Structure Policy, Business Cycles, and Macroeconomic Conditions Capital Structure Policy and Behavioral Influences Estimating the Costs and Benefits of Debt Using Cost-Benefit Analysis to Identify the Optimal Capital Structure The Cost of Capital Beta Market Risk Premium Financial Flexibility and the Use of Other Financing Tools Implication of Leases on Corporate Financial Strategy Special Purpose Entity Other Issues—Pensions CONCLUSION NOTES Drivers of Strategic Choices Strategic Management of Quality INTRODUCTION QUALITY FUNCTION IN THE 21ST CENTURY Explosion in Information Technology Holistic Approach to Satisfying the Customer Responsibilities of the 21st-Century Organization DISCUSSIONS AND CONCLUSIONS Proactive versus Reactive Role of Top Management Linkage of the Quality Function with the Overall Strategic Function Utilization of Organizational Strengths NOTES Innovation INTRODUCTION INNOVATION AND STRATEGY INNOVATE OR DIE THE INNOVATIVE ENVIRONMENT Organizational Culture Tacit Knowledge, Resources, and Capabilities Organizational Knowledge, Capabilities, and Resources Failure to Succeed Managing Organizational Innovation Innovation and Customer Value Structure and Resources Communication Leadership WHAT TO DO AND WHAT NOT TO DO LOOKING BEYOND NOTES Organizational Culture, Performance, and Competitive Advantage: What Next?WHAT IS ORGANIZATIONAL CULTURE?DEVELOPMENT OF ORGANIZATIONAL CULTURE WHAT MAKES STRONG ORGANIZATIONAL CULTURES?EXISTING FRAMEWORKS WHAT'S MISSING?CULTURE AND PERFORMANCE IN AN INTERNATIONAL CONTEXT MISMATCHES BETWEEN CULTURE AND PERFORMANCE High Performance, Unclear Culture Strong Culture but Potential Turnover HOW TO SUSTAIN A CULTURE OVER TIME?The Test of Culture Culture and Subculture WHERE NEXT?NOTES The Emergence of Business Ethics THE OCCURRENCE OF CORPORATE SCANDALS EVOLUTION OF THE BUSINESS ORGANIZATION SEPARATION OF OWNERSHIP AND CONTROL EMERGENCE OF CORPORATE AGGRESSION EXTRINSIC AND INTRINSIC VIRTUE DECODING THE ETHICAL COMPLEXITIES THE NATURE OF VIRTUOUS CORPORATE BEHAVIOR SUMMARY NOTES