Strategic Management in the 21st Century. Theories of Strategic Management

Historical Development and Overview of Strategy TheoryMajor Theories of Business StrategyINTRODUCTIONWhy Study Theories of Business Strategy?A Framework for Major Theories of Business StrategyPRODUCT-MARKET-BASED VIEWS OF BUSINESS STRATEGYThe Product-Market Growth MatrixThree-Dimensional View of Product-Market DecisionsMiles and Snow TypologyLimitations of Product-Market-Based Views of Business StrategyINDUSTRY-BASED FOUNDATIONS OF BUSINESS STRATEGYCompetitive ForcesGeneric Competitive StrategiesRESOURCE-BASED THEORIES OF BUSINESS STRATEGYThe Resource-Based View (RBV)Knowledge-Based View (KBV)Dynamic CapabilitiesCOMPETITION-BASED THEORIES OF BUSINESS STRATEGYStrategic ConflictCompetitive Dynamics TheoryCONCLUSIONFuture Directions in Business Strategy Theoretical DevelopmentManagerial ImplicationsNOTESREFERENCESEarly Concepts of StrategyINTRODUCTIONWal-Mart: A Classic Success StoryPolaroid: A Classic Case of Strategic FailureSTRATEGY AND STRATEGIC MANAGEMENTStrategic DecisionsStrategic ManagersTHE EVOLUTION OF STRATEGIC MANAGEMENTEVOLUTION OF THEORIES IN STRATEGIC MANAGEMENTTransaction Cost EconomicsGame TheoryAgency TheoryResource-Based View (RBV)Industrial Organization (IO) TheoryAPPROACHES TO STRATEGIC MANAGEMENT: HISTORY TO PRESENTNOTESDealing with Complexities: The Role of Management FrameworksINTRODUCTIONMANAGEMENT FRAMEWORKS OVERVIEWSOME MANAGEMENT FRAMEWORKS WORK BETTER THAN OTHERSMCKINSEY 7S MODELTHE 5PS MODEL BY PRYOR, WHITE, AND TOOMBSTHE BALANCED SCORECARD AND STRATEGY MAPSACCENTURE'S ADVANCED PERFORMANCE MANAGEMENT SOLUTIONTHE TOWARD PERFORMANCE EXCELLENCE FRAMEWORKTHE SIX PERFORMANCE DRIVERSTHE SPIDER CHARTTPE IMPLEMENTATIONCONCLUSIONSNOTESStrategy TheoriesTransaction Cost EconomicsINTRODUCTIONA BRIEF HISTORYWHAT ARE TRANSACTION COSTS?Bounded RationalityOpportunistic BehaviorRisk PreferenceCRITICAL DIMENSIONSUncertaintyTransaction FrequencyAsset SpecificityMODIFIERSSmall Numbers ExchangeInformation Asymmetry and ImpactednessTrust and ReputationMarket PowerHOW COSTS ARE CREATEDSearchContractingMonitoringComplianceBureaucracyNegotiatingCoordinationMonitoringEnforcementHow Governance Structure Is ChosenMarketHierarchyHybridMANAGEMENT IMPLICATIONSGovernanceRecapNOTESResources and Dynamic Capabilities: The Foundations of Competitive AdvantageINTRODUCTIONTHE FOUNDATIONS OF THE RESOURCE-BASED VIEWTHE VRINO FRAMEWORKValuableRarityDifficult to Imitate and NonsubstitutableOrganized to be ExploitedApplying the VRINO FrameworkTHE DYNAMIC CAPABILITIES PERSPECTIVEROUTINES AND CAPABILITIESNOTESOptions and Strategic ManagementBACKGROUNDIRREVERSIBILITYUNCERTAINTYREAL OPTION VALUATIONITERATIVE INVESTMENT AND COMMITMENTA PORTFOLIO OF OPTIONS VERSUS AN OPTION ON A PORTFOLIOUNIQUE VALUEADDITIONAL UNIQUE OPPORTUNITY RECOGNITIONUNIQUE DISCOUNT RATESINPUT MARKET ADVANTAGESRISK ACCEPTANCEPERCEIVED VALUE AND BENCHMARKINGCONCLUSIONNOTESManaging Organizational Trust in the 21st Century: A Pragmatic Approach to Trust Development, Maintenance, and RepairOVERVIEW OF TRUSTTrustworthinessTransparencyEmotional AttachmentPRACTICAL GUIDANCETrust DevelopmentTrust MaintenanceTrust RepairCONCLUSIONNOTESHypercompetition in the 21st Century: A Look Back and a Look ForwardINTRODUCTIONA LOOK BACKSustained Competitive AdvantageThe Disruption of HypercompetitionThe Age of Temporary AdvantageINTERLUDE: FOUR ARENAS ANALYSISThe Cost-Quality ArenaThe Timing and Know-How ArenaThe Strongholds ArenaThe Deep Pockets ArenaA LOOKAHEADThe Cost-Quality ArenaThe Timing and Know-How ArenaThe Strongholds ArenaThe Deep Pockets ArenaSUMMARY: A WORLD THAT PINES FOR "MORE GENTEEL LEVELS OF COMPETITION?"NOTESREFERENCESStrategy and Entrepreneurship—A Discussion of Strategic EntrepreneursINTRODUCTIONTHE ENTREPRENEUR AND THE NOTION OF VISIONSOME HISTORY OF ECONOMIC THEORIES UNDERLYING ENTREPRENEURSHIPClassical Capitalist Economic TheoryNeoclassical TheorySchumpeterian VisionEvolving Views of EntrepreneurshipTYPES OF ENTREPRENEURS: A CATEGORIZATIONCHARACTERISTICS OF SUCCESSFUL ENTREPRENEURSStevenson's Six DimensionsThe Mind of an Entrepreneur—Timmons' WorkCharacteristics of Entrepreneurs—Bygrave's WorkTHE PROCESS OF ENTREPRENEURSHIPINFLUENCING THE ENTREPRENEURIAL ENGAGEMENT—A MOTIVATIONAL ASPECTENTREPRENEURSHIP VERSUS INTRAPRENEURSHIPExamples of Intrapreneurial ActivitiesSTRATEGIC ENTREPRENEURSHIPSTRATEGIC ENTREPRENEURSHIP— CONCEPTUAL FRAMEWORKSINTEGRATING ENTREPRENEURSHIP WITH STRATEGYENTREPRENEURSHIP EXTENDS ITS INFLUENCE— THE RISE OF THE SOCIAL ENTREPRENEURSocial Entrepreneurs—Past and PresentCONCLUDING THOUGHTSNOTESThe Competitive Advantage of Strategic Alliances: Companies Profiting from Partnerships with Competing and Noncompeting CompaniesINTRODUCTIONEVOLUTION OF ALLIANCESMOTIVATIONS FOR ENTERING INTO A STRATEGIC ALLIANCEDRAWBACKS OF ALLIANCESMANAGING ALLIANCES WITH COMPETITORS AND NONCOMPETITORSCONCLUSION AND SUGGESTIONS FOR CREATING SUCCESSFUL ALLIANCESNOTESStrategic Integrity Management as a Dynamic CapabilityINTRODUCTIONTHE SOURCE OF CORPORATE INTEGRITY ISSUESPOSITIONING WITHIN THE ORGANIZATIONAL CONTEXTFIVE REASONS TO INVEST IN AN INTEGRITY MANAGEMENT PROGRAMBASIC PRINCIPLES FOR AN EFFECTIVE INTEGRITY MANAGEMENT PROGRAMBASIC PRINCIPLES FOR AN ORGANIZATIONAL SET-UP OF AN INTEGRITY AND COMPLIANCE DEPARTMENTELEMENTS AND CORE ACTIVITIES OF AN EFFECTIVE INTEGRITY AND COMPLIANCE PROGRAMEstablishing Integrity StandardsPromoting Responsible BehaviorResponsible LeadershipIntegrating Values and Integrity StandardsTrainingEnforcing Integrity StandardsDecision MakingMonitoring and ReportingWhistle-BlowingIndependent, Internal AssuranceCONCLUSIONSNOTESStrategic Value Management: A New Generation of Strategic Management ThinkingINTRODUCTIONLITERATURE REVIEWSources of Firms' Economic PerformanceThe Link between Stock Value Creation and Strategic ManagementTHE FIRST DIMENSION OF SVM: PROFITS DRIVEN BY COMPETITIONTakeawaysTHE SECOND DIMENSION OF SVM: SALES GROWTH-DRIVEN INNOVATIONInnovation and Resources StrategiesGrowth and Stock Value CreationTakeawaysTHE THIRD DIMENSION OF SVM, CAPITAL DRIVEN BY RESOURCESResources Part 1: Physical versus Intellectual CapitalResources Part 2: Unique, Inimitable and Rare Resources to Boost Market Power and InnovationResources Part 3: Resources Developed Internally versus Acquired versus SharedOrganizational ResourcesTakeawaysSVM'S APPLICATION TO SUSTAINABILITYFrom "Quest for Value" to Quest for ValuesTakeawaysSVM FOR A GOVERNMENT AGENCY, ARMED FORCES, NONPROFIT ORGANIZATIONSCONCLUSIONAPPENDIX: LITERATURE REVIEWLiterature Related to Market Power and ResourcesLiterature Related to Growth and ResourcesLiterature Related to How to Measure a Firm's Economic Performance, and Its Connection with Industry and Firm's FactorsLiterature Related to Models to Measure a Firm's Economic PerformanceLiterature Related to Concentration as a Proxy of Market PowerLiterature Related to Entry Barriers as Components of Market PowerLiterature Related to Intellectual CapitalNOTESAbout the Editors and Contributors
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