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Illustrations and Thinking Differently xviii
Figures xx
Tables xxiii
Preface xxv
Exploring Strategy features xxvii
Exploring Strategy online xxviii
1 INTRODUCING STRATEGY 2
1.1 Introduction 3
1.2 What is strategy? 4
1.2.1 Defining strategy 4
1.2.2 The purpose of strategy: mission, vision, values and
objectives 7
1.2.3 Strategy statements 8
1.2.4 Levels of strategy 10
1.3 The Exploring Strategy Framework 11
1.3.1 Strategic position 12
1.3.2 Strategic choices 13
1.3.3 Strategy in action 14
1.4 Working with strategy 16
1.5 Studying strategy 18
1.6 Exploring strategy further 20
1.6.1 Exploring strategy in different contexts 20
1.6.2 Exploring strategy through different ‘strategy lenses’ 21
Summary 22
Work assignments 22
Recommended key readings 23
References 23
Case example: The rise of a unicorn – Airbnb 24
PART I
THE STRATEGIC POSITION
Introduction to Part I 30
2 MACRO-ENVIRONMENT ANALYSIS 32
2.1 Introduction 33
2.2 PESTEL analysis 34
2.2.1 Politics 35
2.2.2 Economics 38
2.2.3 Social 39
2.2.4 Technology 43
2.2.5 Ecological 44
2.2.6 Legal 45
2.2.7 Key drivers for change 48
2.3 Forecasting 48
2.3.1 Forecast approaches 49
2.3.2 Directions of change 50
2.4 Scenario analysis 51
Summary 55
Work assignments 55
Recommended key readings 56
References 56
Case example: Alibaba – the Yangtze River Crocodile 58
3 INDUSTRY AND SECTOR ANALYSIS 62
3.1 Introduction 63
3.2 The competitive forces 64
3.2.1 Competitive rivalry 65
3.2.2 The threat of entry 66
3.2.3 The threat of substitutes 66
3.2.4 The power of buyers 68
3.2.5 The power of suppliers 69
3.2.6 Complementors and network effects 69
3.2.7 Defining the industry 71
3.2.8 Implications of the Competitive Five Forces 73
3.3 Industry types and dynamics 74
3.3.1 Industry types 76
3.3.2 Industry structure dynamics 77
3.4 Competitors and markets 81
3.4.1 Strategic groups 81
3.4.2 Market segments 84
3.4.3 Critical success factors and ‘Blue Oceans’ 85
3.5 Opportunities and threats 87
Summary 88
Work assignments 89
Recommended key readings 89
References 90
Case example: Global forces and the advertising industry 92
4 RESOURCES AND CAPABILITIES 96
4.1 Introduction 97
4.2 Foundations of resources and capabilities 98
4.2.1 Resources and capabilities 98
4.2.2 Threshold and distinctive resources and capabilities 100
4.3 Distinctive resources and capabilities as a basis of
competitive advantage 101
4.3.1 V – value of resources and capabilities 101
4.3.2 R – rarity 102
4.3.3 I – inimitability 102
4.3.4 O – organisational support 104
4.3.5 Organisational knowledge as a basis of competitive advantage 105
4.4 Diagnosing resources and capabilities 107
4.4.1 VRIO analysis 107
4.4.2 The value chain and value system 107
4.4.3 Activity systems 111
4.4.4 Benchmarking 114
4.4.5 SWOT 115
4.5 Dynamic capabilities 119
Summary 124
Work assignments 124
Recommended key readings 125
References 125
Case example: Rocket Internet – will the copycat be imitated? 128
5 STAKEHOLDERS AND GOVERNANCE 132
5.1 Introduction 133
5.2 Stakeholders 134
5.2.1 Stakeholder groups 134
5.2.2 Stakeholder mapping 136
5.2.3 Owners 139
5.3 Corporate governance 141
5.3.1 The governance chain 143
5.3.2 Different governance models 144
5.3.3 How boards of directors influence strategy 149
5.4 Social responsibility and ethics 150
5.4.1 Corporate social responsibility 150
5.4.2 The ethics of individuals and managers 153
Summary 155
Work assignments 156
Recommended key readings 156
References 157
Case example: Drinking Partners – India’s United Breweries Holdings Ltd 159
6 HISTORY AND CULTURE 162
6.1 Introduction 163
6.2 Why is history important? 164
6.2.1 Path dependency 164
6.2.2 History as a resource 167
6.2.3 Historical analysis 167
6.3 What is culture and why is it important? 168
6.3.1 Geographically-based cultures 169
6.3.2 Organisational fields 170
6.3.3 Organisational culture 171
6.3.4 Culture’s influence on strategy 174
6.3.5 Analysing culture: the cultural web 175
6.3.6 Undertaking cultural analysis 177
6.4 Strategic drift 180
Summary 184
Work assignments 184
Recommended key readings 185
References 185
Case example: Culture clashes at Barclays Bank 187
Commentary on Part I The strategy lenses 190
Case example: Nokia’s evolving strategy through the lenses 202
PART II
STRATEGIC CHOICES
Introduction to Part II 206
7 BUSINESS STRATEGY AND MODELS 208
7.1 Introduction 209
7.2 Generic competitive strategies 210
7.2.1 Cost-leadership strategy 211
7.2.2 Differentiation strategy 215
7.2.3 Focus strategy 216
7.2.4 Hybrid strategy 218
7.2.5 The Strategy Clock 220
7.3 Interactive strategies 221
7.3.1 Interactive price and quality strategies 221
7.3.2 Cooperative strategy 224
7.3.3 Game theory 226
7.4 Business models 229
7.4.1 Value creation, configuration and capture 229
7.4.2 Business model patterns 232
Summary 234
Work assignments 234
Recommended key readings 235
References 235
Case example: The IKEA approach 237
8 CORPORATE STRATEGY AND DIVERSIFICATION 242
8.1 Introduction 243
8.2 Strategy directions 244
8.2.1 Market penetration 245
8.2.2 Product development 247
8.2.3 Market development 248
8.2.4 Conglomerate diversification 248
8.3 Diversification drivers 250
8.4 Diversification and performance 252
8.5 Vertical integration 253
8.5.1 Forward and backward integration 253
8.5.2 To integrate or to outsource? 254
8.6 Value creation and the corporate parent 256
8.6.1 Value-adding and value-destroying activities of
corporate parents 256
8.6.2 The portfolio manager 258
8.6.3 The synergy manager 259
8.6.4 The parental developer 261
8.7 Portfolio matrices 261
8.7.1 The BCG (or growth/share) matrix 263
8.7.2 The directional policy (GE–McKinsey) matrix 264
8.7.3 The parenting matrix 265
Summary 268
Work assignments 268
Recommended key readings 269
References 269
Case example: Virgin – is the brand more than Richard Branson? 271
9 INTERNATIONAL STRATEGY 276
9.1 Introduction 277
9.2 Internationalisation drivers 278
9.3 Geographic sources of advantage 282
9.3.1 Locational advantage: Porter’s Diamond 282
9.3.2 The international value system 284
9.4 International strategies 286
9.5 Market selection and entry 289
9.5.1 Country and market characteristics 289
9.5.2 Competitive characteristics 292
9.5.3 Entry modes strategies 295
9.6 Subsidiary roles in an international portfolio 297
9.7 Internationalisation and performance 299
Summary 300
Work assignments 301
Recommended key readings 301
References 301
Case example: China goes to Hollywood – Wanda’s moves into
the US movie industry 304
10 ENTREPRENEURSHIP AND INNOVATION 308
10.1 Introduction 309
10.2 Entrepreneurship 310
10.2.1 Opportunity recognition 310
10.2.2 Steps in the entrepreneurial process 313
10.2.3 Stages of entrepreneurial growth 314
10.2.4 Social entrepreneurship 316
10.3 Innovation dilemmas 317
10.3.1 Technology push or market pull 318
10.3.2 Product or process innovation 320
10.3.3 Open or closed innovation 321
10.4 Innovation diffusion 324
10.4.1 The pace of diffusion 324
10.4.2 The diffusion S-curve 325
10.5 Innovators and imitators 327
10.5.1 First-mover advantages and disadvantages 327
10.5.2 The incumbent’s response 328
Summary 331
Work assignments 332
Recommended key readings 332
References 332
Case example: Rovio Entertainment – going back to the entrepreneurial roots 335
11 MERGERS, ACQUISITIONS AND ALLIANCES 338
11.1 Introduction 339
11.2 Organic development 340
11.3 Mergers and acquisitions 341
11.3.1 Types of M&A 341
11.3.2 Timing of M&A 342
11.3.3 Motives for M&A 342
11.3.4 M&A processes 345
11.3.5 M&A strategy over time 350
11.4 Strategic alliances 351
11.4.1 Types of strategic alliance 353
11.4.2 Motives for alliances 353
11.4.3 Strategic alliance processes 355
11.5 Comparing acquisitions, alliances and organic development 359
11.5.1 Buy, ally or DIY? 359
11.5.2 Key success factors 360
Summary 362
Work assignments 362
Recommended key readings 363
References 363
Case example: Future-proofing business? Sainsbury acquires Argos 365
Commentary on Part II Strategic choices 368
PART III
STRATEGY IN ACTION
Introduction to Part III 372
12 EVALUATING STRATEGIES 374
12.1 Introduction 375
12.2 Organisational performance 376
12.2.1 Performance measures 376
12.2.2 Performance comparisons 377
12.2.3 Gap analysis 377
12.2.4 Complexities of performance analysis 379
12.3 Suitability 380
12.3.1 Ranking 384
12.3.2 Screening through scenarios 384
12.3.3 Screening for bases of competitive advantage 384
12.3.4 Decision trees 385
12.3.5 Life cycle analysis 385
12.4 Acceptability 387
12.4.1 Risk 388
12.4.2 Return 390
12.4.3 Reaction of stakeholders 398
12.5 Feasibility 399
12.5.1 Financial feasibility 399
12.5.2 People and skills 400
12.5.3 Integrating resources 401
12.6 Evaluation criteria: four qualifications 401
Summary 403
Work assignments 403
Recommended key readings 404
References 404
Case example: ITV – DIY, buy or ally? 406
13 STRATEGY DEVELOPMENT PROCESSES 410
13.1 Introduction 411
13.2 Deliberate strategy development 412
13.2.1 The role of the strategic leader 412
13.2.2 Strategic planning systems 413
13.2.3 Externally imposed strategy 418
13.3 Emergent strategy development 419
13.3.1 Logical incrementalism 419
13.3.2 Strategy as the outcome of political processes 422
13.3.3 Strategy as the product of structures and systems 423
13.4 Implications for managing strategy development 425
13.4.1 Strategy development in different contexts 427
13.4.2 Managing deliberate and emergent strategy 429
Summary 431
Work assignments 431
Recommended key readings 432
References 432
Case example: Alphabet – who and what drives the strategy? 434
14 ORGANISING AND STRATEGY 438
14.1 Introduction 439
14.2 Structural types 440
14.2.1 The functional structure 440
14.2.2 The divisional structure 442
14.2.3 The matrix structure 444
14.2.4 Multinational/transnational structures 445
14.2.5 Project-based structures 448
14.2.6 Strategy and structure fit 448
14.3 Systems 451
14.3.1 Planning systems 451
14.3.2 Cultural systems 453
14.3.3 Performance targeting systems 454
14.3.4 Market systems 456
14.4 Configurations and adaptability 458
14.4.1 The McKinsey 7-Ss 459
14.4.2 Agility and resilience 460
Summary 462
Work assignments 462
Recommended key readings 462
References 463
Case example: One Sony? 465
15 LEADERSHIP AND STRATEGIC CHANGE 468
15.1 Introduction 469
15.2 Leadership and strategic change 470
15.2.1 Strategic leadership roles 470
15.2.2 Leadership styles 471
15.3 Diagnosing the change context 473
15.3.1 The change kaleidoscope 473
15.3.2 Forcefield analysis 476
15.4 Types of strategic change 478
15.4.1 Adaptation 479
15.4.2 Reconstruction 479
15.4.3 Revolution 480
15.4.4 Evolution 481
15.5 Levers for strategic change 483
15.5.1 A compelling case for change 483
15.5.2 Challenging the taken for granted 484
15.5.3 Changing operational processes and routines 484
15.5.4 Symbolic management 485
15.5.5 Power and political systems 486
15.5.6 Timing 488
15.5.7 Visible short-term wins 488
15.6 Problems of formal change programmes 489
15.6.1 Problems in the process 489
15.6.2 What formal programmes forget 490
Summary 491
Work assignments 492
Recommended key readings 492
References 493
Case example: Sergio Marchionne – motor of change 495
16 THE PRACTICE OF STRATEGY 498
16.1 Introduction 499
16.2 The strategists 500
16.2.1 Top managers and directors 500
16.2.2 Strategic planners 501
16.2.3 Middle managers 502
16.2.4 Strategy consultants 505
16.2.5 Who to involve in strategy development? 506
16.3 Strategising 508
16.3.1 Strategy analysis 508
16.3.2 Strategic issue-selling 509
16.3.3 Strategic decision-making 512
16.3.4 Communicating the strategy 513
16.4 Strategy methodologies 515
16.4.1 Strategy workshops 515
16.4.2 Strategy projects 517
16.4.3 Hypothesis testing 518
16.4.4 Business cases and strategic plans 520
Summary 522
Work assignments 522
Recommended key readings 523
References 523
Case example: Participative strategy process in the city of Vaasa 525
Commentary on Part III Strategy in action 532
CASE STUDIES
Guide to using the case studies 536
Guide to the main focus of cases in the book 538
Glastonbury: from hippy weekend to international festival 541
The global pharmaceutical industry: back to the future? 545
Siemens A: exploring the future 557
The ‘pub’: decline of a British institution – how the brewers fought back 563
Ricoh Canada Inc.: printing the future or recycling the past? 568
H&M in fast fashion: continued success? 576
The Formula 1 constructors: capabilities for success 584
‘Access to Healthcare’: integrating a CSR programme in Coloplast 593
Manchester United FC: competing with Europe’s elite clubs 600
Adnams: a living company 608
Widespace: managing growth and culture within a maturing
technology venture 616
Ryannair: the low fares airline – ‘always getting better’? 622
Flight Centre Limited: competing to provide the lowest air fares 633
Megabrew: creating an undisputed global brewing champion? 639
AirAsia and the Tune Group: diversifying across industries 651
Severstal: growth and consolidation strategies in a turbulent
global steel industry 659
Indian Premier League: glitz, glamour and globalisation 667
Handelsbanken: banking done differently 671
Ningbo Smarter Logistics: innovating in partnership with IBM in China 680
Leadership and innovation at Apple Inc.: entering the post-Jobs era 684
All change at Teva 690
Mondelez International: ‘Are you going to stick around Irene’? 695
CRH plc: leveraging corporate strategy for value creation
and global leadership 705
Evaluating the Mexican narco-trafficking problem 713
Where should the beds go? Infrastructure planning in NHS England 722
Strategic planning at King Faisal Hospital and Research Centre
Saudi Arabia 729
Mormor Magda’s ice cream: can you be hot in a cool market? 734
Academies and Free Schools: the future of education? 739
Siemens B: implementing the strategy 744
Paul Polman: turnaround and development of strategy at Unilever 750
Aurizon: managing change in a complex environment 758
In the boardroom at HomeCo 764
Guide to the classic cases on the companion website 770
Glossary 773
Index of names 779
General index 785
Acknowledgements 795
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