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Strategic Management

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strategic planning and strategic management pdf

Kennedy B. Reed, Virginia Tech

Copyright Year: 2020

ISBN 13: 9781949373950

Publisher: Virginia Tech Publishing

Language: English

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Reviewed by Sergiy Dmytriyev, Assistant Professor of Management, James Madison University on 9/10/23

The textbook covers all key topics in the strategic management such as overall strategy, business- and corporate-level strategies, the analysis of external and internal environments, international strategy, organizational design, innovation, etc.... read more

Comprehensiveness rating: 5 see less

The textbook covers all key topics in the strategic management such as overall strategy, business- and corporate-level strategies, the analysis of external and internal environments, international strategy, organizational design, innovation, etc. Each sections ends with the reference list of the cited sources, and the Glossary of key terms is provided at the end of the book.

Content Accuracy rating: 5

The book is well-written which makes it an easy read.

Relevance/Longevity rating: 5

The content is up-to-date, with plenty of contemporary business situations and examples. At the same time, these examples are of general nature and can be used in a classroom for many years ahead, without become obsolete. Having said that, the textbook also has a number of historical examples which is a must to have in order to learn from strategic successes and failures.

Clarity rating: 5

The text is written in a more informal way than in some other strategic management textbook. This makes this textbook better perceived by undergraduate students, who are rather more excited by its interesting and accessible prose.

Consistency rating: 4

The textbook utilized common terminology and frameworks used in the strategic management field, and is consistent throughout the whole text. The only thing, sometimes I could have a feeling that there were many interesting narratives and examples, but some of them might not be well connected among themselves, which could make the reading slightly less coherent, though it wasn't a big deal.

Modularity rating: 5

Indeed, the text is readily divisible into smaller reading section since many of them start and end in a similar fashion making them standalone pieces. I didn't find many self-references which serves the modality purpose well.

Organization/Structure/Flow rating: 5

The book is well organized in terms of the sequence of introduced topics and the transitions between them.

Interface rating: 5

The textbook offers an easy-to-follow navigation structure such as a numeration for each section/subsection as well as consistent headings' styles and the use of colors and graphical designs.

Grammatical Errors rating: 5

I didn't find any grammatical errors or typos in the text which speaks to its high quality.

Cultural Relevance rating: 3

The textbook is full of various examples from different countries which helps keep the reader's mind open to insights from different cultural environments. Yet, I wish there would be more examples with female and minority managers - I realize that today those groups are still underrepresented in leadership roles, but the author could have considered purposefully selecting those stories/backgrounds which may appeal to and inspire different audiences.

Most sections in the textbook end with discussion questions (often provoking ones) which can help with kicking off interactive discussion in class. The key information is summarized in the form of tables or graphs that make it easy to review the summarized learnings. There are also many videos throughout the book which can help break the monotony of reading with interesting visual experiences.

To sum it up, the textbook offers a typical content for a strategic management textbook (in terms of key strategic topics, terminology, theories and frameworks, etc.), yet it does it in a more appealing way compared to some more "formal" available textbooks in the market. In addition to offering discussion questions and exercises at the end of each section, the textbook also utilizes a more accessible prose for undergraduate students, as well as provides many illustrative or summary tables and graphs, as well as short business stories and videos done in an interesting way.

I really like the textbook and this year I started using it in my Strategic Management course.

Reviewed by Jeffrey Gale, Professor Emeritus of Strategic Management, Loyola Marymount University on 4/10/23

[Note: I used the book in my Strategic Management class in Spring 2023 semester. I have, in the past, used the open textbook, Mastering Strategic Management on which this one is based as well as a commercial version of the text which was picked up... read more

Comprehensiveness rating: 4 see less

[Note: I used the book in my Strategic Management class in Spring 2023 semester. I have, in the past, used the open textbook, Mastering Strategic Management on which this one is based as well as a commercial version of the text which was picked up by a pubisher.] The coverage in the book is pretty standard for Strategic Management texts. It's a little light on implementation/execution particularly on reward systems, strategic leadership and a bit on culture. Like most of the texts, it really doesn't cover the online world. Because it was done in 2020 and used some of the materials some of the materials need newer examples--and to reflect lessons of the pandemic and de-globalization (in Chap. 9) There is a glossary but no index.

The coverage of the book is accurate in the concepts handled.

Relevance/Longevity rating: 4

All strategic management textbooks suffer from obsolescence--it is the nature of the subject matter and the need for ongoing revision of relevant examples. The concepts change more slowly. Use of the book requires instructors to fill that in to make the material relevant. The prior book (from 2020) was not updated for years which made it hard to use. Hopefully this one will be.

The book was extremely well-written and edited. This is remarkable since there was a team who worked on it at VPI. Kudos for doing a good job.

Consistency rating: 5

It is consistent. The framework used is very standard in strategic management texts.

The book is well done with coherent chapters and headings and subheading breaking up the text. I was able to use some of the materials out of order.

Strategic management textbooks lend themselves to a logical organization based on the analytic process common to the topic. This book is consistent with that. I did find that references and credits, which are listed in the chapter sections, are a bit distracting and would be better, in my opinion, at the end of the chapters. Likewise, I would prefer that the Exercises be at the chapter end as well. Learning Objectives at the beginning of each chapter are useful as well as the Takeaways in the sections.

My students and I used the PDF version of the book which is pretty standard with only limited jumps for Table of Contents. .

I didn't find any grammatical errors.

Cultural Relevance rating: 4

I did not see anything culturally insensitive or offensive in the book. There is, as is typical in the texts in the field, not a lot of cultural variety. There are no Black or Hispanic business in the examples.

The book did what I wanted it to in the course. I thought that Chapter 7 on Innovation is a bit of a hodge-podge of topics and doesn't flow all that well. The Powerpoint slides that the author made available are very uneven and I wasn't able to really use them--though I didn't really need to since I have taught the course for so long. They are not the equivalent of what commercial publishers provide with their texts. I did not use the text bank that is also available.

Overall, a good quality textbook that is usable with the caveats I raised earlier.

Reviewed by Stephen Horner, Associate Professor, Allen Community College on 6/9/21

Chapter one is a good an example of the type of comprehensiveness that I like. The text addresses most of the major models and concepts within the strategy domain. It also includes examples of strategy and strategic management from antiquity and... read more

Chapter one is a good an example of the type of comprehensiveness that I like. The text addresses most of the major models and concepts within the strategy domain. It also includes examples of strategy and strategic management from antiquity and classic military history encompassing ancient, modern, and postmodern eras. In addition, the critique of strategic management is refreshing to see in an introductory textbook chapter.

I find no glaring inaccuracies.

The cross disciplinary relevance of the text is demonstrated by allusion in chapter one to strategy throughout history. The text also has relevance in terms of relating the topic to contemporary issues.

This text is written at a basic level easily accessible to the common reader and especially suited to today's college senior.

The text uses the A-F-I framework consistently throughout.

The chapter topics are organized following the traditional analysis-formulation-implementation (A-F-I) framework allowing the course to be easily divided into modules. In addition, the authors have developed their own modular framework overlaying the A-F-I model.

The text uses the traditional analysis-formulation-implementation framework while taking a critical asssessment of the use of that framework.

The layout and flow of the text are satisfactory. In addition, I appreciate the smaller chunks in each chapter supplemented by references cited only in those specific chunks.

The writing demonstrates no systematic grammatical difficulties. The use of the Engish language is proper and acceptable.

Cultural Relevance rating: 5

The authors recognize changing sociocultural values and demonstrate sensitivity of the theory and practice of strategic management to such changes.

I found the text to be quite readable. It spawned in me new ideas for ways of reaching my students.

Reviewed by Yuan Li, Assistant Professor, James Madison University on 5/29/20

The text covers all major topics discussed in a standard strategic management textbook. Some topics that could be included or discussed more in detail are strategic leadership, innovation management, and corporate entrepreneurship. The pdf version... read more

The text covers all major topics discussed in a standard strategic management textbook. Some topics that could be included or discussed more in detail are strategic leadership, innovation management, and corporate entrepreneurship. The pdf version of the text does not include an index or glossary, which can be an enhancement to the book.

The content is accurate, error-free, and unbiased. However, there are a few typos in the book. Some of the labels are incorrect. For example, Level 3 of Table 10.4 is labeled incorrectly.

The content is up-to-date. For the most part, the examples are classic and do not need to be updated frequently. However, some of the examples, especially those related to movies are dated. Nevertheless, necessary updates can be easily implemented.

One of my favorite things about this text is its clarity. The text is written in a language that is accessible to all undergraduate students, including freshmen. Jargon and technical terms are explained in layman’s terms using real-world examples.

The text is internally consistent in terms of terminology and framework.

The chapters of the text are self-contained and can be individually assigned to students or used as additional readings to supplement a different text.

The structure of the text is clear and follows the structure of a standard strategic management textbook. The only difference is that international strategies are discussed before corporate-level strategies. Many of the tables and the text repeat each other. I think some of the tables can be eliminated.

There are no significant interface issues in the text. There are no hyperlinks in the pdf version of the book. All navigation is done through the search and find function of the pdf reader. The text in the examples and vignettes is too small and hard to read, at least for the pdf version I have. Overall, I would describe it as a no-frills text.

The text contains no grammatical errors.

The text is not culturally offensive in any way. The examples include both American and non-American firms mostly competing in the US market.

This is a great book for an introductory level strategic management class. Students do not have to be a management major to understand the book. Instructors can easily supplement the book with examples that are relevant to the background and major of their students. I find the book an interesting and enjoyable read. The authors did a great job in making strategic management interesting to students.

Reviewed by David Flanagan, Professor of Management, Western Michigan University on 12/12/19

This book covers all the major topics needed in a strategic management course plus a few other useful topics. read more

This book covers all the major topics needed in a strategic management course plus a few other useful topics.

First rate book. Easy to read with no errors (conceptually or grammatically).

All the conceptual information is up to date. I do have students do assignments where they research more recent examples.

Students comment that it is straight forward and easy to read. Key concepts are defined.

The text flows well from start to finish.

The chapters break up the material well as do sections within chapters.

good structure

easy to interface with

Well edited and credibly written

I detected nothing that could be insensitive

The authors are outstanding in their field. Can't find more credible sources.

Reviewed by Jason Kiley, Assistant Professor, Oklahoma State University on 5/21/18

Overall, the book has very good coverage of the topics typically included in a strategy textbook. To be more specific, I reviewed the book against a commercial book that I have used in the past. I looked at 43 topics that is a union of the content... read more

Overall, the book has very good coverage of the topics typically included in a strategy textbook. To be more specific, I reviewed the book against a commercial book that I have used in the past. I looked at 43 topics that is a union of the content I would use across the two books. The commercial book covered 41 topics, and Mastering Strategic Management ("MSM") covered 39. Of the discrepancies, three topics in the commercial book and one topic in MSM were topics that were probably timely when written but are less relevant now. Excluding those, each book had one topic that I would have liked to have seen in the other.

Across a number of topics, the exposition that fit my expectations about the material covered, explanations of the material, and examples that fit the material. Strategy covers a number of models that have been around for some time, and the authors seemed to do a good job of thinking about which models are reasonable to describe as they were conceived and which ones should be adjusted a bit to better reflect the underlying mechanisms or modern circumstances.

One small exception (shared in most strategy books) is the description of the BCG matrix using market share (as originally conceived). That notion is very sensitive to specification of markets, and I've seen more helpful formulations that describe it a little more generally as having dimensions that reflect using and generating cash.

The main content is fine and highly relevant. However, there are some examples which have not aged well. This is not so much the fault of the authors, as the business-relevant content is fine, but an example using Jared from Subway reads very differently in light of subsequent revelations. That is perhaps the most glaring, but there are a few others that have not aged well (e.g., the AppleTV has become reasonably successful in subsequent iterations). That said, this book is well within the norms of example relevance over time.

The book is written directly and clearly. In terms of style, it is more approachable than some alternatives, in part because I never got the sense that the authors were lowering the information density to produce more text.

Terminology and approach are generally consistent. Strategy is at the intersection of other disciplines, so there is often a change of perspective, but that comes with the content. That said, the authors have combined those well into a logical, consistent narrative.

For the most part, this book would be easy to use out of order or as selections. The chapters have numbered subdivisions that are logically coherent, and, in my view, it would be clear to students to assign selections. My initial read suggests that the brief motivating examples to begin chapters and the conclusions of chapters would be helpful to include even if the middle sections are selected from or reordered.

Overall, the organization and flow are consistent and logical, and it generally mirrors that of most strategy books. In a couple of places, the ordering is a bit different (e.g., international strategy before corporate-level strategy), but the broader logic may actually be more linear that way.

I used the epub 3 version of the book. The table elements tended to be built with markup instead of images, so they rendered nicely on a high-resolution display. Cross references were often done with links, and many text boxes were also done with markup, so the book takes advantage of the technology it uses for distribution. Given the prevalence of mobile devices among students, this is a strong positive for this book compared to others.

The writing is clear, error-free, and straightforward, including the consistent use of active voice.

Though the book (like many strategy and business textbooks) has a somewhat US-centric presentation, there are plenty of examples that include diversity along a number of dimensions where that kind of diversity is not the topic of the example. That broad level of inclusiveness is a positive for the book.

Overall, I found the book to be consistently high in quality, coverage, and consistency with other books in this area. Using it as an alternative or replacement for other books should be straightforward. The anonymous authors have done the field and our students a real service in writing this book.

Reviewed by Jiyun Wu, Associate Professor , Rhode Island College on 5/21/18

The book covers key areas of strategic management, much like other strategic management textbooks. read more

The book covers key areas of strategic management, much like other strategic management textbooks.

The content is accurate, though there are a few typos.

Relevance/Longevity rating: 3

The examples are a few years old and need to be updated.

The book is very lucidly written. I think it is one of the best written textbooks.

The book is internally consistent in terms of terminology and framework.

The text is easy to follow.

The topics are organized well and easy to follow.

I didn't encounter any problem with navigation.

I did not detect any grammar errors, although I did find a few typos.

The book is culturally relevant.

Please update the examples and correct the few typos in the text.

Reviewed by Edward Ward, Professor, Saint Cloud State University on 2/1/18

Relative to the other textbooks I have used in my strategic management course, this textbook is comprehensive. Topics include analyzing the environment, leading strategically, selection of business level strategies, ethics, organization design,... read more

Relative to the other textbooks I have used in my strategic management course, this textbook is comprehensive. Topics include analyzing the environment, leading strategically, selection of business level strategies, ethics, organization design, and more. However, it does not have a separate chapter about small business strategy.

This book is accurate as evidenced by the frequent references from both research journals and practitioners' publications. There is little in the way of the author's opinions, rather facts are emphasized.

The relevance of the book is excellent in that historical examples are often used, which by definition will not need to be updated. The examples of recent strategy uses (e.g. a goal by Coca-Cola on page 40 is for 2012) are in need of only slight modifications.

This is the paramount strength of the book. When the vocabulary (i.e. jargon) of strategic management is used, facile explanations and examples are used to clarify the term. An example is Figure 2.5, which explains financial performance measures for students who did not major in finance or accounting.

What is admirable as to the book's consistency is it's sequence of chapters, such as starting with "Mastering Strategy" as chapter one, through "Selecting Business Level Strategies" in the middle of the text, and concluding with corporate governance and ethics. There is also consistency in terms of the key takeaways and exercises throughout the book.

This is another strength of the book. For example, in clarifying "Entrepreneurial Orientation" sections such as "Autonomy", "Competitive Aggressiveness", and "Innovativeness" are presented in small sections that in total describe the term. This is done consistently in the book, such as in chapter eight the terms vertical integration, backward vertical integration, and forward vertical integration.

The topics are presented in a deductive order, starting with a superordinate term such as "Strategies for Getting Smaller", followed by retrenchment and restructuring. By describing a construct by its dimensions, the construct is more readily understood by students.

I don't think there are any such problems.

There are not any grammatical errors. I do think the reading level is for undergraduates rather than MBA students.

The photographs and examples are varied in terms of surface characteristics.

It is superior to my present textbook in terms of being written in a conversational style, which is complemented by useful tables such as 8.7 on page 293. These tables and other graphics will assist students with a visual learning style. The only negative that comes to mind is if this textbook is to be used for a MBA course, outside readings will need to be assigned.

Reviewed by Jorge Zazueta, Adjunct Professor, American University on 2/1/18

The book covers all the standard topics in Strategic Management in a well-structured and cohesive manner. The table of contents provides detail on contents and the interactive PDF version is an excellent way to navigate the text. Electronic... read more

The book covers all the standard topics in Strategic Management in a well-structured and cohesive manner. The table of contents provides detail on contents and the interactive PDF version is an excellent way to navigate the text. Electronic versions are searchable, obviating the need for an index.

I didn't find any inaccuracies or biases in the text (although I ran into a few minor typos). Each concept follows a critical discussion inviting the reader to reflect on the topic, rather than being dogmatic.

The topics covered are well established Strategic Management ideas with direct application in actual business practice, making the content both relevant and time enduring.

Clarity rating: 4

The book is clearly written and enjoyable. It provides straight commentary on the ideas discussed and is very easy to read. A minor drawback is that it lacks memorable design around many of the classic frameworks. For example, when discussing the diamond model in chapter 7, its elements are defined in the form of a table--rather than in a diamond shape.

The narrative is consistent throughout both in depth and style.

While the content follows a logical path, chapters are concise and mostly stand-alone, making it easy to use individual chapters or to tailor content for a class.

The topics follow a standard order of ideas in a consistent and logical flow, while maintaining modularity.

Interface rating: 4

The interactive PDF version is clean and easy to use. A comprehensive table of contents is always available without being intrusive and the book is fully searchable. Making it convenient for student research or review. A keyword search results in a list of references to different chapters in the book, with a short summary of the content discussed.

Grammatical Errors rating: 4

Other than a few minor spelling typos. I found no errors.

The nature of the book is mostly transparent to cultural issues. Examples are business focused and do reflect a wide world view.

It is a great introductory text to Strategic Management. It covers all the standard material in a concise, easily accessible way. I would have enjoyed a bit more quantitative material, such as basic formulas from economics or discussions about how to quantify market competitiveness for example. Perhaps, that´s the material for a second book….

Reviewed by Bill Rossman, Instructor, Penn State University on 2/1/18

The book covers the major topics expected to be covered in a strategic management textbook. read more

The book covers the major topics expected to be covered in a strategic management textbook.

The material covered in the textbook is accurate and error-free.

Th material is up-to-date, however, some of the examples in the book could quickly become outdated. For example, there is an example referencing a 2001 movie which students may not understand. The book could easily be updated to keep examples up-to-date.

The book is clearly written without unnecessary jargon. Definitions for key terms could be emphasized to help students identify key terms and concepts. Additionally a glossary would be beneficial for students to quickly reverence the definition of key terms.

The book is consistent with other texts on the topic of strategic management.

The book is modular and chapters could be reorganized without issue. Instructors could assign chapters or subsections as they see fit without loss of educational value.

The book flowed well, the only change I would make is to move the corporate-level strategies to follow the business-level strategies. The instructor could easily make this change when assigning chapters in the textbook.

I did not encounter any issues with the interface of the textbook. The location of charts and images were appropriate and supported the material.

The book was free of grammatical errors.

The text was not insensitive or offensive.

Supporting material such as glossary, online assignments or self check exercises could be included. Overall, the book is well thought out and easily adaptable for instructors to use.

Reviewed by Sam Cappel, Professor, Southeastern Louisiana University on 6/20/17

I found the book to be comprehensive, covering in detail important parts of strategic management. read more

I found the book to be comprehensive, covering in detail important parts of strategic management.

I found the book to be accurate and well referenced. Examples were used which were most instrumental in helping students to understand important concepts.

The text is written and/or arranged in such a way that necessary updates will be relatively easy and straightforward to implement. Many of the examples used are classic or very timely. It would require little work to update concepts and examples.

The book is written without unnecessary jargon. Terms commonly used in the study of Strategy are fully explained.

The framework of the book allows for easy transitions from one topic to another. Throughout the book there is consistency in the straight forward approach to topics. There is a consistent attempt within this book to explain complex concepts in such a way as to allow undergraduate students to master them easily.

Modularity rating: 4

The text is well divided into a logical sequence of intuitively developed reading sections. Sections within the book serve to reduce confusion which can occur when learning a subject area with the diversity and complexity of Business Strategy

Organization/Structure/Flow rating: 4

I like the flow of the text but prefer a flow which started by simply following the strategic management process step by step.

I had no issues with the interface of the textbook. Navigation was simple and charts were well placed and clear.

I found no grammatical errors i the text.

Culturally the book was sensitive in dealing with issues such as ethics and the role of diversity in the workplace.

With the current push for on-line offerings I feel that it is now imperative that offerings include test banks, power-points, on-line readings, films and perhaps simulation tools that can be used on-line. I love the book for in-class use but feels that it does not offer enough support to be viable for extensive on-line offerings,

strategic planning and strategic management pdf

Reviewed by Cynthia Steutermann, Multi-Term Lecturer, University of Kansas on 8/21/16

This book does a somewhat good job of covering many aspects of strategic analysis. For instance, the discussions relative to cost leadership, differentiation, and focused strategies were good. However, I found this book to be lacking in critical... read more

Comprehensiveness rating: 3 see less

This book does a somewhat good job of covering many aspects of strategic analysis. For instance, the discussions relative to cost leadership, differentiation, and focused strategies were good. However, I found this book to be lacking in critical discussion areas, such as the importance of evaluating a firm's internal financial assets. While it mentioned current ratio, debt to equity ratio, and net income .. it does not show how to calculate those ratios. And, there are many, many more financial ratios that should be covered in great detail to effectively analyze an organization's internal financial capabilities. This was an area I would consider to be seriously lacking in content.

Other critical areas missing from this textbook were the discussion of entrepreneurial strategy and competitive dynamics, as well as managing innovation and corporate entrepreneurship. Likewise, this textbook did not include any strategic management cases which greatly supports a student's ability to apply concepts to a multi-page case of an organization they may be familiar with.

Also, while there was included on the website a table of contents, no such table of contents exists in the .pdf version that students would actually use. In general, this book is not written at the level of sophistication and comprehensiveness I would expect to use for college students, particularly since a strategic analysis course is often taught as a capstone course (undergraduate senior level of student). In my opinion, this textbook is written more at the senior in high school or college freshman level.

Content Accuracy rating: 4

The book's accuracy is adequate, although there are many areas of strategic analysis which I would consider to be missing in this textbook.

The one area of relevance and longevity I found to be questionable was the various references to "At the Movies". Some of the movies are quite dated and students may not have even heard of them. Or, if they have heard of the movie, they may not have seen it. While the intent seems to be a creative way to illustrate basic concepts, the use of movies is not (in my opinion) the most relevant way to accomplish this, at least to the extent that this is repeated throughout the textbook.

The book is written clearly, although not at the college reading level I would expect it to be written at.

Consistency rating: 3

The text is inconsistent since it references certain figures that actually do not exist. For instance, the Boston Consulting Group (BCG) matrix is referenced to be in figure 8.7. There is no BCG matrix figure, nor any figure 8.7. In fact, there are very few figures in the book. There are some pictures (unidentified mostly) but no figures that illustrate important concepts.

The book's modularity is done well. Within each chapter there are several smaller reading sections.

The book's organization/structure flow is generally good. I believe the organization and flow would be better if corporate-level strategies followed business-level strategy, and then the chapter about international markets would follow after that. This textbook, instead, has business-level strategy, international markets, then corporate-level strategy.

The images are generally not distorted, although on page 172 the Arby's graphic and text are out of proportion. Page 177 includes some type of graphic that is only shades of grey. I don't know what that is intended to represent.

The text contains no grammatical errors that I observed.

The text is not culturally insensitive or offensive in any way that I observed.

Reviewed by Daniel Forbes, Associate Professor, U. of Minnesota on 6/10/15

The book covers most of the chapters commonly found in a strategy textbook, and the content within each chapter is also similar in terms of the key topics & models addressed. One exception is strategic entrepreneurship, which is not covered as... read more

The book covers most of the chapters commonly found in a strategy textbook, and the content within each chapter is also similar in terms of the key topics & models addressed. One exception is strategic entrepreneurship, which is not covered as a separate chapter as is often the case but is instead partially covered under "Entrepreneurial orientation" within Chapter 2, "Leading strategically". Another exception is that there is only one chapter on corporate strategy, whereas many books have a second chapter on strategy alternatives (M&A, etc.). However, some of this content has been folded into the corporate strategy chapter. The PDF I reviewed did not contain a glossary or index.

The book provides an accurate introduction to contemporary strategic management. The authors' perspective is consistent with mainstream scholarly views in the field.

Most strategy textbooks tend to gravitate towards concepts and models that have a relatively long "shelf life," and this one is no exception. The book contains current examples and timely content. The book also does a good job presenting strategy in ways that undergraduate students, in particular, will find relevant. It does this through an emphasis on familiar, everyday brands (Facebook, Redbox) and through cultural references, such as its "Strategy at the movies" segments, which link concepts in the book to recent popular films.

The book is written in clear and accessible prose, and it carries a sense of humor. At times I would have liked to see clearer definitions that were easier to find in the text (e.g., highlighted or placed in sidebars). For example, the concept of "cost leadership" is introduced with good examples, but a concise definition seems lacking. Having clear definitions on key concepts is helpful to students studying for exams and for faculty who want to check concepts for consistency across materials without re-reading entire sections.

The book is internally consistent. It provides a framework for understanding strategy that is coherent and, at the same time, generally consistent with other major texts.

The text seems modular, and reorganizing the material is unlikely to pose a problem. It would be easy to rearrange the materials within a strategy course - provided, of course, that foundational concepts (e.g., "capabilities") have been established early on, as would be required in working with any major strategy text.

The book's flow is logical and it adheres to a structure that is common in strategy texts. One slightly unusual sequencing is the presentation of international strategy before corporate strategy (the reverse is more common), but these two chapters remain adjacent and there is a reasonable case for doing this. Given the overall modularity of the book, moreover, instructors can rearrange chapters as they see fit without much difficulty.

The interface reflects the thoughtful and creative selection of accompanying visual materials, especially photos and illustrations. There are fewer charts and tables than in the average strategy text. Some instructors and MBA students might find the text easier to navigate with fewer visual interruptions overall and perhaps more data or charts included in addition to the pictures. Overall, I think this interface that would be well received by undergraduate students, in particular.

The book's grammar is fine.

The book does not appear to be culturally insensitive. Examples are drawn primarily from the U.S., as is common in many major strategy texts, but there are also many examples drawn from outside the U.S.

Overall, I think this book is a very solid and worthwhile contribution to the set of available strategy textbooks. A particular strength of the book is its accessible writing style and its selection of "user-friendly" illustrations and examples. I think the book would be especially well-suited to first-time students of strategy who seek a general introduction. I also like that the book avoids delivering long, arbitrary lists of items in presenting material (e.g., "the nine reasons firms do acquisitions"), which is a common weakness of strategy textbooks. Instead, this book is generally succinct and reasonably comprehensive. At the same time, instructors & students seeking a more advanced treatment of strategy may find coverage of some topics to be relatively light. For example, limitations of the 5 Forces model are only briefly addressed and issues of industry evolution do not seem to be addressed.

Reviewed by David Try Ph.D., Instructor , Northwest Community College on 10/9/13

I found this text to be well-written and high quality, with up-to-date material, examples and case studies. In my experience, both as an instructor and retired practitioner, this textbook covers all basic concepts and topics at an appropriate... read more

I found this text to be well-written and high quality, with up-to-date material, examples and case studies. In my experience, both as an instructor and retired practitioner, this textbook covers all basic concepts and topics at an appropriate depth for an Introduction to Business Strategy/Policy course. The backend - index, glossary, on-screen reader and search engine - were accurate and faultless.

Diagrams, tables and case studies were up-to-date, professional quality and accurate. I found the text well supported by the supplemental teaching resources (quizzes, PowerPoint's, teaching notes, etc.) As with any USA based textbook, and to be fair hardly unique to this one, the content is USA-centric. Examples and in-text case studies do tend to examine issues through the lens of USA companies, and occasionally USA laws/regulations. Within this caveat, all material was well-edited, error-free, unbiased and including appropriate supplemental instructor material.

As with most introductory courses, the basic components of Business Strategy tend not to change rapidly. New tools, techniques, occasionally fads, as well as the inevitable rebranding (i.e. Management by Objectives [MBO] becomes Outcome Based Key Performance Indicators) are adopted by Business relatively slowly. The textbook covers certain recent advances in strategic and policy, as appropriate for a textbook at an introductory level. Looking forward, advances to this textbook would tend to focus on maintaining current and timeliness of in-text examples, update trends and data, and incorporate emergent strategies which could emerge in response to changing economic, business or global events, such as a global recession.

The textbook to be quite readable and engaging, and makes good use of current business examples. Terms and business jargon are properly defined, both within the text and by using small ‘call-out' (?) boxes on the side of pages and through the use of examples.

The concepts and ideas in the textbook are presented in a clear and logical order. Terminology is used consistently. As well, I found the ‘readability' of the textbook to be internally consistent – with no sense that different authors/editors had writte

The material is covered in 12 chapters, with 2 to 4 sections each, making it easy to assign weekly readings and cover the content within one semester. Chapters are fairly consistent in length and complexity. Instructors have the option to re-organize the course / subject order prior to students downloading the textbook should they wish. The text is not overly self-referential.

The flow or order of idea/concept presentation is consistent to most Strategy texts, and appropriate for an introductory textbook. Within Chapter layout is consistent; each chapter begins with "Learning Outcomes" and concludes with "Key Takeaways" and exercises, which can be assigned as homework.

Neither I, nor any of my students, experienced any interface issues at all. The underlying technology appeared faultless. The navigation process is logical and all images and text were clear and high quality, even on smaller e-reading devices. As well, color use is consistent, assisting in overall navigation. Interestingly, as the first e-textbook for NWCC Business, my students appreciated the ability to perform in-text searches and hyper-link to external electronic references (in text URLs), as well as textbook's cost of course!

I found zero (0) grammatical errors, or ‘broken' URL links. Well edited

This text is not culturally or sexually insensitive, or offensive. Overall, examples are based on business culture with limited applicability on cultural relevance. One chapter focuses on Ethics and Social Responsibility and examines these issues from a strategic perspective, with examples. However, the focus is principally from a business perspective, as compared to social, legal or moral perspectives. As the text is fairly USA-centric, Canadian students may feel that Canadian and possibly Asian business strategies should receive greater emphasis.

Overall, I was very impressed with the quality and professionalism of the text. A ‘newbie' to e-textbooks, I was surprised by the usefulness of additional features available with electronic textbooks (searching, imbedded URLs, etc.). As noted above, the textbook content is somewhat USA-centric. Examples and in-text case studies tend to focus on USA companies, and occasionally USA laws/regulations. However, given the highly integrated nature of Canadian and USA business environments, there is some value in this. And, it was certainly not difficult to incorporate Canadian examples into the Lectures. This review originated in the BC Open Textbook Collection and is licensed under CC BY-ND.

Table of Contents

  • I. Chapter 1: Mastering Strategy: Art and Science
  • II. Chapter 2: Assessing Organizational Performance
  • III. Chapter 3: Evaluating the External Environment
  • IV. Chapter 4: Evaluating the Internal Environment
  • V. Chapter 5: Synthesis of Strategic Issues and Analysis
  • VI. Chapter 6: Selecting Business-Level Strategies
  • VII. Chapter 7: Innovation Strategies
  • VIII. Chapter 8: Selecting Corporate-Level Strategies
  • IX. Chapter 9: Competing in International Markets
  • X. Chapter 10: Executing Strategy through Organizational Design
  • XI. Chapter 11: Leading an Ethical Organization: Corporate Governance, Corporate Ethics, and Social Responsibility

Ancillary Material

  • Virginia Tech Publishing

About the Book

STRATEGIC MANAGEMENT  offers an introduction to the key topics and themes of strategic management. The authors draw on examples of familiar companies and personalities to illustrate the different strategies used by today’s firms—and how they go about implementing those strategies. Students will learn how to conduct a case analysis, measure organizational performance, and conduct external and internal analyses. In short, they will understand how organizations operate at the strategic level to be successful.

An older version of Mastering Strategic Management  (2015) by University of Minnesota Libraries Publishing can be found here: https://open.lib.umn.edu/strategicmanagement/

About the Contributors

Reed B. Kennedy, Associate Professor of Practice, Pamplin College of Business, Virginia Tech

Reed B. Kennedy is an Associate Professor of Management Practice in the Management Department, where he teaches management courses. He began his career as a naval officer before entering his primary career in healthcare administration, where he served in senior executive roles in various hospitals for over 20 years. He then worked as a business consultant for the Small Business Development Center for the New River Valley at Radford University. His education includes a Bachelor of Science in Aerospace Engineering from the U.S. Naval Academy, a Masters of Healthcare Administration from Medical College of Virginia / Virginia Commonwealth University, a Masters in Public Health and a Graduate Certificate in Global Planning and International Development from Virginia Tech. Reed served as the chief textbook reviser on this project. He worked with the contributor and editorial teams from project start to completion.

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Strategic Management: A Complete Guide

strategic_management

Category: Strategy .

The term “strategy” has a compelling history that enriches its contemporary meaning. According to John Adair in Effective Strategic Leadership: The Ultimate Guide to Strategic Management, the word is derived from the ancient Greek word “Stratos,” which refers to an army or a large body of people. The suffix “-egy” originates from a Greek verb meaning “to lead.” This etymology transports us to the era of warfare, highlighting the military leaders or generals who employed strategic approaches to outmaneuver and defeat rival forces.

In those times, the general, leading the ‘Stratos,’ was responsible for both the collective army and its components. Their success in historic battles was often attributed to their mastery of strategy, a quality deemed indispensable for any leader. This historical perspective on strategy lays the foundation for understanding its application in strategic management, particularly in strategic leadership.

This historical backdrop allows us to explore how strategic management unfolds through effective strategic leadership. This blog will delve into how the principles of strategy, rooted in ancient military tactics, are now integral to guiding modern businesses toward success. By aligning strategic leadership with organizational goals, companies can navigate complex markets, adapt to changing environments, and achieve sustainable growth. Let’s explore this intriguing journey from ancient battlefields to boardrooms, understanding how strategic management shapes the landscape of contemporary business.

Those having torches will pass them on to others. -Plato

What is Strategic Management?

A Forbes article highlights a crucial insight for modern businesses: “Last Year’s Strategic Plans Likely Won’t Work In 2024.” This statement underscores the dynamic nature of today’s business environment, suggesting that strategies successful in the past may not be effective in the future. It emphasizes the need for companies to constantly re-evaluate and innovate their strategies to ensure continued success and growth. To achieve this, organizations must diligently assess various factors, including cost cuts, talent acquisition costs, and the implications of minor adjustments or ‘micro cuts’ in their operations.

This necessity for continual strategic innovation brings us to the core concept of strategic management. Strategic management is a systematic process of planning, managing, and allocating resources to efficiently define and achieve organizational objectives. It’s not just about internal processes but also involves a keen analysis of external factors that can impact the business. Organizations can gain a competitive edge through strategic management, enhance performance, and adapt to the ever-changing business landscape.

The origins of the term ‘strategic management’ and its practice can be traced back to the pioneering work of Harry Igor Ansoff, a Russian-American applied mathematician and business manager. Ansoff is widely regarded as the “father of strategic management,” most notably for his development of the Ansoff Matrix. This strategic planning tool has been fundamental in aiding businesses in determining their product and market growth strategies. Ansoff’s innovative thinking and seminal contributions have profoundly influenced how organizations approach strategy formulation and decision-making. His frameworks continue to offer valuable insights for analyzing and capitalizing on business growth opportunities in various market conditions.

In essence, the evolution of strategic management, as championed by Ansoff, combined with the current business landscape’s dynamic nature, as highlighted by the Forbes article, illustrates the importance of continuous strategic reassessment and innovation in today’s corporate world.

Following Ansoff’s revolutionary concept, various methodologies and approaches have emerged, aiding countless organizations in achieving remarkable success. As the business world continues to evolve, so must strategic approaches. Understanding this progression is key to grasping the essence and importance of strategic management in today’s business landscape. It’s a continuous journey of adaptation and reinvention, where the ability to anticipate and respond to change is as crucial as the strategies themselves.

What is the Importance of Strategic Management?

Strategic management is essential for guiding organizations toward long-term success. It involves setting clear objectives, analyzing competitive environments, and implementing plans to achieve these goals efficiently. This process allows businesses to adapt to market changes and leverage opportunities while also identifying and mitigating potential risks. Ultimately, strategic management ensures sustained growth and competitive advantage in an ever-evolving business landscape.

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Understanding Strategic Management

Understanding Strategic Management involves delving into the art of crafting, implementing, and evaluating cross-functional decisions that enable an organization to achieve its long-term objectives. It’s a comprehensive process that integrates an organization’s mission, vision, and goals into a cohesive plan for future success. Strategic management encompasses various perspectives, each with its unique focus and methodology.

2 Types of strategic approaches

There are two primary approaches: prescriptive and descriptive.

1. Prescriptive Approach

The prescriptive approach is concerned with how strategies ought to be formulated. It emphasizes a systematic process of analyzing all potential threats and opportunities before making strategic decisions. It involves rigorous analysis and planning before any implementation. Prescriptive strategies are based on thorough market research, forecasting, and long-term vision.

2. Descriptive Approach

In contrast, the descriptive approach concentrates on how strategies are actually implemented in practice, viewing them as broad principles that guide organizational decision-making. This approach is less formal and structured, focusing more on learning and adapting as situations evolve. It’s particularly useful in dynamic and fast-changing environments where it’s difficult to predict long-term trends.

Why Understand Strategic Management?

The culture of a business, the skills and competencies of its workforce, and the structure of the organization are crucial elements that impact the achievement of its goals. Organizations with rigid structures may struggle to adapt and thrive in a dynamic business environment. Moreover, a disconnect between strategy formulation and strategy execution can create challenges for managers in assessing the effectiveness and efficiency of their strategic objectives.

Responsibility for an organization’s strategy typically lies with its upper management. However, strategic ideas and initiatives often originate from lower-level managers and employees. This approach underscores the importance of a collaborative strategy development process, where an organization might employ a team of individuals dedicated to strategic planning with a good swot analysis , rather than relying solely on the CEO for direction. This inclusive approach to strategy allows for a diverse range of insights and ideas, contributing to more robust and effective strategic planning.

Discussing strategy inevitably leads to the crucial aspect of its execution. While strategizing is a key component of any effective strategic plan , effectively executing these strategies is equally important. In today’s fast-paced and ever-changing industry landscape, having the right tools to efficiently implement strategies is vital. One such tool that stands out in facilitating this process is Profit.co.

Profit.co offers an innovative platform specifically designed for OKR (Objectives and Key Results) planning, review, and execution. OKRs are a goal-setting framework originally developed by Intel and have been widely adopted for their effectiveness in defining, measuring, and tracking outcomes. The strength of Profit.co’s OKR system lies in its ability to seamlessly bridge the gap between strategy planning and its execution. It provides a clear, measurable, and structured way to align goals across an organization.

This platform not only assists in setting and achieving objectives but also plays a significant role in cultivating a culture of innovation, collaboration, and accountability. With features like regular check-ins and feedback mechanisms, Profit.co encourages continuous learning and adaptability within teams. These functionalities make Profit.co’s OKRs are an indispensable tool in strategic management, ensuring that businesses remain focused and agile in achieving their objectives amidst the dynamic demands of their respective industries.

Components of a Strategy Statement

Components of a strategy statement are the essential elements that define and communicate the strategic direction and purpose of an organization. They help align the organization’s actions and decisions with its vision, mission, values, goals, and competitive advantage.

Components of a strategy statement usually include the following:

Components of a Strategy Statement

This is the aspirational and inspirational statement that describes the desired future state of the organization. It answers the question, “What do we want to be?” For example, Microsoft’s vision is “to empower people through great software, any time, any place, or any device. Some of the features of a vision in strategic management are:

  • Future-focused: It describes the desired state of the organization in the next 5 to 10 years or more. It reflects the organization’s values and purpose and how it will create value for its customers, employees, and society.
  • Directional: It sets the overall course of the organization and guides its strategic decisions and actions. It helps the organization align its resources and capabilities with its goals and opportunities.
  • Clear: It is concise, specific, and easy to understand. It communicates the essence of the organization and what makes it unique and competitive. It avoids vague or generic statements that could apply to any organization.
  • Feasible: It is realistic and attainable. It considers the current and future environment and the strengths and weaknesses of the organization. It challenges the organization to stretch its potential but does not set unrealistic or impossible expectations.
  • Value-based: It reflects the core values and principles of the organization and its stakeholders. It expresses the organization’s social responsibility and ethical standards. It builds trust and credibility with the internal and external audiences.
  • Challenging: It inspires the organization to pursue excellence and innovation. It encourages the organization to take risks and explore new possibilities. It fosters a culture of learning and continuous improvement.
  • Inspiring: It motivates and energizes the organization and its stakeholders to work towards a common vision. It creates a sense of ownership and commitment among the employees and other partners. It generates enthusiasm and excitement for the future.

This is the statement that defines the core purpose and reason for the existence of the organization. It answers the question, “Why do we exist?” For example, Wal-Mart’s mission is “To give ordinary folk the chance to buy the same thing as rich people. Some of the features of a mission in strategic management are:

  • Purposeful: It defines the reason why the organization exists and what it aims to achieve. It reflects the organization’s values and principles and how it serves its customers, employees, and society.
  • Broad: It covers the scope of the organization’s operations in terms of products, markets, and technologies. It does not limit the organization’s potential or opportunities but allows flexibility and adaptability.
  • Inspiring: It motivates and energizes the organization and its stakeholders to work towards a common mission. It creates a sense of ownership and commitment among the employees and other partners. It generates enthusiasm and excitement for the present and the future.
  • Distinctive: It differentiates the organization from its competitors and creates a distinctive identity and image. It captures the organization’s competitive advantage and core competencies. It appeals to the emotions and passions of the organization and its stakeholders.
  • Indicative: It indicates the major components of the strategy and how the objectives are to be accomplished. It provides direction and guidance for the strategic decisions and actions. It helps the organization align its resources and capabilities with its goals and opportunities.

These are the principles and beliefs that guide the behavior and culture of the organization. They answer the question, “How do we act?” For example, Google’s values include “Focus on the user and all else will follow,” “Democracy on the web works,” and “You can be serious without a suit.

These are the specific, measurable, achievable, relevant, and time-bound (SMART) outcomes and targets the organization aims to achieve. They answer the question, “What do we want to accomplish?” For example, Tesla’s goals include “Accelerate the world’s transition to sustainable energy” and “; Produce 500,000 vehicles per year by 2020.

This is the statement that defines the boundaries and focus of the organization in terms of the products, markets, and customers it serves. It answers the question, “Where do we compete?” For example, Starbucks’ scope is “to inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time.

Competitive advantage

This is the statement that describes the unique value proposition and differentiation of the organization from its competitors. It answers the question, “How do we win?” For example, Amazon’s competitive advantage is “to be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices.”

The Strategic Management Process

The strategic management process is how organizations plan, analyze, and execute their strategies to achieve their goals and objectives. To gain a deeper comprehension of strategic management, it’s essential to examine its various approaches and types, tailored to suit different situations and desired outcomes. Exploring these five diverse methodologies highlights the numerous benefits strategic management can offer, including

The 5 Phases of Strategic Management That Every Company Should Know

Strategic management is a crucial process for any organization, guiding it toward achieving long-term goals and adapting to a constantly changing environment. Here are the five key phases of strategic management that every company should be aware of:

1. Goal setting

The initial step for an organization is to define clear and achievable goals. These goals should clarify what the company aims to accomplish and the reasons behind these ambitions. Once established, the organization can then determine specific objectives that detail how these goals will be attained. This stage is crucial for articulating the company’s vision and setting both long-term and short-term goals.

2. Environmental analysis

Next, organizations must thoroughly assess and understand the internal and external factors influencing their business and objectives. This includes evaluating what is necessary to stay competitive. Tools like SWOT analysis are particularly useful in this phase for gaining insights into strengths, weaknesses, opportunities, and threats.

3. Strategy formulation

After analyzing various factors, the company can formulate its strategy, define the means to achieve its goals. This stage involves identifying necessary resources (such as people and technology), allocating these resources effectively, and establishing performance metrics to gauge success. Securing support from stakeholders and business leaders is also a vital part of this process.

4. Strategy implementation

The fourth step involves putting the planned strategies into action or strategy implementation . This phase sees the mobilization of allocated resources, each playing their role as per the defined responsibilities and tasks.

5. Strategy evaluation and adjustment

The final stage involves evaluating the effectiveness of the implemented strategies using the pre-established metrics. The organization should assess whether any strategies are underperforming and consider replacing them with more effective ones. Continuous monitoring of both the external business environment and internal operations is essential, as is the ongoing adaptation and refinement of successful strategies.

Final Thoughts

The process of strategic management involves aligning a company’s resources with its goals and objectives. Different approaches to strategic management exist, ranging from prescriptive to descriptive, but most businesses use a combination of both. Strategic management helps companies define their vision, gain a competitive advantage, optimize their resources, and more. There is no one-size-fits-all solution. Companies need to design and adapt a strategic management process that suits their needs and their customers. Strategic management is not a one-time activity, but a continuous process that evolves with the business.

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What matters most? Eight CEO priorities for 2024

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What matter most? Eight priorities for CEOs in 2024

What matters most? It’s a question we’ve been investigating for a few years now (here are reports from 2022  and 2021 ). This year, we’re reminded that what matters most are family, friends, values, principles, and commitments.

One of our commitments is to CEOs. It’s a tough job and getting tougher all the time . Just in the past few years, they’ve had to cope with a global pandemic, busted supply chains, war, stubborn inflation, and many other disruptions. Any one of these is enough to derail a CEO’s agenda. Taken together, it’s the most difficult operating environment we can remember.

Both of us talk to hundreds of CEOs every year, and many of our colleagues do the same. We admire how CEOs are leading their companies for the benefit of all stakeholders. We’ve consolidated the views that have come out of these conversations and are pleased to offer what we’ve heard about how companies can do better for society, communities, and employees—and the prosaic business of how they can pay for it all, and reward investors too.

Here are eight priorities for CEOs in 2024.

Gen AI goes from proof of concept to scale

The biggest story of this year (or decade) was the arrival of generative AI (gen AI). This is the real deal, folks. Thousands of companies in every industry and in every part of the world are already using a simple gen AI interface to radically transform every imaginable business activity. But while innovators dominate headlines, it’s scalers that dominate markets. CEOs need to figure out three things, posthaste: which parts of the business can benefit , how to scale from one application to many , and how the new tools will reshape their industry .

How to outcompete with technology

As the digital era enters middle age, most companies have at least started a digital and AI transformation. But few are getting the results they want; that’s usually because they haven’t done the fundamental organizational rewiring needed to extract maximum value from the hard work of digitizing the enterprise. This year, our colleagues published a bestselling book Rewired: The McKinsey Guide to Outcompeting in the Age of Digital and AI . It’s a collection of our best insights for digitizing the enterprise. Digital winners grow revenues and cut costs  faster than others.

The biggest capital reallocation in our lifetime

That’s what we said last year  about the energy transition. The bill has only gone up since then, for the simple reason that amid uncertainty, investors and companies have held back from committing their capital, even as the Earth grows hotter. Let’s be clear: what needs to happen is the creation of thousands of new green-technology businesses, in every part of the emerging business system. We have ideas about where , how , and when  companies should invest.

What’s your superpower?

Think of any company you admire, and you can likely rattle off one or two superpowers  that make it uniquely successful. Toyota and its Toyota Production System. LVMH and its exquisite craftsmanship and the entrepreneurship of its brand leaders. Disney and imaginative customer experiences. A distinctive capability can lift a company out of the mire of clogged, commoditized markets and on to the high ground of outperformance. Exceptional implementation  is part and parcel of building a new capability.

Learn to love your middle managers

Waffle House, an American restaurant chain, is famous for never closing; some say its doors have no locks. It should also be famous for its management philosophy. The restaurant’s grill operators are the stars of the show; after years of training, the best get to be called “Elvis of the grill.” After that, they don’t get promoted; how do you top being King? But most other companies would likely promote such people into senior management roles that they don’t want and are not suited for. Companies need to rethink their philosophy  about middle managers and recognize them for what they actually are : the core of the company.

Geopolitics: Beating the odds

As Niels Bohr once said, it’s very hard to make predictions, especially about the future. As CEOs watch the changes unfolding in the global geopolitical order, all agree with the sentiment. What comes next? One thing is for sure: events have an uncanny way of defying the expectations of experts. In the face of that, management teams and boards  should consider black swans and gray rhinos  in their scenarios and build geopolitical resilience  that will serve them well, no matter which side of the coin comes up.

Navigating the road to courageous growth

It’s a funny thing: growth is always job one for CEOs, but the path to get there is never clear. Sometimes it’s about seizing market share ; sometimes it’s about expanding into new markets ; sometimes it’s about making a left turn  into something completely new. The one constant is the ten rules of growth . How will the rules play out in 2024? For many, it will mean rule 4: turbocharge your core, by using technology to power growth . For others, it might mean rule 6: grow where you know, by improving sales productivity . And, as always, the most constant of all is rule 9, acquire programmatically, as the latest installment of our 20-year research effort  demonstrates.

A new lens on the macroeconomy

Nearly four years after COVID-19 rewrote history, some CEOs are still waiting for macroeconomic certainty. That’s unlikely to happen—and that’s OK. Leading firms capitalize on uncertainty: they assess their risk appetite, then invest near the bottom  of cycles. Most rely on scenario planning , not least because the exercise usually reveals the core actions that companies need to take no matter which way the economy trends. CEOs might want to populate their models with the new scenarios we’ve developed to look at the ways the global balance sheet  might develop. Over the past two decades, assets on the global balance sheet grew much faster than GDP—the real economy. But the continuation of that trend is uncertain. Yet another curve ball is the rapid shift of assets from the banking system  to private markets , and what that means for public companies.

We hope this article and the in-depth readings available within it give CEOs and executives some clarity on the big issues on their 2024 agenda. And don’t forget that CEOs need to look after the little things and take care of themselves too.

Homayoun Hatami

This article was edited by Mark Staples, an editorial director in the New York office.

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  9. PDF Strategic Planning Handbook

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    CHAPTER 1 INTRODUCTION: WHAT IS STRATEGIC MANAGEMENT? What is Strategy? The term 'strategy' proliferates in discussions of business. Scholars and consultants have provided myriad models and frameworks for analysing strategic choice (Hambrick and Fredrickson, 2001).

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    Essentials of Stragetic Planning in Healthcare. I. ntroductIon. Strategic planning brings leaders and stakeholders together to position their organization for success in an environment of uncertainty. A healthcare organization engages in strategic planning to reduce costs, improve quality and service, and ensure access to care. An innova-

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    4. Strategic management has emerged as the latest form of planning in response to tendencies towards bureaucratization and centralization of the strategic planning function. Strategic management emphasizes an ongoing strategy management process, widespread creative thinking, and the integration of strategy

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    of a strategy memo, which serves as the basis for more detailed strategic planning at the division and business-unit levels. A packaged-goods company offers an even more tailored example. Every December the corporate senior-management team produces a list of ten strategic questions tailored to each of the three business units. The leaders

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    The three remaining processes - planning and budgeting, workforce alignment, and best practice sharing - are in the natural domain and responsibility of other functions. In these cases, the OSM plays a coordinating role, ensuring that the processes are tightly integrated with the enterprise strategy.

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    Alfred D. Chandler, Jr., author of Strategy and Structure (1962), the classic study of the relationship between an organization's structure and its strategy, defined strategy as "the determination of the basic long-term goals and objectives of an enterprise, and the adoption of courses of action and the allocation of resources for carrying out t...

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    Eight CEO priorities for 2024. (95 pages) What matters most? It's a question we've been investigating for a few years now (here are reports from 2022 and 2021 ). This year, we're reminded that what matters most are family, friends, values, principles, and commitments. One of our commitments is to CEOs.

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    neighbourhood area and the most recently available planning strategy of the local planning authority. Identifying land for homes . 69. Strategic policy-making authorities should have a clear understanding of the land available in their area through the preparation of a strategic housing land availability assessment.

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    Management Team (MT; organizational chart, Appendix J1), an Advisory Board and LEA leaders. will provide overall management as PI and will be responsible for . maintaining and adhering to timelines, problem-solving when obstacles arise, and reporting to the DOE-EIR project officer. She will monitor costs to ensure the efficient use of resources ...