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1、McGraw-Hill/Irwin11-1000100101001001111010100100010010100100111101010010001001010010011110101000100101001001111010100100010010100100111101010010001001010010011110101000100101001001111010100100010010100100111101010010001001010010011110101000100101001001111010100100010010100100111101010010001001010010
2、011110101000100101001001111010100100010010100100111101010010001001010010011110101000100101001001111010100100010010100100111101010010001001010010011110101000100101001001111010100100010010100100111101010010001001010010011110101000100101001001111010100100010010100100111101010010001001010010011110101000
3、100101001001111010100100010010100100111101010010001001010010011110101000100101001001111010100100010010100100111101010010001001010010011110101000100101001001111010100100010010100100111101010010001001010010011110101000100101001001111010100100010010100100111101010010001001010010011110101Chapter 1What I
4、s Strategy andWhy Is It Important?“Without a strategy the organization is like a ship without a rudder,going around in circles.”Joel Ross and Michael KamiMcGraw-Hill/Irwin31-3uWhat Is Strategy?uWhat Does the Strategy-Making,Strategy-Executing Process Entail?Phase 1:Developing a Strategic VisionPhase
5、 2:Setting ObjectivesPhase 3:Crafting a StrategyPhase 4:Implementing and Executing the StrategyPhase 5:Evaluating Performance and Initiating Corrective AdjustmentsuWhat Is the Role of the Board of Directors in the Strategy-Making,Strategy-Executing Process?uWhy Is Strategy Important?Chapter OutlineC
6、hapter OutlineMcGraw-Hill/Irwin41-4Thinking Strategically:Thinking Strategically:The Three Big Strategic QuestionsThe Three Big Strategic Questions1.Where are we now?2.Where do we want to go?Business(es)to be in and marketpositions to stake outBuyer needs and groups to serveOutcomes to achieve3.How
7、will we get there?McGraw-Hill/Irwin51-5What Is Strategy?What Is Strategy?uConsists of the combination of competitive moves and business approaches used by managers to run the companyuManagements“game plan”toStake out a market positionAttract and please customersCompete successfullyConduct operations
8、Achieve organizational objectivesMcGraw-Hill/Irwin61-6Striving for Competitive AdvantageStriving for Competitive AdvantageuCentral thrust of a companys strategy involves moves to strengthen a companysLong-term competitive position andFinancial performanceuKey components of strategyOffensive movesDef
9、ensive movesWhat separates a powerful strategy from anordinary one is managements ability to forge a series of moves,both in the marketplace and internally,thatproduce sustainable competitive advantage!McGraw-Hill/Irwin71-7Strategic Approaches to Building Strategic Approaches to Building Competitive
10、 AdvantageCompetitive AdvantageuStrive to be the industrys low-cost provideruOutcompete rivals on a key differentiating featureuFocus on a narrow market niche,doing a better job than rivals of serving the unique needs of niche buyersuDevelop expertise,resource strengths,and capabilities not easily i
11、mitated by rivals McGraw-Hill/Irwin81-8Fig.1.1:Identifying aFig.1.1:Identifying aCompanys StrategyCompanys StrategyMcGraw-Hill/Irwin91-9Fig.1.2:A Companys Strategy Is Fig.1.2:A Companys Strategy Is Partly Planned and Partly ReactivePartly Planned and Partly ReactiveMcGraw-Hill/Irwin101-10Why Do Stra
12、tegies Evolve?Why Do Strategies Evolve?uA companys strategy is a work in progressuChanges may be necessary to react toA failing strategy Shifting market conditionsEvolving customer preferencesFresh moves of competitorsTechnological breakthroughsCrisis situationsMcGraw-Hill/Irwin111-11What Is a Busin
13、ess Model?What Is a Business Model?uA business model addresses“How do we make money in this business?”Is the strategy capable of delivering good bottom-line results?uDo the revenue-cost-profit economics of the strategy make good business sense?Look at revenue streams the strategy is expected to prod
14、uceLook at associated cost structure and potential profit marginsDo resulting earnings streams and ROI indicate the strategy makes sense and the company has a viable business model for making money?McGraw-Hill/Irwin121-12Relationship Between Strategy Relationship Between Strategy and Business Modela
15、nd Business ModelStrategy-Deals with a companys competitive initiatives and business approachesBusiness Model-Concerns whether revenues and costs flowing from the strategy demonstrate the business can be amply profitable and viableStrategyBusinessModelMcGraw-Hill/Irwin131-13Microsofts Business Model
16、Microsofts Business ModelEmploy a cadre of highly skilled programmers to develop proprietary code;keep source code hidden from usersSell resulting OS and software packages to PC makers and users at relatively attractive prices and achieve large unit salesMost costs in developing software are fixed;v
17、ariable costs are small-once breakeven volume is reached,revenues from additional sales are almost pure profitProvide technical support to users at no costMcGraw-Hill/Irwin141-14Redhat Redhat LinuxsLinuxsBusiness ModelBusiness ModelRely on collaborative efforts of volunteer programmers to create the
18、 software;make source code open and available to all usersAdd value to free,downloadable version of Linux by offering users Red Hat Linux systems containing upgraded and tested featuresCharge a modest fee to those preferring to subscribe to Red Hat Linux versionMake money by employing a cadre of tec
19、hnical support personnel who provide technical support to users for a feeMake as much or more money on providing technical support services,training,and consulting as on selling subscriptions to Red Hat LinuxMcGraw-Hill/Irwin151-15Figure 1.3:The Strategy-Making,Figure 1.3:The Strategy-Making,Strateg
20、y-Executing ProcessStrategy-Executing ProcessMcGraw-Hill/Irwin161-16Develop a Strategic Vision&MissionDevelop a Strategic Vision&MissionuInvolves thinking strategically aboutFuture of companyWhere are we going?uTasks includeCreating a roadmap of the futureDeciding future business position to stake o
21、utProviding long-term directionGiving company a strong identityPhase 1 of the Strategic Management ProcessPhase 1 of the Strategic Management ProcessMcGraw-Hill/Irwin171-17Strategic VisionStrategic VisionuA strategic vision concerns a firms future business path-“where we are going”Markets to be purs
22、uedFuture technology-product-customer focusKind of company management is trying to createMcGraw-Hill/Irwin181-18Characteristics of a Strategic VisionCharacteristics of a Strategic VisionuWell-stated vision statementsAre distinctive and specific to a particular organizationAvoid generic languageExcit
23、e strong emotionsAre challenging,uncomfortable,nail bitingMcGraw-Hill/Irwin191-19Example:Vision StatementExample:Vision StatementTo be the customers first choice for communications and information services in every market we serve,domestic and international.Verizon CommunicationsMcGraw-Hill/Irwin201
24、-20We will clothe the world by marketing the most appealing and widely worn casualclothing in the world.Levi Strauss&Company Example:Vision StatementExample:Vision StatementMcGraw-Hill/Irwin211-21Empower people through great software-anytime,anyplace,and onany device.Microsoft CorporationExample:Vis
25、ion StatementExample:Vision StatementMcGraw-Hill/Irwin221-22Mayo ClinicThe best care to every patient every day.To make London thesafest city in the world.Scotland YardExample:Vision StatementsExample:Vision StatementsMcGraw-Hill/Irwin231-23We want to set the tone for the era.Green and affordable.Th
26、at means establishing a new paradigm for harmonizing personal transport with the environment.It means revolutionary cost savings in products and production processes.ToyotaExample:Vision StatementExample:Vision StatementMcGraw-Hill/Irwin241-24Our vision:Getting to a billion connected computers world
27、wide,millions of servers,and trillions of dollars of e-commerce.Intels core mission is being the building block supplier to the Internet economy and spurring efforts to make the Internet more useful.Being connected is now at the center of peoples computing experience.We are helping to expand the cap
28、abilities of the PC platform and the Internet.IntelExample:Vision StatementExample:Vision StatementMcGraw-Hill/Irwin251-25GreenpeaceTo halt environmental abuse and promote environmental solutions.To be the worlds premier investment bank in every sector.Goldman SachsExample:Vision StatementsExample:V
29、ision StatementsMcGraw-Hill/Irwin261-26We will become number one or number two in every market we serve,and revolutionize this company to have the speed and agility of a small enterprise.General ElectricExample:Vision StatementExample:Vision StatementMcGraw-Hill/Irwin271-27MissionuA mission statemen
30、t focuses on current business activities-“who we are and what we do”Current product and service offeringsCustomer needs being servedTechnological and business capabilitiesMcGraw-Hill/Irwin281-28Characteristics of a Mission Characteristics of a Mission StatementStatementuDefines current business acti
31、vities,highlighting boundaries of current business Present products and servicesTypes of customers serveduConveysWhat we do,Why we are here,andWhere we are now A companys mission is not to make a profit!The real mission is always “What will we do to make a profit?”McGraw-Hill/Irwin291-29Example:Miss
32、ion StatementExample:Mission StatementOur mission:To give our customers the best food and beverage values that they can find anywhere and to provide them with the information required for informed buying decisions.We provide these with a dedication to the highest quality of customer satisfaction del
33、ivered with a sense of warmth,friendliness,fun,individual pride,and company spirit.(a unique grocery store chain)McGraw-Hill/Irwin301-30Communicating the VisionCommunicating the VisionuAn exciting,inspirational visionContains memorable languageClearly maps companys future directionChallenges and mot
34、ivates workforceProvokes emotion and enthusiasmMcGraw-Hill/Irwin311-31Linking the Vision Linking the Vision With Company ValuesWith Company ValuesuA statement of values is often provided to guide the companys pursuit of its visionuValues-Beliefs,business principles,and ways of doing things incorpora
35、ted intoCompanys operationsBehavior of workforceuValues statementsContain between four and eight valuesAre ideally tightly connected to and reinforce companys vision,strategy,and operating practices ValuesValuesMcGraw-Hill/Irwin321-32Example:Company ValuesHome DepotCreating shareholder valueBuilding
36、 strong relationshipsEntrepreneurial spiritExcellent customer serviceGiving back to the communityRespect for all peopleDoing the right thingTaking care of peopleMcGraw-Hill/Irwin331-33Du PontSafetyEthicsEnvironmental stewardshipRespect for peopleExample:Company ValuesMcGraw-Hill/Irwin341-34Setting O
37、bjectivesSetting ObjectivesuConverts strategic vision and mission into specific performance targetsuCreates yardsticks to track performanceuPushes firm to focus on resultsuHelps prevent complacency and coastingPhase 2 of the Strategic Management ProcessPhase 2 of the Strategic Management ProcessMcGr
38、aw-Hill/Irwin351-35uRepresent commitment to achieve specific performance targetsuWell-stated objectives areQuantifiableMeasurableContain a deadline for achievementuSpell-out how much of what kind of performance by whenCharacteristics of ObjectivesCharacteristics of ObjectivesMcGraw-Hill/Irwin361-36T
39、ypes of Objectives RequiredOutcomes focusedon improving financial performanceOutcomes focused on improving long-term,competitive business positionFinancial Objectives Strategic Objectives$McGraw-Hill/Irwin371-37Examples:FinancialExamples:FinancialObjectivesObjectivesuX%increase in annual revenuesuX%
40、increase annually in after-tax profitsuX%increase annually in earnings per shareuRegular dividend increasesuLarger gross profit marginuLarger operating profit marginuLarger net profit marginuX%return on capital employed(ROCE)uX%return on assets(ROA)uX%return on shareholder investment(ROE)uUpward-tre
41、nding stock price that builds significant shareholder value over timeuStrong bond and credit ratingsuReduced levels of debtuSufficient internal cash flows to fund new capital investmentuDiversified revenue baseMcGraw-Hill/Irwin381-38uWinning additional market share(or reaching X%market share)uConsis
42、tently getting new or improved products to market ahead of rivalsuOvertaking key competitors on product performance or quality or customer serviceuAchieving lower overall costs than rivalsuDeriving X%of revenues from sale of new products introduced in past 5 yearsuBeing a recognized technological le
43、aderuAchieving national or global market coverage for firms productsuHaving broader or more attractive product selection than rivalsuDeriving X%of revenues from online salesuHaving a better-known or more respected brand name than rivalsuImproving global sales and distribution capabilitiesExamples:St
44、rategicExamples:StrategicObjectivesObjectivesMcGraw-Hill/Irwin391-39Objective Setting:A Balanced Objective Setting:A Balanced Scorecard ApproachScorecard ApproachuA“balanced scorecard”for measuring company performance requires both financial objectives and strategic objectivesuCompany achievement of
45、 satisfactory financial performance,by itself,is not enough A companys financial performance measures are“lagging indicators”that reflect the results of past decisions and actionsuOf equal or greater importance is a companys performance on the measures of its strategic well-beingits competitiveness
46、and market positionuUnless a companys performance in the marketplace reflects improving competitive strength and market penetration,its progress is less than inspiring and its ability to continue delivering good financial performance is suspect The“lead indicators”of a companys future financial perf
47、ormance and business prospects are growing competitiveness and strength in the marketplace McGraw-Hill/Irwin401-40Balanced Scorecard Approach-Balanced Scorecard Approach-Strategic vs.Financial Objectives?Strategic vs.Financial Objectives?uPursuit of better financial performance may assume priority o
48、ver strategic performance targets whenFirm is struggling financiallyResource commitments for new strategic initiatives may hurt bottom-line for several yearsProposed strategic moves are riskyuOtherwise,strategic objectives merit top priority a firm consistently foregoing opportunities to strengthen
49、its long-term competitive position Risks diluting its competitiveness Risks losing momentum in its marketsHurts its ability to fend off rivals challengesMcGraw-Hill/Irwin411-41UnileverExample:Strategic andExample:Strategic andFinancial Objectives Financial Objectives uGrow revenues by 5-6%annually;u
50、Increase operating profit margins from 11%to 16%within five years;uTrim the companys 1,200 food,household,and personal care products down to 400 core brands;uFocus sales and marketing efforts on those brands with potential to become respected,market-leading global brands;anduStreamline the companys