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Contents

Author Biography xiii Preface to the Eleventh Edition xv Matching Cases to Chapters xvi Part I Introduction 1 1 The Concept of Strategy 3 Introduction and Objectives 4 The Role of Strategy in Success 4 The Basic Framework for Strategy Analysis 8 What Is Strategy? Why Do Firms Need It? 10 Locating and Describing Strategy 14 How Is Strategy Made? The Strategy Process 18 Strategic Management of Not-For-Profit Organizations 21 Summary 24 Self-Study Questions 25 Notes 26 Part II The Tools Of Strategy Analysis 27 2 Goals, Values, and Performance 29 Introduction and Objectives 30 Strategy as a Quest for Value 31 Profit, Cash Flow, and Enterprise Value 34 Putting Performance Analysis into Practice 38 Beyond Profit: Values and Corporate Social Responsibility 45 Beyond Profit: Strategy and Real Options 49 Summary 51 Self-Study Questions 52 Notes 52 3 Industry Analysis: The Fundamentals 54 Introduction and Objectives 55 From Environmental Analysis to Industry Analysis 55 Analyzing Industry Attractiveness 57 Applying Industry Analysis to Forecasting Industry Profitability 65 Using Industry Analysis to Develop Strategy 66 Defining Industries: Where to Draw the Boundaries 68 From Industry Attractiveness to Competitive Advantage: Identifying Key Success Factors 70 Summary 73 Self-Study Questions 74 Notes 74 4 Further Topics in Industry and Competitive Analysis 76 Introduction and Objectives 77 The Limits of Industry Analysis 77 Beyond the Five Forces: Complements, Ecosystems, and Business Models 79 Competitive Interaction: Game Theory and Competitor Analysis 83 Segmentation and Strategic Groups 89 Summary 93 Self-Study Questions 94 Notes 94 5 Analyzing Resources and Capabilities 97 Introduction and Objectives 98 The Role of Resources and Capabilities in Strategy Formulation 98 Identifying Resources and Capabilities 102 Appraising Resources and Capabilities 108 Developing Strategy Implications 112 Summary 116 Self-Study Questions 117 Notes 118 6 Organization Structure and Management Systems: The Fundamentals of Strategy Implementation 119 Introduction and Objectives 120 Strategy Formulation and Strategy Implementation 121 The Fundamentals of Organizing: Specialization, Cooperation, and Coordination 123 Developing Organizational Capability 126 Organization Design 129 Summary 136 Self-Study Questions 136 Notes 137 Part III Business Strategy And The Quest For Competitive Advantage 139 7 The Sources and Dimensions of Competitive Advantage 141 Introduction and Objectives 142 How Is Competitive Advantage Established? 142 How Is Competitive Advantage Sustained? 148 Cost Advantage 151 Differentiation Advantage 158 Can Firms Pursue Both Cost and Differentiation Advantage? 168 Summary 169 Self-Study Questions 169 Notes 170 8 Industry Evolution and Strategic Change 173 Introduction and Objectives 174 The Industry Life Cycle 175 The Challenge of Organizational Adaptation and Strategic Change 182 Managing Strategic Change 187 Summary 197 Self-Study Questions 197 Notes 198 9 Technology-Based Industries and the Management of Innovation 201 Introduction and Objectives 202 Competitive Advantage in Technology-Intensive Industries 202 Strategies to Exploit Innovation 209 Standards, Platforms, and Network Externalities 214 Implementing Technology Strategies 220 Summary 227 Self-Study Questions 228 Notes 228 Part IV Corporate Strategy 231 10 Vertical Integration and the Scope of the Firm 233 Introduction and Objectives 234 Transaction Costs and the Scope of the Firm 234 The Benefits and Costs of Vertical Integration 238 Designing Vertical Relationships 245 Summary 248 Self-Study Questions 248 Notes 249 11 Global Strategy and the Multinational Corporation 251 Introduction and Objectives 252 Implications of International Competition for Industry Analysis 253 Analyzing Competitive Advantage in an International Context 254 Internationalization Decisions: Locating Production 258 Internationalization Decisions: Entering a Foreign Market 261 Multinational Strategies: Global Integration versus National Differentiation 263 Implementing International Strategy: Organizing the Multinational Corporation 269 Summary 275 Self-Study Questions 275 Notes 276 12 Diversification Strategy 278 Introduction and Objectives 279 Motives for Diversification 280 Competitive Advantage from Diversification 284 Diversification and Performance 289 The Meaning of Relatedness in Diversification 290 Summary 291 Self-Study Questions 292 Notes 293 13 Implementing Corporate Strategy: Managing the Multibusiness Firm 295 Introduction and Objectives 296 The Role of Corporate Management 297 Managing the Corporate Portfolio 297 Managing Linkages across Businesses 299 Managing Individual Businesses 303 Managing Change in the Multibusiness Corporation 308 Governance of Multibusiness Corporations 312 Summary 316 Self-Study Questions 316 Appendix: External Growth Strategies: Mergers, Acquisitions, Alliances 317 Notes 323 14 Current Trends in Strategic Management 326 Introduction 327 The New Environment of Business 327 New Directions in Strategic Thinking 329 Redesigning Organizations 332 The Changing Role of Managers 334 Summary 335 Notes 335 Cases To Accompany Contemporary Strategy Analysis, Eleventh Edition 1 Peloton Interactive, Inc.: Creating New Market Space in the Home Fitness Sector 337 2 Kering SA: How Does Its Performance Compare to That of LVMH? 348 3 Pot of Gold? The US Legal Marijuana Industry 359 4 The Lithium-Ion Battery Industry 371 5 Streaming Wars: Netflix versus Disney 384 6 BP: Organizational Structure and Management Systems 396 7 Starbucks Corporation: Sustaining Competitive Advantage 403 8 Eastman Kodak's Quest for a Digital Future 413 9 Toyota: Seeking a Future in Hydrogen 430 10 Zara: Agility Through Vertical Integration 440 11 City Football Group: Building a Multinational Soccer Enterprise 450 12 Google Is Now Alphabet-But What's the Corporate Strategy? 462 13 How Do You Solve a Problem Like General Electric? 475 14 Haier Group: Reinventing the Industrial Corporation 490 Glossary G-1 Index I-1

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