SAMENVATTING EXPLORING
STRATEGIE
Op basis van de 11e en 12e druk
HOOFDSTUK 1,2,3,4,5,6,7,8,9,11,12,13,16
,Inhoudsopgave
Hoofdstuk 1. Introducing strategy..........................................................................................................7
1.1 Introductie....................................................................................................................................7
1.2 What is strategy?..........................................................................................................................7
1.2.1 Defining strategy....................................................................................................................7
1.2.2 The purpose of strategy: mission, vision, values and objectives............................................9
1.2.3 Strategy statements...............................................................................................................9
1.2.4 Levels of strategy.................................................................................................................10
1.3 The Exploring Strategy Framework.............................................................................................10
1.3.1 Strategic position.................................................................................................................11
1.3.2 Strategic choices..................................................................................................................11
1.3.3 Strategy in action.................................................................................................................11
1.4 Working with strategy................................................................................................................12
1.5 Studying strategy........................................................................................................................12
1.6 Exploring strategy further...........................................................................................................12
1.6.1 Exploring strategy in different contexts...............................................................................13
1.6.2 Exploring strategy through different ‘strategy lenses’.........................................................13
Hoofdstuk 2: Macro-environment analysis...........................................................................................14
2.1 Introduction................................................................................................................................14
2.2 PESTEL analysis...........................................................................................................................14
2.2.1 Politics..................................................................................................................................15
2.2.2 Economics............................................................................................................................15
2.2.3 Social....................................................................................................................................16
2.2.4 Technology..........................................................................................................................17
2.2.5 Ecological.............................................................................................................................17
2.2.6 Legal.....................................................................................................................................18
2.2.7 Key driver for change...........................................................................................................18
2.3 Forecasting.................................................................................................................................18
2.3.1 Forecasting approaches.......................................................................................................18
2.3.2 Directions of change............................................................................................................19
2.4 Scenario analysis.........................................................................................................................19
Hoofdstuk 3. Industry and sector analysis............................................................................................21
3.1 Introduction................................................................................................................................21
3.2 Industry analysis.........................................................................................................................21
3.2.1 Defining the industry...........................................................................................................22
1
, 3.2.2 The competitive forces........................................................................................................22
3.2.3 Complementors and network effects..................................................................................24
3.2.4 Implications of the Competitive Fice Forces........................................................................24
3.3 Industry types and dynamics......................................................................................................24
3.3.1 Industry types......................................................................................................................24
3.3.2 Industry structure dynamics................................................................................................25
3.4 Competitors and markets...........................................................................................................26
3.4.1 Strategic groups...................................................................................................................26
3.4.2 Market segments.................................................................................................................27
3.4.3 Critical success factors and ‘Blue Oceans’............................................................................28
3.5 Opportunities and threats..........................................................................................................28
Hoofdstuk 4. Resources and capabilities analysis.................................................................................29
4.1 Introduction................................................................................................................................29
4.2 Foundations of resources and capabilities..................................................................................29
4.2.1 Resources and capabilities...................................................................................................29
4.2.2 Threshold and distinctive resources and capabilities...........................................................29
4.3 Distinctive resources and capabilities as a basis of competitive advantage...............................30
4.3.1 V - value of resources and capabilities.................................................................................30
4.3.2 R - rarity...............................................................................................................................30
4.3.3 I - inimitability......................................................................................................................30
4.3.4 O - organisational support...................................................................................................31
4.4 Analysing resources and capabilities..........................................................................................32
4.4.1 VRIO analysis........................................................................................................................32
4.4.2 The value chain and value system.......................................................................................32
4.4.3 Activity systems...................................................................................................................33
4.4.4 Benchmarking......................................................................................................................34
4.4.5 SWOT...................................................................................................................................34
4.5 Dynamic capabilities...................................................................................................................35
Hoofdstuk 5. Stakeholders and governance.........................................................................................36
5.1 Introduction................................................................................................................................36
5.2 Stakeholders...............................................................................................................................36
5.2.1 Stakeholder groups..............................................................................................................36
5.2.2 Stakeholder mapping...........................................................................................................36
5.2.3 Owners................................................................................................................................38
5.3 Corporate governance................................................................................................................38
5.3.1 The governance chain..........................................................................................................38
2
, 5.3.2 Different governance models..............................................................................................39
5.3.3 How boards of directors influence strategy.........................................................................39
5.4 Social responsibility....................................................................................................................40
Hoofdstuk 6. History and culture..........................................................................................................41
6.1 Introduction................................................................................................................................41
6.2 History and strategy....................................................................................................................41
6.2.1 Historical relationships........................................................................................................41
6.2.2 Historical analysis................................................................................................................42
6.3 Culture and strategy...................................................................................................................42
6.3.1 Geographically based cultures.............................................................................................43
6.3.2 Organisational fields............................................................................................................43
6.3.3 Organisational culture.........................................................................................................43
6.3.4 Culture’s influence on strategy............................................................................................44
6.3.5 Analysing culture: the cultural web.....................................................................................44
6.3.6 Undertaking cultural analysis...............................................................................................45
6.4 Strategic drift..............................................................................................................................45
Hoofdstuk 7. Business strategy and models.........................................................................................47
7.1 Introduction................................................................................................................................47
7.2 Generic competitive strategies...................................................................................................47
7.2.1 Cost leadership strategy......................................................................................................48
7.2.2 Differentiation strategy........................................................................................................49
7.2.3 Focus strategy......................................................................................................................49
7.2.4 Hybrid strategy....................................................................................................................50
7.2.5 The Strategy Clock...............................................................................................................50
7.3 Interactive strategies..................................................................................................................51
7.3.1 Interactive price and quality strategies................................................................................51
7.3.2 Game theory........................................................................................................................51
7.4 Business models.........................................................................................................................52
7.4.1 Value creation, configuration and capture..........................................................................52
7.4.2 Business models patterns....................................................................................................52
7.4.3 Multi-sided platforms..........................................................................................................53
Hoofdstuk 8. Corporate strategy..........................................................................................................54
8.1 Introduction................................................................................................................................54
8.2 Strategy directions......................................................................................................................54
8.2.1 Market penetration.............................................................................................................54
8.2.2 Product and service development.......................................................................................54
3
, 8.2.3 Market development...........................................................................................................55
8.2.4 Unrelated (conglomerate) diversification............................................................................55
8.3 Diversification drivers.................................................................................................................55
8.4 Diversification and performance................................................................................................55
8.5 Vertical integration.....................................................................................................................56
8.5.1 Forward and backward integration......................................................................................56
8.5.2 To integrate or to outsource?..............................................................................................56
8.5.3 Divestment..........................................................................................................................57
8.6 Value creation and the corporate parent...................................................................................57
8.6.1 Value-adding and value-destroying activities of corporate parents....................................57
8.6.2 The portfolio manager.........................................................................................................58
8.6.3 The synergy manager...........................................................................................................58
8.6.4 The parental developer........................................................................................................58
8.7 Portfolio matrices.......................................................................................................................58
8.7.1 The BCG (or growth/share) matrix.......................................................................................59
8.7.2 The directional policy (GE-McKinsey) matrix.......................................................................59
8.7.3 The parenting matrix...........................................................................................................60
Hoofdstuk 9. International strategy......................................................................................................62
9.1 Introduction................................................................................................................................62
9.2 Internationalisation drivers........................................................................................................62
9.3 Geographic sources of advantage...............................................................................................63
9.3.1 Locational advantage: Porter’s diamond.............................................................................63
9.3.2 The international value system............................................................................................64
9.4 International strategies..............................................................................................................64
9.5 Market selection and entry.........................................................................................................65
9.5.1 Country and market characteristics.....................................................................................65
9.5.2 Competitive characteristics..................................................................................................67
9.5.3 Entry mode strategies..........................................................................................................67
9.6 Subsidiary roles in an international portfolio..............................................................................68
9.7 Internationalisation and performance........................................................................................69
Hoofdstuk 11. Mergers, acquisitions and alliances...............................................................................70
11.1 Introduction..............................................................................................................................70
11.2 Organic development...............................................................................................................70
11.3 Mergers and acquisitions..........................................................................................................70
11.3.1 Defining M&A....................................................................................................................70
11.3.2 M&A contexts....................................................................................................................70
4
STRATEGIE
Op basis van de 11e en 12e druk
HOOFDSTUK 1,2,3,4,5,6,7,8,9,11,12,13,16
,Inhoudsopgave
Hoofdstuk 1. Introducing strategy..........................................................................................................7
1.1 Introductie....................................................................................................................................7
1.2 What is strategy?..........................................................................................................................7
1.2.1 Defining strategy....................................................................................................................7
1.2.2 The purpose of strategy: mission, vision, values and objectives............................................9
1.2.3 Strategy statements...............................................................................................................9
1.2.4 Levels of strategy.................................................................................................................10
1.3 The Exploring Strategy Framework.............................................................................................10
1.3.1 Strategic position.................................................................................................................11
1.3.2 Strategic choices..................................................................................................................11
1.3.3 Strategy in action.................................................................................................................11
1.4 Working with strategy................................................................................................................12
1.5 Studying strategy........................................................................................................................12
1.6 Exploring strategy further...........................................................................................................12
1.6.1 Exploring strategy in different contexts...............................................................................13
1.6.2 Exploring strategy through different ‘strategy lenses’.........................................................13
Hoofdstuk 2: Macro-environment analysis...........................................................................................14
2.1 Introduction................................................................................................................................14
2.2 PESTEL analysis...........................................................................................................................14
2.2.1 Politics..................................................................................................................................15
2.2.2 Economics............................................................................................................................15
2.2.3 Social....................................................................................................................................16
2.2.4 Technology..........................................................................................................................17
2.2.5 Ecological.............................................................................................................................17
2.2.6 Legal.....................................................................................................................................18
2.2.7 Key driver for change...........................................................................................................18
2.3 Forecasting.................................................................................................................................18
2.3.1 Forecasting approaches.......................................................................................................18
2.3.2 Directions of change............................................................................................................19
2.4 Scenario analysis.........................................................................................................................19
Hoofdstuk 3. Industry and sector analysis............................................................................................21
3.1 Introduction................................................................................................................................21
3.2 Industry analysis.........................................................................................................................21
3.2.1 Defining the industry...........................................................................................................22
1
, 3.2.2 The competitive forces........................................................................................................22
3.2.3 Complementors and network effects..................................................................................24
3.2.4 Implications of the Competitive Fice Forces........................................................................24
3.3 Industry types and dynamics......................................................................................................24
3.3.1 Industry types......................................................................................................................24
3.3.2 Industry structure dynamics................................................................................................25
3.4 Competitors and markets...........................................................................................................26
3.4.1 Strategic groups...................................................................................................................26
3.4.2 Market segments.................................................................................................................27
3.4.3 Critical success factors and ‘Blue Oceans’............................................................................28
3.5 Opportunities and threats..........................................................................................................28
Hoofdstuk 4. Resources and capabilities analysis.................................................................................29
4.1 Introduction................................................................................................................................29
4.2 Foundations of resources and capabilities..................................................................................29
4.2.1 Resources and capabilities...................................................................................................29
4.2.2 Threshold and distinctive resources and capabilities...........................................................29
4.3 Distinctive resources and capabilities as a basis of competitive advantage...............................30
4.3.1 V - value of resources and capabilities.................................................................................30
4.3.2 R - rarity...............................................................................................................................30
4.3.3 I - inimitability......................................................................................................................30
4.3.4 O - organisational support...................................................................................................31
4.4 Analysing resources and capabilities..........................................................................................32
4.4.1 VRIO analysis........................................................................................................................32
4.4.2 The value chain and value system.......................................................................................32
4.4.3 Activity systems...................................................................................................................33
4.4.4 Benchmarking......................................................................................................................34
4.4.5 SWOT...................................................................................................................................34
4.5 Dynamic capabilities...................................................................................................................35
Hoofdstuk 5. Stakeholders and governance.........................................................................................36
5.1 Introduction................................................................................................................................36
5.2 Stakeholders...............................................................................................................................36
5.2.1 Stakeholder groups..............................................................................................................36
5.2.2 Stakeholder mapping...........................................................................................................36
5.2.3 Owners................................................................................................................................38
5.3 Corporate governance................................................................................................................38
5.3.1 The governance chain..........................................................................................................38
2
, 5.3.2 Different governance models..............................................................................................39
5.3.3 How boards of directors influence strategy.........................................................................39
5.4 Social responsibility....................................................................................................................40
Hoofdstuk 6. History and culture..........................................................................................................41
6.1 Introduction................................................................................................................................41
6.2 History and strategy....................................................................................................................41
6.2.1 Historical relationships........................................................................................................41
6.2.2 Historical analysis................................................................................................................42
6.3 Culture and strategy...................................................................................................................42
6.3.1 Geographically based cultures.............................................................................................43
6.3.2 Organisational fields............................................................................................................43
6.3.3 Organisational culture.........................................................................................................43
6.3.4 Culture’s influence on strategy............................................................................................44
6.3.5 Analysing culture: the cultural web.....................................................................................44
6.3.6 Undertaking cultural analysis...............................................................................................45
6.4 Strategic drift..............................................................................................................................45
Hoofdstuk 7. Business strategy and models.........................................................................................47
7.1 Introduction................................................................................................................................47
7.2 Generic competitive strategies...................................................................................................47
7.2.1 Cost leadership strategy......................................................................................................48
7.2.2 Differentiation strategy........................................................................................................49
7.2.3 Focus strategy......................................................................................................................49
7.2.4 Hybrid strategy....................................................................................................................50
7.2.5 The Strategy Clock...............................................................................................................50
7.3 Interactive strategies..................................................................................................................51
7.3.1 Interactive price and quality strategies................................................................................51
7.3.2 Game theory........................................................................................................................51
7.4 Business models.........................................................................................................................52
7.4.1 Value creation, configuration and capture..........................................................................52
7.4.2 Business models patterns....................................................................................................52
7.4.3 Multi-sided platforms..........................................................................................................53
Hoofdstuk 8. Corporate strategy..........................................................................................................54
8.1 Introduction................................................................................................................................54
8.2 Strategy directions......................................................................................................................54
8.2.1 Market penetration.............................................................................................................54
8.2.2 Product and service development.......................................................................................54
3
, 8.2.3 Market development...........................................................................................................55
8.2.4 Unrelated (conglomerate) diversification............................................................................55
8.3 Diversification drivers.................................................................................................................55
8.4 Diversification and performance................................................................................................55
8.5 Vertical integration.....................................................................................................................56
8.5.1 Forward and backward integration......................................................................................56
8.5.2 To integrate or to outsource?..............................................................................................56
8.5.3 Divestment..........................................................................................................................57
8.6 Value creation and the corporate parent...................................................................................57
8.6.1 Value-adding and value-destroying activities of corporate parents....................................57
8.6.2 The portfolio manager.........................................................................................................58
8.6.3 The synergy manager...........................................................................................................58
8.6.4 The parental developer........................................................................................................58
8.7 Portfolio matrices.......................................................................................................................58
8.7.1 The BCG (or growth/share) matrix.......................................................................................59
8.7.2 The directional policy (GE-McKinsey) matrix.......................................................................59
8.7.3 The parenting matrix...........................................................................................................60
Hoofdstuk 9. International strategy......................................................................................................62
9.1 Introduction................................................................................................................................62
9.2 Internationalisation drivers........................................................................................................62
9.3 Geographic sources of advantage...............................................................................................63
9.3.1 Locational advantage: Porter’s diamond.............................................................................63
9.3.2 The international value system............................................................................................64
9.4 International strategies..............................................................................................................64
9.5 Market selection and entry.........................................................................................................65
9.5.1 Country and market characteristics.....................................................................................65
9.5.2 Competitive characteristics..................................................................................................67
9.5.3 Entry mode strategies..........................................................................................................67
9.6 Subsidiary roles in an international portfolio..............................................................................68
9.7 Internationalisation and performance........................................................................................69
Hoofdstuk 11. Mergers, acquisitions and alliances...............................................................................70
11.1 Introduction..............................................................................................................................70
11.2 Organic development...............................................................................................................70
11.3 Mergers and acquisitions..........................................................................................................70
11.3.1 Defining M&A....................................................................................................................70
11.3.2 M&A contexts....................................................................................................................70
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