,ACCESS Test Bank for Strategic Management Creating Competitive Adva
n n n n n n n n
ntages 11th Edition Dess n n n
Chaptern 1: n Strategicn Management: n Creatingn Competitive n Advantages
Part 1 n Strategic Analysis
n
Chapter 1 n
Strategic Management: Creating Competitive Advantages... 1-
n n n n n
2 What Is Strategic Management?...................................................... 1-5
n n n n
Definingn Strategicn Management ......................................................................................1-5
Then Fourn Keyn Attributesn ofn Strategicn Management ..........................................................1-5
The Strategic Management Process .................................................... 1-7
n n n
....................................................................................................................
Intendedn versusn Realizedn Strategies .................................................................................1-7
Strategyn Analysis..............................................................................................................1-7
Strategyn Formulation .......................................................................................................1-8
Strategyn Implementation ...................................................................................................1-8
The Role of Corporate Governance
n n n n
and Stakeholder Management ........................................................... 1-9
n n
Alternativen Perspectivesn ofn Stakeholdern Management .....................................................1-11
Socialn Responsibilityn andn Environmentaln Sustainability:
Movingn Beyondn then Immediaten Stakeholders ....................................................................1-12
The Strategic Management Perspective:
n n n
An Imperative throughout the Organization ..................................... 1-15
n n n n
Ensuring Coherence in Strategic Direction......................................... 1-16
n n n n
Organizationaln Vision ......................................................................................................1-17
Missionn Statements...........................................................................................................1-18
Strategicn Objectives ..........................................................................................................1-19
Issue for Debate ................................................................................... 1-20
n n
Reflecting on Career Implications ...................................................... 1-22
n n n
Summary ............................................................................................ 1-24
End-of-Chapter Teaching Notes......................................................... 1-27
n n
Connect Resources .............................................................................. 1-33
n
1-1
©n McGrawn Hilln LLC.n Alln rightsn reserved.n No n reproduction n orn distribution n without nthenpriorn written n consent nofn
McGrawn Hilln LLC.
mynursytest.store
,ACCESS Test Bank for Strategic Management Creating Competitive Adva
n n n n n n n n
ntages 11th Edition Dess n n n
Chaptern 1: n Strategicn Management: n Creatingn Competitive n Advantages
Chapter 1 n
Strategic Management:n
Creating Competitive Advantages
n n
Summary/Objectives
PowerPointnSliden2:nLearning nObjectives
At n then heart nofnstrategicn management n isnthenquestion:n “How nandnwhyn don somen firmsn outperformn ot
hers?”n Then challengen ton managersn isn ton developn and n implement n strategiesn thatn willn providen compet
itiven advantagesn that n willn ben sustainablen overn time.n Thisn chaptern isn divided n inton fiven sections.
1. Then first n sectionn addressesn then broadnquestion:n “What n isn strategicn management?”n Here,
n wen definen strategicn management n asn “consistingn of nthen analysis,n decisions,n and n actionsn
ann organizationn undertakesn toncreatenand nsustainncompetitiven advantages.”n Wen alson add
ressn then fourn keyn attributesnof n strategicn management:n concernn withn overalln objectives;n i
nvolvement n of n multiplen stakeholders;n incorporationn of n short-n and n long-
n termn perspectives;n and n recognitionn of n tradeoffsnbetweenneffectivenessn andn efficiency.n
Wen alson introducen then concept n of n “ambidextrousn behaviors”—
then need n ton combinen alignment n and n adaptability.
2. Then second n sectionn discussesn thenstrategicnmanagement n process.n Here,n wenpresent n then t
hreen processes—analysis,n formulation,n and n implementation—
that n providen thenframeworkn forn then overalln organizationn of n then thirteenn chaptersn of n then
book.
3. Then third n sectionn focusesn onn then vitaln rolen of n corporaten governance,n whichn isn essentialn t
on ensuringn that n thenactionsn ofnan firm’sn management n aren consistent n withnthen goalsn of n itsn o
wners—
then shareholders.n Wen alson addressn stakeholdern management.n Itnmust n ben takenn inton acco
unt n throughout n thenstrategicn management n process.n Althoughntheninterestsn of n stakeholde
rsn may,n at n times,n conflict,n wen discussn hown firmsn aren ablen to
achieven “symbiosis”n amongn stakeholdersn whereinn variousn interestsn aren considered n i
nterdependentn andn cann ben attainedn simultaneously.n Wen addressnthen importancen of n s
ocialn responsibility,n includingn environmentaln sustainability,n asn welln asn challengesn a
ssociated n withn makingn then casen forn sustainabilityn initiatives.
4. Then fourthn sectionn addressesn today’sn greatern need n forn an strategicn management n pers
pectiven throughout n thenorganization.n Withnthenemergencen ofnthenknowledgen ofnecon
omyn and n globalization,n leadersn must n mobilizen peoplen throughout n then organization.
5. Then fifthn sectionn discussesn then neednforn organizationsn ton attainn consistencyn inn theirn visi
on,n mission,n and n strategicn objectives.n Collectively,n theyn formn an hierarchyn of n goals.
1-2
©n McGrawn Hilln LLC.n Alln rightsn reserved.n No n reproduction n orn distribution n without nthenpriorn written n consent nofn
McGrawn Hilln LLC.
mynursytest.store
, ACCESS Test Bank for Strategic Management Creating Competitive Adva
n n n n n n n n
ntages 11th Edition Dess n n n
Chaptern 1: n Strategicn Management: n Creatingn Competitive n Advantages
Lecture/Discussion Outline n
Wen beginn then chaptern inn LEARNINGn FROMnMISTAKESn withn anclevern quotenfromn Arthurn Martin
ez,n Sears’sn formern chairman:n “Today’sn peacockn isn tomorrow’sn feathern duster”n ton helpn illustraten the
n rapid n turnovern amongn then Fortunen500nfirmsn overn an period nofn time.n Withn rapid nchangingn technolog
iesn and n intensified n globaln competitionn successn cannbentemporary,n andnnew nentrantsn cann shaken upn lo
ng-standingn industries.
Then SUPPLEMENTn below,n fromn anwebsiten providesnanninterestingn perspectiven onnthen digit
aln economy.
Extra nExample:nThen Digitaln Disruption n Hasn Already n Happened
World’sn largest n taxin company n ownsn no n taxis.n (Uber)
Largest n accommodation n providern ownsn no n realn estate.n (Airbnb)
Largest n phonen companiesn own nno ntelco n infrastructure.n (Skype,nWeChat)
n Most n popularn media n ownern ownsn no n content.n (Facebook)
World’sn largest n movien housen ownsn no n cinemas.n (Netflix)
Largest n softwaren vendorsn don’t n writen then apps.n (Applen and n Google)
Source: n www.ibmforentreprenuers.com .
DiscussionnQuestionn1:nWhatn aren then implicationsn forn yourn careers?n (Thisn isn an rathern gen
eraln question,n butn itn mightn helpn remindn studentsn thatn theyn mustn ben sensitiven ton changesn inn in
dustryn dynamicsn thatn couldn providen newn opportunities—
asn welln as,n perhaps,n eroden opportunitiesn thatn theyn mayn haven thoughtn theyn hadn inn an particul
arn industry.)
TeachingnTip:nByn raisingn then “careern implications”n question,n youn willn haven then opportuni
tyn ton brieflyn introducen then conceptn ofn then sustainabilityn ofn competitiven advantage(s),n i.e.,n th
en criterian ofn rare,n valuable,n difficultn ton copyn (imitaten andn substitute)n thatn wen willn addressn at
n lengthn inn Chaptersn 3n andn 5.n Then pointn thatn cann ben maden isn thatn studentsn shouldn striven ton de
velopn skillsn andn capabilitiesn thatn satisfyn thesen fourn criterian ton enjoyn greatern careern success.
n Thisn helpsn ton illustraten somen veryn practicaln implicationsn ofn strategyn conceptsn andn heighten
n studentn interest.
Then openingn casen isn about n an company,n Luckinn Coffee,n whichnfailed nbecausen ofn (1)n misguid
ed n strategicn actionsn asn welln asn weakn corporaten governancen and n (2)n strongn competitionn fromn establi
shed n coffeen chainsn suchn asn Starbucksn whichnhaven ansignificant n competitiven advantage.n Thus,n it n hel
psn ton illustraten bothnthenromanticn view nasn welln asn thenexternaln controlnview n ofn leadership,n respective
ly.
DiscussionnQuestionn2:nGivenn thatn publicn accountingn firmsn suchn asn Ernstn &n Youngn mayn be
n unablen ton uncovern financialn misconductn atn foreignn firms,n whatn kindn ofn duen diligencen shoul
dn U.S.n investorsn undertaken beforen investingn inn Chinesen techn companies?
Responsen Guidelines:n Thisn questionn should n result n inn somen interestingn perspectives,n especi
allyn fromn studentsn whonaspiren ton workn forn ann accountingn firmn suchn asn Ernst n &n Young.n Instructorsn
1-3
©n McGrawn Hilln LLC.n Alln rightsn reserved.n No n reproduction n orn distribution n without nthenpriorn written n consent nofn
McGrawn Hilln LLC.
mynursytest.store
n n n n n n n n
ntages 11th Edition Dess n n n
Chaptern 1: n Strategicn Management: n Creatingn Competitive n Advantages
Part 1 n Strategic Analysis
n
Chapter 1 n
Strategic Management: Creating Competitive Advantages... 1-
n n n n n
2 What Is Strategic Management?...................................................... 1-5
n n n n
Definingn Strategicn Management ......................................................................................1-5
Then Fourn Keyn Attributesn ofn Strategicn Management ..........................................................1-5
The Strategic Management Process .................................................... 1-7
n n n
....................................................................................................................
Intendedn versusn Realizedn Strategies .................................................................................1-7
Strategyn Analysis..............................................................................................................1-7
Strategyn Formulation .......................................................................................................1-8
Strategyn Implementation ...................................................................................................1-8
The Role of Corporate Governance
n n n n
and Stakeholder Management ........................................................... 1-9
n n
Alternativen Perspectivesn ofn Stakeholdern Management .....................................................1-11
Socialn Responsibilityn andn Environmentaln Sustainability:
Movingn Beyondn then Immediaten Stakeholders ....................................................................1-12
The Strategic Management Perspective:
n n n
An Imperative throughout the Organization ..................................... 1-15
n n n n
Ensuring Coherence in Strategic Direction......................................... 1-16
n n n n
Organizationaln Vision ......................................................................................................1-17
Missionn Statements...........................................................................................................1-18
Strategicn Objectives ..........................................................................................................1-19
Issue for Debate ................................................................................... 1-20
n n
Reflecting on Career Implications ...................................................... 1-22
n n n
Summary ............................................................................................ 1-24
End-of-Chapter Teaching Notes......................................................... 1-27
n n
Connect Resources .............................................................................. 1-33
n
1-1
©n McGrawn Hilln LLC.n Alln rightsn reserved.n No n reproduction n orn distribution n without nthenpriorn written n consent nofn
McGrawn Hilln LLC.
mynursytest.store
,ACCESS Test Bank for Strategic Management Creating Competitive Adva
n n n n n n n n
ntages 11th Edition Dess n n n
Chaptern 1: n Strategicn Management: n Creatingn Competitive n Advantages
Chapter 1 n
Strategic Management:n
Creating Competitive Advantages
n n
Summary/Objectives
PowerPointnSliden2:nLearning nObjectives
At n then heart nofnstrategicn management n isnthenquestion:n “How nandnwhyn don somen firmsn outperformn ot
hers?”n Then challengen ton managersn isn ton developn and n implement n strategiesn thatn willn providen compet
itiven advantagesn that n willn ben sustainablen overn time.n Thisn chaptern isn divided n inton fiven sections.
1. Then first n sectionn addressesn then broadnquestion:n “What n isn strategicn management?”n Here,
n wen definen strategicn management n asn “consistingn of nthen analysis,n decisions,n and n actionsn
ann organizationn undertakesn toncreatenand nsustainncompetitiven advantages.”n Wen alson add
ressn then fourn keyn attributesnof n strategicn management:n concernn withn overalln objectives;n i
nvolvement n of n multiplen stakeholders;n incorporationn of n short-n and n long-
n termn perspectives;n and n recognitionn of n tradeoffsnbetweenneffectivenessn andn efficiency.n
Wen alson introducen then concept n of n “ambidextrousn behaviors”—
then need n ton combinen alignment n and n adaptability.
2. Then second n sectionn discussesn thenstrategicnmanagement n process.n Here,n wenpresent n then t
hreen processes—analysis,n formulation,n and n implementation—
that n providen thenframeworkn forn then overalln organizationn of n then thirteenn chaptersn of n then
book.
3. Then third n sectionn focusesn onn then vitaln rolen of n corporaten governance,n whichn isn essentialn t
on ensuringn that n thenactionsn ofnan firm’sn management n aren consistent n withnthen goalsn of n itsn o
wners—
then shareholders.n Wen alson addressn stakeholdern management.n Itnmust n ben takenn inton acco
unt n throughout n thenstrategicn management n process.n Althoughntheninterestsn of n stakeholde
rsn may,n at n times,n conflict,n wen discussn hown firmsn aren ablen to
achieven “symbiosis”n amongn stakeholdersn whereinn variousn interestsn aren considered n i
nterdependentn andn cann ben attainedn simultaneously.n Wen addressnthen importancen of n s
ocialn responsibility,n includingn environmentaln sustainability,n asn welln asn challengesn a
ssociated n withn makingn then casen forn sustainabilityn initiatives.
4. Then fourthn sectionn addressesn today’sn greatern need n forn an strategicn management n pers
pectiven throughout n thenorganization.n Withnthenemergencen ofnthenknowledgen ofnecon
omyn and n globalization,n leadersn must n mobilizen peoplen throughout n then organization.
5. Then fifthn sectionn discussesn then neednforn organizationsn ton attainn consistencyn inn theirn visi
on,n mission,n and n strategicn objectives.n Collectively,n theyn formn an hierarchyn of n goals.
1-2
©n McGrawn Hilln LLC.n Alln rightsn reserved.n No n reproduction n orn distribution n without nthenpriorn written n consent nofn
McGrawn Hilln LLC.
mynursytest.store
, ACCESS Test Bank for Strategic Management Creating Competitive Adva
n n n n n n n n
ntages 11th Edition Dess n n n
Chaptern 1: n Strategicn Management: n Creatingn Competitive n Advantages
Lecture/Discussion Outline n
Wen beginn then chaptern inn LEARNINGn FROMnMISTAKESn withn anclevern quotenfromn Arthurn Martin
ez,n Sears’sn formern chairman:n “Today’sn peacockn isn tomorrow’sn feathern duster”n ton helpn illustraten the
n rapid n turnovern amongn then Fortunen500nfirmsn overn an period nofn time.n Withn rapid nchangingn technolog
iesn and n intensified n globaln competitionn successn cannbentemporary,n andnnew nentrantsn cann shaken upn lo
ng-standingn industries.
Then SUPPLEMENTn below,n fromn anwebsiten providesnanninterestingn perspectiven onnthen digit
aln economy.
Extra nExample:nThen Digitaln Disruption n Hasn Already n Happened
World’sn largest n taxin company n ownsn no n taxis.n (Uber)
Largest n accommodation n providern ownsn no n realn estate.n (Airbnb)
Largest n phonen companiesn own nno ntelco n infrastructure.n (Skype,nWeChat)
n Most n popularn media n ownern ownsn no n content.n (Facebook)
World’sn largest n movien housen ownsn no n cinemas.n (Netflix)
Largest n softwaren vendorsn don’t n writen then apps.n (Applen and n Google)
Source: n www.ibmforentreprenuers.com .
DiscussionnQuestionn1:nWhatn aren then implicationsn forn yourn careers?n (Thisn isn an rathern gen
eraln question,n butn itn mightn helpn remindn studentsn thatn theyn mustn ben sensitiven ton changesn inn in
dustryn dynamicsn thatn couldn providen newn opportunities—
asn welln as,n perhaps,n eroden opportunitiesn thatn theyn mayn haven thoughtn theyn hadn inn an particul
arn industry.)
TeachingnTip:nByn raisingn then “careern implications”n question,n youn willn haven then opportuni
tyn ton brieflyn introducen then conceptn ofn then sustainabilityn ofn competitiven advantage(s),n i.e.,n th
en criterian ofn rare,n valuable,n difficultn ton copyn (imitaten andn substitute)n thatn wen willn addressn at
n lengthn inn Chaptersn 3n andn 5.n Then pointn thatn cann ben maden isn thatn studentsn shouldn striven ton de
velopn skillsn andn capabilitiesn thatn satisfyn thesen fourn criterian ton enjoyn greatern careern success.
n Thisn helpsn ton illustraten somen veryn practicaln implicationsn ofn strategyn conceptsn andn heighten
n studentn interest.
Then openingn casen isn about n an company,n Luckinn Coffee,n whichnfailed nbecausen ofn (1)n misguid
ed n strategicn actionsn asn welln asn weakn corporaten governancen and n (2)n strongn competitionn fromn establi
shed n coffeen chainsn suchn asn Starbucksn whichnhaven ansignificant n competitiven advantage.n Thus,n it n hel
psn ton illustraten bothnthenromanticn view nasn welln asn thenexternaln controlnview n ofn leadership,n respective
ly.
DiscussionnQuestionn2:nGivenn thatn publicn accountingn firmsn suchn asn Ernstn &n Youngn mayn be
n unablen ton uncovern financialn misconductn atn foreignn firms,n whatn kindn ofn duen diligencen shoul
dn U.S.n investorsn undertaken beforen investingn inn Chinesen techn companies?
Responsen Guidelines:n Thisn questionn should n result n inn somen interestingn perspectives,n especi
allyn fromn studentsn whonaspiren ton workn forn ann accountingn firmn suchn asn Ernst n &n Young.n Instructorsn
1-3
©n McGrawn Hilln LLC.n Alln rightsn reserved.n No n reproduction n orn distribution n without nthenpriorn written n consent nofn
McGrawn Hilln LLC.
mynursytest.store
