summary of chapter 1; 12 pages and summary of chapter 2 using Bloom’s taxonomy; apply, analyse and evaluate; 13 pages. 25 pages for both papers. I will send you the textbook used for the summary.
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GREGORY G. DESS University of Texas at Dallas
GERRY McNAMARA Michigan State University
ALAN B. EISNER Pace University
SEUNG-HYUN (SEAN) LEE University of Texas at Dallas
text & cases
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STRATEGIC MANAGEMENT: TEXT AND CASES, NINTH EDITION
Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2019 by McGraw- Hill Education. All rights reserved. Printed in the United States of America. Previous editions © 2016, 2014, and 2012. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.
Some ancillaries, including electronic and print components, may not be available to customers outside the United States.
This book is printed on acid-free paper.
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ISBN 978-1-259-81395-5 (bound edition) MHID 1-259-81395-9 (bound edition)
ISBN 978-1-259-89997-3 (loose-leaf edition) MHID 1-259-89997-7 (loose-leaf edition)
ISBN 978-1-259-89994-2 (instructor’s edition) MHID 1-259-89994-2 (instructor’s edition)
Portfolio Director: Michael Ablassmeir Lead Product Developer: Kelly Delso Product Developer: Anne Ehrenworth Executive Marketing Manager: Debbie Clare Content Project Managers: Harvey Yep (Core), Bruce Gin (Assessment) Buyer: Susan K. Culbertson Design: Matt Diamond Content Licensing Specialists: DeAnna Dausener (Image and Text) Cover Image: ©Anatoli Styf/Shutterstock Compositor: SPi Global
All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.
Library of Congress Cataloging-in-Publication Data
Names: Dess, Gregory G., author. | McNamara, Gerry, author. | Eisner, Alan B., author. Title: Strategic management : text and cases / Gregory G. Dess, University of Texas at Dallas, Gerry McNamara, Michigan State University, Alan B. Eisner, Pace University. Description: Ninth edition. | New York, NY : McGraw-Hill Education,  Identifiers: LCCN 2017052281 | ISBN 9781259813955 (alk. paper) Subjects: LCSH: Strategic planning. Classification: LCC HD30.28 .D4746 2019 | DDC 658.4/012—dc23 LC record available at https://lccn.loc.gov/2017052281
The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites.
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To my family, Margie and Taylor and my parents, the late Bill and Mary Dess; and Michael Wood
To my first two academic mentors—Charles Burden and Les Rue (of Georgia State University)
To my wonderful wife, Gaelen, my children, Megan and AJ; and my parents, Gene and Jane
To my family, Helaine, Rachel, and Jacob
To my family, Hannah, Paul and Stephen; and my parents, Kenny and Inkyung.
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Gregory G. Dess is the Andrew R. Cecil Endowed Chair in Management at the University of Texas at Dallas. His primary research interests are in strategic management, organization- environment relationships, and knowledge management. He has published numerous articles on these subjects in both academic and practitioner-oriented journals. He also serves on the editorial boards of a wide range of practitioner-oriented and academic journals. In August 2000, he was inducted into the Academy of Management Journal’s Hall of Fame as one of its charter members. Professor Dess has conducted executive programs in the United States, Europe, Africa, Hong Kong, and Australia. During 1994 he was a Fulbright Scholar in Oporto, Portugal. In 2009, he received an honorary doctorate from the University of Bern (Switzerland). He received his PhD in Business Administration from the University of Washington (Seattle) and a BIE degree from Georgia Tech.
Gerry McNamara is the Eli Broad Professor of Management at Michigan State University. His research draws on cognitive and behavioral theories to explain strategic phenomena, including strategic decision making, mergers and acquisitions, and environmental assessments. His research has been published in the Academy of Management Journal, the Strategic Management Journal, Organization Science, Organizational Behavior and Human Decision Processes, the Journal of Applied Psychology, the Journal of Management, and the Journal of International Business Studies. Gerry’s research has also been abstracted in the Wall Street Journal, Harvard Business Review, New York Times, Bloomberg Businessweek, the Economist, and Financial Week. He serves as an Associate Editor for the Strategic Management Journal and previously served as an Associate Editor for the Academy of Management Journal. He received his PhD from the University of Minnesota.
ABOUT THE AUTHORS
about the authors
©He GaoPhoto provided by the author
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Alan B. Eisner is Professor of Management and Department Chair, Management and Management Science Department, at the Lubin School of Business, Pace University. He received his PhD in management from the Stern School of Business, New York University. His primary research interests are in strategic management, technology management, organizational learning, and managerial decision making. He has published research articles and cases in journals such as Advances in Strategic Management, International Journal of Electronic Commerce, International Journal of Technology Management, American Business Review, Journal of Behavioral and Applied Management, and Journal of the International Academy for Case Studies. He is the former Associate Editor of the Case Association’s peer-reviewed journal, The CASE Journal.
Seung-Hyun Lee is a Professor of strategic management and international business and the Area Coordinator of the Organization, Strategy, and International Management area at the Jindal School of Business, University of Texas at Dallas. His primary research interests lie on the intersection between strategic management and international business spanning from foreign direct investment to issues of microfinance and corruption. He has published in numerous journals including Academy of Management Review, Journal of Business Ethics, Journal of International Business Studies, Journal of Business Venturing, and Strategic Management Journal. He received his MBA and PhD from the Ohio State University.
©Seung-Hyun Lee©Alan B. Eisner
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Welcome to the Ninth Edition of Strategic Management: Text and Cases! As noted on the cover, we are happy to introduce Seung- Hyun Lee to the author team. Greg has known Seung since we both joined the faculty at the University of Texas at Dallas in 2002. Seung has developed a very distinguished publication record in both strategic management and international business/international management and he has made many important contributions in these areas in the present edition. In particular, his international expertise has been particularly valuable in further “globalizing” our book.
We appreciate the constructive and positive feedback that we have received on our work. Here’s some of the encouraging feedback we have received from our reviewers:
The Dess book comprehensively covers the fundamentals of strategy and supports concepts with research and managerial insights.
Joshua J. Daspit, Mississippi State University
Very engaging. Students will want to read it and find it hard to put down.
Amy Grescock, University of Michigan, Flint
Very easy for students to understand. Great use of business examples throughout the text.
Debbie Gilliard, Metropolitan State University, Denver
I use Strategic Management in a capstone course required of all business majors, and students appreciate the book because it synergizes all their business education into a meaningful and understandable whole. My students enjoy the book’s readability and tight organization, as well as the contemporary examples, case studies, discussion questions, and exercises.
William Sannwald, San Diego State University
The Dess book overcomes many of the limitations of the last book I used in many ways: (a) presents content in a very interesting and engrossing manner without compromising the depth and comprehensiveness, (b) inclusion of timely and interesting illustrative examples, and (c) EOC exercises do an excellent job of complementing the chapter content.
Sucheta Nadkami, University of Cambridge
The content is current and my students would find the real-world examples to be extremely interesting. My colleagues would want to know about it and I would make extensive use of the following features: “Learning from Mistakes,” “Strategy Spotlights,” and “Issues for Debate.” I especially like the “Reflecting on Career Implications” feature. Bottom line: the authors do a great job of explaining complex material and at the same time their use of up-to-date examples promotes learning.
Jeffrey Richard Nystrom, University of Colorado at Denver
We always strive to improve our work and we are most appreciative of the extensive and thoughtful feedback that many strategy professionals have graciously given us. We endeavored to incorporate their ideas into the Ninth Edition—and we acknowledge them by name later in the Preface.
We believe we have made valuable improvements throughout our many revised editions of Strategic Management. At the same time, we strive to be consistent and “true” to our original overriding objective: a book that satisfies three R’s—rigor, relevance, and readable. And we are
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pleased that we have received feedback (such as the comments on the previous page) that is consistent with what we are trying to accomplish.
What are some of the features in Strategic Management that reinforce the 3 R’s? First, we build in rigor by drawing on the latest research by management scholars and insights from management consultants to offer a current a current and comprehensive view of strategic issues. We reinforce this rigor with our “Issues for Debate” and “Reflecting on Career Implications. . .” that require students to develop insights on how to address complex issues and understand how strategy concepts can enhance their career success. Second, to enhance relevance, we provide numerous examples from management practice in the text and “Strategy Spotlights” (sidebars). We also increase relevance by relating course topic and examples to current business and societal themes, including environmental sustainability, ethics, globalization, entrepreneurship, and data analytics. Third, we stress readability with an engaging writing style with minimal jargon to ensure an effective learning experience. This is most clearly evident in the conversational presentations of chapter opening “Learning from Mistakes” and chapter ending “Issues for Debate.”
Unlike other strategy texts, we provide three separate chapters that address timely topics about which business students should have a solid understanding. These are the role of intellectual assets in value creation (Chapter 4), entrepreneurial strategy and competitive dynamics (Chapter 8), and fostering entrepreneurship in established organizations (Chapter 12). We also provide an excellent and thorough chapter on how to analyze strategic management cases.
In developing Strategic Management: Text and Cases, we certainly didn’t forget the instructors. As we all know, you have a most challenging (but rewarding) job. We did our best to help you. We provide a variety of supplementary materials that should help you in class preparation and delivery. For example, our chapter notes do not simply summarize the material in the text. Rather (and consistent with the concept of strategy), we ask ourselves: “How can we add value?” Thus, for each chapter, we provide numerous questions to pose to help guide class discussion, at least 12 boxed examples to supplement chapter material, and three detailed “teaching tips” to further engage students. For example, we provide several useful insights on strategic leadership from one of Greg’s colleagues, Charles Hazzard (formerly Executive Vice President, Occidental Chemical). Also, we completed the chapter notes—along with the entire test bank—ourselves. That is, unlike many of our rivals, we didn’t simply farm the work out to others. Instead, we felt that such efforts help to enhance quality and consistency—as well as demonstrate our personal commitment to provide a top-quality total package to strategy instructors. With the Ninth Edition, we also benefited from valued input by our strategy colleagues to further improve our work.
Let’s now address some of the key substantive changes in the Ninth Edition. Then we will cover some of the major features that we have had in previous editions.
WHAT’S NEW? HIGHLIGHTS OF THE NINTH EDITION We have endeavored to add new material to the chapters that reflects the feedback we have received from our reviewers as well as the challenges today’s managers face. Thus, we all invested an extensive amount of time carefully reviewing a wide variety of books, academic and practitioner journals, and the business press.
We also worked hard to develop more concise and tightly written chapters. Based on feedback from some of the reviewers, we have tightened our writing style, tried to eliminate redundant examples, and focused more directly on what we feel is the most important content in each chapter for our audience. The overall result is that we were able to update our material, add valuable new content, and—at the same time—shorten the length of the chapters.
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Here are some of the major changes and improvements in the Ninth Edition:
· Big Data/Data Analysis. A central theme of the Ninth Edition, it has become a leading and highly visible component of a broader technological phenomena—the emergence of digital technology. Such initiatives have the potential to enable firms to better customize their product and service offerings to customers while more efficiently and fully using the resources of the company. Throughout the text, we provide examples from a wide range of industries and government. This includes discussions of how Coca Cola uses data analytics to produce consistent orange juice, IBM’s leveraging of big data to become a healthcare solution firm, Caterpillar’s use of data analytics to improve machine reliability and to identify needed service before major machine failures, and Digital Reasoning’s efforts to use data analytics to enhance the ability of firms to control employees and avoid illegal and unethical behavior.
· Greater coverage of international business/international management (IB/IM from new co-author). As we noted at the beginning of the Preface, we have invited Seung-Hyun Lee, an outstanding IB/IM scholar, to join the author team and we are very pleased that he has accepted! Throughout the book we have included many concepts and examples of IB/IM that reflects the growing role of international operations for a wide range of industries and firms. We discuss how differences in national culture impact the negotiation of contracts and whether or not to adapt human resource practices when organizations cross national boundaries. We also include a discussion of how corporate governance practices differ across countries and discuss in depth how Japan is striving to develop balanced governance practices that incorporate elements of U.S. practices while retaining, at its core, elements of traditional Japanese practices. Additionally, we discuss why conglomerate firms thrive in Asian markets even as this form of organization has gone out of favor in the United States and Europe. Finally, we discuss research that suggests that firms in transition economies can improve their innovative performance by focusing on learning across boundaries within the firm compared to learning from outside partners.
· “Executive Insights: The Strategic Management Process.” Here, we introduce a nationally recognized leader and explore several key issues related to strategic management. The executive is William H. McRaven, a retired four-star admiral who leads the nation’s second largest system of higher education. As chief executive officer of the UT System, he oversees 14 institutions that educate 217,000 students and employ 20,000 faculty and more than 70,000 health care professionals, researchers, and staff. He is perhaps best known for his involvement in Operation Neptune Spear, in which he commanded the U.S. Navy Special Forces who located and killed al Qaeda leader Osama bin Laden. We are very grateful for his valuable contribution!
· Half of the 12 opening “Learning from Mistakes” vignettes that lead off each chapter are totally new. Unique to this text, they are all examples of what can go wrong, and they serve as an excellent vehicle for clarifying and reinforcing strategy concepts. After all, what can be learned if one simply admires perfection?
· Over half of our “Strategy Spotlights” (sidebar examples) are brand new, and many of the others have been thoroughly updated. Although we have reduced the number of Spotlights from the previous edition to conserve space, we still have a total of 64—by far the most in the strategy market. We focus on bringing the most important strategy concepts to life in a concise and highly readable manner. And we work hard to eliminate unnecessary detail that detracts from the main point we are trying to make. Also, consistent with our previous edition, many of the Spotlights focus on two
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“hot” issues that are critical in leading today’s organizations: ethics and environmental sustainability—as well as data analytics in this edition.
Key content changes for the chapters include:
· Chapter 1 addresses three challenges for executives who are often faced with similar sets of opposing goals which can polarize their organizations. These challenges, or paradoxes, are called (1) the innovation paradox, the tension between existing products and new ones—stability and change; (2) the globalization paradox, the tension between global connectedness and local needs; and, (3) the obligation paradox, the tension between maximizing shareholder returns and creating benefits for a wide range of stakeholders— employees, customers, society, etc. We also discuss three theaters of practice that managers need to recognize in order to optimize the positive impact of the corporate social responsibility (CSR) initiatives. These are (1) Focusing on philanthropy, (2) Improving operational effectiveness, and (3) Transforming the business model.
· Chapter 2 introduces the concept of big data/data analytics—a technology that affects multiple segments of the general environment. A highly visible component of the digital economy, such technologies are altering the way business is conducted in a wide variety of sectors—government, industry, and commerce. We provide a detailed example of how it has been used to monitor the expenditures of federal, state, and local governments.
· Chapter 3 includes a discussion on program hiring to build human capital. With program hiring, firms offer employment to promising graduates without knowing which specific job the employee will fill. Firms employing this tactic believe it allows them to meet changing market conditions by hiring flexible employees who desire a dynamic setting. We also include a discussion of how Coca Cola is leveraging data analytics to produce orange juice that is consistent over time and can be tailored to meet local market tastes.
· Chapter 4 discusses research that has found that millennials have a different definition of diversity and inclusion than prior generations. That is, millennials look upon diversity as the blending of different backgrounds, experiences, and perspectives within a team, i.e., cognitive diversity. Earlier generations—the X-Generation and the Boomer Generation— tended to view diversity as a representation of fairness and protection for all regardless of gender, race, religion, etc. An important implication is that while many millennials believe that differences of opinion enable teams to excel, relatively few of them feel that their leaders share this perspective. The chapter also provides a detailed example of how data analytics can increase employee retention.
· Chapter 5 examines how firms can create strong competitive positions in platform markets. In platform markets, firms act as intermediaries between buyers and sellers. Success is largely based on the ability of the firm to be the de facto provider of this matching process. We discuss several actions firms can take to stake out a leadership position in these markets. In addition, we include a discussion of research outlining how firms can develop organizational structures and policies to draw on customer interactions to improve their innovativeness. The key finding from this research is that it is critical for firms to empower and incent front line employees to look for and share innovative insights they take away from customer interactions.
· Chapter 6 includes a section on different forms of strategic alliances and when they are most appropriate. In discussing the differences between contractual alliances, equity alliances, and joint ventures, students can better understand the range of options they
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have to build cooperative arrangements with other firms and the factors that influence the choice among these options.
· Chapter 7 explains two important areas in which culture can play a key role in managing organizations across national boundaries. First, we discuss situations in which it is best to not adapt one’s company culture—even if it conflicts with the culture country in which the firm operates. We provide the example of Google’s human resource policy of providing employees with lots of positive feedback during performance reviews. Why? Google feels that this is a key reason for its outstanding success in product innovation. Second, we address some of the challenges that managers encounter when they negotiate contracts across national boundaries. We discuss research that identifies several elements of negotiating behaviors that help to identify cultural differences.
· Chapter 8 identifies factors investors can examine when evaluating the risk of crowdfunded ventures. When firms raise funds through crowdfunding, they often have limited business and financial histories and haven’t yet built up a clear reputation. This raises the risks investors face. We identify some factors investors can look into to clarify the worthiness and risk of firms who are raising financial resources through crowdfunding.
· Chapter 9 discusses the increasingly important role that activist investors have in the corporate governance of publicly-traded firms. Activist investors are investors who take small but significant ownership stakes in large firms, typically 5 to 10 percent ownership, and push for major strategic changes in the firm. These activist investors are often successful, winning 70 percent of the shareholder votes they champion and have forced the exit of leaders of several large firms. Additionally, we discuss a corner of Wall Street where women dominate, as corporate governance heads at major institutional investors. These institutional investors hold large blocks of stock in all major corporations. As a result, these female leaders are in a position to push for governance changes in these corporations to make them more responsive to the concerns of investors, such as increasing opportunities for female corporate leaders.
· Chapter 10 discusses how firms can organize to improve their innovativeness. Often managers look to outside partners to learn new skills and access new knowledge to improve their innovative performance. We discuss research that suggests that efforts to look to create novel combinations of knowledge within the firm offer greater potential to generate stronger innovation performance. The key advantage of internal knowledge is that it is proprietary and potentially more applicable to the firm’s innovation efforts.
· Chapter 11 includes discussions of multiple firms that have changed their leadership and control systems to respond to challenges they’ve faced. This includes Marvin Ellison’s efforts to revive JC Penney after prior bad leadership, Target’s efforts to change its supply chain system to meet changing customer demands, and the decision procedures JC Johnson Inc. has put in place to improve its ability to lead its industry in sustainability efforts.
· Chapter 12 highlights the potential to learn from innovation failures. Too often, firms become risk averse in their behavior in order to avoid failure. We discuss how this can result in missing truly innovative opportunities. Drawing off research by Julian Birkinshaw, we discuss the need for firms to get their employees to take bold innovation actions and steps firms can take to learn from failed innovation efforts to be more effective in future innovation efforts. We also discuss research on the consequences of losing star innovation employees. Firms worry about the loss of key innovation personnel, but research shows that while there are costs associated with the loss of star
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innovators, there are also potential benefits. Firms that lose key innovators typically experience a loss in exploitation-oriented innovation, but they also often see an increase in exploration-oriented innovation.
· Chapter 13 provides an example of how the College of Business Administration at Towson University successfully introduced a “live” business case completion across all of it strategic management sections. The “description” and the “case completion checklist” includes many of the elements of the analysis-decision-action cycle in case analysis that we address in the chapter.
· Chapter 13 updates our Appendix: Sources of Company and Industry Information. Here, we owe a big debt to Ruthie Brock and Carol Byrne, library professionals at the University of Texas at Arlington. These ladies have provided us with comprehensive and updated information for the Ninth Edition that is organized in a range of issues. These include competitive intelligence, annual report collections, company rankings, business websites, and strategic and competitive analysis. Such information is invaluable in analyzing companies and industries. We are always amazed by the diligence, competence—and good cheer—that Ruthie and Carol demonstrate when we impose on them every two years!
· We have worked hard to further enhance our excellent case package with a major focus on fresh and current cases on familiar firms. · More than half of our cases are author-written (much more than the competition). · We have updated our users favorite cases, creating fresh stories about familiar
companies to minimize instructor preparation time and “maximize freshness” of he content.
· We have added several exciting new cases to the lineup including Blackberry and Ascena (the successor company to Ann Talyor).
· We have also extensively updated 28 familiar cases with the latest news. · Our cases are familiar yet fresh with new data and problems to solve.
WHAT REMAINS THE SAME: KEY FEATURES OF EARLIER EDITIONS Let’s now briefly address some of the exciting features that remain from the earlier editions.
· Traditional organizing framework with three other chapters on timely topics. Crisply written chapters cover all of the strategy bases and address contemporary topics. First, the chapters are divided logically into the traditional sequence: strategy analysis, strategy formulation, and strategy implementation. Second, we include three chapters on such timely topics as intellectual capital/knowledge management, entrepreneurial strategy and competitive dynamics, and fostering corporate entrepreneurship and new ventures.
· “Learning from Mistakes” chapter-opening cases. To enhance student interest, we begin each chapter with a case that depicts an organization that has suffered a dramatic performance drop, or outright failure, by failing to adhere to sound strategic management concepts and principles. We believe that this feature serves to underpin the value of the concepts in the course and that it is a preferred teaching approach to merely providing examples of outstanding companies that always seem to get it right. After all, isn’t it better (and more challenging) to diagnose problems than admire perfection? As Dartmouth’s Sydney Finkelstein, author of Why Smart Executives Fail,
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notes: “We live in a world where success is revered, and failure is quickly pushed to the side. However, some of the greatest opportunities to learn—for both individuals and organizations—come from studying what goes wrong.”* We’ll see how, for example, why Frederica Marchionni, the CEO that Land’s End hired in 2015, failed to spearhead the revival of the brand. Her initiatives geared toward taking the brand upscale turned out to be too much of a shock to the firm’s customer base as well as the firm’s family culture and wholesome style. As noted by a former executive, “It doesn’t look like Land’s End anymore. There was never the implication that if you wore Lands’ End you’d be on the beach on Nantucket living the perfect life.” We’ll also explore the bankruptcy of storied law firm Dewey & LeBoeuf LLP. Their failure can be attributed to three major issues: a reliance on borrowed money, making large promises about compensation to incoming partners (which didn’t sit well with their existing partners!), and a lack of transparency about the firm’s financials.
· “Issue for Debate” at the end of each chapter. We find that students become very engaged (and often animated!) in discussing an issue that has viable alternate points of view. It is an exciting way to drive home key strategy concepts. For example, in Chapter 1, Seventh Generation is faced with a dilemma that confronts their values and they must decide whether or not to provide their products to some of their largest customers. At issue: While they sympathize (and their values are consistent) with the striking workers at the large grocery chains, should they cross the picket lines? In Chapter 4, we discuss an issue that can be quite controversial: Does offering financial incentives to employees to lose weight actually work? We will explain a study by professors and medical professionals who conducted a test to explore this issue. And, in Chapter 7, we address Medtronic’s decision to acquire Covidien, an Irish-based medical equipment manufacturer for $43 billion. Its primary motive: Lower its taxes by moving its legal home to Ireland—a country that has lower rates of taxation on corporations. Some critics may see such a move as unethical and unpatriotic. Others would argue that it will help the firm save on taxes and benefit their shareholders.
· “Insights from Research.” We include six of this feature in the Ninth Edition—and half of them are entirely new. Here, we summarize key research findings on a variety of issues and, more importantly, address their relevance for making organizations (and managers!) more effective. For example, in Chapter 2 we discuss findings from a meta- analysis (research combining many individual studies) to debunk several myths about older workers—a topic of increasing importance, given the changing demographics in many developed countries. In Chapter 4, we address a study that explored the viability of re-hiring employees who had previously left the organizations. Such employees, called “boomerangs” may leave an organization for several reasons and such reasons may strongly influence their willingness to return to the organization. In Chapter 5, we summarize a study that looked at how firms can improve their innovativeness by drawing on interactions with customers but only if the firm empowers front line employees to lead innovative efforts and provides incentives to motivate employees to do so. In Chapter 10, we discuss research on firms in transition economies that found firms which learn from both external partners and by spanning boundaries within the firm can improve their innovation. However, learning between units within the firm produced higher innovation performance.
*Personal Communication, June 20, 2005.
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· “Reflecting on Career Implications. . .” We provide insights that are closely aligned with and directed to three distinct issues faced by our readers: prepare them for a job interview (e.g., industry analysis), help them with current employers or their career in general, or help them find potential employers and decide where to work. We believe this will be very valuable to students’ professional development.
· Consistent chapter format and features to reinforce learning. We have included several features in each chapter to add value and create an enhanced learning experience. First, each chapter begins with an overview and a list of key learning objectives. Second, as previously noted, the opening case describes a situation in which a company’s performance eroded because of a lack of proper application of strategy concepts. Third, at the end of each chapter there are four different types of questions/exercises that should help students assess their understanding and application of material:
1. Summary review questions. 2. Experiential exercises. 3. Application questions and exercises. 4. Ethics questions.
Given the centrality of online systems to business today, each chapter contains at least one exercise that allows students to explore the use of the web in implementing a firm’s strategy.
· Key Terms. Approximately a dozen key terms for each chapter are identified in the margins of the pages. This addition was made in response to reviewer feedback and improves students’ understanding of core strategy concepts.
· Clear articulation and illustration of key concepts. Key strategy concepts are introduced in a clear and concise manner and are followed by timely and interesting examples from business practice. Such concepts include value-chain analysis, the resource- based view of the firm, Porter’s five-forces model, competitive advantage boundaryless organizational designs, digital strategies, corporate governance, ethics, data analytics, and entrepreneurship.
· Extensive use of sidebars. We include 64 sidebars (or about five per chapter) called “Strategy Spotlights.” The Strategy Spotlights not only illustrate key points but also increase the readability and excitement of new strategy concepts.
· Integrative themes. The text provides a solid grounding in ethics, globalization, environmental substainability, and technology. These topics are central themes throughout the book and form the basis for many of the Strategy Spotlights.
· Implications of concepts for small businesses. Many of the key concepts are applied to start-up firms and smaller businesses, which is particularly important since many students have professional plans to work in such firms.
· Not just a textbook but an entire package. Strategic Management features the best chapter teaching notes available today. Rather than merely summarizing the key points in each chapter, we focus on value-added material to enhance the teaching (and learning) experience. Each chapter includes dozens of questions to spur discussion, teaching tips, in-class group exercises, and about a dozen detailed examples from business practice to provide further illustrations of key concepts.
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TEACHING RESOURCES Instructor’s Manual (IM) Prepared by the textbook authors, along with valued input from our strategy colleagues, the accompanying IM contains summary/objectives, lecture/discussion outlines, discussion questions, extra examples not included in the text, teaching tips, reflecting on career implications, experiential exercises, and more.
Test Bank Revised by Christine Pence of the University of California-Riverside, the test bank contains more than 1,000 true/false, multiple-choice, and essay questions. It is tagged with learning objectives as well as Bloom’s Taxonomy and AACSB criteria.
· Assurance of Learning Ready. Assurance of Learning is an important element of many accreditation standards. Dess 9e is designed specifically to support your Assurance of Learning initiatives. Each chapter in the book begins with a list of numbered learning objectives that appear throughout the chapter. Every test bank question is also linked to one of these objectives, in addition to level of difficulty, topic area, Bloom’s Taxonomy level, and AACSB skill area. EZ Test, McGraw-Hill’s easy-to-use test bank software, can search the test bank by these and other categories, providing an engine for targeted Assurance of Learning analysis and assessment.
· AACSB Statement. The McGraw-Hill Companies is a proud corporate member of AACSB International. Understanding the importance and value of AACSB accreditation, Dess 9e has sought to recognize the curricula guidelines detailed in the AACSB standards for business accreditation by connecting selected questions in Dess 9e and the test bank to the general knowledge and skill guidelines found in the AACSB standards. The statements contained in Dess 9e are provided only as a guide for the users of this text. The AACSB leaves content coverage and assessment within the purview of individual schools, the mission of the school, and the faculty. While Dess 9e and the teaching package make no claim of any specific AACSB qualification or evaluation, we have labeled selected questions within Dess 9e according to the six general knowledge and skills areas.
· Computerized Test Bank Online. A comprehensive bank of test questions is provided within a computerized test bank powered by McGraw-Hill’s flexible electronic testing program, EZ Test Online (www.eztestonline.com). EZ Test Online allows you to create paper and online tests or quizzes in this easy-to-use program. Imagine being able to create and access your test or quiz anywhere, at any time, without installing the testing software! Now, with EZ Test Online, instructors can select questions from multiple McGraw-Hill test banks or author their own and then either print the test for paper distribution or give it online.
· Test Creation. · Author/edit questions online using the 14 different question-type templates. · Create printed tests or deliver online to get instant scoring and feedback. · Create question pools to offer multiple versions online—great for practice. · Export your tests for use in WebCT, Blackboard, and Apple’s iQuiz. · Compatible with EZ Test Desktop tests you’ve already created. · Sharing tests with colleagues, adjuncts, TAs is easy.
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· Online Test Management. · Set availability dates and time limits for your quiz or test. · Control how your test will be presented. · Assign points by question or question type with drop-down menu. · Provide immediate feedback to students or delay until all finish the test. · Create practice tests online to enable student mastery. · Your roster can be uploaded to enable student self-registration.
· Online Scoring and Reporting. · Automated scoring for most of EZ Test’s numerous question types. · Allows manual scoring for essay and other open response questions. · Manual rescoring and feedback are also available. · EZ Test’s grade book is designed to easily export to your grade book. · View basic statistical reports.
· Support and Help. · User’s guide and built-in page-specific help. · Flash tutorials for getting started on the support site. · Support website: www.mhhe.com/eztest. · Product specialist available at 1-800-331-5094. · Online training: http://auth.mhhe.com/mpss/workshops/.
PowerPoint Presentation Prepared by Pauline Assenza of Western Connecticut State University, it consists of more than 400 slides incorporating an outline for the chapters tied to learning objectives. Also included are instructor notes, multiple-choice questions that can be used as Classroom Performance System (CPS) questions, and additional examples outside the text to promote class discussion.
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The Business Strategy Game and GLO-BUS Online Simulations Both allow teams of students to manage companies in a head-to-head contest for global market leadership. These simulations give students the immediate opportunity to experiment with various strategy options and to gain proficiency in applying the concepts and tools they have been reading about in the chapters. To find out more or to register, please visit www.mhhe.com/ thompsonsims.
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right in Blackboard. Whether you’re choosing a book for your course or building Connect assignments, all the tools you need are right where you want them—inside Blackboard.
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ACKNOWLEDGMENTS Strategic Management represents far more than just the joint efforts of the three co-authors. Rather, it is the product of the collaborative input of many people. Some of these individuals are academic colleagues, others are the outstanding team of professionals at McGraw-Hill, and still others are those who are closest to us—our families. It is time to express our sincere gratitude.
First, we’d like to acknowledge the dedicated instructors who have graciously provided their insights since the inception of the text. Their input has been very helpful in both pointing out errors in the manuscript and suggesting areas that needed further development as additional topics. We sincerely believe that the incorporation of their ideas has been critical to improving the final product. These professionals and their affiliations are:
The Reviewer Hall of Fame Moses Acquaah, University of North Carolina-Greensboro Todd Alessandri, Northeastern University Larry Alexander, Virginia Polytechnic Institute Thomas H. Allison, Washington State University Brent B. Allred, College of William & Mary
Allen C. Amason, Georgia Southern University Kathy Anders, Arizona State University Jonathan Anderson, University of West Georgia Peter H. Antoniou, California State University- San Marcos Dave Arnott, Dallas Baptist University
Marne L. Arthaud-Day, Kansas State University Dr. Bindu Arya, University of Missouri— St. Louis Jay A. Azriel, York College of Pennsylvania Jeffrey J. Bailey, University of Idaho David L. Baker, PhD, John Carroll University
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Dennis R. Balch, University of North Alabama Bruce Barringer, University of Central Florida Barbara R. Bartkus, Old Dominion University Barry Bayon, Bryant University Brent D. Beal, Louisiana State University Dr. Patricia Beckenholdt, Business and Professional Programs, University of Maryland, University College Joyce Beggs, University of North Carolina-Charlotte Michael Behnam, Suffolk University Kristen Bell DeTienne, Brigham Young University Eldon Bernstein, Lynn University Lyda Bigelow, University of Utah David Blair, University of Nebraska at Omaha Daniela Blettner, Tilburg University Dusty Bodie, Boise State University William Bogner, Georgia State University David S. Boss, PhD, Ohio University Scott Browne, Chapman University Jon Bryan, Bridgewater State College
Charles M. Byles, Virginia Commonwealth University
Mikelle A. Calhoun, Valparaiso University
Thomas J. Callahan, University of Michigan–Dearborn
Samuel D. Cappel, Southeastern Louisiana State University
Gary Carini, Baylor University
Shawn M. Carraher, University of Texas–Dallas
Tim Carroll, University of South Carolina Don Caruth, Amberton University
Maureen Casile, Bowling Green State University
Gary J. Castrogiovanni, Florida Atlantic University
Radha Chaganti, Rider University
Erick PC Chang, Arkansas State University
Tuhin Chaturvedi, Joseph M. Katz Graduate School of Business, University of Pittsburgh
Jianhong Chen, University of New Hampshire
Tianxu Chen, Oakland University
Andy Y. Chiou, SUNY Farmingdale State College
Theresa Cho, Rutgers University
Timothy S. Clark, Northern Arizona University
Bruce Clemens, Western New England College
Betty S. Coffey, Appalachian State University
Wade Coggins, Webster University-Fort Smith Metro Campus
Susan Cohen, University of Pittsburgh
George S. Cole, Shippensburg University
Joseph Coombs, Virginia Commonwealth University
Christine Cope Pence, University of California-Riverside
James J. Cordeiro, SUNY Brockport Stephen E. Courter, University of Texas at Austin
Jeffrey Covin, Indiana University
Keith Credo, Auburn University
Joshua J. Daspit, PhD, Mississippi State University
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Helen Deresky, State University of New York-Plattsburgh Rocki-Lee DeWitt, University of Vermont Jay Dial, Ohio State University Michael E. Dobbs, Arkansas State University Jonathan Doh, Villanova University Dr. John Donnellan, NJCU School of Business Tom Douglas, Clemson University Jon Down, Oregon State University Meredith Downes, Illinois State University Alan E. Ellstrand, University of Arkansas Dean S. Elmuti, Eastern Illinois University Clare Engle, Concordia University Mehmet Erdem Genc, Baruch College, CUNY Tracy Ethridge, Tri-County Technical College William A. Evans, Troy State University-Dothan Frances H. Fabian, University of Memphis Angelo Fanelli, Warrington College of Business Michael Fathi, Georgia Southwestern University Carolyn J. Fausnaugh, Florida Institute of Technology
Tamela D. Ferguson, University of Louisiana at Lafayette
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Isaac Fox, University of Minnesota
Charla S. Fraley, Columbus State Community College–Columbus, Ohio
Deborah Francis, Brevard College
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Vance Fried, Oklahoma State University
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Joe Gerard, Western New England University
J. Michael Geringer, Ohio University
Diana L. Gilbertson, California State University–Fresno
Matt Gilley, St. Mary’s University
Debbie Gilliard, Metropolitan State College-Denver
Yezdi H. Godiwalla, University of Wisconsin–Whitewater
Sanjay Goel, University of Minnesota-Duluth
Sandy Gough, Boise State University
Amy Gresock, PhD The University of Michigan, Flint
Vishal K. Gupta, The University of Mississippi
Dr. Susan Hansen, University of Wisconsin–Platteville
Allen Harmon, University of Minnesota–Duluth
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Stephen V. Horner, Pittsburg State University Jill Hough, University of Tulsa John Humphreys, Eastern New Mexico University James G. Ibe, Morris College Jay J. Janney, University of Dayton Lawrence Jauch, University of Louisiana-Monroe Dana M. Johnson, Michigan Technical University Homer Johnson, Loyola University, Chicago Marilyn R. Kaplan, Naveen Jindal School of Management, University of Texas–Dallas James Katzenstein, California State University– Dominguez Hills Joseph Kavanaugh, Sam Houston State University Franz Kellermanns, University of Tennessee Craig Kelley, California State University-Sacramento Donna Kelley, Babson College Dave Ketchen, Auburn University John A. Kilpatrick, Idaho State University Dr. Jaemin Kim, Stockton University Brent H. Kinghorn, Emporia State University
Helaine J. Korn, Baruch College, CUNY Stan Kowalczyk, San Francisco State University Daniel Kraska, North Central State College Donald E. Kreps, Kutztown University Jim Kroeger, Cleveland State University Subdoh P. Kulkarni, Howard University Ron Lambert, Faulkner University Theresa Lant, New York University Jai Joon Lee, California State University Sacramento Ted Legatski, Texas Christian University David J. Lemak, Washington State University–Tri-Cities Cynthia Lengnick-Hall, University of Texas at San Antonio Donald L. Lester, Arkansas State University Wanda Lester, North Carolina A&T State University Krista B. Lewellyn, University of Wyoming Benyamin Lichtenstein, University of Massachusetts at Boston Jun Lin, SUNY at New Paltz Zhiang (John) Lin, University of Texas at Dallas
Dan Lockhart, University of Kentucky John Logan, University of South Carolina Franz T. Lohrke, Samford University Kevin B. Lowe, Graduate School of Management, University of Auckland Leyland M. Lucas, Morgan State University Doug Lyon, Fort Lewis College Rickey Madden, PhD, Presbyterian College James Maddox, Friends University Ravi Madhavan, University of Pittsburgh Paul Mallette, Colorado State University Santo D. Marabella, Moravian College Catherine Maritan, Syracuse University Daniel Marrone, Farmingdale State College, SUNY Sarah Marsh, Northern Illinois University Jim Martin, Washburn University John R. Massaua, University of Southern Maine Hao Ma, Bryant College Larry McDaniel, Alabama A&M University Jean McGuire, Louisiana State University
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Abagail McWilliams, University of Illinois-Chicago Ofer Meilich, California State University– San Marcos
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Annette L. Ranft, North Carolina State University Abdul Rasheed, University of Texas at Arlington Devaki Rau, Northern Illinois University George Redmond, Franklin University Kira Reed, Syracuse University Clint Relyea, Arkansas State University Barbara Ribbens, Western Illinois University Maurice Rice, University of Washington Violina P. Rindova, University of Texas–Austin Ron Rivas, Canisius College David Robinson, Indiana State University–Terre Haute Kenneth Robinson, Kennesaw State University Simon Rodan, San Jose State University Patrick R. Rogers, North Carolina A&T State University John K. Ross III, Texas State University–San Marcos Robert Rottman, Kentucky State University Matthew R. Rutherford, Gonzaga University Carol M. Sanchez, Grand Valley State University Doug Sanford, Towson University
William W. Sannwald, San Diego State University Yolanda Sarason, Colorado State University Marguerite Schneider, New Jersey Institute of Technology Roger R. Schnorbus, University of Richmond Terry Sebora, University of Nebraska–Lincoln John Seeger, Bentley College Jamal Shamsie, Michigan State University Mark Shanley, University of Illinois at Chicago Ali Shahzad, James Madison University Lois Shelton, California State University–Northridge Herbert Sherman, Long Island University Weilei Shi, Baruch College, CUNY Chris Shook, Auburn University Jeremy Short, University of Oklahoma Mark Simon, Oakland University– Michigan Rob Singh, Morgan State University Bruce Skaggs, University of Massachusetts Lise Anne D. Slattern, University of Louisiana at Lafayette
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Linda Teagarden, Virginia Tech Bing-Sheng Teng, George Washington University Alan Theriault, University of California–Riverside Tracy Thompson, University of Washington–Tacoma Karen Torres, Angelo State University Mary Trottier, Associate Professor of Management, Nichols College Robert Trumble, Virginia Commonwealth University Francis D. (Doug) Tuggle, Chapman University K.J. Tullis, University of Central Oklahoma Craig A. Turner, PhD, East Tennessee State University Beverly Tyler, North Carolina State University
Rajaram Veliyath, Kennesaw State University S. Stephen Vitucci, Tarleton State University– Central Texas Jay A. Vora, St. Cloud State University Valerie Wallingford, Ph.D., Bemidji State University Jorge Walter, Portland State University Bruce Walters, Louisiana Tech University Edward Ward, St. Cloud State University N. Wasilewski, Pepperdine University Andrew Watson, Northeastern University Larry Watts, Stephen F. Austin University Marlene E. Weaver, American Public University System Paula S. Weber, St. Cloud State University Kenneth E. A. Wendeln, Indiana University
Robert R. Wharton, Western Kentucky University Laura Whitcomb, California State University-Los Angeles Scott Williams, Wright State University Ross A. Wirth, Franklin University Gary Wishniewsky, California State University East Bay Diana Wong, Bowling Green State University Beth Woodard, Belmont University John E. Wroblewski, State University of New York-Fredonia Anne York, University of Nebraska- Omaha Michael Zhang, Sacred Heart University Monica Zimmerman, Temple University
Second, we would like to thank the people who have made our two important “features” possible. The information found in our six “Insights from Research” was provided courtesy of www.businessminded.com, an organization founded by K. Matthew Gilley, PhD (St. Mary’s University) that transforms empirical management research into actionable insights for business leaders. We appreciate Matt’s graciousness and kindness in helping us out. And, of course, our “Executive Insights: The Strategic Management Process” would not have been possible without the gracious participation of Admiral William H. McRaven, Retired who is presently Chancellor of the University of Texas System, and Jana Pankratz, Executive Director.
Third, the authors would like to thank several faculty colleagues who were particularly helpful in the review, critique, and development of the book and supplementary materials. Greg’s and Sean’s colleagues at the University of Texas at Dallas also have been helpful and supportive. These individuals include Mike Peng, Joe Picken, Kumar Nair, John Lin, Larry
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Chasteen, Tev Dalgic, and Livia Markoczy. His administrative assistant, Shalonda Hill, has been extremely helpful. Four doctoral students, Brian Pinkham, Steve Sauerwald, Kyun Kim, and Canan Mutlu, have provided many useful inputs and ideas. He also appreciates the support of his dean and associate dean, Hasan Pirkul and Varghese Jacob, respectively. Greg wishes to thank a special colleague, Abdul Rasheed at the University of Texas at Arlington, who certainly has been a valued source of friendship and ideas for us for many years. He provided many valuable contributions to the Ninth Edition. Gerry thanks all of his colleagues at Michigan State University for their help and support over the years. He also thanks his mentor, Phil Bromiley, as well as the students and former students he has had the pleasure of working with, including Cindy Devers, Federico Aime, Mike Mannor, Bernadine Dykes, Mathias Arrfelt, Kalin Kolev, Seungho Choi, Danny Gamache, and Adam Steinbach. Alan thanks his colleagues at Pace University and the Case Association for their support in developing these fine case selections. Special thanks go to Jamal Shamsie at Michigan State University for his support in developing the case selections for this edition.
Fourth, we would like to thank the team at McGraw-Hill for their outstanding support throughout the entire process. As we work on the book through the various editions, we always appreciate their hard work and recognize how so many people “add value” to our final package. This began with John Biernat, formerly publisher, who signed us to our original contract. He was always available to us and provided a great deal of support and valued input throughout several editions. Presently, in editorial, Susan Gouijnstook, managing director, director Mike Ablassmeir, senior product developers Anne Ehrenworth and Katharine Glynn (of Piper Editorial) kept things on track, responded quickly to our seemingly endless needs and requests, and offered insights and encouragement. We appreciate their expertise—as well as their patience! Once the manuscript was completed and revised, content project manager Harvey Yep expertly guided it through the content and assessment production process. Matt Diamond provided excellent design and artwork guidance. We also appreciate executive marketing manager Debbie Clare and marketing coordinator Brittany Berholdt for their energetic, competent, and thorough marketing efforts. Last, but certainly not least, we thank MHE’s 70-plus outstanding book reps—who serve on the “front lines”—as well as many in-house sales professionals based in Dubuque, Iowa. Clearly, they deserve a lot of credit (even though not mentioned by name) for our success.
Fifth, we acknowledge the valuable contributions of many of our strategy colleagues for their excellent contributions to our supplementary and digital materials. Such content really adds a lot of value to our entire package! We are grateful to Pauline Assenza at Western Connecticut State University for her superb work on case teaching notes as well as chapter and case PowerPoints. Justin Davis, University of West Florida, along with Noushi Rahman, Pace University, deserve our thanks for their hard work in developing excellent digital materials for Connect. Thanks also goes to Noushi Rahman for developing the Connect IM that accompanies this edition of the text. And, finally, we thank Christine Pence, University of California-Riverside, for her important contributions in revising our test bank and chapter quizzes, and Todd Moss, Oregon State University, for his hard work in putting together an excellent set of videos online, along with the video grid that links videos to chapter material.
Finally, we would like to thank our families. For Greg this includes his parents, William and Mary Dess, who have always been there for him. His wife, Margie, and daughter, Taylor, have been a constant source of love and companionship. His father, a career U. S. Air Force pilot took his “final flight” on May 22, 2015. Truly a member of Tom Brokaw’s “Greatest Generation,” he completed flight school before his 21st birthday and flew nearly 30 missions over Japan in World War II as a B-29 bomber pilot before he turned 23. His wife, five children, and several
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