Chapter #8 - Chapter 8 Corporate Strategy and Corporate...

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Chapter 8 Corporate Strategy and Corporate Strategy and Entrepreneurship Entrepreneurship Copyright (c) 2007 by Donald F. Kuratko All rights reserved.
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E The Changing Landscape The contemporary business environment can be characterized in terms of increasing risk, decreased ability to forecast, fluid firm and industry boundaries, a managerial mindset that must unlearn traditional management principles, and new structural forms that not only allow for change but also help create it.
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E The Changing Landscape This new landscape can be described in terms of four powerful forces: Change Change – the game itself is different! Complexity Complexity – there is simply much more to manage than in the past
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E The Changing Landscape Chaos Chaos – chaos is confusion; the principal managerial implication of chaos theory is that small changes or shocks to the system can have a major impact Contradictions Contradictions – dealing with paradox; managers should embrace contradiction by replacing or with and
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E The Changing Landscape Strategic Inflection Points An inflection point occurs when the old strategic picture dissolves and gives way to the new, allowing the adaptive and proactive business to ascend to new heights Table 8.1 Since the nature of an inflection point is so unpredictable, how can organizations know when the time is right to make changes? “You don’t…but you can’t wait until you do know…timing is everything.”
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E Does the Dominant Logic Fit the Competitive Landscape? Dominant Logic Dominant Logic refers to the way in which managers conceptualize the business and make critical resource allocation decisions. The dominant logic that is optimal for the firm in today’s environment may well be inappropriate for the environment that will exist five years hence.
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E Does the Dominant Logic Fit the Competitive Landscape? One means of creating a dynamic dominant dynamic dominant logic logic is to make entrepreneurship the basis upon which the organization is conceptualized and resources are allocated. As dominant logic, entrepreneurship promotes strategic agility, flexibility, creativity, and continuous innovation throughout the firm.
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E The Role of Strategic Mgt & Corporate Strategy Strategic Management Strategic Management In essence, strategic management is the formulation of long-range plans for the effective management of external opportunities and threats in light of a company’s internal strengths and weaknesses.
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E The Role of Strategic Mgt & Corporate Strategy (cont.) It implies a continuous search for new sources of competitive advantage. It involves looking beyond immediate crises and day- to-day demands and envisioning the market and the firm’s position three, five, and ten years from now.
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E The Role of Strategic Mgt & Corporate Strategy (cont.) Lastly, it implies discipline in identifying a path or position and in ensuring that fellow employees stay focused on the target, while being flexible in the tactical approaches employed.
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