CH01_INSTRUCTORMANUAL_HIH9E - Chapter 1: Strategic...

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Chapter 1: Strategic Management and Strategic Competitiveness Chapter 1 Strategic Management and Strategic Competitiveness KNOWLEDGE OBJECTIVES 1. Define strategic competitiveness, strategy, competitive advantage, above-average returns, and the strategic management process. 2. Describe the competitive landscape and explain how globalization and technological changes shape it. 3. Use the industrial organization (I/O) model to explain how firms can earn above-average returns. 4. Use the resource-based model to explain how firms can earn above average-returns. 5. Describe vision and mission and discuss their value. 6. Define stakeholders and describe their ability to influence organizations. 7. Describe the work of strategic leaders. 8. Explain the strategic management process. CHAPTER OUTLINE Opening Case McDonald’s Corporation: Firing on all Cylinders While Preparing for the Future Strategic Focus Circuit City: A Tale of Ineffective Strategy Implementation and Firm Failure THE COMPETITIVE LANDSCAPE The Global Economy Technology and Technological Changes THE I/O MODEL OF ABOVE-AVERAGE RETURNS THE RESOURCE-BASED MODEL OF ABOVE-AVERAGE RETURNS VISION AND MISSION Vision Mission Strategic Focus Effective Vision and Mission Statements: Why Firms Need Them STAKEHOLDERS Classifications of Stakeholders STRATEGIC LEADERS The Work of Effective Strategic Leaders Predicting Outcomes of Strategic Decisions: Profit Pools THE STRATEGIC MANAGEMENT PROCESS SUMMARY REVIEW QUESTIONS EXPERIENTIAL EXERCISES VIDEO CASE NOTES 1-1
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Chapter 1: Strategic Management and Strategic Competitiveness LECTURE NOTES Chapter Introduction: You may want to begin this lecture with a general comment that Chapter 1 provides an overview of the strategic management process. In this chapter, the authors introduce a number of key terms and models that students will study in more detail in Chapters 2 through 13. Stress the importance of students paying careful attention to the concepts introduced in this chapter so that they are well-grounded in strategic management concepts before proceeding further. OPENING CASEMcDonald’s Corporation: Firing on all Cylinders While Preparing for the Future The opening case illustrates how McDonald’s has been able to create value for its stakeholders during the global recession that started in 2008. McDonald’s was one of only two Dow Jones Industrial Average stocks to end 2008 with a gain. However, as recently as 2003 the company was a marginal performer and analysts had concluded that it looked obsolete as it failed to notice changes in its customers’ interests and needs. McDonald’s turnaround is attributed to shifts in both its business-level strategies (to address customer considerations) and corporate-level strategies. From a business-level perspective it focused more on product innovations and upgrades of its existing properties. It listened to its customers who were demanding more value for their dollar, healthier products, and improved convenience. And, they have
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This note was uploaded on 10/21/2011 for the course ACCOUNTING 101 taught by Professor Fenjimo during the Spring '11 term at College of Southern Idaho.

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CH01_INSTRUCTORMANUAL_HIH9E - Chapter 1: Strategic...

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