Strategic Management 3rd Edition
Strategic Management is a research- and application-based strategy text that covers issues facing managers in a globalized and turbulent 21st century. When the first edition published, the market response was overwhelmingly enthusiastic, and I was grateful for the strong vote of confidence. When the second edition published, the enthusiasm was even greater; I remain ever grateful for the sustained support. In this third edition, I build upon the unique strengths of the text and continue to add improvements based upon hundreds of insightful reviews and important feedback from professors, students, and professionals.
The strategy textbook market has long been separated into two overarching categories: traditional, application-based and research-based. Traditional, application-based strategy books represent the first-generation texts whose first editions were published in the 1980s. The research-based strategy books represent the second-generation texts whose first editions were published in the 1990s. This text represents a new category of strategy textbook—a third-generation text that combines the student accessible, applicationoriented framework of the first generation texts with the research-based framework of the second-generation texts. It integrates core concepts, frameworks, and analysis techniques in strategy with functional course offerings; it also aims to help students become managers capable of making well-reasoned strategic decisions.
To facilitate an enjoyable and refreshing reading experience that enhances learning, I synthesize and integrate theory, empirical research, and practical applications with current real-world examples. This approach and emphasis on real-world examples offers students a learning experience that uniquely combines rigor and relevance. As Dr. John Media of the University of Washington’s School of Medicine and life long researcher on how the mind organizes information, explains: How does one communicate meaning in such a fashion that learning is improved? A simple trick involves the liberal use of relevant real-world examples, thus peppering main learning points with meaningful experiences. . . . Numerous studies show this works. . . . The greater the number of examples . . . the more likely the students were to remember the information.
It’s best to use real-world situations familiar to the learner. . . . Examples work because they take advantage of the brain’s natural predilection for pattern matching. Information is more readily processed if it can be immediately associated with information already present in the brain. We compare the two inputs, looking for similarities and differences as we encode the new information. Providing examples is the cognitive equivalent of adding more handles to the door. [The more handles one creates at the moment of learning, the more likely the information can be accessed at a later date.] Providing examples makes the information more elaborative, more complex, better encoded, and therefore better learned.* Strategic Management brings theory to life via examples that cover products and services from companies with which students are familiar, such as Facebook, Google, Starbucks, Apple, and Uber. Use of such examples aids in making strategy relevant to students’ lives and helps them internalize strategy concepts and frameworks.
The hallmark features of this text continue to be:
■ Use of a holistic Analysis, Formulation, and Implementation (AFI) Strategy Framework.
■ Synthesis and integration of empirical research and practical applications combined with relevant strategy material to focus on what is important for the student and why it is important.
■ Comprehensive but concise presentation of core concepts, frameworks, and techniques.
■ Combination of traditional and contemporary strategy concepts.
■ Up-to-date examples and discussion of current topics within a global context.
■ Stand-alone chapter on competitive advantage, including a focus on triple bottom line and sustainability.
■ Direct applications of strategy to careers and lives (including the popular myStrategy modules at the end of each chapter).
■ Inclusion of Strategy Term Project (end-of-chapter) and interactive Running Case on HP (in Connect).
■ Industry-leading digital delivery options and adaptive learning systems (Create, SmartBook, LearnSmart, and Connect)
■ High-quality Cases, well integrated with textbook chapters and standardized, highquality teaching notes; there are two types of cases:
■ ChapterCases begin and end each chapter, framing the chapter topic and content.
■ 28 MiniCases (Part 4 of the book), all based on original research, provide dynamic opportunities for students to apply strategy concepts by assigning them as add-ons to chapters, either as individual assignments or as group work, or by using them for class discussion.
I have taken pride in authoring all of the ChapterCases, Strategy Highlights, and MiniCases. This additional touch allows quality control and ensures that chapter content and cases use one voice and are closely interconnected. Both types of case materials come with sets of questions to stimulate class discussion or provide guidance for written assignments. The instructor resources offer sample answers that apply chapter content to the cases.
In addition to these in-text cases, 21 full-length cases, authored or co-authored by me specifically to accompany this textbook, are available through McGraw-Hill’s custompublishing Create program (www.McGrawHillCreate.com/Rothaermel). Full-length cases New to the third edition are: Delta, General Electric, and Google. Popular cases about Apple, Amazon.com, IBM, Facebook, McDonald’s, Tesla Motors, and Better World Books among several others are significantly updated and revised. Robust and standardized case teaching notes are also available and accessible through Create; financial data for these cases may be accessed from the Instructor Resource site on Connect
CONTENTS IN BRIEF
PART ONE / ANALYSIS 2
CHAPTER 1 What Is Strategy? 4
CHAPTER 2 Strategic Leadership: Managing the Strategy Process 32
CHAPTER 3 External Analysis: Industry Structure, Competitive Forces, and Strategic
CHAPTER 4 Internal Analysis: Resources, Capabilities, and Core Competencies 104
CHAPTER 5 Competitive Advantage, Firm Performance, and Business Models 140
PART TWO / FORMULATION 172
CHAPTER 6 Business Strategy: Differentiation, Cost Leadership, and Blue Oceans 174
CHAPTER 7 Business Strategy: Innovation and Entrepreneurship 208
CHAPTER 8 Corporate Strategy: Vertical Integration and Diversification 252
CHAPTER 9 Corporate Strategy: Strategic Alliances, Mergers and Acquisitions 294
CHAPTER 10 Global Strategy: Competing Around the World 326
PART THREE / IMPLEMENTATION 362
CHAPTER 11 Organizational Design: Structure, Culture, and Control 364
CHAPTER 12 Corporate Governance and Business Ethics 400
PART FOUR / MINICASES 427
HOW TO CONDUCT A CASE ANALYSIS 516
PART FIVE / FULL-LENGTH CASES All available through McGraw-Hill Create,
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