PREFACE
INTRODUCTION
HOW TO ANALYZE A BUSINESS POLICY CASE
WHAT IS A BUSINESS POLICY CASE?
GUIDELINES FOR PREPARING CASE ANALYSES
The Need for Practicality ?The Need for
Justification ?The Need for Realism
?The Need for Specificity ?TheNeedfor
Originality ?The Need to Contribute
PREPARING A CASE FOR CLASS DlSCUSSlON
The Case Method Versus Lecture Approach
?The Cross-Examination
PREPARING A WRITTEN CASE ANALYSIS
The Executive Summary ?The Comprehensive
Written Analysis ?Steps in Preparing a
Comprehensive Written Analysis
MAKING AN ORAL PRESENTATION
Organizing the Presentation ?Controlling Your
Voice ?Managing Body Language
?Speaking from Notes ?Constructing Visual
Aids ?Answering Questions
FlFTY TlPS FOR SUCCESS IN CASE ANALYSIS
INSTRUCTIONS FOR USING THE STRATEGY
FORMULATORWD CASEANALYST
SOFTWARE
Making a Backup Copy of the Diskettes
THE STRATEGY FORMULATOR SOFTWARE
The Structure and Function of Strategy Formulator
?Getting Started ?The Save and Load
Routines ?The Print Routine
THE CASEANALYSTSOFTWARE
Contents of the Diskette
PART 1
OVERVIEW OF STRATEGIC
MANAGEMENT
CHAPTER
THE NATURE OF STRATEGIC MANAGEMEINT
WHAT Is STRATEGIC MANAGEMENT?
Defining Strategic Management ?Stages of
Strategic Management ?Integrating Intuition and
Analysis ?Adapting to Change
KEY TERMS IN STRATEGIC MANAGEMENT
Strategists ?Mission Statements ?Extemal
Opportunities and Threats ?Intemal Strengths
and Weaknesses ?Long-Term Objectives
?Strategies ?Annual Objectives Policies
THE STRATEGIC-MANAGEMENT MOOEL
BENEFiTS OF STRATEGIC MANAGEMENT
Financiai Benefits ?Nonfinancial Benefits
BUSINESS ETHICS AND STRATEGIC
MANAGEMENT
COMPARING BUSINESS AND MlLITARY STRATEGY
THE COHESION CASE AND EXPERIENTIAL
EXERCISES
The Cohesion Case: Hershey Foods Corporation--
1996
Experiential Exercise lA
Strategy Analysis for Hershey Foods
Experiential Exercise IB
Developing a Code of Business Ethics for Hershey
Foods
Experiential Exercise IC
The Ethics of Spying on Competitors
Experiential Exercise ID
Strategic Planning for My University
Experiential Exercise lE
Strategic PIanning at a Local Company
CHAPTER 2
STRATEGIES IN ACTION
TYPES OF STRATEGIES
INTEGRATION STRATEGIES
Forward Integration ?Backward Integration
?Horizontal Integration
INTENSIVE STRATEGIES
Market Penetration ?Market Development
?Product Development
DlVERSIFICATION STRATEGIES
Concentric Diversification ?Horizontal
Diversification ?Conglomerate
Diversification
DEFENSIVE STRATEGIES
Joint Venture ?Retrenchment ?Divestiture
?Liquidation ?Combination
GUIOELINES FOR PURSUING STRATEGIES
MERGERS AND LEVERAGED BUYOUTS
Leveraged Buyouts (LBOs)
MlCHAEL PORTER'S GENERIC STRATEGIES
Cost Leadership Strategies ?Differentiation
Strategies ?Focus Strategies ?The Value
Chain ?The Competitive Advantage of
Nations
STRATEGIC MANAGEMENT IN NONPROPIT
GOVERNMENTAL ORGANIZATIONS
Educational Institutions ?Medical
Organizations ?Govemmental Agencies and
Departments
STRATEGIC MANAGEMENT IN SMALL FlRMS
EXPERIENTIAL EXERCISE 2A
WHAT HAPPENED AT HERSHEY FOODS IN
1997?
EXPERIENTIAL EXERCISE 2B
EXAMINING STRATEGY ARTICLES
EXPERIENTIAL EXERCISE 2C
CLASSIFYING 1996 STRATEGIES
EXPERIENTIAL EXERCISE 2D
STRATEGIC MANAGEMENT AT THE DYNAMIC
COMPUTER COMPANY
EXPERIENTIAL EXERCISE 2E
HOW RlSKY ARE VARIOUS ALTERNATIVE
STRATEGIES?
EXPERIENTIAL EXERCISE 2F
DEVELOPING ALTERNATIVE STRATEGIES FOR MY
UNIVERSITY
PART 2
STRATEGY FORMULATION
CHAPTER 3
THEBUSINESSMISSION
WHAT IS OUR BUSINESS?
THE IMPORTANCE OF A CLEAR MlSSION
Vision Versus Mission ?The Process of
Developing a Mission Statement
THE NATURE OF A BUSINESS MlSSION
A Declaration ofAttitude ?A Resolution of
Divergent Views ?A Customer Orientation
?A. Declaration of Social Policy
COMPONENTS OF A MlSSlON STATEMENT
WRITING AND EVALUATING MlSSION
STATEMENTS
EXPERIENTIAL EXERCISE 3A
EVALUATING MlSSION STATEMENTS
EXPERIEN TIAL EXERCISE 3B
WRITING A MlSSION STATEMENT FOR HERSHEY
FOODS
EXPERIENTIAL EXERCISE 3C
WRITING A MlSSION STATEMENT FOR MY
UNIVERSITY
EXPERIENTIAL EXERCISE 3D
CONDUCTING MlSSION STATEMENT
RESEARCH
EXPERIENTIAL EXERCISE 3E
ARE MlSSION STATEMENTS ESOTERIC?
EXPERIENTIAL EXERCISE 3F
USING THE STRATEGY FORMULATOR
SOFTWARE
CHAPTER 4
THE EXTERNAL ASSESSMENT
THE NATURE OF AN EXTERNAL AUDIT
Key External Forces ?The Process of
Performing an Extemal Audit ?Information
Technology
ECONOMIC FORCES
SOCIAL, CULTURAL, DEMOGRAPHIC, ANO
ENVIRONMENTAL FORCES
POLITICAL, GOVERNMENTAL, AND LEGAL
FORCES
TECHNOLOGICAL FORCES
COMPETITIVE FORCES
Competitive Intelligence Programs
?Cooperation Among Competitors
SOURCES OF EXTERNAL INPORMATION
Indexes ?Online Databases ?Library
Publications
FORECASTING TOOLS AND TECHNIQUES
Making Assumptions
COMPETITIVE ANALYSIS: PORTER'S FlVE-FORCES
MODEL
Rivalry Among Competing Firms ?Potential
Entry of New Competitors ?Development of
Substitute Products ?Bargaining Power of
Suppliers ?Bargaining Power of
Consumers
INDUSTRY ANALYSIS: THE EXTERNAL FACTOR
EVALUATION (EFE) MATRIX
THE COMPETITIVE PROFILE MATRIX (CPM)
EXPERIENTIAL EXERCISE 4A
DEVELOPING AN EFE MATRIX FOR HERSHEY
FOODS
EXPERIENTIAL EXERCISE 4B
THE LlBRARY SEARCH
EXPERIENTIAL EXERCISE 4C
DEVELOPING AN EFE MATRIX FOR MY
UNIVERSITY
EXPERIENTIAL EXERCISE 4D
USING THE STRATEGY FORMULATOR
SOFTWARE
EXPERIENTIAL EXERCISE 4E
DEVELOPING A COMPETITIVE PROFILE MATRIX
FOR HERSHEY FOODS
EXPERIENTIAL EXERCISE 4F
DEVELOPING A COMPETITIVE PROFILE MATRIX
FOR MY UNIVERSITY
CHAPTER 5
THE INTERNAL ASSESSMENT
THE NATURE OF AN INTERNAL AUDIT
Key Intemal Forces ?The Process of
Performing an Intemal Audit
RELATIONSHIPS AMONGTHE FUNCTIONAL AREAS
OF BUSINESS
Integrating Strategy and Culture ?Operating
As If the Natural Environment Matters
MANAGEMENT
Planning ?Organizing ?Motivating
?Staffing ?Controlling
MARKETING
CustomerAnalysis ?Buying Supplies
?Selling ProductsyServices ?Product and
Service Planning ?Pricing ?Distribution
?Marketing Research ?Opportunity
Analysis ?Social Responsibility
FlNANCE/ACCOUNTING
Finance/Accounting Functions ?Basic Types
of Financial Ratios
PRODUCTlON/OPERATIONS
RESEARCH AND DEVELOPMENT
Intemal and Extemal R&D
COMPUTER INFORMATION SYSTEMS
Strategic Planning Software
INTERNAL-AUDIT CHECKLISTS
THE INTERNAL FACTOR EVALUATION (IFE)
MATRIX 164
EXPERIENTIAL EXERCISE 5A
PERFORMING A FlNANCIAL RATIO ANALYSIS FOR
HERSHEY FOODS
EXPERIENTIAL EXERCISE 5B
CONSTRUCTING AN IFE MATRIX FOR HERSHEY
FOODS
EXPERIENTIAL EXERCISE 5C
CONSTRUCTING AN IFE MATRIX FOR MY
UNIVERSITY
EXPERIENTIAL EXERCISE 5D
USING THE STRATEGY FORMuLATOR
SOFTWARE
CHAPTER 6
STRATEQY ANALYSIS AND CHOICE
THE NATURE OF STRATEGY ANALYSIS AND
CHOICE
The Process ot' Generating and Selecting
Strategies
LONG-TERM OBJECTIVES
TheNatureofLong-TermObjectives ?
Not Managing by Objectives
A COMPREHENSIVE STRATEGY-FORMULATION
FRAMEWORK
THE INPUT STAGE
THE MATCHING STAGE
The Threats-Opportunities-Weaknesses-Strengths
(TOWS) Matrix ?The Strategic Position and
Action Evaluation (SPACE) Matrix ?The
Boston Consulting Group (BCG) Matrix ?The
Intemal-Extemal (IE) Matrix ?The Grand
Strategy Matrix
THE DECISION STAGE
The Quantitative Strategic Planning Matrix (QSPM)
?Positive Peatures and Limitations of the
QSPM
CULTURAL ASPECTS OF STRATEGY CHOICE
THE POLITICS OF STRATEGY CHOICE
THE ROLE OF A BOARD OF DlRECTORS
EXPERIENTIAL EXERCISE 6A
DEVELOPING A TOWS MATRIX FOR HERSHEY
FOODS
EXPERIENTIAL EXERCISE 6B
DEVELOPING A SPACE MATRIX FOR HERSHEY
FOODS
EXPERIENTIAL EXERCISE 6C
DEVELOPING A BCG MATRIX FOR HERSHEY
FOODS
EXPERIENTIAL EXERCISE 6D
DEVELOPING A QSPM FOR HERSHEY FOODS
EXPERIENTIAL EXERCISE 6E
FORMULATING INDIVIDUAL STRATEGIES
EXPERIENTIAL EXERCISE 6F
THE MACH TEST
EXPERIENTIAL EXERCISE 6G
DEVELOPING A BCG MATRIX FOR MY
UNIVERSITY
EXPERIENTIAL EXERCISE 6H.
USING THE STRATEGY FORMULATOR
SOFTWARE
EXPERIENTIAL EXERCISE 61
THE ROLE OF BOARDS OF DlRECTORS
EXPERIENTIAL EXERCISE 6J
LOCATING COMPANIES IN A GRAND STRATEGY
MATRIX
PART3
STRATEGY IMPLEMENTATION
CHAPTER 7
IMPLEMENTING STRATEGIES: MANAGEMENT
ISSUES
THE NATURE OF STRATEGY IMPLEMENTATION
Management Perspectives
ANNUAL OBJECTIVES
POLICIES
RESOURCE ALLOCATION
MANAGING CONFLICT
MATCHING STRUCTURE WITH STRATEGY
The Functional Structure ?The Divisional
Structure ?The Strategic Business Unit (SBU)
Structure ?The Matrix Stmcture
RESTRUCTURING AND REENGINEERING
Restructuring ?Reengineering
LlNKING PERFORMANCE AND PAYTO
STRATEGIES
MANAQING RESISTANCE TO CHANGE
MANAGING THE NATURAL ENVIRONMENT
CREATING A STRATEGY-SUPPORTIVE CULTURE
PRODUCTION/OPERATIONS CONCERNS WHEN
IMPLEMENTING STRATEGIES
HUMAN RESOURCE CONCERNS WHEN
IMPLEMENTING STRATEGIES
Employee Stock Ownership Plans (ESOPs)
?Balancing Work Life and Home Life
?Corporate Fitness Programs
EXPERIENTIAL EXERCISE 7A
REVISING HERSHEY FOODS' ORGANIZATIONAL
CHART
EXPERIENTIAL EXERCISE 7B
MATCHING MANAGERS WITH STRATEGY
EXPERIENTIAL EXERCISE 7C
DO ORGANIZATIONS REALLY ESTABLISH
OBJECTIVES?
EXPERIENTIAL EXERCISE 7D
UNDERSTANDING MV UNIVERSITY'S
CULTLIRE
CHAPTER 8
IMPLEMENTING STRATEGIES: MARKETING,
FINANCE/ACCOUINTING, R&D, AND CIS
ISSUES
THE NATURE OF STRATEGY IMPLEMENTATION
MARKETING ISSUES
Market Segmentation ?Product Positioning
FlNANCE/ACCOUNTING ISSUES
Pro Forma Financial Statements ?Financial
Budgets ?Evaluating the Worth of a Business
?Deciding Whether to Go Public
RESEARCH AND DEVELOPMENT (R&D) ISSUES
COMPUTER INFORMATION SYSTEMS (CIS)
ISSUES
EXPERIENTIAL EXERCISE 8A
DEVELOPING A PRODUCT POSITIONING MAP FOR
HERSHEY FOODS
EXPERIENTIAL EXERCISE 8B
PERFORMING AN EPS/EBITANALYSIS FOR
HERSHEY FOODS
EXPERIENTIAL EXERCISE SC
USING CASEANALYST TO PREPARE PRO FORMA
FlNANCIAL STATEMENTS FOR HERSHEY
FOODS
EXPERIENTIAL EXERCISE 8D
DETERMINING THE CASH VALUE OF HERSHEY
FOODS
EXPERIENTIAL EXERCISE 8E
DEVELOPING A PRODUCT POSITIONING MAP FOR
MY UNIVERSITY
EXPERIENTIAL EXERCISE 8F
DO BANKS REQUIRE PRO FORMA
STATEMENTS?
PART4
STRATEGY EVALUATION
CHAPTER 9
STRATEGY REVIEW, EVALUATION, AND
CONTROL
THE NATURE OF STRATEGY EVALUATION
The Process of Evaluating Strategies
A STRATEGY-EVALUATION FRAMEWORK
Reviewing Bases of Strategy ?Measuring
Organizational Performance ?Taking
Corrective Actions
PUBLISHED SOURCES OF STRATEGY-EVALUATION
INFORMATION
CHARACTERISTICS OF AN EFFECTIVE EVALUATION
SYSTEM
CONTINGENCY PLANNING
AUDITING
The Environmental Audit
USING COMPUTERSTO EVALUATE STRATEGIES
GUIDELINES FOR EFFECTIVE STRATEGIC
MANAGEMENT
EXPERIENTIAL EXERCISE 9A
PREPARING A STRATEGY-EVALUATION REPORT
FOR HERSHEY FOODS
EXPERIENTIAL EXERCISE 9B
EVALUATING MY UNIVERSITY'S STRATEGIES
EXPERIENTIAL EXERCISE 9C
WHO PREPARES AN ENVIRONMENTALAUDIT?
PART 5
GLOBAL ISSUES IN STRATEGIC
MANAGEMENT
CHAPTERIO
INTERNATiONAL STRATEGIC MANAGEMENT
THE NATURE OF GLOBAL COMPETITION
Advantages and Disadvantages of International
Operations
CULTURES AROUNDTHE WORLD
American Versus Foreign Cultures
THE GLOBAL CHALLENGE
The Impact of Diverse Industrial Policies
?Globalization
MEXICO
Trade Trends ?Trade Climate ?A New
President ?Mexican Culture ?New
Business Opportunities
RUSSIA
Trade Climate and Trends ?Russia: An
Entrepreneur's Paradise ?Money and Politics
?Corruption ?The Russian Culture
?Joint Ventures ?Guidelines for
Strategic Ventures
CHINA
Trade Trends ?Trade Climate ?The
Hong Kong Annexation * Risks in Doing
Business
JAPAN
Trade Trends ?Trade Climate Japanese Management Style ?Global
Expansion ?Financial Services Lifetime Employment
THE EUROPEAN UNION
Trade Climate and Trends ?Unification
?Mergers and Acquisitions
GUIDELINES FOR SUCCESS AS A GLOBAL
COMPETITOR
EXPERIENTIAL EXERCISE lOA
DETERMINING THE COMPETITIVE ENVIRONMENT
FOR HERSHEY'S PRODUCTS IN OTHER
COUNTRIES
EXPERIENTIAL EXERCISE lOB
DETERMINING MY UNIVERSITY'S RECRLIITING
EFFORTS IN FOREIGN COUNTRIES
EXPERIENTIAL EXERCISE lOC
LESSONS IN DOING BUSINESS GLOBALLY
NAMEINDEX
SUBJECT INDEX
COMPANY INDEX
CASES
SERVICECOMPANIES
SMALL BUSINESSES
1. Splatterball Adventure Games-1996
2. Norwood Furniture Company--1995
3. TheWoodlands Cleaning Service-
1995
BANKING
INDUSTRY NOTE
4. Citicorp-1996
5. Banc One Corporation--1996
RETAILING
INDUSTRY NOTE
6. The Limited, Inc.-1996
7. Nordstrom-l 997
8. Wal-Mart Stores, lnc.--1997
LODGING AND GAMING
INDUSTRYNOTE
9. Promus Companies, Inc.--1996
10. Circus Circus Enterprises, Inc.--
1997
11. Carnival Corporation--1996
RAILROADS AND BUSES
INDUSTRY NOTE
12. Dakota, Minnesota, & Eastern Railroad-
1995
13. Greyhound Lines, Inc.-1996
MOVIE CINEMAS
INDUSTRY NOTE
14. Cineplex Odeon--1996
NOT-FOR-PROFIT ORGANIZATIONS
15. AudubonZoo--1995
16. The Classic Car Club of America--
1996
17. Elkins Lake Baptist Church--1995
18. Walnut Creek Baptist Church--1995
19. The Metropolitan Museum of Art-
1996
MANUFACTURING COMPANIES
SMALL BUSINESSES
20. E.L.NickellCompany--1997
21. NSP Corporate Graphics--1995
22. Material Handling Engineering, Ltd.
1995
MOTORCYCLE AND MOTOR HOME
23. Harley-Davidson--1996
24. Winnebagolndustries--1996
COMMERCIAL AlRCRAFT
INDUSTRY NOTE
25. McDonnell Douglas Corporation--
1996
26. Boeing--1996
BUILDING AND FOREST PRODUCTS
INDUSTRY NOTE
27. Weyerhaeuser Company--1996
28. Georgia-Pacific Corporation--1996
APPAREL
INDUSTRY NOTE
29. W.L. Gore & Associates, Inc.--1995
30. Nike,lnc.--1996
MAGAZINE PUBLISHING
INDUSTRY NOTE
31. Playboy Enterprises, Inc.--1996
MEDICAL EQUIPMENT AND SUPPLIES
INDUSTRY NOTE
32. Biomet,lnc.--1996
33. Stryker Corporation-l 996
PERSONAL-CARE PRODUCTS
INDUSTRY NOTE
34. Avon Products, Inc.--1996
TOBACCO
INDUSTRY NOTE
35. UST,lnc.--1996
FOOD
INDUSTRY NOTE
36. Campbell Soup Company--1996
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