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Concept, Meaning, Definition:

Strategy is the determination of the long-term goals and objectives of an enterprise


and the adoption of the courses of action and the allocation of resources necessary
for carrying out these goals. Strategy is managements game plan for strengthening
the organizations position, pleasing customers, and achieving performance targets.

Global Strategy sacrifices local responsiveness and global learning

Ignores how domestic firms compete with each other and with foreign
entrants

Traditional global strategy is only appropriate for large (American?)


MNEs in developed countries

It is dangerous to ignore less developed economies heard of


Embraer, Cemex?

Strategies for bottom of pyramid.

Plan versus Action - strategy is explicit, rigorous formal planning versus a


set of flexible, goal-oriented actions. Cultural implications.

Mark Zuckerberg: Done is better than perfect

Strategy as Theory-how to compete successfully


Firms have both intended and emergent strategies - Not just top-down
but bottom up strategy of small decisions. Mintzberg
One firms strategies may not work in all situations
Past success does not guarantee future success
It is often difficult to change strategy
Strategy should give coherence to decisions and actions
Managers must exert effective strategic leadership

STRATEGY AS PLAN
A set of concrete plans to help the organization accomplish its goal (Oster, 1994)
STRATEGY AS ACTION
A pattern in a stream of actions or decisions (Mintzberg, 1978)4

The Essence of Strategy

Why do firms differ?


Industry / Firm-based - later
Cultural differences: Culture clusters Anglo, Germanic, Latin,
Chinese, Japanese, Korean, etc. Western V Northeast Asia firm?
Networks of relationships have powerful effect
General: gender, school, university.
Explicit business groups: keiretsu Japan, chaebol S.
Korea
Implicit relationships: guanxi China (Communist party
officials?), blat Russia (siloviki? KGB/FSB)

Industry-based view - focus on competitive forces within an


industry that impact all firms

SWOT
(Porter

forces:

inter-firm

rivalry,

threat

of

(barriers to) potential entry, bargaining power of


suppliers, bargaining power of buyers, threat of
substitutes)
Resource-based (capabilities) view - focus on internal
strengths and weaknesses, firm specific resources and
capabilities SW OT Value chain.
Institution-based view - focus on government and societal
forces

What determines the scope of the firm?

Growth,

profitability,

downsizing?

Product.

New

markets?

Geography. Conglomeration. Diversification.

What determines the international success or failure of firms?

Industry-based

view

degree

of

competitiveness

in

the

industry

Resource-based view - firm specific differences in capabilities

Institution-based view - institutional forces, such as economic


reforms and government policy

Performance Goals

From a customers perspective: How do customers see us?

From an internal business perspective: What must we excel at?

From an innovation and learning perspective: Can we improve and


add value?

From a financial perspective: How do we look to shareholders?