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《Strategic Management》Course Outline 1. Aim, Tasks and Applicability (1)Aim The course provides students basic analyze methods upon corporation strategy, such as value chain analysis, SWOT and BCG matrix analysis. The course focuses on the environment of the enterprise, the strategic planning and its implementing. (2)Tasks The students are expected to analyze actuality of corporation as a case study, establish a strategy, then implement and control it. Thus, students’ abilities of strategy analyze and decision making toward specific environments are improved. (3)Applicability This outline is applicable for the undergraduate of International Business. 2. Contents and Progress Chapter 01 Strategic Management and Strategic Competitiveness (1)Basic Concepts Chapter 1 provides an overview of the strategic management process. In this chapter, the authors introduce a number of 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. (2)Requirements Define strategic competitiveness, strategy, competitive advantage, above-average returns, and the strategic management process. Describe the competitive landscape and explain how globalization and technological changes shape it. Use the industrial organization (I/O) model to explain how firms can earn above-average returns. Use the resource-based model to explain how firms can earn above average-returns. Describe vision and mission and discuss their value. Define stakeholders and describe their ability to influence organizations. Describe the work of strategic leaders. Explain the strategic management process. Chapter 02 The External Environment: Opportunities, Threats, Industry Competition and Competitor Analysis (1)Basic Concepts This chapter can be introduced with a general statement regarding the importance of understanding what is happening outside of the firm itself and how what is happening can affect the firm’s ability to achieve strategic competitiveness and earn above-average returns. This importance is illustrated by the Opening Case, which discusses the impact events in the external environment can have on a firm’s performance, despite efforts to adjust to industry dynamics. (2)Requirements 1. Explain the importance of analyzing and understanding the firm’s external environment. 2. Define and describe the general environment and the industry environment. 3. Discuss the four activities of the external environmental analysis process. 4. Name and describe the general environment’s six segments. 5. Identify the five competitive forces and explain how they determine an industry’s profit potential. 6. Define strategic groups and describe their influence on the firm. 7. Describe what firms need to know about their competitors and different methods (including ethical standards) used to collect intelligence about them. Chapter 03 The Internal Organization: Resources, Capabilities, Core Competencies and Competitive Advantages (1)Basic Concepts Chapter As indicated in Chapter 1, firms follow two competing models to generate the inputs needed to formulate and implement strategies. Chapter 2 focused on the external environment, which is the foundation of the I/O model. The emphasis in Chapter 3 is on internal resources and their potential to create competitive advantage for the firm, which falls in line with the resource-based model. This orientation is perhaps best captured by the elements of Figure 3.1, which should be emphasized. (2)Requirements Define Explain the need for firms to study and understand their internal organization. Define value and discuss its importance. Describe the differences between tangible and intangible resources. Define capabilities and discuss how their development. Describe four criteria used to determine whether resources and capabilities are core competencies. Explain how value-chain analysis is used to identify and evaluate resources and capabilities. Define outsourcing and discuss the reasons for its use. Discuss the importance of identifying internal strengths and weaknesses. Chapter 04 Business-Level Strategy (1)Basic Concepts Firms that perform well, even in very competitive industries, will follow some pattern of decision-making and execution that is internally consistent. That is, the firm will line up its resource commitments in a way that reinforces the direction of the enterprise. If these decisions are inconsistent, the outcome will be resource commitments that work against one another and hinder the progress of the business. This chapter will lay out the basic strategy patterns that can lead to competitive advantage. Knowing these will help students understand how to make the most of the firm’s potentials. (2)Requirements Define business-level strategy. Discuss the relationship between customers and business-level strategies in terms of whom, what, and how. Explain the differences among business-level strategies. Use the five forces of competition model to explain how above-average returns can be earned through each business-level strategy. Describe the risks of using each of the business-level strategies. Chapter 05 Competitive Rivalry and Dynamics Competitive Advantage (1)Basic Concepts The competitive landscape of the twenty-first century will be characterized by increasing globalization, advanced technological development, and other factors that will lead to an environment that is more dynamic and charged with rivalry. Firms will act and react in a dance of sorts, but one involving very high stakes—even survival. This chapter introduces terms and concepts relevant to the conversation about competitive behavior in a variety of markets. Figure 5.2 is central to the discussion of most of the chapter. (2)Requirements Define competitors, competitive rivalry, competitive behavior, and competitive dynamics. Describe market commonality and resource similarity as the building blocks of a competitor analysis. Explain awareness, motivation, and ability as drivers of competitive behavior. Discuss factors affecting the likelihood a competitor will take competitive actions. Discuss factors affecting the likelihood a competitor will respond to actions taken against it. Explain competitive dynamics in slow-cycle, fast-cycle and standard-cycle markets. Chapter 6 Corporate-Level Strategy (1)Basic Concepts Chapters 4 and 5 looked at strategy at the level of the business and focused on the factors and approaches that can lead to competitive advantage and superior performance. Chapter 6 takes this a step further by standing back to consider strategy at a higher level—corporate strategy. The concern here is for the performance benefits that are derived from putting together an effective “portfolio of businesses”—that is, putting businesses together in a way that makes sense and can generate synergies between units. The discussion of this chapter builds toward a summary presented in Figure 6.4. It might be helpful to review that figure carefully before starting into the material of the chapter. (2)Requirements Define corporate-level strategy and discuss its purpose. Describe different levels of diversification with different corporate-level strategies. Explain three primary reasons firms diversify. Describe how firms can create value by using a related diversification strategy. Explain the two ways value can be created with an unrelated diversification strategy. Discuss the incentives and resources that encourage diversification. Describe motives that can encourage managers to over diversify a firm. Chapter 7 Strategic Acquisition and Restructuring (1)Basic Concepts With continued merger and acquisition activity, this chapter is very important. The chapter’s material is summarized in Figure 7.1, which can be used to help students mentally organize what they learn in the chapter about mergers and acquisitions. (2)Requirements Explain the popularity of acquisition strategies in firms competing in the global economy. Discuss reasons why firms use an acquisition strategy to achieve strategic competitiveness. Describe seven problems that work against developing a competitive advantage using an acquisition strategy. Name and describe attributes of effective acquisitions. Define the restructuring strategy and distinguish among its common forms. Explain the short- and long-term outcomes of the different types of restructuring strategies. Chapter 8 Global Strategy (1)Basic Concepts This chapter examines opportunities facing firms as they seek to develop and exploit core competencies by diversifying into global markets. In addition, it addresses different problems, complexities, and threats that might accompany use of the firm’s international strategies. Although national boundaries, cultural differences, and geographical distances all pose barriers to entry into many markets, significant opportunities draw businesses into the international arena. A business that plans to operate globally must formulate a successful strategy to take advantage of these global opportunities. Furthermore, to mold their firms into truly global companies, managers must develop global mind-sets. Especially in regard to managing human resources, traditional means of operating with little cultural diversity and without global sourcing are no longer effective. These themes are all emphasized in the chapter. (2)Requirements Explain traditional and emerging motives for firms to pursue international diversification. Identify the four major benefits of an international strategy. Explore the four factors that provide a basis for international business-level strategies. Describe the three international corporate-level strategies: multidomestic, global, and transnational. Discuss the environmental trends affecting international strategy, especially liability of foreignness and regionalization. Name and describe the five alternative modes for entering international markets. Explain the effects of international diversification on firm returns and innovation. Name and describe two major risks of international diversification. Chapter 9 Cooperative Implications for Strategy (1)Basic Concepts This chapter provides students with a slightly different perspective on strategic management. It represents a shift from achieving strategic competitiveness and above-average returns through competitive strategy to achieving them through cooperative strategies—i.e., competitive advantage gained by cooperating with other firms. (2)Requirements Define cooperative strategies and explain why firms use them. Define and discuss three types of strategic alliances. Name the business-level cooperative strategies and describe their use. Discuss the use of corporate-level cooperative strategies in diversified firms. Understand the importance of cross-border strategic alliances as an international cooperative strategy. Explain cooperative strategies’ risks. Describe two approaches used to manage cooperative strategies. Chapter 10 Corporate Governance (1)Basic Concepts The purpose of this chapter is to present and discuss how shareholders (owners) can ensure that managers develop and implement strategic decisions in the best interests of the shareholders (owners) and not be primarily self-serving (working for the best interests of managers only, to the detriment of shareholders). In the absence of effective internal governance mechanisms, the market for corporate control—an external governance mechanism—may be activated. While it is a subject most frequently associated with firms in the U.S. and the U.K., the effectiveness of governance is gaining attention throughout the world. The chapter begins by describing the relationship that provides the foundation on which the modern corporation is built—i.e., the relationship between owners and managers. However, the majority of this chapter is devoted to an explanation of various mechanisms owners use to govern managers and ensure maximization of shareholder value. (2)Requirements Define corporate governance and explain why it is used to monitor and control managers’ strategic decisions. Explain why ownership has been largely separated from managerial control in the modern corporation. Define an agency relationship and managerial opportunism and describe their strategic implications. Explain how three internal governance mechanisms—ownership concentration, the board of directors, and executive compensation—are used to monitor and control managerial decisions. Discuss the types of compensation executives receive and their effects on strategic decisions. Describe how the external corporate governance mechanism—the market for corporate control—acts as a restraint on top-level managers’ strategic decisions. Discuss the use of corporate governance in international settings, especially in Germany and Japan. Describe how corporate governance fosters ethical strategic decisions and the importance of such behaviors on the part of top-level executives. Chapter 11 Organizational Structure and Controls (1)Basic Concepts As students will recall, the discussion in the previous chapter (Chapter 10) described how governance mechanisms are used to align the interests of a firm’s top-level managers with those of the firm’s owners. It also described how those mechanisms influence the firm’s ability to execute strategies that have been implemented successfully as the firm strives to achieve a competitive advantage in the new competitive landscape. The same could be said of organizational structure, the focus of the current chapter. (2)Requirements Define organizational structure and controls and discuss the difference between strategic and financial controls. Describe the relationship between strategy and structure. Discuss the functional structures used to implement business-level strategies. Explain the use of three versions of the multidivisional (M-form) structure to implement different diversification strategies. Discuss the organizational structures used to implement three international strategies. Define strategic networks and discuss how strategic center firms implement such networks at the business, corporate and international levels. 3. Schedule Chapter Chapter 01:What is Strategic Management? Chapter 02:Exploring the External Environment: Competition and Opportunities Chapter 03:Examining the Internal Organization: Activities, Resources, and Capabilities Class hours 4 4 4 Chapter 04:Building the Sustaining Competitive Advantage 4 Chapter 05 Strategy at the Business Level 6 Chapter 6 Corporate-Level Strategy 6 Chapter 7 Acquisition and Restructuring Strategies 4 Chapter 8 International Strategy 4 Chapter 9 Cooperative Strategy 4 Chapter 10 Corporate Governance 4 Chapter 11 Organizational Structure and Controls 4 Total 48 4. Focus and difficulties Focus: Strategic Actions-Strategy at the Business Level and Corporate Level. Difficulty: Analyze Methods on external and internal environment to determine the Strategy at the Business Level and Corporate Level. 5. Teaching and examination methods Credit Hours: 48 Lecture, 3 hours per week for full semester. Tutorial, 1 hour per week (starting from week 2). Class Participation & Attendance 10% Homework assignments 30% Final Examination 60% 6. Textbooks and Recommended Texts Textbook: 《Strategy Management》,Michael A. Hitt,Renmin university press, 2013. Recommended Texts: 《Strategy Management》, Thompson,A.A.Jr, China Machine Press, 2010. 《Strategy Brand Management》, Kevin Lane Keller, Renmin university press, 2010.