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Understand basics and develop expertise to think and behave like a manager Exploring Strategy , 12th Edition , by Whittington, Angwin, Regner, Johnson and Scholes has long been the essential introduction to strategy for the managers of today and tomorrow and has sold over one million copies worldwide. From entrepreneurial start-ups to multinationals, charities to government agencies, this book raises the big questions about organisations – how they prosper, how they grow, how they innovate and how they change. This is the Text Only edition, and the Text and Cases edition also provides a wealth of extra case studies written by experts in the subject to aid and enrich your understanding. Examples are taken from events and organisations as diverse as Adnams, Siemens, Air Asia, Apple, Handelsbanken, Glastonbury and the Indian Premier League. New to this edition: The 12th Edition of Exploring Strategy has been comprehensively updated to help you: · Understand clearly the key concepts and tools of strategic management · Explore hot topics, including business models, corporate governance, innovation and entrepreneurship · Learn from case studies on world-famous organisations such as ITV, IKEA, Uber, Airbnb, Alibaba, and the Chinese movie business. Richard Whittington is Professor of Strategic Management at the Said Business School, University of Oxford. Duncan Angwin is Dean of Nottingham University Business School. Patrick Regner is Professor of Strategic Management at Stockholm School of Economics. Gerry Johnson is Emeritus Professor of Strategic Management at Lancaster University School of Management. Kevan Scholes is Emeritus Professor of Strategic Management and formerly Director of the Sheffield Business School. Pearson, the world’s learning company. Front Cover Welcome to Exploring Strategy Title Page Copyright Page Brief contents Contents Illustrations and Thinking Differently List of figures List of tables Preface Exploring Strategy features Exploring Strategy Online Digital Courseware 1 Introducing strategy 1.1 Introduction 1.1.1 Why 'Exploring Strategy'? 1.2 What is strategy? 1.2.1 Defining strategy 1.2.2 The purpose of strategy: mission, vision, values and objectives 1.2.3 Strategy statements 1.2.4 Levels of strategy 1.3 The Exploring Strategy Framework 1.3.1 Strategic position 1.3.2 Strategic choices 1.3.3 Strategy in action 1.4 Working with strategy 1.5 Studying strategy 1.6 Exploring strategy further 1.6.1 Exploring strategy in different contexts 1.6.2 Exploring strategy through different 'strategy lenses' Summary Work assignments Recommended key readings References Case example: The rise of a unicorn: Airbnb Part I The strategic position Introduction to Part I 2 Macro-environment analysis 2.1 Introduction 2.2 PESTEL analysis 2.2.1 Politics 2.2.2 Economics 2.2.3 Social 2.2.4 Technology 2.2.5 Ecological 2.2.6 Legal 2.2.7 Key drivers for change 2.3 Forecasting 2.3.1 Forecast approaches 2.3.2 Directions of change 2.4 Scenario analysis Summary Work assignments Recommended key readings References Case example: Alibaba: the Yangtze River Crocodile 3 Industry and sector analysis 3.1 Introduction 3.2 Industry analysis 3.2.1 Defining the industry 3.2.2 The competitive forces 3.2.3 Complementors and network effects 3.2.4 Implications of the Competitive Five Forces 3.3 Industry types and dynamics 3.3.1 Industry types 3.3.2 Industry structure dynamics 3.4 Competitors and markets 3.4.1 Strategic groups 3.4.2 Market segments 3.4.3 Critical success factors and 'Blue Oceans' 3.5 Opportunities and threats Summary Work assignments Recommended key readings References Case example: Game-changing forces and the global advertising industry 4 Resources and capabilities analysis 4.1 Introduction 4.2 Foundations of resources and capabilities 4.2.1 Resources and capabilities 4.2.2 Threshold and distinctive resources and capabilities 4.3 Distinctive resources and capabilities as a basis of competitive advantage 4.3.1 V – value of resources and capabilities 4.3.2 R – rarity 4.3.3 I – inimitability 4.3.4 O – organisational support 4.4 Analysing resources and capabilities 4.4.1 VRIO analysis 4.4.2 The value chain and value system 4.4.3 Activity systems 4.4.4 Benchmarking 4.4.5 SWOT 4.5 Dynamic capabilities Summary Work assignments Recommended key readings References Case example: Rocket Internet – will the copycat be imitated? 5 Stakeholders and governance 5.1 Introduction 5.2 Stakeholders 5.2.1 Stakeholder groups 5.2.2 Stakeholder mapping 5.2.3 Owners 5.3 Corporate governance 5.3.1 The governance chain 5.3.2 Different governance models 5.3.3 How boards of directors influence strategy 5.4 Social responsibility Summary Work assignments Recommended key readings References Case example: Petrobras and the Lizards 6 History and culture 6.1 Introduction 6.2 History and strategy 6.2.1 Historical relationships 6.2.2 Historical analysis 6.3 Culture and strategy 6.3.1 Geographically based cultures 6.3.2 Organisational fields 6.3.3 Organisational culture 6.3.4 Culture's influence on strategy 6.3.5 Analysing culture: the cultural web 6.3.6 Undertaking cultural analysis 6.4 Strategic drift Summary Work assignments Recommended key readings References Case example: Uber and the ubermensch Commentary on Part I The strategy lenses Case example: How does Facebook make strategy? Part II Strategic choices Introduction to Part II 7 Business strategy and models 7.1 Introduction 7.2 Generic competitive strategies 7.2.1 Cost leadership strategy 7.2.2 Differentiation strategy 7.2.3 Focus strategy 7.2.4 Hybrid strategy 7.2.5 The Strategy Clock 7.3 Interactive strategies 7.3.1 Interactive price and quality strategies 7.3.2 Game theory 7.4 Business models 7.4.1 Value creation, configuration and capture 7.4.2 Business model patterns 7.4.3 Multi-sided platforms Summary Work assignments Recommended key readings References Case example: The IKEA approach 8 Corporate strategy 8.1 Introduction 8.2 Strategy directions 8.2.1 Market penetration 8.2.2 Product and service development 8.2.3 Market development 8.2.4 Unrelated diversification 8.3 Diversification drivers 8.4 Diversification and performance 8.5 Vertical integration 8.5.1 Forward and backward integration 8.5.2 To integrate or to outsource? 8.5.3 Divestment 8.6 Value creation and the corporate parent 8.6.1 Value-adding and value-destroying activities of corporate parents 8.6.2 The portfolio manager 8.6.3 The synergy manager 8.6.4 The parental developer 8.7 Portfolio matrices 8.7.1 The BCG (or growth/share) matrix 8.7.2 The directional policy (GE–McKinsey) matrix 8.7.3 The parenting matrix Summary Work assignments Recommended key readings References Case example: Grand strategies in vision 9 International strategy 9.1 Introduction 9.2 Internationalisation drivers 9.3 Geographic sources of advantage 9.3.1 Locational advantage: Porter's diamond 9.3.2 The international value system 9.4 International strategies 9.5 Market selection and entry 9.5.1 Country and market characteristics 9.5.2 Competitive characteristics 9.5.3 Entry mode strategies 9.6 Subsidiary roles in an international portfolio 9.7 Internationalisation and performance Summary Work assignments Recommended key readings References Case example: China goes to Hollywood: Wanda's move into the US movie industry 10 Entrepreneurship and innovation 10.1 Introduction 10.2 Entrepreneurship 10.2.1 Opportunity recognition 10.2.2 Steps in the entrepreneurial process 10.2.3 Stages of entrepreneurial growth 10.2.4 Social entrepreneurship 10.3 Innovation dilemmas 10.3.1 Technology push or market pull 10.3.2 Product or process innovation 10.3.3 Open or closed innovation 10.4 Innovation diffusion 10.4.1 The pace of diffusion 10.4.2 The diffusion S-curve 10.5 Innovators and imitators 10.5.1 First-mover advantages and disadvantages 10.5.2 The incumbent's response Summary Work assignments Recommended key readings References Case example: Rovio's Angry Birds: The evolution of a global entertainment empire 11 Mergers, acquisitions and alliances 11.1 Introduction 11.2 Organic development 11.3 Mergers and acquisitions 11.3.1 Defining M&A 11.3.2 M&A contexts 11.3.3 M&A strategy 11.3.4 M&A processes 11.3.5 M&A strategy over time 11.4 Strategic alliances 11.4.1 Types of strategic alliance 11.4.2 Motives for alliances 11.4.3 Strategic alliance processes 11.5 Comparing acquisitions, alliances and organic development 11.5.1 Buy, ally or DIY? 11.5.2 Key success factors Summary Work assignments Recommended key readings References Case example: Future-proofing business? Sainsbury's acquires Argos Commentary on Part II Strategic choices Part III Strategy in action Introduction to Part III 12 Evaluating strategies 12.1 Introduction 12.2 Organisational performance 12.2.1 Performance measures 12.2.2 Performance comparisons 12.2.3 Gap analysis 12.2.4 Complexities of performance analysis 12.3 Suitability 12.3.1 Ranking and screening 12.3.2 Decision trees 12.4 Acceptability 12.4.1 Return 12.4.2 Risk 12.4.3 Reaction of stakeholders 12.5 Feasibility 12.5.1 Financial feasibility 12.5.2 People and skills 12.6 Evaluation 12.6.1 Three qualifications Summary Work assignments Recommended key readings References Case example: ITV: DIY, buy or ally? 13 Strategy development processes 13.1 Introduction 13.2 Deliberate strategy development 13.2.1 The role of the strategic leader 13.2.2 Strategic planning systems 13.2.3 Externally imposed strategy 13.3 Emergent strategy development 13.3.1 Logical incrementalism 13.3.2 Strategy as the outcome of political processes 13.3.3 Strategy as the result of organisational structures and systems 13.4 Implications for managing strategy development 13.4.1 Strategy development in different contexts 13.4.2 Managing deliberate and emergent strategy Summary Work assignments Recommended key readings References Case example: Alphabet: who and what drives strategy 14 Organising and strategy 14.1 Introduction 14.2 Structural types 14.2.1 The functional structure 14.2.2 The divisional structure 14.2.3 The matrix structure 14.2.4 Multinational/transnational structures 14.2.5 Project-based structures 14.2.6 Strategy and structure fit 14.3 Systems 14.3.1 Planning systems 14.3.2 Cultural systems 14.3.3 Performance targeting systems 14.3.4 Market systems 14.4 Agility and resilience 14.5 Configurations Summary Work assignments Recommended key readings References Case example: Tencent: Third Time Lucky? 15 Leadership and strategic change 15.1 Introduction 15.2 Leadership and strategic change 15.2.1 Strategic leadership roles 15.2.2 Leadership styles 15.3 Analysing the change context 15.3.1 The change kaleidoscope 15.3.2 Forcefield analysis 15.4 Types of strategic change 15.4.1 Adaptation 15.4.2 Reconstruction (turnaround) 15.4.3 Revolution 15.4.4 Evolution 15.5 Levers for strategic change 15.5.1 A compelling case for change 15.5.2 Challenging the taken for granted 15.5.3 Changing operational processes and routines 15.5.4 Symbolic management 15.5.5 Power and political systems 15.5.6 Timing 15.5.7 Visible short-term wins 15.6 Problems of formal change programmes Summary Work assignments Recommended key readings References Case example: Can the Saturday boy change Marks & Spencer? 16 The practice of strategy 16.1 Introduction 16.2 The strategists 16.2.1 Top managers and directors 16.2.2 Strategic planners 16.2.3 Middle managers 16.2.4 Strategy consultants 16.2.5 Who to involve in strategy development? 16.3 Strategising 16.3.1 Strategy analysis 16.3.2 Strategic issue-selling 16.3.3 Strategic decision making 16.3.4 Communicating strategy 16.4 Strategy methodologies 16.4.1 Strategy workshops 16.4.2 Strategy projects 16.4.3 Hypothesis testing 16.4.4 Business cases and strategic plans Summary Work assignments Recommended key readings References Case example: Participative strategy process in the city of Vaasa Commentary on Part III Strategy in action Glossary Name index General index Acknowledgements Back Cover Exploring Strategy, 12th Edition, by Whittington, Angwin, Regner, Johnson and Scholes has long been the essential introduction to strategy for the managers of today and tomorrow and has sold over one million copies worldwide. From entrepreneurial start-ups to multinationals, charities to government agencies, this book raises the big questions about organisations – how they prosper, how they grow, how they innovate and how they change. This is the Text Only edition. There is another edition called the Text and Cases edition which provides a wealth of extra case studies written by experts in the subject to aid and enrich your understanding. Examples are taken from events and organisations as diverse as Adnams, Siemens, Air Asia, Apple, Handelsbanken, Glastonbury and the Indian Premier League. The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you'll gain instant access to this eBook. Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed. "We are delighted to offer this twelfth edition of Exploring Strategy. With sales of previous editions now well over one million worldwide, we believe we have a tried and tested product. Yet the strategy field is constantly changing. For this edition, therefore, we have thoroughly refreshed all chapters, with new concepts, new cases and new examples throughout. Here we would like to highlight three principal changes, while recalling some of the classic features of the book"-- Provided by publisher