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**Understand and apply the essential concepts and techniques of strategy** **__Fundamentals of Strategy, 5th Edition,__** by Whittington, Regnér, Angwin, Johnson and Scholes is a concise and easy-to-follow overview of the fundamental issues and techniques of strategy from the author team of the market-leading Exploring Strategy. This book has been updated to include coverage of the Covid-19 crisis, and provides insights and examples from a broad range of international organisations. Each chapter is complemented by a wide range of illustrations followed by an end-of-chapter case study to consolidate understanding of how the theories apply to real-world scenarios. This book will particularly suit students on short strategy courses and courses focused on strategy analysis. **Pearson, the world’s__learning__ company.** Front Cover About Fundamentals of Strategy Title Page Copyright Page Brief contents Contents Getting the most from Fundamentals of Strategy Fundamentals of Strategy Online 1 Introducing strategy 1.1 Introduction 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 Strategy development process Summary Recommended key readings References Case example: The rise of a unicorn: Airbnb 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 2.3 Forecasting 2.3.1 Forecast approaches 2.3.2 Directions of change 2.4 Scenario analysis Summary 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 dynamics 3.3.1 The industry life cycle 3.3.2 Comparative industry structure analyses 3.4 Competitors and markets 3.4.1 Strategic groups 3.4.2 Market segments 3.5 Opportunities and threats Summary 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 4.4.3 SWOT 4.5 Dynamic capabalities Summary Recommended key readings References Case example: Rocket Internet – will the copycat be imitated? 5 Stakeholders and culture 5.1 Introduction 5.2 Stakeholders 5.2.1 Stakeholder groups 5.2.2 Stakeholder mapping 5.2.3 Owners 5.3 Corporate governance 5.4 Corporate social responsibility 5.5 Culture and strategy 5.5.1 Organisational culture 5.5.2 Analysing culture: the cultural web Summary Recommended key reading References Case example: Uber and the ubermensch 6 Business strategy and models 6.1 Introduction 6.2 Generic competitive strategies 6.2.1 Cost-leadership strategy 6.2.2 Differentiation strategy 6.2.3 Focus strategy 6.2.4 Hybrid strategy 6.3 Game theory 6.4 Business models 6.4.1 Value creation, configuration and capture 6.4.2 Business model patterns Summary Recommended key readings References Case example: The IKEA approach 7 Corporate strategy 7.1 Introduction 7.2 Strategy directions 7.2.1 Market penetration 7.2.2 Product and service development 7.2.3 Market development 7.2.4 Unrelated diversification 7.3 Diversification drivers 7.4 Vertical integration 7.4.1 Forward and backward integration 7.4.2 To integrate or to outsource? 7.5 Value creation and the corporate parent 7.5.1 Value-adding activities 7.6 The BCG (or growth/share) matrix 7.7 International diversification strategy 7.8 Growth methods: organic, acquisitions and alliances Summary Recommended key readings References Case example: Grand strategies in vision 8 Entrepreneurship and innovation 8.1 Introduction 8.2 Entrepreneurship 8.2.1 Opportunity recognition 8.2.2 Steps in the entrepreneurial process 8.2.3 Stages of entrepreneurial growth 8.3 Innovation dilemmas 8.3.1 Technology push or market pull 8.3.2 Product or process innovation 8.3.3 Open or closed innovation 8.4 Innovation diffusion 8.4.1 The pace of diffusion 8.4.2 The diffusion S-curve 8.5 Innovators and imitators 8.5.1 First-mover advantages and disadvantages 8.5.2 The incumbent’s response Summary Recommended key reading References Case example: Rovio’s Angry Birds: The evolution of a global entertainment empire 9 Strategy in action 9.1 Introduction 9.2 Structural types 9.2.1 The functional structure 9.2.2 The divisional structure 9.2.3 The matrix structure 9.2.4 Multinational/transnational structure 9.2.5 Project-based structures 9.3 Systems 9.3.1 Planning systems 9.3.2 Cultural systems 9.3.3 Performance targeting systems 9.3.4 Market systems 9.4 Strategic leadership 9.5 Types of strategic change 9.5.1 Adaptation 9.5.2 Reconstruction 9.5.3 Revolution 9.5.4 Evolution 9.6 Steps for strategic change: Kotter’s Change Model Summary Recommended key reading References Case example: Tencent: Third Time Lucky? Glossary Name index General index Publisher’s acknowledgements Back cover Understand and apply the essential concepts and techniques of strategy with a text coming from the leading team in the field. Fundamentals of Strategy, 5th edition, by Whittington, Regnér, Angwin, Johnson, and Scholes is an easy-to-follow guide to the fundamental issues and techniques of strategy from the author team of the market-leading text Exploring Strategy. This textbook is ideal for students who study strategy analysis-related courses, or strategy as part of a wider degree in areas, such as science or engineering. The latest edition is updated to reflect the impact of the Covid-19 crisis and provides insights and examples from a broad range of international organisations. The text has nine chapters and can be studied in connection with the twelfth edition of Exploring Strategy, offering an in-depth analysis of some of the core terms and theories developed in the latter, such as the'strategic position'and'strategic choices'-facing organisations. The topics include, among others, analysis on a macro-environmental and industry level, capability, and culture, as well as a discussion of business-level strategies, business models, international strategies, strategic entrepreneurship, and innovation. The final chapter,'Strategy in Action', raises fundamental issues on the structure of organisations, managerial systems, and strategic change. With useful features, including a wide range of illustrations to complement the reader-friendly content, end-of-chapter case studies, and a companion website to consolidate your understanding, this must-have textbook demonstrates how the strategic theories of today apply in real-life scenarios. Understand and apply the essential concepts and techniques of strategy Fundamentals of Strategy, 5th Edition, by Whittington, Regnér, Angwin, Johnson and Scholes is a concise and easy-to-follow overview of the fundamental issues and techniques of strategy from the author team of the market-leading Exploring Strategy. This book has been updated to include coverage of the Covid-19 crisis, and provides insights and examples from a broad range of international organisations. Each chapter is complemented by a wide range of illustrations followed by an end-of-chapter case study to consolidate understanding of how the theories apply to real-world scenarios. This book will particularly suit students on short strategy courses and courses focused on strategy analysis. Pearson, the world’s learning company. "Fundamentals of Strategy builds on the established strengths of Exploring Strategy, proven over twelve best-selling editions. A range of in-text features and supplementary resources have been developed to enable you and your students to gain maximum added value to the teaching and learning of strategy"-- Provided by publisher