Understanding Strategic Management
Publication Date 29 Mar 2018
OverviewUnderstanding Strategic Management is the ideal introduction to strategy for students on one-semester courses who require an informative yet practical approach. The book's four-part structure defines the concept of strategy, before using the overarching strategic framework of analysis, formulation, and implementation to show how strategy can be used to develop a sustainable competitive advantage in business. Making use of chapter maps and learning objectives to guide students through the complexities of the subject, the author conveys the realities of strategic management through a diverse selection of international and contemporary examples. Strategy in Focus boxes use examples from popular media to show strategic management issues at work in the headlines we read every day. A longer, integrated Case Example closes every chapter tying in multiple strategic challenges that affect businesses large and small, public and private. Review and discussion questions then encourage students to be critical of the material and juxtapose alternative concepts and frameworks to evaluate their strengths and weaknesses. With the book succinct and accessible by design, students may extend their learning with additional material available in the online resources. Written by the author to build seamlessly on the book, Extension Material is signposted from every chapter, providing further depth on a specific topic where required. As the tools of analysis underlie formulation and implementation, unique Working through Strategy materials give students opportunities to practice essential techniques such as PEST analysis and scenario planning themselves. The rounded approach, extensive examples, and additional resources make this book the most complete, balanced, and accessible introduction for students taking their first steps into strategic management.New to this Edition:New coverage of disruptive innovation, dynamic capabilities, and Blue Ocean Strategy, as well as additional frameworks such as economies and diseconomies of scale, the industry life cycle, and the VRIO framework complete an extensive update to this third edition.The unconventional workings of Ryanair, disruptive innovation at Netflix, and the plausibility of electric cars are just some of the new examples used in the Strategy in Focus boxes and Case Examples for this edition, which together examine the contemporary relevance of strategic management to the business world.The chapters in Part Two: Strategic Analysis, have been streamlined by incorporating coverage of organisational performance into Chapter 4 on the internal environment.Each chapter now features a single, longer, closing Case Example, fully author-written and unique to the book, demonstrating how companies like Novo Nordisk and Tesla, or strategic leaders such as Warren Buffett or Sir Martin Sorrell consider and apply strategic analysis, formulation, and implementation in real life.The online resources have been reorganised and updated, providing new questions, exercises, and case studies.The book has a new text design and new photos throughout, making it more appealing and engaging.