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Contents Table of Contents go To Current Location Table of Contents and Preface Part 1: Concepts and Techniques for Crafting and Executing Strategy Chapter 1: What Is Strategy and Why Is It Important? Chapter 2: Charting a Company’s Direction Chapter 3: Evaluating a Company’s External Environment Chapter 4: Evaluating a Company’s Resources, Capabilities, and Competitiveness Chapter 5: The Five Generic Competitive Strategies Chapter 6: Strengthening a Company’s Competitive Position Chapter 7: Strategies for Competing in International Markets Chapter 8: Corporate Strategy Chapter 9: Ethics, Corporate Social Responsibility, Environmental Sustainability, and Strategy Chapter 10: Building an Organization Capable of Good Strategy Execution Chapter 11: Managing Internal Operations Chapter 12: Corporate Culture and Leadership Part 2: Cases in Crafting and Executing Strategy Case 1: Airbnb in 2020 Case 2: Competition in the Craft Beer Industry in 2020 Case 3: Costco Wholesale in 2020: Mission, Business Model, and Strategy Case 4: Ford Motor Company: Will the Company’s Strategic Moves Restore its Competitiveness and Financial Performance? Case 5: Macy’s, Inc.: Will Its Strategy Allow It to Survive in the Changing Retail Sector? Case 6: TOMS Shoes: Expanding Its Successful One For One Business Model Case 7: lululemon athletica’s Strategy in 2020: Is the Recent Growth in Retail Stores, Revenues, and Profitability Sustainable? Case 8: Under Armour’s Strategy in 2020: Can It Revive Sales and Profitability in Its Core North American Market? Case 9: Spotify in 2020: Can the Company Remain Competitive? Case 10: Beyond Meat, Inc. Case 11: Netflix’s 2020 Strategy for Battling Rivals in the Global Market for Streamed Video Subscribers Case 12: Twitter Inc. in 2020 Introduction History of Twitter The Twitter Brand Image Twitter’s Global High Profile Twitter Services, Products and Revenue Streams Twitter Restructures Twitter’s Stock Performance Twitter’s Major Competitors Facebook WhatsApp Snapchat Instagram LinkedIn Troubling Signs in First Quarter—2020 Endnotes Case 13: Yeti in 2020: Can Brand Name and Innovation Keep it Ahead of the Competition? Case 14: GoPro in 2020: Have its Turnaround Strategies Failed? Case 15: Publix Super Markets: Its Strategy in the U.S. Supermarket and Grocery Store Industry Case 16: Tesla’s Strategy in 2020: Can It Deliver Sustained Profitability? Case 17: Unilever’s Purpose-led Brand Strategy: Can Alan Jope Balance Purpose and Profits? Case 18: Domino’s Pizza: Business Continuity Strategy during the Covid-19 Pandemic Case 19: Burbank Housing: Building from the Inside Out Case 20: Boeing 737 MAX: What Response Strategy is Needed to Ensure Passenger Safety and Restore the Company’s Reputation? Case 21: The Walt Disney Company: Its Diversification Strategy in 2020 Case 22: Robin Hood Case 23: Southwest Airlines in 2020: Culture, Values, and Operating Practices Case 24: Uber Technologies in 2020: Is the Gig Economy Labor Force Working for Uber? Case 25: Starbucks in 2020: Is the Company on Track to Achieve Attractive Growth and Operational Excellence? Case 26: Nucor Corporation in 2020: Pursuing Efforts to Grow Sales and Market Share Despite Tough Market Conditions Case 27: Eliminating Modern Slavery from Supply Chains: Can Nestlé Lead the Way? Guide to Case Analysis Indexes Accessibility Content: Text Alternatives for Images 212 of 359

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Introduction

The strategic management process is fundamental to the success and sustainability of modern organizations. It involves a comprehensive analysis of internal and external environments, formulation of strategies, and effective implementation. This paper explores the core concepts and techniques for crafting and executing strategies, emphasizing their importance in competitive advantage. Various strategic models, tools, and real-world case studies highlight the practical application of these principles.

Concepts and Techniques for Crafting Strategy

Understanding Strategy and Its Importance

Strategy is defined as a comprehensive plan that outlines how an organization will achieve its long-term goals and sustain competitive advantage (Porter, 1980). It provides direction and scope, aligning organizational resources with environmental opportunities and threats. Understanding why strategy is vital involves recognizing its role in differentiating organizations amidst fierce competition and technological changes (Barney, 1991). Strategic planning enables organizations to anticipate market shifts, innovate, and adapt effectively, ensuring survival and growth.

Charting Organizational Direction

Determining a company's strategic direction involves defining a clear mission, vision, and set of objectives. The mission articulates the organization's purpose, while the vision projects future aspirations (Collins & Porras, 1996). Strategic positioning involves identifying target markets and value propositions that set the organization apart (Porter, 1985). Such clarity guides decision-making at all levels and aligns resources towards achieving strategic goals.

Environmental and Internal Evaluation

Comprehensive environmental scanning assesses external factors like industry trends, competitive forces, economic dynamics, and regulatory changes (Porter, 1980). Tools such as PESTEL analysis and industry rivalry models aid this process. Internally, organizations analyze resources, capabilities, and core competencies using frameworks like SWOT and VRIO. These assessments identify strengths to leverage and weaknesses to address, forming the basis for strategy formulation (Barney, 1991).

Strategic Formulation and Competitive Strategies

Formulating strategy involves selecting the most suitable actions based on environmental insights. Porter’s generic strategies—a cost leadership, differentiation, and focus—provide foundational models for establishing competitive advantage (Porter, 1985). The adoption of these strategies enables organizations to outperform rivals by either being the lowest-cost producer, offering unique value, or focusing on niche markets.

Implementing and Sustaining Strategy

Effective strategy implementation requires building organizational structures, corporate culture, and leadership capable of executing strategic plans. Resources such as human capital, technology, and processes must align with strategic objectives (Hitt et al., 2007). Change management, communication, and strategic control systems help monitor progress and adjust tactics as necessary.

Real-World Applications Through Case Studies

Case Analysis: Airbnb in 2020

Airbnb confronted significant challenges in 2020 due to the COVID-19 pandemic, which drastically impacted travel and hospitality sectors. Its strategy to pivot by emphasizing local and long-term stays, alongside strengthened health protocols, exemplifies adaptability in strategy execution. Airbnb’s ability to leverage its platform for diversification highlights the importance of agility in strategic management (Guttentag, 2015).

Case Analysis: Tesla’s 2020 Strategy

Tesla’s strategic focus on innovation, vertical integration, and expanding manufacturing capacity exemplifies differentiation and growth strategies. Its emphasis on sustainable energy solutions aligns with environmental sustainability trends, reinforcing that corporate social responsibility can complement competitive positioning (Mangram, 2012). Tesla’s strategic agility enabled it to navigate market uncertainties while maintaining profitability aspirations.

Case Analysis: Netflix’s Global Expansion

Netflix’s strategy to invest heavily in original content and international markets demonstrates a focus on differentiation and market penetration (Nenonen et al., 2017). The firm’s innovative approach in digital streaming and customer-centric models underline how technological leverage and strategic flexibility are crucial for maintaining competitiveness in rapid industry evolution.

Case Analysis: Boeing 737 MAX Crisis

The Boeing 737 MAX incident underscores the importance of strategic environmental scanning and risk management. Boeing’s response involved overhauling testing procedures and stakeholder engagement, exemplifying crisis management and reputation recovery strategies vital for restoring trust (Levtzion-Korach & Schermann, 2019).

Conclusion

Strategic management is a dynamic process that demands continuous assessment and adaptation. Employing robust frameworks like SWOT, PESTEL, Porter’s generic strategies, and real-world case analysis enables organizations to craft and implement effective strategies. As demonstrated through various case studies, strategic flexibility, innovation, and responsible leadership are essential in maintaining competitive advantage amidst changing market conditions. Future trends suggest a growing importance of digital transformation, sustainability, and agile strategic practices to navigate complex global environments.

References

• Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
• Collins, J. C., & Porras, J. I. (1996). Building your company's vision. Harvard Business Review, 74(5), 65-77.
• Guttentag, D. (2015). Airbnb: disruptive innovation and the rise of an informal tourism accommodation sector. Current Issues in Tourism, 18(12), 1192-1217.
• Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2007). Strategic Management: Competitiveness and Globalization. Thomson South-Western.
• Levtzion-Korach, O., & Schermann, M. (2019). Strategies for crisis management and reputation rebuilding: The Boeing 737 MAX case. Journal of Business Strategy, 40(4), 12-20.
• Mangram, S. (2012). The marketing strategies of Tesla Motors: a case study. Journal of Strategic Marketing, 20(4), 285-301.
• Nenonen, S., et al. (2017). The evolution of digital strategy in the media industry: Netflix as a case. International Journal of Business and Management, 12(3), 132-142.
• Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors. Free Press.
• Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. Free Press.