TAILIEUCHUNG - Lecture Crafting and executing strategy: Chapter 6 - Thompson, Peteraf, Gamble, Strickland

Chapter 6 - Strengthening a company’s competitive position: Strategic moves, timing, and scope of operations. The objectives of this chapter are: Learn whether and when to pursue offensive or defensive strategic moves to improve a company's market position, recognize when being a first mover or a fast follower or a late mover is most advantageous, become aware of the strategic benefits and risks of expanding a company's horizontal scope through mergers and acquisitions,. | CHAPTER 6 STRENGTHENING A COMPANY’S COMPETITIVE POSITION: STRATEGIC MOVES, TIMING, AND SCOPE OF OPERATIONS STUDENT VERSION MAXIMIZING THE POWER OF A STRATEGY Offensive and Defensive Competitive Actions Competitive Dynamics and the Timing of Strategic Moves Scope of Operations along the Industry’s Value Chain Making choices that complement a competitive approach and maximize the power of strategy GOING ON THE OFFENSIVE—STRATEGIC OPTIONS TO IMPROVE A FIRM’S MARKET POSITION Strategic Offensive Principles: Focus on relentlessly building competitive advantage and then converting it into sustainable advantage. Apply resources where rivals are least able to defend themselves. Employ the element of surprise as opposed to doing what rivals expect and are prepared for. Display a strong bias for swift, decisive, and overwhelming actions to overpower rivals. 6–3 CHOOSING WHICH RIVALS TO ATTACK Market leaders that are in vulnerable competitive positions Runner-up firms with weaknesses in areas where the challenger is strong Struggling enterprises on the verge of going under Small local and regional firms with limited capabilities Best Targets for Offensive Attacks BLUE-OCEAN STRATEGY— A SPECIAL KIND OF OFFENSIVE The business universe is divided into: An existing market with boundaries and rules in which rival firms compete for advantage. A “blue ocean” market space, where the industry has not yet taken shape, with no rivals and wide-open long-term growth and profit potential for a firm that can create demand for new types of products. 6–5 DEFENSIVE STRATEGIES—PROTECTING MARKET POSITION AND COMPETITIVE ADVANTAGE Lower the firm’s risk of being attacked Weaken the impact of an attack that does occur Influence challengers to aim their efforts at other rivals Purposes of Defensive Strategies TIMING A FIRM’S OFFENSIVE AND DEFENSIVE STRATEGIC MOVES Timing’s Importance: Knowing when to make a strategic move is as crucial as knowing what move to make. Moving .

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