BCG of Harley Davidson, strategy ManagementFull description
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C H A P T E R
Strategic Management Lecture Outline
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E I G H T
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Introduction The Importance of Strategic Management What Is Strategic Management? Why Is Strategic Management Important? The Strategic Management Process Step 1: Identifying the Organization’s Current Mission !oa"s and Strategies Step #: $oing an %&terna" 'na"ysis Step (: $oing an Interna" 'na"ysis Step ): *ormu"ating Strategies Step +: Imp"ementing Strategies Step ,: %-a"uating .esu"ts Types of Organizationa" Strategies Corporate Strategy !ro/th Sta0i"ity .ene/a" Corporate Portfo"io 'na"ysis usiness or Competiti-e Strategy The .o"e of Competiti-e 'd-antage 2ua"ity 's a Competiti-e 'd-antage Sustaining Competiti-e 'd-antage Competiti-e Strategies The .u"e of Three *unctiona" Strategy Strategic Management in Today’s %n-ironment Strategic *"e&i0i"ity 3e/ $irections in Organizationa" Strategies
Mergers4
Strategic a""iances4 $o/nsizing4 Spin5o6s4 !"o0a" e&pansion4 Today’s ne/s is 7""ed /ith e&"es of changing organizationa" strategies4 In the chapter5opening Manager’s 8' $i"emma9 students "earn a0out the important cha""enge facing e-in P"an;’s company o/ can the princip"es of strategic management guide e-in P"an; as he de-e"ops this ne/ strategy?
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Many Po/erPoint S"ides inc"uding 0oth origina" te&t art and ne/"y created images ha-e 0een de-e"oped and are a-ai"a0"e for you to coordinate /ith Chapter %ight materia"s presentation4
ANNOTATED OUTLINE 14
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T>% IMPO.T'3C% O* ST.'T%!IC M'3'!%M%3T Managers must carefu""y consider their organization’s interna" and e&terna" en-ironments as they de-e"op strategic p"ans4 They shou"d ha-e a systematic means of ana"yzing the en-ironment assessing their organization’s strengths and /ea;nesses identifying opportunities that /ou"d gi-e the organization a competiti-e ad-antage and incorporating these 7ndings into their p"anning4 The -a"ue of thinking strategically has an important impact on organization performance4
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41 >o/ is strategic management re"ated to the p"anning function?
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What Is Strategic Management? Strategic management is /hat managers do to 14 de-e"op the organization’s strategies4 #4 Strategic management in-o"-es a"" four of the 0asic management functions@p"anning organizing "eading and contro""ing4 Materia"s I P"an to
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Why Is Strategic Management Important? 14 Strategic management has a signi7cant impact on ho/ /e"" an organization performs4 #4 In today’s 0usiness /or"d organizations of a"" types and sizes must manage constant"y changing situations4 (4 Today’s companies are composed of di-erse di-isions units functions and /or; acti-ities that must 0e coordinated4 4.
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Strategic management is involved in many of the decisions that managers make.
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SelfA!!e!!ment Li"rar#
E$erci!e in Han%ling Am"iguit#
Managers ha-e a"/ays had to dea" /ith changes ta;ing p"ace inside and outside of their organizations4 Often comp"ete information is not a-ai"a0"e4 Se"f5'ssessment AI4'4) 8>o/ We"" $o I >and"e 'm0iguity?9 /i"" contri0ute to students’ understanding of their o/n persona" characteristics4 Students may /ant to reBect on the fo""o/ing =uestions: n
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What did you disco-er a0out yourse"f in doing this e&ercise? $id anything surprise you a0out your assessment? >o/ can you use this information in he"ping you to strategica""y p"an your career? >o/ do you thin; this information /i"" he"p you as a manager? T>% ST.'T%!IC M'3'!%M%3T P.OC%SS The !trategic management r'ce!! is a si&5step process that encompasses strategic p"anning imp"ementation and e-a"uation4 See E$(i"it 8) and P'*erP'int !li%e 88 4D '4 Step 1: Identifying the Organization’s Current Mission, Objecties, and Strategies 14 %-ery organization needs a mi!!i'n+ /hich is a statement of the purpose of an organization4 The mission statement addresses the =uestion: What is the organization’s reason for 0eing in 0usiness? See E$(i"it 8, and P'*erP'int !li%e 8)- 4D NOTES
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Q&A
4# $oes a company’s mission ha-e to 0e /ritten to 0e usefu" and e6ecti-e?
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The organization must identify o0Eecti-es and strategies as /e""4
current
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Step !: "#ternal $nalysis 14 Managers in e-ery organization need to conduct an e&terna" ana"ysis4 InBuentia" factors such as competition pending "egis"ation and "a0or supp"y are inc"uded in the e&terna" en-ironment4 #4 'fter ana"yzing the e&terna" en-ironment managers must assess /hat they ha-e "earned in terms of opportunities and threats4 O'rtunitie! are positi-e trends in e&terna" en-ironmenta" t(reat! factorsF are negati-e trends in en-ironmenta" factors4 (4 ecause of di6erent resources and capa0i"ities the same e&terna" en-ironment can present opportunities to one organization and pose threats to another4 Materia"s I P"an to
Practical Interacti.e S/ill! 0'%ule!
Ask students go the environmental scanning. Q&A
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P.ISM A(
Web and comlete
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4( Where can you get information on /hat’s happening in the -arious components of the e&terna" en-ironment?
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Step %: Internal $nalysis 14 Interna" ana"ysis shou"d "ead to a c"ear assessment of the organization’s resources and capa0i"ities4 #4 'ny acti-ities the organization does /e"" or any uni=ue resources that it has are ca""ed !trengt(!4
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4) What’s the di6erence 0et/een an organization’s core competencies and its competiti-e ad-antage?
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4+ What ro"e does an organization’s cu"ture p"ay in its strategy?
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Organizationa" cu"ture is important in interna" ana"ysisF the company’s cu"ture can promote or hinder its strategic actions4
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1ea/ne!!e! are acti-ities the organization does not do /e"" or resources it needs 0ut does not possess4 The organization’s maEor -a"ue5creating s;i""s and capa0i"ities that determine its competiti-e /eapons are the organization’s c're c'metencie! 4
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S1OT anal#!i! is an ana"ysis of the organization’s strengths /ea;nesses opportunities and threats4
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Step &: 'or(ulating Strategies 14 'fter the SWOT managers de-e"op and e-a"uate strategic a"ternati-es and se"ect strategies that are appropriate4 Materia"s I P"an to
SelfA!!e!!ment Li"rar#
E$erci!e in Creati.it# 11%
Creati-ity and inno-ation are important e"ements in strategic p"anning4 Se"f5'ssessment Gi0rary AI4'4+ 8>o/ Creati-e 'm I?9 gi-es your students an opportunity to o0tain feed0ac; on their o/n "e-e"s of creati-ity4 What did you disco-er a0out yourse"f in doing this e&ercise? $id anything surprise you a0out your assessment? >o/ can you use this information in he"ping you in generating a"ternati-e career paths? >o/ do you thin; this information /i"" he"p you as a manager?
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4, >o/ is SWOT ana"ysis used in the formu"ation of appropriate strategies?
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Strategies need to 0e esta0"ished for corporate 0usiness and functiona" "e-e"s4
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T(in/ing Criticall# A"'ut Et(ic!
Pr'.i%ing 3al!e Inf'rmati'n
When organizations pro-ide information a0out themse"-es products or ser-ices to the genera" pu0"ic /hat and ho/ much information to pro-ide is a critica" =uestion4 'ny information made a-ai"a0"e to the genera" pu0"ic through the company’s We0 site is a-ai"a0"e to the organization’s competitors as /e""4 Present the fo""o/ing =uestions to students in a c"ass discussion: • In an intense"y competiti-e industry /ou"d it 0e /rong for a company to inc"ude mis"eading or e-en fa"se information on its We0 site? Why or /hy not? • • Suppose that the organization’s industry is not intense"y competiti-e4 Wou"d you fee" di6erent"y? %ncourage students to decide /hat information needs to 0e pro-ided and /hat information shou"d 0e he"d /ithin the organization4 In addition e&p"ore /ith students /hat constitutes mis"eading fa"se or accepta0"e information4
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0anaging 4'ur Career
D'ing a Per!'nal S1OT Anal#!i! 11&
Conducting a persona" SWOT ana"ysis can 0e a -a"ua0"e too" to he"p students assess their o/n s;i""s and preferences in preparation for the Eo0 search process4 In fact doing an indi-idua" SWOT ana"ysis is an e&ce""ent introduction to SWOT since students /i"" 0e fami"iar /ith the su0Eect of the ana"ysis and the process /i"" 0e persona"ized4 'fter your c"ass has studied and discussed 8Managing Hour Career: $oing a Persona" SWOT 'na"ysis9 in the te&t ta"; /ith your students a0out de-e"oping their o/n persona" SWOT ana"ysis4 $e-ote a portion of this c"ass period to gi-ing students an opportunity to consider and /rite a0out their o/n persona" strengths and /ea;nesses4 In order to encourage their critica" thin;ing and /riting you /i"" /ant to assure students that they /i"" ha-e discretion a0out /hether or not their SWOT ana"ysis /i"" 0e shared /ith anyone e"se4 Hou may /ant to a""o/ some time during su0se=uent c"ass sessions for students to /or; on their persona" SWOT ana"ysis and to as; =uestions a0out the process4
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Step *: "aluating +esults 14 >o/ e6ecti-e ha-e the strategies 0een? adEustments necessary? 4 >o/ often shou"d a company change its strategies?
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4 I understand ho/ strategies are formu"ated 0ut ho/ are they imp"emented?
Q&A
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Step ): I(ple(enting Strategies 14 ' strategy is on"y as good as its imp"ementation4
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0anaging IT
IT5! R'le in C'man# Strateg#
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Since a num0er of students in your c"ass /i"" "i;e"y ha-e emp"oyment e&perience as; students to use their past or present Eo0 en-ironments as a 0asis for thin;ing a0out the importance of IT to the strategies used in a 0usiness4 In-ite students to share their rea"5/or"d e&periences in a 0usiness setting /here an organization has in-ested in IT and has 0ene7ted 0y its imp"ementation4 's; for speci7c e&"es sho/ing ho/ production of goods andJor ser-ices has 0een enhanced in that 0usiness 0y the use of IT4 3e&t as; students to te"" their c"assmates a0out e&periences in the 0usiness /or"d /here they thin; IT in-estment may not ha-e 0een the 0est strategy4 'gain as; for speci7c e&"es from their o/n /or; e&perience so that students can re"ate to the rea"5"ife cha""enges and opportunities presented 0y IT in the /or;p"ace4
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THP%S O* O.!'3IK'TIO3'G ST.'T%!I%S Strategic p"anning ta;es p"ace on three di6erent and distinct "e-e"s: corporate 0usiness and functiona"4 See E$(i"it 86 and P'*erP'int !li%e 8)7 D4 '4 Corporate Strategy C'r'rate !trateg# is an organizationa" strategy that determines /hat 0usinesses a company is in shou"d 0e in or /ants to 0e in and /hat it /ants to do /ith those 0usinesses4 14 There are three main types of corporate strategies: a4 ' gr'*t( !trateg# is a corporate strategy that is used /hen an organization /ants to gro/ and does so 0y e&panding the num0er of products o6ered or mar;ets ser-ed either through its current 0usinessesD or through ne/ 0usinessesD4 04 ' !ta"ilit# !trateg# is a corporate strategy characterized 0y an a0sence of signi7cant change in /hat the organization is current"y doing4 c4 ' rene*al !trateg# is a corporate strategy designed to address organizationa" /ea;nesses that are "eading to performance dec"ines4 T/o such strategies are retrenchment strategy and turnaround strategy4 C'r'rate P'rtf'li' Anal#!i! is used /hen an #4 organization’s corporate strategy in-o"-es a num0er of 0usinesses4 Managers can manage this portfo"io of 0usinesses using a corporate portfo"io matri& such as the C! matri&4 a4 The CG matri$ is a strategy too" that guides resource a""ocation decisions on the 0asis of 11'
mar;et share and gro/th rate of S
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usiness Competiti-eD Strategy ' "u!ine!! !trateg# a"so ;no/n as a competiti-e strategyD is an organizationa" strategy focused on ho/ the organization /i"" compete in each of its 0usinesses4 14 The .o"e of Competiti-e 'd-antage4 ' c'metiti.e a%.antage is /hat sets an organization apart that is its distincti-e edge4 'n organization’s competiti-e ad-antage can come from its core competencies4 #4 2ua"ity as a Competiti-e 'd-antage4 If imp"emented proper"y =ua"ity can 0e one /ay for an organization to create a sustaina0"e competiti-e ad-antage4 Materia"s I P"an to
Passport Part ( Scenario 1
Pa!!'rt
>a-e students comp"ete Passport Part ( Scenario 1 on =ua"ity programs4
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Sustaining Competiti-e 'd-antage4 'n organization must 0e a0"e to sustain its competiti-e ad-antageF it must ;eep its edge despite competitors’ action and regard"ess of maEor changes in the organization’s industry4
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Michae" Porter’s /or; e&p"ains ho/ managers can create and sustain a competiti-e ad-antage that /i"" gi-e a company a0o-e5a-erage pro7ta0i"ity4 11)
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Industry ana"ysis is an important step in Porter’s frame/or;4 >e says there are 7-e competiti-e forces at /or; in an industryF together these 7-e forces determine industry attracti-eness and pro7ta0i"ity4 See E$(i"it 87 and P'*erP'int !li%e 8,; D4 Porter proposes that the fo""o/ing 7-e factors can 0e used to assess an industry’s attracti-eness: 1D hreat of ne- entrants. >o/ "i;e"y is it that ne/ competitors /i"" come into the industry? Managers shou"d assess 0arriers to entry /hich are factors that determine ho/ easy or diLcu"t it /ou"d 0e for ne/ competitors to enter the industry4 #D hreat of substitutes4 >o/ "i;e"y is it that products of other industries cou"d 0e su0stituted for a company’s products? (D /argaining po-er of buyers4 >o/ much 0argaining po/er do 0uyers customersD ha-e? )D /argaining po-er of suppliers4 >o/ much 0argaining po/er do a company’s supp"iers ha-e? +D Current rialry 4 >o/ intense is the competition among 7rms that are current"y in the industry?
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'ccording to Porter managers must choose a strategy that /i"" gi-e their organization a competiti-e ad-antage4 Porter identi7es three generic competiti-e strategies4 Which strategy managers se"ect depends on the organization’s strengths and core competencies and the particu"ar /ea;nesses of its competitorsD4 a4 ' c'!t lea%er!(i !trateg# is a 0usiness or competiti-e strategy in /hich the organization competes on the 0asis of ha-ing the lo-est costs in its industry4 04 ' %i
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o6ers uni0ue products that are /ide"y -a"ued 0y customers4 ' f'cu! !trateg# is a 0usiness or competiti-e strategy in /hich a company pursues a cost or di6erentiation ad-antage in a narro- industry seg(ent 4
'n organization that has 0een not 0een a0"e to de-e"op either a "o/ cost or a di6erentiation competiti-e ad-antage is said to 0e 8 !tuc/ in t(e mi%%le 49 Su0se=uent research indicates that it is possi0"e though -ery diLcu"t for organizations that are stuc; in the midd"e to achie-e high performance4
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*unctiona" Strategy 3uncti'nal !trateg# is the strategies used 0y an organization’s -arious functiona" departments to support the 0usiness or competiti-e strategy4 Materia"s I P"an to
ST.'T%!IC M'3'!%M%3T I3 TO$'H’S %3I.O3M%3T '4 The .u"e of Three4 Competiti-e forces in an industry if ;ept re"ati-e"y free from go-ernment interference or other specia" circumstances /i"" ine-ita0"y create a situation /here three companies dominate any gi-en mar;et4
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SelfA!!e!!ment Li"rar#
E$erci!e in Tur"ulent C(ange
$ea"ing /ith tur0u"ent change is a critica" success s;i"" for e6ecti-e strategic p"anning4 Se"f5'ssessment Gi0rary AIII4C41 8>o/ We"" $o I .espond to Tur0u"ent Change?9 gi-es your students the opportunity to get feed0ac; a0out their o/n e6ecti-eness in responding to change4 What did you disco-er a0out yourse"f in doing this e&ercise? $id anything surprise you a0out your assessment? >o/ can you use this information in he"ping you in generating a"ternati-e career paths? >o/ do you thin; this information /i"" he"p you as a manager?
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3e/ $irections in Organizationa" Strategies 14 %5usiness Strategies4
Materia"s I P"an to
3'cu! 'n Lea%er!(i
'fter you and your students ha-e discussed the si& responsi0i"ities of an e6ecti-e strategic "eader gi-e your students an opportunity to consider the importance of the 7rst responsi0i"ity "isted in the te&t: 'n e6ecti-e strategic "eader determines the organization’s purpose or -ision4 's; students for other /ords that come to mind /hen they hear the /ord ision4 Pro-ide a dictionary and as; one student to "oo; up and read the appropriate de7nition of -ision to the c"ass4 Gead a discussion in /hich you as; your students to descri0e the di6erence 0et/een the terms (ission and ision4 Hou may /ant to pose the fo""o/ing =uestions for further discussion: •
•
•
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Why is ha-ing and communicating a c"ear -ision -ita" to the success of a "eader in inBuencing mem0ers of an organization to fo""o/? What s;i""s and =ua"ities shou"d a manager ha-e in order to communicate hisJher -ision to emp"oyees of the organization? What s;i""s and =ua"ities shou"d a manager ha-e in order to communicate hisJher -ision for the organization to e&terna" sta;eho"ders? >o/ does the "eader of our uni-ersity communicate hisJher -ision to interna" and e&terna" sta;eho"ders? $oes our uni-ersity ha-e a /ritten mission statement? Is it an integra" part of the uni-ersity’s We0 site? $o I ha-e a persona" mission statement? If not /hat 0ene7ts cou"d I deri-e from /riting one?
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Customer Ser-ice Strategies4 These strategies gi-e customers /hat they /ant communicate e6ecti-e"y /ith them and pro-ide emp"oyees /ith customer ser-ice training4
Inno-ation Strategies4 These strategies focus on 0rea;through products and can inc"ude the app"ication of e&isting techno"ogy to ne/ uses4 'n organization that is 7rst to 0ring a product inno-ation to the mar;et or to use a ne/ process inno-ation is ca""ed a @r!t m'.er?
Materia"s I P"an to
1%0
An!*er! t' T(in/ing A"'ut 0anagement I!!ue!
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erfor( a S2O analysis on a local business you think you kno- -ell. 2hat, if any, co(petitie adantage does this organization hae3 Hou may /ant to assign this =uestion to teams of students4 %ncourage your students to co-er each area of the SWOT thorough"y4 e sure to ta"; /ith the c"ass a0out di6erent sources of information for doing a SWOT ana"ysis so that they /i"" 0e e=uipped to /or; on this assignment4
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4o(ight the processes of strategy for(ulation, i(ple(entation, and ealuation di5er for 6a7 large businesses, 6b7 s(all businesses, 6c7 not8for8pro9t organizations, and 6d7 global businesses3 'fter studying this chapter students shou"d recognize that the processes of strategy formu"ation imp"ementation and e-a"uation do not di6er signi7cant"y among these di6erent types of organizationsF rather the content of the processes is "i;e"y to di6er4
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he concept of co(petitie adantage is as i(portant for not8 for8pro9t organizations as it is for for8pro9t organizations.;
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Should ethical considerations be included in the analyses of an organization’s internal and e#ternal eniron(ents3 2hy or -hy not3 %thica" considerations shou"d permeate e-ery acti-ity of an organization4 's; your students /hat they thin; these ethica" considerations shou"d 0e4
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4o- could the Internet be helpful to (anagers as they follothe steps in the strategic (anage(ent process3 The Internet pro-ides -o"uminous information con-enient"y and =uic;"y a0out competitors en-ironmenta" factors and 1%1
customers4 This information impro-es the manager’s a0i"ity to ma;e sound strategic management decisions as heJshe faces continuous"y changing en-ironmenta" conditions4 ,4
'ind e#a(ples of 9e di5erent organizational (ission state(ents. =sing the (ission state(ents, describe -hat types of corporate and business strategies each organization (ight use to ful9ll its (ission state(ent. "#plain your rationale for choosing each strategy. Students can 0e e&pected to se"ect a /ide range of companies and mission statements as they /or; in teams to ans/er this =uestion4 This e&ercise gi-es an e&ce""ent opportunity for students to di6erentiate 0et/een corporate and 0usiness strategies4 In order to pro-ide e&posure to corporate strategy in this acti-ity 0e sure that each team e&p"ores at "east one corporation in their ana"ysis4
1ORING E$erci!e
TOGETHERBTeama!e%
This e&ercise as;s students to /or; in sma"" groups of three to four indi-idua"s to 7nd e&"es of di6erent types of strategies used 0y companies featured in ne/s stories in the 0usiness and popu"ar press4 Students shou"d 7nd e&"es of 7-e di6erent organizationa" strategies and determine /hether the e&"es i""ustrate corporate 0usiness or functiona" strategies4 This e&ercise shou"d 0e used as an out5of5c"ass assignment4 An!*er! t' Ca!e Alicati'n Que!ti'n!
Hig(er an% Hig(er 14
2hat co(petitie adantage6s7 do you think the 4aier >roup has3 2hat co(petitie strategy does the co(pany appear to be follo-ing3 "#plain your choices4 The >aier !roup enEoys the 0ene7ts of ha-ing se-era" competiti-e ad-antages inc"uding continuous inno-ation4 's C%O Khang .uimin says 8Continuous inno-ation is the sou" of >aier’s corporate cu"ture49 'dditiona" competiti-e ad-antages inc"ude strong 0rand name recognition in China the country’s third most popu"ar 0randDF manufacturing faci"ities in 1( countries and 1 .N$ centers around the g"o0eF /or"d/ide recognition of its =ua"ity productsF and -isionary "eadership4 The company is imp"ementing a di6erentiation strategy as it competes in the g"o0a" mar;etp"ace o6ering =ua"ity products that are /ide"y -a"ued 0y its customers around the /or"d4
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2hat strategic goals does ?hang hae for 4aier3 aier in order to meet his strategic goa"s of /or"d/ide "eadership in his industry4 >is actions as C%O support his strategic goa" of "eading the >aier !roup to 0ecome a tru"y g"o0a" 0rand4 !i-en the rapid gro/th and success of >aier since its inception the company’s strategies appear to 0e he"ping Khang and his emp"oyees to reach their strategic goa"s4
(4 4o- (ight S2O analysis be useful to ?hang +ui(in3 In order to compete e6ecti-e"y in a g"o0a" mar;et Khang .uimin must 0e a"ert to changes in opportunities and threats in the e&terna" en-ironmentF 0e e=uipped to ta;e ad-antage of interna" strengthsF and 0e cognizant and rea"istic a0out >aier’s interna" /ea;nesses4 Conducting a SWOT ana"ysis is a -a"ua0"e too" in achie-ing these o0Eecti-es4 )4
2hat other strategic (anage(ent concepts (ight ?hang use to help hi( continue (anaging the 4aier >roup for successful perfor(ance3 Since competition in his industry is ;een Khang might use Michae" Porter’s mode"s and studies of competiti-e strategies to he"p in gro/ing the >aier !roup in a g"o0a" arena4 's his company continues to gro/ o-er time the C! matri& might 0e used 0y Khang to assess the -ia0i"ity of its product "ines and 0usinesses /ithin the corporation4
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2hat strategic leadership characteristics does ?hang +ui(in e#hibit3 "#plain. Khang .uimin demonstrates a num0er of characteristics of an e6ecti-e strategic "eader inc"uding the possession of a strong -ision and sense of mission for the company and the a0i"ity to communicate them to his fo""o/ers and sta;eho"ders4 In addition he e&p"oits and maintains the core competencies of >aier and upho"ds a strong corporate cu"ture of inno-ation4
ADDITIONAL CHAPTER IN3OR0ATION The Strategy usiness We0 site features -a"ua0"e sources for strategic management app"ications4 This We0 site is "ocated at ///4strategy50usiness4comQ4