,QVWUXFWRU¶V0DQXDO

([SORULQJ6WUDWHJ\
7H[WDQG&DVHV

(OHYHQWKHGLWLRQ

*HUU\-RKQVRQ
5LFKDUG:KLWWLQJWRQ
.HYDQ6FKROHV
'XQFDQ$QJZLQ
3DWULFN5HJQpU

:LWKWKHDVVLVWDQFHRI&OLYH.HUULGJH-DVRQ(YDQVDQG6WHYH3\OH

)RUIXUWKHULQVWUXFWRUPDWHULDO
SOHDVHYLVLW
ZZZSHDUVRQHGFRXNMRKQVRQ
,6%1

¤3HDUVRQ(GXFDWLRQ/LPLWHG
/HFWXUHUVDGRSWLQJWKHPDLQWH[WDUHSHUPLWWHGWRGRZQORDGDQGSKRWRFRS\WKHPDQXDODV
UHTXLUHG



3($5621('8&$7,21/,0,7('
(GLQEXUJK*DWH
+DUORZ&0-(
8QLWHG.LQJGRP
7HO
:HEZZZSHDUVRQFRPXN


1LQWKHGLWLRQSXEOLVKHG
7HQWKHGLWLRQSXEOLVKHG
7KLVHGLWLRQSXEOLVKHG

‹3HDUVRQ(GXFDWLRQ/LPLWHG

7KH ULJKWV RI *HUU\ -RKQVRQ 5LFKDUG :KLWWLQJWRQ 3DWULFN 5HJQHU .HYDQ 6FKROHV 'XQFDQ
$QJZLQ&OLYH.HUULGJH-DVRQ(YDQV DQG6WHYH3\OHWREHLGHQWLILHGDVDXWKRUVRIWKLVZRUN
KDYHEHHQDVVHUWHGE\WKHPLQDFFRUGDQFHZLWKWKH&RS\ULJKW'HVLJQVDQG3DWHQWV$FW

,6%1

$OO ULJKWV UHVHUYHG 3HUPLVVLRQ LV KHUHE\ JLYHQ IRU WKH PDWHULDO LQ WKLV SXEOLFDWLRQ WR EH
UHSURGXFHG IRU 2+3 WUDQVSDUHQFLHV DQG VWXGHQW KDQGRXWV ZLWKRXW H[SUHVV SHUPLVVLRQ RI WKH
3XEOLVKHUVIRUHGXFDWLRQDOSXUSRVHVRQO\,QDOORWKHUFDVHVQRSDUWRIWKLVSXEOLFDWLRQPD\EH
UHSURGXFHGVWRUHGLQDUHWULHYDOV\VWHPRUWUDQVPLWWHGLQDQ\IRUPRUE\DQ\PHDQVHOHFWURQLF
PHFKDQLFDOSKRWRFRS\LQJUHFRUGLQJRURWKHUZLVHZLWKRXWHLWKHUWKHSULRUZULWWHQSHUPLVVLRQRI
WKH3XEOLVKHUVRUDOLFHQFHSHUPLWWLQJUHVWULFWHGFRS\LQJLQWKH 8QLWHG.LQJGRP LVVXHGE\WKH
&RS\ULJKW /LFHQVLQJ $JHQF\ /WG %DUQDUG¶V ,QQ  )HWWHU /DQH /RQGRQ (&$ (1 7KLV
ERRNPD\QRWEHOHQWUHVROGKLUHGRXWRURWKHUZLVHGLVSRVHGRIE\ZD\RIWUDGHLQDQ\IRUPRI
ELQGLQJ RU FRYHU RWKHU WKDQ WKDW LQ ZKLFK LW LV SXEOLVKHG ZLWKRXW WKH SULRU FRQVHQW RI WKH
3XEOLVKHUV

$OO WUDGHPDUNV XVHG KHUHLQ DUH WKH SURSHUW\ RI WKHLU UHVSHFWLYH RZQHUV 7KH XVH RI DQ\
WUDGHPDUNLQWKLVWH[WGRHVQRWYHVWLQWKHDXWKRURUSXEOLVKHUDQ\WUDGHPDUNRZQHUVKLSULJKWVLQ
VXFKWUDGHPDUNVQRUGRHVWKHXVHRIVXFKWUDGHPDUNVLPSO\DQ\DIILOLDWLRQZLWKRUHQGRUVHPHQW
RIWKLVERRNE\VXFKRZQHUV

&RQWDLQVSXEOLFVHFWRULQIRUPDWLRQOLFHQVHGXQGHUWKH2SHQ*RYHUQPHQW/LFHQFH2*/Y
KWWSZZZQDWLRQDODUFKLYHVJRYXNGRFRSHQJRYHUQPHQWOLFHQFHYHUVLRQ

&RQWDLQV3DUOLDPHQWDU\LQIRUPDWLRQOLFHQVHGXQGHUWKH2SHQ3DUOLDPHQW/LFHQFH23/Y
KWWSZZZSDUOLDPHQWXNVLWHLQIRUPDWLRQFRS\ULJKWRSHQSDUOLDPHQWOLFHQFH

7KHVFUHHQVKRWVLQWKLVERRNDUHUHSULQWHGE\SHUPLVVLRQRI0LFURVRIW&RUSRUDWLRQ

3HDUVRQ(GXFDWLRQLVQRWUHVSRQVLEOHIRUWKHFRQWHQWRIWKLUGSDUW\LQWHUQHWVLWHV


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 &RQWHQWV

 $FNQRZOHGJHPHQWV 
&KDSWHU ,QWURGXFLQJVWUDWHJ\ 
3DUW, 7+(675$7(*,&326,7,21 
&KDSWHU 0DFURHQYLURQPHQWDQDO\VLV 
&KDSWHU ,QGXVWU\DQGVHFWRUDQDO\VLV 
&KDSWHU 5HVRXUFHVDQGFDSDELOLWLHV 
&KDSWHU 6WDNHKROGHUVDQGJRYHUQDQFH 
&KDSWHU +LVWRU\DQGFXOWXUH 
3DUW,, 675$7(*,&&+2,&(6 
&KDSWHU %XVLQHVVVWUDWHJ\DQGPRGHOV 
&KDSWHU &RUSRUDWHVWUDWHJ\DQGGLYHUVLILFDWLRQ 
&KDSWHU ,QWHUQDWLRQDOVWUDWHJ\ 
&KDSWHU (QWUHSUHQHXUVKLSDQGLQQRYDWLRQ 
&KDSWHU 0HUJHUVDFTXLVLWLRQVDQGDOOLDQFHV 
3DUW,,, 675$7(*<,1$&7,21 
&KDSWHU (YDOXDWLQJVWUDWHJLHV 
&KDSWHU 6WUDWHJ\GHYHORSPHQWSURFHVVHV 
&KDSWHU 2UJDQLVLQJDQGVWUDWHJ\ 
&KDSWHU /HDGHUVKLSDQGVWUDWHJLFFKDQJH 
&KDSWHU 7KHSUDFWLFHRIVWUDWHJ\ 

&DVH7HDFKLQJ1RWHV

*ODVWRQEXU\IURPKLSS\ZHHNHQGWRLQWHUQDWLRQDOIHVWLYDO 
7KHJOREDOSKDUPDFHXWLFDOLQGXVWU\EDFNWRWKHIXWXUH" 
6LHPHQV$H[SORULQJWKHIXWXUH 
7KHµSXE¶GHFOLQHRID%ULWLVKLQVWLWXWLRQ±KRZWKHEUHZHUVIRXJKWEDFN 
5LFRK&DQDGD,QFSULQWLQJWKHIXWXUHRUUHF\FOLQJWKHSDVW 
+ 0LQIDVWIDVKLRQFRQWLQXHGVXFFHVV" 
7KH)RUPXODFRQVWUXFWRUVFDSDELOLWLHVIRUVXFFHVV 
µ$FFHVVWR+HDOWKFDUH¶LQWHJUDWLQJD&65SURJUDPPHLQ&RORSODVW 
0DQFKHVWHU8QLWHG)&FRPSHWLQJZLWK(XURSH¶VHOLWHFOXEV 
 


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

$GQDPVDOLYLQJFRPSDQ\ 
:LGHVSDFHPDQDJLQJJURZWKDQGFXOWXUHZLWKLQDPDWXULQJWHFKQRORJ\YHQWXUH 
5\DQDLUWKHORZIDUHVDLUOLQH±µDOZD\VJHWWLQJEHWWHU¶" 
)OLJKW&HQWUH/LPLWHGFRPSHWLQJWRSURYLGHWKHORZHVWDLUIDUHV 
0HJDEUHZFUHDWLQJDQXQGLVSXWHGJOREDOEUHZLQJFKDPSLRQ" 
$LU$VLDDQGWKH7XQH*URXSGLYHUVLI\LQJDFURVVLQGXVWULHV 
6HYHUVWDOJURZWKDQGFRQVROLGDWLRQVWUDWHJLHVLQDWXUEXOHQWJOREDOVWHHOLQGXVWU\ 
,QGLDQ3UHPLHU/HDJXHJOLW]JODPRXUDQGJOREDOLVDWLRQ 
+DQGHOVEDQNHQEDQNLQJGRQHGLIIHUHQWO\ 
1LQJER6PDUWHU/RJLVWLFVLQQRYDWLQJLQSDUWQHUVKLSZLWK,%0LQ&KLQD 
/HDGHUVKLSDQGLQQRYDWLRQDW$SSOH,QFHQWHULQJWKHSRVW-REVHUD 
$OOFKDQJHDW7HYD 
0RQGHOƝ],QWHUQDWLRQDOµ$UH\RXJRLQJWRVWLFNDURXQG,UHQH"¶$FTXLVLWLRQ
GHPHUJHUGLYHVWPHQWDQGJRYHUQDQFHLQWKHJURZWKVWUDWHJ\RI
0RQGHOƝ],QWHUQDWLRQDO 
&5+SOFOHYHUDJLQJFRUSRUDWHVWUDWHJ\IRUYDOXHFUHDWLRQDQGJOREDOOHDGHUVKLS 
(YDOXDWLQJWKH0H[LFDQQDUFRWUDIILFNLQJSUREOHP 
:KHUHVKRXOGWKHEHGVJR",QIUDVWUXFWXUHSODQQLQJLQ1+6(QJODQG 
6WUDWHJLFSODQQLQJDW.LQJ)DLVDO+RVSLWDODQG5HVHDUFK&HQWUH6DXGL$UDELD 
0RUPRU0DJGD¶VLFHFUHDPFDQ\RXEHKRWLQDFRROPDUNHW" 
$FDGHPLHVDQG)UHH6FKRROVWKHIXWXUHRIHGXFDWLRQ 
6LHPHQV%LPSOHPHQWLQJWKHVWUDWHJ\ 
3DXO3ROPDQWXUQDURXQGDQGGHYHORSPHQWRIVWUDWHJ\DW8QLOHYHU 
$XUL]RQPDQDJLQJFKDQJHLQDFRPSOH[HQYLURQPHQW 
,QWKHERDUGURRPDW+RPH&R 



‹3HDUVRQ(GXFDWLRQ/LPLWHG
 $FNQRZOHGJHPHQWV

We are grateful to the following for permission to reproduce copyright material:

7DEOHV

7DEOH RQ SDJH  IURP :K\ &KDQJH 3URJUDPV 'RQ¶W 3URGXFH &KDQJH Harvard
Business Review1RY±'HF%HHU0(LVHQVWDW5$ 6SHFWRU%

7H[W

0LVVLRQ VWDWHPHQW RQ S  IURP %ULWLVK +HDUW )RXQGDWLRQ /\ULF RQ SDJH  IURP
Hardly Working E\$QGUHZ0DVRQ‹$QGUHZ0DVRQ

,Q VRPH LQVWDQFHV ZH KDYH EHHQ XQDEOH WR WUDFH WKH RZQHUV RI FRS\ULJKW PDWHULDO DQG ZH
ZRXOGDSSUHFLDWHDQ\LQIRUPDWLRQWKDWZRXOGHQDEOHXVWRGRVR

,QWURGXFWLRQ
Exploring Strategy UHSUHVHQWV RQH RI WKH PRVW FRPSUHKHQVLYH SDFNDJHV RI PDWHULDO DQG
VXSSRUW IRUWHDFKHUVDQGVWXGHQWVRIVWUDWHJ\7KHIROORZLQJPDWHULDOVDQGDVVLVWDQFHDUHQRZ
DYDLODEOH

• 7KH text ZLWK LPSURYHG GHVLJQ DQG OD\RXW WR DVVLVW UHDGHUV ± LQFOXGLQJ REMHFWLYHV IRU
HDFK SDUW RI WKH ERRN DQG FKDSWHU OHDUQLQJ RXWFRPHV FRQFHSW GHILQLWLRQV FKDSWHU
VXPPDULHVDGGLWLRQDOUHDGLQJDQGPXFKPRUH

• 2YHU VHYHQW\ illustrations DQG ILIWHHQ Thinking Differently VHFWLRQV HDFK LQFOXGLQJ
TXHVWLRQV WR IDFLOLWDWHWKHLUXVHDVPLQLFDVHVRUFODVVGLVFXVVLRQV

• 6L[WHHQ HQGRIFKDSWHU case examples ZLWK VSHFLILF UHOHYDQFH WR WKH FRQWHQW RI WKH
FKDSWHUDQGZLWKTXHVWLRQVUHODWLQJWRWKHPDMRUOHDUQLQJLVVXHVLQWKHFKDSWHU

• (QGRIFKDSWHU work assignments, ZKLFK SURYLGH IXUWKHU RSSRUWXQLWLHV IRU VWXGHQW

DVVHVVPHQWDGGLWLRQDOZRUNRUVHOIDVVHVVPHQW

• 7KLUW\ FDVH VWXGLHV WH[W DQG FDVHV YHUVLRQ RQO\ WRJHWKHU ZLWK FRPSUHKHQVLYH WHDFKLQJ
QRWHV LQ WKLV PDQXDO DQG RQ WKH ZHEVLWH 7KH FDVH FROOHFWLRQ FRQWDLQV D ULFK PL[WXUH
RI PDWHULDO LQFOXGLQJ ORQJ DQG VKRUW FDVHV IURP PDQ\ GLIIHUHQW VHFWRUV DQG GLIIHUHQW
FRXQWULHV

• 2YHU WKLUW\ µFODVVLF FDVHV¶ IURP SDVW HGLWLRQV ZKHUH WKH\ DUH QRW FDUULHG IRUZDUG LQWR
HOHYHQWKHGLWLRQEXWDUHVWLOOXVHIXOWRWXWRUVDQGVWXGHQWV

• 7KH 6WUDWHJ\ ([SHULHQFH VLPXODWLRQ JLYHV VWXGHQWV KDQGVRQ H[SHULHQFH RI VWUDWHJLF
DQDO\VLVDQG GHFLVLRQPDNLQJ7KHVLPXODWLRQ FDQEHXVHG E\LQGLYLGXDOVWXGHQWVRUDV
SDUWRIDZLGHUFODVVURRPH[HUFLVH


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

For students:

• 5HYLVLRQDLGVIODVKFDUGVNH\FRQFHSWVDQGJORVVDU\LQVL[ODQJXDJHV

• 0XOWLSOHFKRLFHTXHVWLRQVZRUNDVVLJQPHQWVDQGJUDGHERRN

• +HOSZLWKFDVHVWXGLHVZHEOLQNV)7DUWLFOHVDQGDGYLFHRQDQDO\VLQJFDVHV

For tutors:

• 7KLV,QVWUXFWRU¶V0DQXDO

• 3RZHU3RLQWVOLGHV

• 7XWRUV¶ ZRUNVKRSV OHG E\ WKH DXWKRUV DUH KHOG DQQXDOO\ 7KHVH DUH SUDFWLFDO GD\V
FRQFHUQHG ZLWK KRZ WHDFKHUV PLJKW JDLQ PRVW DGYDQWDJH IURP WKH ERRN DQG DVVRFLDWHG
PDWHULDOV7KH\DOVRDFWDVDIRUXPLQZKLFKWRPHHWRWKHUVWUDWHJ\WHDFKHUV

'HWDLOV RQ DOO RI WKHVH LWHPV DQG H[WHQVLYH WXWRUV¶ GHEULHIV RI ZRUN DVVLJQPHQWV
LOOXVWUDWLRQVFDVHH[DPSOHVDQGFDVHVWXGLHVDUHLQFOXGHGLQWKLVPDQXDO

0DQ\ RI WKHVH PDWHULDOV DUH DOVR UHOHYDQW WR RXU VKRUWHU YHUVLRQ Fundamentals of Strategy
ZKLFK KDV WKH DGYDQWDJH RI FRQVLVWHQW GHILQLWLRQV DQG IUDPHZRUNV DQG WKH VDPH LOOXVWUDWLRQV
DQGHQGRIFKDSWHUFDVHH[DPSOHV,WVKRXOGEHYHU\HDV\IRUWHDFKHUVXVLQJExploring Strategy
RU Fundamentals of Strategy WR VZLWFK EHWZHHQ WKHVH WZR WH[WV DFFRUGLQJ WR WKH QHHGV RI D
SDUWLFXODUFRXUVH

8VLQJWKLVPDQXDO
7KLV PDQXDO LV GHVLJQHG IRU WKH DVVLVWDQFH RI WHDFKHUV RI VWUDWHJ\ LQ SODQQLQJ KRZ WR
JDLQ PD[LPXP DGYDQWDJH IURP WKH WH[W Exploring Strategy DQG WKH DVVRFLDWHG WHDFKLQJ DQG
OHDUQLQJPDWHULDOV,WVKRXOGSURYLGHKHOSZLWK

• SODQQLQJDWHDFKLQJDSSURDFKWRVXLWWKHW\SHRISDUWLFLSDQWVWLPHDYDLODEOH
HWF

• GHFLGLQJRQKRZWRXVHWKHWH[WLOOXVWUDWLRQVFDVHH[DPSOHVUHDGLQJVDQGFDVHVWXGLHVLQ
DWHDFKLQJVFKHPH

• FKRRVLQJDGGLWLRQDOPDWHULDOWRLQFOXGHLQDFRXUVH

• XVLQJ WKH ZRUN DVVLJQPHQWV IRU WKH LOOXVWUDWLRQV FDVH H[DPSOHV DQG WKRVH DW WKH HQG RI
HDFKFKDSWHU

• SUHSDULQJWRWHDFKWKHFDVHVWXGLHV

• XVLQJWKHExploring StrategyZHEVLWH

7KHQH[WWZRVHFWLRQVDUHLQWHQGHGWREHRISDUWLFXODUXVHWRWHDFKHUVZKRDUHUHODWLYHO\QHZ
WRWHDFKLQJ VWUDWHJ\ RU DUH GHVLJQLQJ QHZ FRXUVHV ([SHULHQFHG WHDFKHUV PD\ ZLVK WR SDVV
RYHU6HFWLRQVDQG


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

3ODQQLQJ\RXUDSSURDFK
7KLV VHFWLRQ SURYLGHV VRPH JHQHUDO JXLGDQFH RQ KRZ WKH GHVLJQ RI D VWUDWHJ\ FRXUVH FDQ
EHYDULHG WR PHHW WKH UHTXLUHPHQWV RI WKH SDUWLFLSDQWV DQG WKH SUDFWLFDOLWLHV RI WKH VLWXDWLRQ
7KH IDFWRUV OLVWHG EHORZ ZLOO DOVR LQIOXHQFH WKH ZD\ LQ ZKLFK WKH WH[W UHDGLQJV ZRUN
DVVLJQPHQWVFDVHH[DPSOHVFDVHVWXGLHVDQGYLGHRVFDQEHXVHGWREHVWDGYDQWDJH

3.1 Purpose of the course

6WUDWHJ\ FRXUVHV FDQ EH GHVLJQHG WR PHHW PDQ\ GLIIHUHQW QHHGV $W RQH H[WUHPH WKH FRXUVH
PD\ PDLQO\ EH FRQFHUQHG ZLWK UDLVLQJ awareness RI ZK\ RUJDQLVDWLRQV QHHG WR FKDQJH DQG
GHYHORSRYHUWLPHDQGVRPHRIWKHZD\VLQZKLFKWKLVRFFXUV$OWHUQDWLYHO\DFRXUVHPD\EH
GHVLJQHG WR LPSURYH WKH skills RI SDUWLFLSDQWV LQ WKH IRUPXODWLRQ DQG LPSOHPHQWDWLRQ RI
VWUDWHJ\ %HWZHHQ WKHVH H[WUHPHV DUH RWKHU SXUSRVHV IRU VWUDWHJ\ FRXUVHV )RU H[DPSOH
LPSURYLQJ PDQDJHUV¶ XQGHUVWDQGLQJ RI KRZ WKHLU MRE IXQFWLRQ fits WKH RYHUDOO VWUDWHJLF
GHYHORSPHQW RI WKHRUJDQLVDWLRQKHOSLQJWREUHDNGRZQWKHYHU\QDUURZoperational outlook
RI PDQ\ PDQDJHUV RU integrating PDWHULDO IURP RWKHU SDUWV RI D EXVLQHVV RU PDQDJHPHQW
FRXUVH 7KH IROORZLQJ LVVRPHJXLGDQFHRQKRZWKHXVHRIWH[WDQGFDVHVPLJKWEHDGDSWHGWR
WKHVHYDULRXVSXUSRVHV

• ,I awareness LV WKH NH\ SXUSRVH WKH WH[W FDQ EH XVHG WR SURYLGH D EDVLF IUDPHZRUN
VD\ WKURXJK D OHFWXUH VHULHV DQG GHYRWH DV PXFK WLPH DV SRVVLEOH WR LOOXVWUDWLYH
ZRUN 7KHLOOXVWUDWLRQVDQGFDVHH[DPSOHVLQWKHWH[WVKRXOGSURYHYDOXDEOHDQGWHDFKHUV
VKRXOGWU\WRVXSSOHPHQW WKHVH ZLWK WKHLU RZQ WRSLFDO PDWHULDO SUHVV FXWWLQJV PDWHULDO
IURP FRPSDQ\ ZHEVLWHV HWF :KHUH SDUWLFLSDQWV KDYH DFFHVV WR OLYH RUJDQLVDWLRQV
XVH RI LVVXHV IURP WKRVH RUJDQLVDWLRQV VKRXOG EH HQFRXUDJHG HJ E\ SUHVHQWDWLRQV
*XHVWVSHDNHUVFRXOG DOVRSURYHYDOXDEOH±SDUWLFXODUO\LQWHUHVWLQJVXFFHVV VWRULHV7KH
FDVH VWXGLHV DQG YLGHRV FDQ EH XVHG PDLQO\ WR HQFRXUDJH GLVFXVVLRQ DQG LOOXVWUDWH
SDUWLFXODU DVSHFWV RI VWUDWHJ\ :RUNDVVLJQPHQWV VKRXOG EH XVHIXO WR FRQVROLGDWH VRPH
RI WKH NH\ FRQFHSWV LQ VWUDWHJLFPDQDJHPHQW

• ,I skills development LV PRVW LPSRUWDQW WKHQ WKH SXUSRVH RI WKH WH[W VKRXOG EH WR
KHOS SDUWLFLSDQWV XQGHUVWDQG FRQFHSWV DQG DQDO\WLFDO WRROV ZKLFK WKH\ FDQ DSSO\ DQG
SUDFWLFH 0RVW RI WKH FDVH H[DPSOHV DQG FDVH VWXGLHV OHQG WKHPVHOYHV WR DQ DQDO\WLFDO
DSSURDFK DQGSDUWLFLSDQWVVKRXOGEHVHWWDVNVWKDWUHTXLUHWKHPWRSURGXFHGHWDLOHGDQG
SUDFWLFDO VROXWLRQV :RUN DVVLJQPHQWV IRU WKH LOOXVWUDWLRQV DQG DW HQG RI WKH FKDSWHUV
VKRXOG EH XVHIXO WR WHVW VNLOOVGHYHORSPHQWDQGWKHXQGHUVWDQGLQJRINH\FRQFHSWV:LWK
VRPHJURXSVLWPD\EHSRVVLEOHWR UHTXLUH SDUWLFLSDQWV WR GHYHORS WKHLU VNLOOV RQ UHDO
FRPSDQ\EDVHG LVVXHV WKURXJK D SURMHFW )RU H[DPSOH VWXGHQWV FDQ EH DVNHG WR
XQGHUWDNHDQDQDO\VLVRIDSDUWLFXODULQGXVWU\RU FRPSDQ\ ZKLFK FRXOG EH GRQH RQ WKH
EDVLV RI VHFRQGDU\ GDWD WR DVVHVV WKH VWUDWHJLF FKRLFHV DYDLODEOH WR DQ RUJDQLVDWLRQ
DQG SURSRVH KRZ LVVXHV RI LPSOHPHQWDWLRQ ZRXOG EHPDQDJHG 0DQ\ RI WKH DGYDQFHG
OHYHO ZRUN DVVLJQPHQWV DUH VSHFLILFDOO\ GHVLJQHG WR WHVWUHDGHUV¶LQGHSWKXQGHUVWDQGLQJ
RILVVXHVDQGRUDELOLW\WRXVHWKHPLQDSURMHFWVLWXDWLRQ

• :KHUH WKH relationship between strategy and the separate business functions LV RI
SULPDU\ LPSRUWDQFHJURXSZRUNSUHIHUDEO\ZLWKFURVVIXQFWLRQDOWHDPVFRXOGEHYHU\
KHOSIXO 7KLV FRXOG EH IRU ZRUN RQ WKH FDVH VWXGLHV LQFRPSDQ\ ZRUN RU EXVLQHVV
VLPXODWLRQV


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

3.2 Level of participant

7KHSXUSRVHRIDVWUDWHJ\FRXUVHLVOLNHO\WRGLIIHUZLWKWKHOHYHORISDUWLFLSDQWVHH7DEOH
)RU H[DPSOH WKLV FRXOG UHODWH WR WKHLU DJH MRE IXQFWLRQ RU W\SH RI FRXUVH ZKLFK WKH\ DUH
VWXG\LQJ

• )RU younger SHRSOH ZLWK OLWWOH IXOOWLPH ZRUN H[SHULHQFH WKH WH[W VKRXOG SURYH XVHIXO
LQ SURYLGLQJ D V\VWHPDWLF DSSURDFK DQG LOOXVWUDWLRQV RI VWUDWHJ\ LQ SUDFWLFH 7KH
LOOXVWUDWLRQV DQG FDVH H[DPSOHV LQ WKH WH[W DQG DVVRFLDWHG ZRUN DVVLJQPHQWV VKRXOG
EH XVHG WR UHODWHWKHRU\WRSUDFWLFH&DVHVWXGLHVDQGWKHYLGHRPDWHULDOVKRXOGEHXVHGLQ
IDLUO\IRFXVHGZD\VWR FRQVROLGDWH VWDJHV LQWKHOHDUQLQJUDWKHUWKDQLQ DQDOOHPEUDFLQJ
ZD\ XQWLO ODWHU LQ WKHFRXUVH 6HOHFWHG UHDGLQJV VKRXOG DOVR SURYH KHOSIXO 7KH VWDQGDUG
OHYHOZRUNDVVLJQPHQWVZLOOEHWKHPRVWDSSURSULDWHIRUWKLVJURXS

• :KHUH SDUWLFLSDQWV KDYH some work experience EXW DUH QHYHUWKHOHVV IDLUO\ MXQLRU HJ
ILQDO \HDU VDQGZLFK FRXUVH VWXGHQWV DQG PDQ\ VXSHUYLVRU\OHYHO FRXUVHV WKH VDPH
FRPPHQWVDUHUHOHYDQWH[FHSWWKDWWKHUHDUHPRUHRSSRUWXQLWLHVWRHQFRXUDJHSDUWLFLSDQWV
WRUHODWHWRUHDOOLIHVLWXDWLRQVWKURXJKSUHVHQWDWLRQVLQFRPSDQ\SURMHFWVHWF

• )RU more experienced managers HJ LQ PDQ\ SDUWWLPH 0%$ SURJUDPPHV RU LQ
FRPSDQ\ FRXUVHV LW VKRXOG EH SRVVLEOH WR UHGXFH WKH IRUPDO LQSXWV RI FRQFHSWV DQG
PHWKRGV RQ WKHJURXQGVWKDWWKHVHDUHFOHDUO\ODLGRXWLQWKHWH[WDQGFDQEHUHDGSULRUWR
FODVVVHVVLRQVRUDVD PHDQV RI SXOOLQJ WRJHWKHU WKH LVVXHV GLVFXVVHG LQ FODVV ,W LV WKHQ
SRVVLEOHWRGHYRWHWKHPDMRULW\RIWLPHWRDSSOLHGZRUNWKHFDVHVWXGLHVJURXSSURMHFWV
SUHVHQWDWLRQVHWF,WLVDOVROLNHO\WKDWWKHLVVXHVUDLVHGLQ&KDSWHUV±ZLOOZDUUDQW
PRUH HPSKDVLV VLQFH WKH\ UDLVH FULWLFDO LVVXHV RI SURFHVVHV RI VWUDWHJLF PDQDJHPHQW
FRQIURQWLQJ SUDFWLVLQJ PDQDJHUV ,W PD\ DOVR PDNH VHQVH WR EHJLQ WKH FRXUVH E\
GLVFXVVLQJ GLIIHUHQW ZD\V RI XQGHUVWDQGLQJ VWUDWHJ\ DQG VWUDWHJLF PDQDJHPHQW 7KH
VWUDWHJ\OHQVHVLQWURGXFHGLQWKH&RPPHQWDU\DWWKHHQGRI3DUW,SURYLGHDEDVLVIRUWKLV
VLQFHWKH\UHIOHFWRQKRZVWUDWHJ\PLJKWEHVHHQDQGLQWHUSUHWHGLQGLIIHUHQWZD\V

7DEOH8VLQJWKHWH[WDQGFDVHVZLWKGLIIHUHQWSDUWLFLSDQWV
 1RZRUNH[SHULHQFH /LPLWHGZRUN ([SHULHQFHG
H[SHULHQFH PDQDJHUV

7\SLFDOJURXSV 8QGHUJUDGXDWHV 6DQGZLFKGHJUHH 3DUWWLPH0%$LQ

VWXGHQWVVXSHUYLVRU\ FRPSDQ\FRXUVHV
OHYHOIXOOWLPH0%$
6HTXHQFLQJRI ,QFKDSWHUVHTXHQFH ,QFKDSWHUVHTXHQFH ,QFKDSWHUVHTXHQFH
PDWHULDOIURP SRVVLEO\KLJKOLJKWLQJ
WH[W RI&KDSWHUV±
HDUOLHU
5HODWLYH 0DLQHPSKDVLVRQ 0RUHEDODQFHG *UHDWHUHPSKDVLVRQ
HPSKDVLVRI &KDSWHUV± HPSKDVLV µSURFHVVLVVXHV¶DQG
LVVXHV &RPPHQWDULHV
7H[WWRUHDG $IWHUFODVVVHVVLRQV $IWHUFODVVVHVVLRQV %HIRUHRUDIWHUFODVV
VHVVLRQV
 


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

$SSOLHGZRUN ,OOXVWUDWHLVVXHVIURP 3UDFWLFHDQDO\WLFDO $VDZD\RILPSURYLQJ

FDVHVWXGLHV WKHWH[WLQDFDUHIXOO\ DQGFRQFHSWXDO XQGHUVWDQGLQJDQG
HWFXVHGWR IRFXVHGZD\ XQGHUVWDQGLQJ VNLOOV
$GGLWLRQDO 6HOHFWHGNH\ 6HOHFWHGNH\ 6HOHFWHGNH\UHDGLQJV
UHDGLQJ UHDGLQJV UHDGLQJV

3.3 Study mode

7KHPRGHRIVWXG\VKRXOGDOVRLQIOXHQFHFRXUVHGHVLJQ

• )RU full-time FRXUVHV D JRRG OHYHO RI SUHSDUDWLRQ RI FDVH VWXG\ ZRUN VKRXOG EH
H[SHFWHG6XFKSUHSDUDWLRQSURYLGHVDQRSSRUWXQLW\IRUVPDOOHUJURXSVWRZRUNWRJHWKHU
RQ WDVNV IRU VLJQLILFDQW SHULRGV RI WLPH $ WLJKWO\ RUJDQLVHG SDFNDJH RI VWXGHQW ZRUN
WKH FDVH VWXGLHVJURXSZRUNSUHVHQWDWLRQVHWFLVWKHUHIRUHSRVVLEOHDVDQLPSRUWDQW
ZD\RIFRQVROLGDWLQJWKHFRQFHSWVDSSURDFKHVIURPWKHWH[W+RZHYHUWKHFKDQFHRIOLYH
LQFRPSDQ\ ZRUN PD\ EH PRUH OLPLWHG ± DOWKRXJKSURMHFWV EDVHG ODUJHO\ RQVHFRQGDU\
GDWDFDQEHYHU\HIIHFWLYH

• ,QFRQWUDVWpart-time VWXGHQWVVKRXOGEHPRUHLQWRXFKZLWKRQJRLQJPDQDJHPHQWLVVXHV
EXWPD\KDYHOHVVSUHSDUDWLRQWLPHDYDLODEOHDQGILQGLWPRUHGLIILFXOWWRPHHWLQJURXSV
,W PD\ EH WKHUHIRUH WKDW VRPH JURXS WLPH QHHGV WR EH EXLOW LQWR WKH SURJUDPPH ,W
FDQ DOVR EH KHOSIXO WR SURYLGH VHOHFWHG UHDGLQJV OLQNLQJ WKHRU\ DQG SUDFWLFH WR SDUW
WLPHVWXGHQWVDV DEDVLVIRUJURXSFODVVGLVFXVVLRQVRUSUHVHQWDWLRQV

• ,QFUHDVLQJO\ distance learning HOHPHQWV DUH EHLQJ XVHG LQ EXVLQHVV DQG PDQDJHPHQW
SURJUDPPHV 7KH VWUXFWXUHG QDWXUH RI WKH WH[W WRJHWKHU ZLWK WKH LOOXVWUDWLRQV FDVH
H[DPSOHV UHDGLQJV FDVH VWXGLHV ZRUN DVVLJQPHQWV DQG ZHEVLWH PDWHULDO OHQGV LWVHOI WR
IRUP WKH EDFNERQH RI OHDUQLQJ PRGXOHV 6HFWLRQ  EHORZ ZKLFK UHYLHZV ZRUN
DVVLJQPHQWV SURYLGHV JXLGHOLQHV RQ KRZ WKH LVVXHV DQG PDWHULDOV LQ WKH ERRN FDQ EH
XVHGWRSURYLGHDVWUXFWXUHGOHDUQLQJµSDWK¶IRUVWXGHQWV

3.4 Time available

7KHVWXG\KRXUVDYDLODEOHZLOODOVRLQIOXHQFHWKHFRXUVHGHVLJQDQGWKHXVHRIWH[WDQGFDVHV

• )RU long SURJUDPPHV  KRXUV LW VKRXOG SURYH SRVVLEOH WR XVH WKH WH[W DQG
FDVHVH[WHQVLYHO\DQGWRVXSSOHPHQWWKHFRXUVHZLWKRWKHUPDWHULDOVDQGDFWLYLWLHV

• )RUshorter SURJUDPPHVDPRUHVHOHFWLYHXVHRIWKHPDWHULDOVLVSRVVLEOH)RUH[DPSOH
D FRXUVH FRQFHUQHG ODUJHO\ ZLWK VWUDWHJ\ IRUPXODWLRQ FRXOG FRQILQH WKH XVH RI WKH
WH[W WR &KDSWHUV ± RU  DQG WKH DVVRFLDWHG LOOXVWUDWLRQV FDVH H[DPSOHV UHDGLQJV
FDVHVWXGLHVYLGHR ZRUN DVVLJQPHQWV DQG ZHEVLWH PDWHULDO ,Q WKLV FDVH RXUUHODWHG
ERRN Fundamentals of Strategy PLJKW EH FRQVLGHUHG DV D FRXUVH WH[W $ FRXUVH RQ
VWUDWHJLF FKDQJH DQG LPSOHPHQWDWLRQ ZRXOG EH FHQWUHG RQ &KDSWHUV ± 7KH RWKHU
FKDSWHUV ZRXOG EH UHFRPPHQGHG DV IROORZXS RU FRQWH[WXDO UHDGLQJ Fundamentals of
StrategyFDQEHFRQVLGHUHGIRUWKLVNLQGRIFRXUVH

• :KHUH WLPH LV very limited ± SDUWLFXODUO\ ZLWK PRUH H[SHULHQFHG PDQDJHUV ± VHVVLRQV
PD\FRQVLVWRIDQLQWURGXFWLRQWRVRPHEDVLFLGHDVWKURXJKWKHIUDPHZRUNVIURPWKHWH[W


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

WRJHWKHUZLWKD FDVH VWXG\ RU VLPLODU DFWLYLW\ 0RUH H[WHQVLYH XVH RI WKH WH[W ZRXOG
EH LQ WKH SDUWLFLSDQWV¶ RZQ WLPH HLWKHU SUH RU SRVWFRXUVH 7KH DXWKRUV UHJXODUO\ XVH
VXFKDQDSSURDFK RQ VKRUW FRXUVHV IRU VHQLRU PDQDJHUV 7KH ZRUN DVVLJQPHQWV DOVR
SURYLGH D YDOXDEOH FKHFNOLVW DQGRU VHOIVWXG\ JXLGH DURXQG WKHVH EDVLF FRQFHSWV
$OWKRXJKH[SHULHQFHGPDQDJHUVPD\DSSUHFLDWHWKHUHODWLYHEUHYLW\RIFundamentals of
Strategy WKH\ RIWHQ ILQG WKH PRUH GHWDLOHG DWWHQWLRQ WR WKH SUDFWLFDOLWLHV RI SURFHVV
DYDLODEOH LQ Exploring Strategy YHU\ XVHIXO DV D UHIHUHQFH VRXUFH LW KDV EHHQ RXU
VXUSULVLQJH[SHULHQFHWKDWWKHORQJHUERRNLVSUHIHUUHG

'HVLJQLQJWKHWHDFKLQJVFKHPH
4.1 Pre-course work

,W VKRXOG EH FOHDU IURP WKH DERYH WKDW WKHUH DUH PDQ\ FLUFXPVWDQFHV ZKHUH SUHFRXUVH
ZRUNFRXOG EH HVVHQWLDO 7KH WH[W DQG FDVH VWXGLHV DUH GHVLJQHG WR IDFLOLWDWH WKLV :KHUH SUH
FRXUVHZRUNLVQHHGHGLWLVVXJJHVWHGWKDWLWLVSUHVFULEHGLQWKHIROORZLQJZD\

• 7KH DSSURSULDWH FKDSWHUV RI WKH ERRN ZLWK D IHZ VXJJHVWHG LVVXHV WR EHDU LQ PLQG
)RUH[DPSOHLWPLJKWSURYHXVHIXOIRUSDUWLFLSDQWVWRUHDG&KDSWHUDQGEHH[SHFWHGWR
GLVFXVV ZKDW LV PHDQW E\ VWUDWHJ\ RU WR UHDG &KDSWHU  DQG GLVFXVV ZKDW VWUDWHJLF
FDSDELOLWLHVPDWWHUPRVWLQRUJDQLVDWLRQ

• 3UHSDUDWLRQ RI illustrations, case examples or case study PDWHULDO +HUH VSHFLILF
JXLGDQFH FDQ EH IRXQG LQ WKH WHDFKLQJ QRWHV LQ 6HFWLRQ  DQG LQ WKH ZRUN DVVLJQPHQW
GHEULHIV

• $Q\ company-specific data WKDW WKH\ PLJKW QHHG )RU H[DPSOH LI SDUWLFLSDQWV DUH WR
XQGHUWDNH SURMHFW ZRUN WKH\ PD\ QHHG WR DFFHVV FRPSDQ\ UHSRUWV DFFRXQWV DQG
ZHEVLWHV 7R DFFRPSDQ\ WKH UHDGLQJ RI &KDSWHU  DQGRU &KDSWHUV  DQG  VWXGHQWV
FRXOGEHDVNHGWRUHIOHFWRQKRZVWUDWHJLFLVVXHVDUHPDQDJHGLQWKHLURZQRUJDQLVDWLRQ
2U VWXGHQWV FRXOGEH DVNHG WR EULQJ VRPH WRSLFDO GDWD HJ DUWLFOHV RU SUHVV FXWWLQJV
WKDW PLJKW EH XVHG WRGHYHORSDSUHVHQWDWLRQRQWKHFRXUVH

4.2 Starting the course

7KHVSHFLILFUHTXLUHPHQWVRIHDFKFRXUVHZLOOYDU\EXWKHUHLVVRPHJXLGDQFHRQKRZFRXUVHV
LQVWUDWHJ\PLJKWEHVWDUWHG

• $WUDGLWLRQDODSSURDFKZRXOGEHWRUXQWKURXJKWKHLVVXHVLQ&KDSWHUDQGUHODWHWKHP
WRWKHVWUXFWXUH RI WKH FRXUVH 7KLV LV PRVW VXFFHVVIXO LI WKH FRXUVH IROORZV WKH WH[W
TXLWHFORVHO\DQGLQFKDSWHUVHTXHQFH

• :LWK JURXSV RI H[SHULHQFHG PDQDJHUV LW FDQ EH VWLPXODWLQJ WR EHJLQ ZLWK D VHVVLRQ
RQ different approaches WR VWUDWHJLF PDQDJHPHQW DQG VWUDWHJ\ GHYHORSPHQW XVLQJ WKH
PDWHULDO IURP &KDSWHUV   DQG  DQG WKH &RPPHQWDU\ DW WKH HQG RI 3DUW , WKDW
LQWURGXFHV WKH IRXU VWUDWHJ\ OHQVHV 7KLV GRHV QRW SUHFOXGH D IROORZXS WKDW ZRUNV
WKURXJK WKH FKDSWHUV LQVHTXHQFHEXWKHOSVSXWWKDWDSSURDFKLQWRFRQWH[W

• $Q DOWHUQDWLYH DSSURDFK LV WR EHJLQ WKH FRXUVH ZLWK D case study FDVH H[DPSOH RU
illustration 7KH HQGRIFKDSWHU FDVH IRU &KDSWHU  AirBnB WKH ILUVW LOOXVWUDWLRQ LQ


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

&KDSWHU  DQG WKH ILUVW FDVH LQ WKH FDVH VHFWLRQ RI WKH ERRN Glastonbury DUH
SURYLGHG IRU WKLV SXUSRVH 7KLV DSSURDFK VWDUWV WKH FRXUVH ZLWK SDUWLFLSDQWV WDONLQJ
DERXW WKH VWUDWHJLF LVVXHV UHOHYDQW WR WKDW FRPSDQ\ DQG LQGXVWU\ DQG JLYHV SRLQWHUV WR
LVVXHV WKDW ZLOO EH FRYHUHG LQWKHUHVWRIWKHFRXUVH$VLPLODURSHQLQJFDQEHDFKLHYHG
E\ DVNLQJ RQH RU PRUH SDUWLFLSDQWV WR WDON DERXW WKH NH\ VWUDWHJLF LVVXHV LQ WKHLU own
RUJDQLVDWLRQRUIRUDQRUJDQLVDWLRQWKDWLVZHOONQRZQWRPDQ\SDUWLFLSDQWV

4.3 Planning the topics

7KHWH[WOHQGVLWVHOIWRDUDQJHRIGLIIHUHQWWUHDWPHQWVDQGZHHQFRXUDJHWHDFKHUVWRXVHLWLQ
DZD\ZKLFKVXLWVWKHLURZQVW\OHDQGWKHQHHGVRIWKHSDUWLFLSDQWV6RPHDSSURDFKHVPLJKWEH
DVIROORZV

• 7KH PRVW VWUDLJKWIRUZDUG WHDFKLQJ VFKHPH LV RQH WKDW IROORZV WKH VHTXHQFH RI WRSLFV
IURP WKH WH[W )RU H[DPSOH RQ D ILQDO \HDU XQGHUJUDGXDWH SURJUDPPH WKH WH[W FDQ EH
µFRYHUHG¶ LQ RQHKRXU OHFWXUHV OHDYLQJ WLPH IRU DSSOLHG DFWLYLWLHV ,W LV VWURQJO\
UHFRPPHQGHG WKDW D OHFWXUH VHULHV RI WKLV W\SH EH XVHG WR augment WKH WH[W HJ E\
DGGUHVVLQJ PRUH IXOO\ VRPH RI WKH FRQFHSWV RU H[SODLQLQJ KRZ WKH\ FDQ EH XVHG LQ
SUDFWLFHUDWKHUWKDQUHSOLFDWHZKDWLVLQWKHWH[W

• &RXUVHV FDQ EH WDXJKW RQ DQ µLVVXHV EDVLV¶ )RU H[DPSOH E\ IRFXVLQJ RQ WKH PDLQ
VWUDWHJLF FKRLFHV GLVFXVVHG LQ 3DUW ,, RI WKH ERRN HJ FRPSHWLWLYH VWUDWHJ\
LQWHUQDWLRQDOLVDWLRQPHUJHUV DQG DFTXLVLWLRQV +HUH 3DUWV , DQG ,,, RI WKH ERRN ZRXOG
EH XVHG DV EDFNJURXQGUHDGLQJE\VWXGHQWVWRSUHSDUHIRUDQGLQIRUPFODVVGLVFXVVLRQRQ
WKHLVVXHV

• $ µFDVHEDVHG¶ FRXUVH XVHV D VHULHV RI FDVH VWXGLHV DV WKH EDFNERQH RI WKH FRXUVH
&ODVVHVWKHQ IRFXV RQ WKH LVVXHV UDLVHG E\ WKH FDVHV +HUH LW PDNHV VHQVH WR FKRRVH
WKH FDVHV WR IRFXV RQ SDUWLFXODU LVVXHV RU WKHPHV 7KH FDVH YHUVLRQ RI WKH ERRN
SURYLGHV DQ H[WHQVLYHFKRLFHRIFDVHVWKDWFDQEHXVHGIRUWKLVSXUSRVH,WVKRXOGWKHQEH
H[SHFWHGWKDWVWXGHQWVDGRUHFRPPHQGHGSUHUHDGLQJIURPWKHWH[WDQGEDSSO\WKDW
UHDGLQJWRWKHLUSUHSDUDWLRQRIWKHFDVHV

• 2Q RWKHU FRXUVHV WKH WH[W FDQ EH XVHG VRPHZKDW GLIIHUHQWO\ )RU H[DPSOH RQH RI
WKH DXWKRUV WHDFKHV D SDUWWLPH 0%$ FRXUVH ZKHUH WKH RSHQLQJ IHZ ZHHNV RI WKH
SURJUDPPHUXQSDUDOOHO VHVVLRQVIROORZLQJWKHµFRQWHQW¶ LVVXHVLQ&KDSWHUV±DQG WKH
µSURFHVV¶ LVVXHVRI &KDSWHUV  DQG  DQG WKH &RPPHQWDU\ 7KLV LV DXJPHQWHG E\ D
UHDGLQJVSURJUDPPHDQGDJURXSSURMHFWUXQQLQJWKURXJKWKHFRXUVH

4.4 Balance of the course

7KH WHDFKLQJ VFKHPH ZLOO QHHG WR EH EDODQFHG LQ UHODWLRQ WR PDQ\ RI WKH QHHGV LGHQWLILHG
LQ6HFWLRQLQWZRGLIIHUHQWZD\V

• 7KHGHJUHHRIemphasis JLYHQWRGLIIHUHQWWRSLFVDVGLVFXVVHGDERYH

• 7KH mixture DQG sequenFLQJ RI OHFWXUHV VHPLQDUVFDVH VWXGLHV JURXS ZRUN HWF 7KHVH
DUH ODUJHO\ GHWHUPLQHG E\ WKH FLUFXPVWDQFHV IRU ZKLFK WKH SURJUDPPH LV GHVLJQHG DV
RXWOLQHGLQ6HFWLRQ,WLVXVHIXOWRORRNDWVRPHW\SLFDOZD\VLQZKLFKWKLVPL[FDQEH
SODQQHG


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

‡ Case study/applied material only FRXUVHV ZKHUH WKH WH[W LV XVHG DV SUHUHDGLQJ
DQGRU IROORZXS 7KLV DSSURDFK LV QRW YHU\ FRPPRQ RQ RSHQ DFFHVV FRXUVHV EXW
FDQ EH YHU\ XVHIXO LQ DQ LQFRPSDQ\ ZRUNVKRS ZKHUH D UHYLHZ RI WKH
RUJDQLVDWLRQ¶V RZQ VWUDWHJ\ IRUPV WKH EDVLV RI WKH SURJUDPPH DQG IUDPHZRUNV
DQG WHFKQLTXHV IURP WKH WH[W DUHGUDZQXSRQDVDSSURSULDWH
‡ Case study/applied material-based SURJUDPPHV +HUH WKH DSSOLHG PDWHULDO LV
SUHSDUHG EHIRUH WKH FODVV VHVVLRQV DQG IRUPV WKH EDVLV RI D GLVFXVVLRQ RI NH\
FRQFHSWVGXULQJWKHVHVVLRQ7KLVLVWKH+DUYDUGDSSURDFKDQGWKHWH[WFRXOGEHXVHG
HLWKHUDVSUHUHDGLQJRUIRUIROORZXS7KHFDVHVWXGLHVFDVHH[DPSOHVLOOXVWUDWLRQV
ZHEVLWHPDWHULDODQGZRUNDVVLJQPHQWVZRXOGIRUPWKHEDVLVRIVXFKDFRXUVH
‡ Lectures and applied work +HUH WKH IRUPDO OHFWXUH DFFRXQWV IRU SHUKDSV ±
RI WKH SURJUDPPH WKH UHPDLQGHU EHLQJ XVHG IRU DSSOLHG ZRUN ± FDVH VWXGLHV
SUHVHQWDWLRQV SURMHFWV HWF 7KH WH[W FDVH VWXGLHV FDVH H[DPSOHV LOOXVWUDWLRQV
ZHEVLWH PDWHULDOV DQGZRUN DVVLJQPHQWV DUH LGHDO IRU SURYLGLQJ WKH EDFNERQH RI D
FRXUVH RI WKLV W\SH 7KH GDQJHUV DUH WKDW VWXGHQWV GR QRW UHDG ZLGHO\ HQRXJK VR
WHDFKHUV QHHG WR SURYLGH SURSHU JXLGDQFH RQ DGGLWLRQDO UHDGLQJ LQFOXGLQJ WKRVH
LGHQWLILHGDWWKHHQGRIHDFKFKDSWHU
‡ Lecture and illustrative material. +HUH WKH OHFWXUH SURJUDPPH PD\ DPRXQW WR ±
 RI WKH FRXUVH ZLWK LOOXVWUDWLRQV FDVH H[DPSOHV FDVH VWXGLHV DQG ZHEVLWH
PDWHULDO EHLQJ XVHG WR SURYLGH SUDFWLFDO H[DPSOHV RI WKH LVVXHV LQ WKH WH[WOHFWXUHV
7KLVLVRQO\UHFRPPHQGHGIRUXQGHUJUDGXDWHV

4.5 Assessment

0DQ\ FRXUVHV ZLOO UHTXLUH SDUWLFLSDQWV WR EH DVVHVVHG 7KH WH[W DQG FDVHV DQG WKH DERYH
DGYLFHRQFRXUVHGHVLJQSURYLGHRSSRUWXQLWLHVIRUDZLGHYDULHW\RIGLIIHUHQWDVVHVVPHQWV)RU
H[DPSOH

• Formal examinations FDQEHXVHGWRWHVWXQGHUVWDQGLQJRIWKHNH\FRQFHSWVSUHVHQWHGLQ

WKH WH[W 7KHUH DUH GDQJHUV WKDW VWXGHQWV JLYH RYHUO\ WKHRUHWLFDO DQVZHUV WR TXHVWLRQV
2QH ZD\ RI DYRLGLQJ WKLV LV WR XVH VKRUW TXRWDWLRQV IURP FDVH VWXGLHV DUWLFOHV RU
LOOXVWUDWLRQV DV WKH EDVLV RI WKH LVVXH WKDW UHTXLUHV GLVFXVVLRQ LQ WKH H[DPLQDWLRQ
TXHVWLRQ 7KLV FRXOG LQFOXGHUHTXLULQJDQVZHUV WKDW DUH GLUHFWHG DW H[SODLQLQJ FRQFHSWV
WR PDQDJHUV DV WKH\ FRXOG EHDVNHGWRGRSHUKDSVLQDMRELQWHUYLHZ

• Case study examinations DUH D FRPPRQO\ XVHG PHWKRG RI DVVHVVPHQW 7KHUH DUH
W\SLFDOO\WZRDSSURDFKHVKHUH

L 7KHFDVHVWXG\LVGLVWULEXWHGEHIRUHWKHH[DPLQDWLRQEXWQRWWKHTXHVWLRQV6WXGHQWV
DUHWKHQ DEOH WR SUHSDUH SHUKDSV LQ JURXSV 7KH TXHVWLRQV DUH WKHQ SURYLGHG LQ WKH
H[DPLQDWLRQDQGDQVZHUHGRQDQLQGLYLGXDOEDVLV6WXGHQWVDUHKRZHYHUDEOHWRXVH
WKHLU SUHSDUHG QRWHV 7KH ELJJHVW GDQJHU ZLWK WKLV DSSURDFK LV WKDW VWXGHQWV
RYHUZKHOPWKHPVHOYHV ZLWK SULRU DQDO\VLV DQG VLPSO\ UHSOLFDWH WKHLU QRWHV IDLOLQJ
WR DQVZHUWKHTXHVWLRQVSRVHGRQWKHH[DPLQDWLRQSDSHU

LL $Q DOWHUQDWLYH DSSURDFK LV WR XVH D EULHI FDVH VWXG\ WRJHWKHU ZLWK WKH TXHVWLRQV
SURYLGHGWRWKHVWXGHQWVLQWKHH[DPLQDWLRQVHWWLQJRUVKRUWO\EHIRUHLW7KHSUREOHP
KHUH LV WKDWVWXGHQWV¶ VSHHG RI UHDGLQJ FDQ YDU\ FRQVLGHUDEO\ ± SDUWLFXODUO\ LI WKH\
DUHUHDGLQJWKHFDVHLQ(QJOLVKDVDVHFRQGODQJXDJH


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

• Project-based assessment LQYROYHV VWXGHQWV RU JURXSV RI VWXGHQWV DSSO\LQJ WKH
FRQFHSWV DQG WHFKQLTXHV LQ WKH ERRN WR D UHDO RUJDQLVDWLRQ 7KLV FRXOG EH GRQH IRU
H[DPSOH E\ SDUWWLPH VWXGHQWV ZRUNLQJ RQ WKHLU RZQ RUJDQLVDWLRQV 2U LW FDQ EH GRQH
ZLWKVWXGHQWVZRUNLQJRQQRPLQDWHGRUJDQLVDWLRQVXVLQJVHFRQGDU\GDWD

• Student presentations DUH DQRWKHU PHWKRG RI DVVHVVPHQW SRSXODU ZLWK PDQ\ VWUDWHJ\
WHDFKHUV 7KH\ FDQ EH XVHG WR DVVHVV VWXGHQWV¶ ZRUN RQ LOOXVWUDWLRQV FDVH H[DPSOHV
FDVH VWXGLHV RU LQFRPSDQ\ SURMHFW ZRUN WKDW WKH\ KDYH XQGHUWDNHQ ,W LV GHVLUDEOH WR
FRPELQHDQDVVHVVPHQWRIWKHSUHVHQWDWLRQZLWKDZULWHXS

• Executive reports DUH XVHG E\ RQH RI WKH DXWKRUV 7KHVH DUH DQ XQDQQRXQFHG 
PLQXWHZULWHXS RI WKH FULWLFDO LVVXHV LQ D SUHVHHQ FDVH VWXG\ RU DUWLFOH LQ WKH IRUP
RI D EULHIH[HFXWLYHUHSRUW

• Participant’s topic ± ZKHUH SDUWLFLSDQWV DUH UHTXLUHG WR SUHVHQW D ZULWHXS DQGRU
SUHVHQWDWLRQRQDVWUDWHJLFLVVXH±RIWHQLQWKHFRQWH[WRIDWRSLFDOVLWXDWLRQRUWKHLURZQ
RUJDQLVDWLRQ

• Readings ± ZKHUH D UHDGLQJV SURJUDPPH WKURXJKRXW WKH FRXUVH LV XVHG DV D EDVLV RI
OLQNLQJWKHRU\WRSUDFWLFHDQGFDQEHDVVHVVHGWKURXJKSUHVHQWDWLRQDQGRUZULWHXS

$ QRWH RQ Group Projects. *URXS SURMHFWV FDQ EH DQ H[FHOOHQW IRUP RI OHDUQLQJ DQG
WKHUHIRUHOHQGWKHPVHOYHVWREHLQFRUSRUDWHGLQWRWKHDVVHVVPHQWSDFNDJH7KHJURXSSURMHFW
SURYLGHV DQ H[WUD OHDUQLQJ GLPHQVLRQ IURP WKH LQGLYLGXDO SURMHFW QDPHO\ WKH process E\
ZKLFK WKH JURXS XQGHUWRRN WKH SURMHFW DQG PDQDJHG WKHPVHOYHV :H ZRXOG DGYLVH WKDW
WKH SURMHFW ZULWHXSVKRXOG LQFOXGH LVVXHV RI SURFHVV DV ZHOO DV FRQWHQW 0DQ\ WHDFKHUV
VK\ DZD\ IURP JURXS SURMHFWV EHFDXVH WKH\ IHHO WKDW WKH DVVHVVPHQW RI LQGLYLGXDO
FRQWULEXWLRQVFDQEHGLIILFXOWZKLFKLW LV +RZHYHU WKH SRWHQWLDO OHDUQLQJ IURP JURXS ZRUN
LV VR JUHDW WKDW ZH ZRXOG HQFRXUDJHWHDFKHUVWRH[SHULPHQWZLWKDVVHVVLQJWKHSURMHFWZRUN
7KHUHDUHVHYHUDOZD\VLQZKLFKZRUULHVDERXW DVVHVVLQJ LQGLYLGXDOV FDQ EH DOOHYLDWHG )LUVW
WKH JURXS SURMHFW FDQ EH SDUW RI DQDVVHVVPHQW SDFNDJH DQG ZHLJKWHG DFFRUGLQJO\ HJ ±
 RIWKH RYHUDOO PDUN6HFRQGWKHIRUPDO UHTXLUHPHQW PD\ EH WKDW WKH JURXS SURMHFW LV
DVVHVVHG RQO\ RQ D SDVVIDLO EDVLV 7KH VWXGHQW¶V H[DPLQDWLRQ PDUN LV WKDW JDLQHG LQ RWKHU
DVVHVVPHQWV 7KLUG WKH JURXS FDQ EH JLYHQDQ RYHUDOO JURXS DYHUDJH PDUN DQG EH DVNHG WR
DGYLVHWKH WXWRURQWKHLQGLYLGXDO PDUNVRIJURXSPHPEHUVLQUHODWLRQWRWKHLUFRQWULEXWLRQ
:KHUH WKH DXWKRUV KDYH XVHG WKLV SDUWLFXODUDSSURDFK LW KDV SURYHG XVHIXO WR SURYLGH limits
ZLWKLQ ZKLFK LQGLYLGXDO PDUNV FDQ EH YDULHGVD\  PDUNV DQG WR HQVXUH WKDW VWXGHQWV DUH
FOHDUWKDWWKHILQDOGHFLVLRQUHVWVZLWKWKHWXWRU)RXUWKVWXGHQWVFDQEHDVNHGWRFRPSOHWHDQ
LQGLYLGXDOSLHFHRIZRUNHJRQWKHLURZQNH\OHDUQLQJSRLQWVIURPWKHJURXSZRUN

4.6 Sample teaching plan

7KLV LV DQ H[DPSOH RI D WHDFKLQJ SODQ IRU D VWURQJ FRKRUW RI OHYHO  XQGHUJUDGXDWHV
WDNLQJVWUDWHJLF PDQDJHPHQW DV D FRUH GRXEOHZHLJKWHG PRGXOH RYHU WZR VHPHVWHUV 7RWDO
FRQWDFW KRXUV DUH  KRXUV JURXS ZRUN FRPSULVHV  KRXUV DQG LQGHSHQGHQW VWXG\ 
KRXUV 7KH PRGXOH FRPSULVHV D PL[WXUH RI OHFWXUHV LQWHUDFWLYH ZRUNVKRSV JURXS ZRUN
LQGHSHQGHQWOHDUQLQJ DQG RQOLQHPHGLDWHG VWXG\ YLD DQ RQOLQH OHDUQLQJ PDQDJHPHQW V\VWHP
VXFKDV0\6WUDWHJ\/DE &DVH VWXGLHV DUH D NH\ OHDUQLQJ YHKLFOH IRU WKH PRGXOH 6WXGHQWV
DUH DOVRUHTXLUHG WR FRQGXFWJURXS DQG LQGLYLGXDOUHVHDUFK LQWR RUJDQLVDWLRQV $ VHULHVRI
VXUJHU\ VHVVLRQV DQG RQOLQHPHGLDWHG VHVVLRQV DUH DYDLODEOH WR VWXGHQWV ZLVKLQJ WR UHLQIRUFH
WKHLU OHDUQLQJ .H\ VNLOOV DUH GHYHORSHG LQ WKH DUHDV RI WHDPZRUN RUDO DQG ZULWWHQ


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

FRPPXQLFDWLRQV VHOHFWLRQ DQG DSSOLFDWLRQ RI GDWD FROOHFWLRQ PHWKRGV UHVHDUFK DQG
UHIHUHQFLQJVNLOOV GDWDDQDO\VLVDQGRQOLQHFRPPXQLFDWLRQV

7KHVWUDWHJLFPDQDJHPHQWPRGXOHKDVWZRPDLQOHDUQLQJFRPSRQHQWV

• $FTXLULQJWKHRU\DQGFRQFHSWVLQVWUDWHJ\

• $SSOLFDWLRQRIWKHRU\DQGFRQFHSWVWRWKHDQDO\VLVRIRUJDQLVDWLRQV

7R VRPH H[WHQW WKHVH WZR FRPSRQHQWV LQWHUDFW ± DSSOLFDWLRQ RI WKH FRQFHSWV KHOSV WR
FODULI\XQGHUVWDQGLQJ RI WKH WKHRU\ 7KH WKHRU\ FRPHV HDUO\ LQ WKH PRGXOH LQ RUGHU WR KDYH
VRPHWKLQJ WR ZRUN ZLWK 7KH PRGXOH OHFWXUHV IRFXVLQJ PRUH RQ WKH WKHRU\ DUH
WKHUHIRUH PRVWO\ LQ6HPHVWHUDQGHDUO\6HPHVWHU

6XFFHVVIXOVWXG\LQJIRUWKHPRGXOHUHTXLUHVWKHIROORZLQJ

• :RUNLQJWKURXJKWKHExploring Strategy LQWHUDFWLYHVWXG\JXLGHWRJHWKHUZLWKWKHWH[WERRN

• $WWHQGLQJOHFWXUHVKDYLQJSUHSDUHGIRUWKHP

• :RUNLQJZLWKVWXG\JURXSRQDQDO\VLQJFDVHVWXGLHVDQGDFKRVHQRUJDQLVDWLRQ

• 3DUWLFLSDWLQJDFWLYHO\LQZRUNVKRSV

5HIOHFWLQJWKLVEDODQFHWKHPRGXOHKDVWKUHHHOHPHQWVRIDVVHVVPHQW

 2QOLQH DVVHVVPHQW  $ UDQJH RI TXHVWLRQ W\SHV WR WHVW VWXGHQWV¶ EDVLF
XQGHUVWDQGLQJ RI WKH WKHRU\ DW WKH HQG RI 6HPHVWHU  HJ PXOWLSOH FKRLFH SXOO
GRZQ OLVW PDWFKLQJUDQNLQJDQGWH[WPDWFK

 $Q LQGLYLGXDO ZULWWHQ DVVLJQPHQW LQFOXGLQJ D FRS\ RI WKH JURXS SUHVHQWDWLRQ
 7KLV UHTXLUHV DSSOLFDWLRQ RI WKH WKHRU\ WR D FKRVHQ RUJDQLVDWLRQ *URXS
ZRUN LQYROYHV DQDO\VLQJ WKH RUJDQLVDWLRQ GHYHORSLQJ DQG UDQNLQJ VWUDWHJLF RSWLRQV
DQG PDNLQJ D SUHVHQWDWLRQ RQ RQH DVSHFW RI WKH RUJDQLVDWLRQ (DFK LQGLYLGXDO WKHQ
ZULWHVXSDSDUWRIWKHDQDO\VLV

 $ WZRKRXU FDVH VWXG\EDVHG H[DPLQDWLRQ  7KLV UHTXLUHV DSSOLFDWLRQ RI WKH
WKHRU\WR D FDVH VWXG\ WKDW LV LVVXHG WZR ZHHNV EHIRUH WKH H[DP DQG VWXGHQWV DQDO\VH
LW LQ WKHLUVWXG\JURXSVSULRUWRWKHH[DP

7KH PRGXOH UHTXLUHV FRPPLWPHQW DQG WLPH RQ WKH SDUW RI WKH VWXGHQWV 7KH\ PXVW EH DEOH
WRRUJDQLVHWKHLURZQVWXG\WLPH±UHDGLQJZRUNLQJWKURXJKWKHLQWHUDFWLYHRQOLQHVWXG\JXLGH
DQG GRLQJ WKH VHOIDVVHVVPHQW WHVWV DQDO\VLQJ WKH FDVH VWXGLHV JDWKHULQJ GDWD RQ WKH
VHOHFWHG RUJDQLVDWLRQ SUHSDULQJ SUHVHQWDWLRQV IRU WKH ZRUNVKRSV DQG ZRUNLQJ RQ WKH
DVVLJQPHQW 8VLQJ VWXG\ JURXSV HIIHFWLYHO\ LV DQ LPSRUWDQW VNLOO 6WXG\ JURXS GLVFXVVLRQV
SURYLGH DQ RSSRUWXQLW\ WR SUDFWLVH XVLQJ WKH VWUDWHJ\ YRFDEXODU\ 7KH JULG LQ 7DEOH 
JLYHV D JHQHUDO RXWOLQH RI WKHUHTXLUHPHQWVRIWKHPRGXOH

7KHFRXUVHVWUXFWXUHLVDVIROORZV

/HFWXUHV $OO VWXGHQWV DWWHQG  WZRKRXU OHFWXUHV ±  LQ 6HPHVWHU  DQG  LQ
6HPHVWHU


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

:RUNVKRSV (DFK VWXG\ JURXS KDV  WZRKRXU LQWHUDFWLYH ZRUNVKRS VHVVLRQV 7KH\
FRPPHQFHLQZHHN6HPHVWHUDQGUXQWKURXJKRXWWKH\HDU

6XUJHU\VHVVLRQV 6L[RSWLRQDOVXUJHU\VHVVLRQVDUHDYDLODEOH

2QOLQH $OO VWXGHQWV DUH UHTXLUHG WR FRPSOHWH WKH LQWHUDFWLYH VWXG\ JXLGH
DFFRPSDQ\LQJ WKH Exploring Strategy WH[WERRN $OO FRPPXQLFDWLRQ LV
YLD WKH OHDUQLQJ PDQDJHPHQW V\VWHP QRW HPDLO DQG VWXGHQWV VKRXOG
DFFHVVLWDWOHDVWWZLFHDZHHN

*XHVWOHFWXUHV $ VHULHV RI JXHVW OHFWXUHV µ6WUDWHJ\ LQWR 3UDFWLFH¶ DUH RUJDQLVHG RYHU
WKH FRXUVH RI WKH \HDU 7KLV SURYLGHV DQ RSSRUWXQLW\ WR KHDU KRZ
VWUDWHJ\ LVLPSOHPHQWHGLQSUDFWLFHE\OHDGLQJEXVLQHVVPDQDJHUV

7DEOHVDQGVKRZWRSLFVUHDGLQJDQGFDVHV

7DEOH2XWOLQHRIPRGXOHUHTXLUHPHQWV
:RUNDUHD 3XUSRVH *URXSZRUN

5HDGWKHFRUHWH[W(Exploring 8QGHUVWDQGWKHWKHRU\ 'LVFXVVWKHLGHDVLQJURXSV

Strategy)RWKHUUHFRPPHQGHG FRQVLGHUKRZWRDSSO\WKHP
UHDGLQJDQGZRUNWKURXJKWKH DQGZKDWWKHLULPSOLFDWLRQVDUH
LQWHUDFWLYHVWXG\JXLGH

5HDGDQGDQDO\VHWKH 8QGHUVWDQGRUJDQLVDWLRQV 'LVFXVVDQGFRPSDUHDQDO\VLV

DVVLJQHGFDVHVXVLQJVWUDWHJLF LQSUDFWLFHDQGKRZWR ZLWKLQJURXSVLQZRUNVKRSV
PDQDJHPHQWWKHRU\DQGWKH DSSO\WKHWKHRU\ DQGYLDWKHRQOLQHGLVFXVVLRQ
DQDO\WLFDOWHFKQLTXHVIURP JURXSGLVFXVVLRQERDUGIDFLOLW\
RWKHUPRGXOHVHJILQDQFH $VVHVVDUHDVRIRYHUODSRU
+5DQGPDUNHWLQJ
&ROOHFWDQGDQDO\VH
LQIRUPDWLRQRQWKHFKRVHQ
RUJDQLVDWLRQ8VHVWUDWHJLF
PDQDJHPHQWWKHRU\DQGWKH
DQDO\WLFDOWHFKQLTXHVIURP
RWKHUPRGXOHVHJILQDQFH
'HYHORSUHVHDUFKDQG
DQDO\WLFDOVNLOOV$SSO\
VWUDWHJLFPDQDJHPHQW
WKHRU\WRDQRUJDQLVDWLRQ
GLVDJUHHPHQW,GHQWLI\DUHDVRI
XQFHUWDLQW\RUGLIILFXOW\IRU
VXUJHU\ZRUNVKRSGLVFXVVLRQ
RUIRUGHEDWLQJYLDWKHRQOLQH
GLVFXVVLRQERDUG
'LVFXVVDQDO\VLVZLWKLQVWXG\
JURXSV$VVLJQDUHDVIRU
LQGLYLGXDOVWRLQYHVWLJDWHLQ
JUHDWHUGHSWKIRUWKHJURXS
,GHQWLI\DUHDVRIXQFHUWDLQW\RU
GLIILFXOW\IRUVXUJHU\ZRUNVKRS
+5DQGPDUNHWLQJ
'HYHORSJURXSSUHVHQWDWLRQ
‹3HDUVRQ(GXFDWLRQ/LPLWHG
6LPXODWHDWHDPEDVHG
ZRUNVLWXDWLRQDQGD
SUHVHQWDWLRQWR
PDQDJHPHQW±GHYHORS
FRPPXQLFDWLRQDQG
LQIOXHQFLQJVNLOOV

GLVFXVVLRQRUIRUGHEDWLQJYLD
WKHRQOLQHGLVFXVVLRQERDUG
'LVFXVVZKRLVJRLQJWRPDNH
WKHSUHVHQWDWLRQKRZDOOJURXS
PHPEHUVFDQEHLQYROYHG
ZKDWIRUPDWLWZLOOWDNH
5HKHDUVHDQGSROLVKWKH
SUHVHQWDWLRQDQGSUHSDUH
DQVZHUVWRTXHVWLRQVWKDW
PLJKWDULVH
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

:RUNRQLQGLYLGXDODVVLJQPHQW $SSO\VWUDWHJLF :RUNLQJURXSVDQGGLVFXVV

PDQDJHPHQWWKHRU\WRWKH DQDO\VLV'RWKHILQDOZULWHXS
FKRVHQRUJDQLVDWLRQDQG LQGLYLGXDOO\
GHYHORSZULWWHQ
SUHVHQWDWLRQVNLOOV

:RUNRQWKHFDVHVWXG\IRUWKH 8WLOLVHWHDPZRUNWR &RPSDUHDQDO\VLVRIWKHFDVH

H[DP VLPSOLI\DQDO\VLVDQGZRUN VWXG\'LVFXVVDUHDVRI
WRZDUGVDFRPPRQDLPRI GLVDJUHHPHQWDQGGHFLGHZKDW
VXFFHVV SRVLWLRQWRWDNH+HOSZHDNHU
WHDPPHPEHUVWRXQGHUVWDQG
WKHLVVXHV

7DEOH /HFWXUHVFKHGXOH
/HFWXUH 7RSLF 3UHSDUDWLRQIRUOHFWXUHV
KRXUV Exploring Strategy WH[W
DQGRQOLQHLQWHUDFWLYH
VWXG\JXLGH

 Semester 1 
:HHN ,QWURGXFLQJVWUDWHJ\ &KDSWHUWH[WDQGRQOLQH
:HHN 7KHHQYLURQPHQW &KDSWHUVDQGWH[WDQGRQOLQH

:HHN 6WUDWHJLFFDSDELOLWLHV &KDSWHUWH[WDQGRQOLQH

:HHN 6WUDWHJLFSXUSRVH &KDSWHUVDQGWH[WDQGRQOLQH

&XOWXUHDQGVWUDWHJ\
:HHNV 6XUJHU\VHVVLRQV 
:HHN %XVLQHVVVWUDWHJ\ &KDSWHUWH[WDQGRQOLQH

:HHN &RUSRUDWHVWUDWHJ\DQG &KDSWHUVDQGWH[WDQGRQOLQH

GLYHUVLILFDWLRQ
,QWHUQDWLRQDOVWUDWHJ\
0HUJHUVDFTXLVLWLRQVDQGDOOLDQFHV

:HHN ,QQRYDWLRQDQGHQWUHSUHQHXUVKLS &KDSWHUWH[WDQGRQOLQH

:HHN (YDOXDWLQJVWUDWHJLHV &KDSWHUWH[WDQGRQOLQH

:HHN 6XUJHU\VHVVLRQ 

 Semester 2 
:HHN 2UJDQLVLQJIRUVXFFHVV &KDSWHUWH[WDQGRQOLQH

:HHN /HDGLQJVWUDWHJLFFKDQJH &KDSWHUWH[WDQGRQOLQH

:HHN 6WUDWHJ\GHYHORSPHQWSURFHVVHV &KDSWHUVDQGWH[WDQGRQOLQH

:HHNV 6XUJHU\VHVVLRQV 
DQG


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

7DEOH :RUNVKRSWRSLFV
:RUNVKRS $QDO\WLFDOIRFXV 3UHSDUDWLRQ

 %XVLQHVVHQYLURQPHQW3(67(/ &DVHH[DPSOH&KDSWHUVDQG
ILYHIRUFHV Alibaba – the Yangtze River Crocodile
Global forces and the advertising
industry

 2UJDQLVDWLRQDOUHVRXUFHVYDOXH &DVHH[DPSOH&KDSWHURocket Internet

FKDLQVWUDWHJLFFDSDELOLW\ – will the copycat be imitated?
 2UJDQLVDWLRQDO FRQWH[W &DVHH[DPSOH&KDSWHUCulture
VWDNHKROGHUVFRUSRUDWH clashes at Barclays Bank
JRYHUQDQFHFXOWXUH

 &RUSRUDWHOHYHOVWUDWHJ\ &DVHH[DPSOH&KDSWHUVirgin – is the

GLYHUVLILFDWLRQSRUWIROLRVSDUHQWLQJ brand more than Richard Branson?

 ,QWHUQDWLRQDOVWUDWHJ\DQGWKH &DVHH[DPSOH&KDSWHUChina goes to

GHYHORSPHQWDQGHYDOXDWLRQRI Hollywood – Wanda’s move into the US
VWUDWHJLFRSWLRQV movie industry

 ,PSOHPHQWDWLRQRIVWUDWHJ\ &DVHH[DPSOH&KDSWHU Sergio

RUJDQLVLQJDQGFKDQJH Marchionne – motor of change
PDQDJHPHQW

 5HYLVLRQ &DVHH[DPSOHIURPODVW\HDU¶V
H[DPLQDWLRQ

:RUNVKRSV±DOORFDWHPLQXWHVIRUJURXSSUHVHQWDWLRQV

$JXLGHWRXVLQJWKHZRUNDVVLJQPHQWV
7KLV VHFWLRQ FRQWDLQV JXLGDQFH IRU XVLQJ WKH ZRUN DVVLJQPHQWV WKDW DSSHDU ZLWK HDFK
LOOXVWUDWLRQFDVHH[DPSOHDQGDWWKHHQGRIHDFKFKDSWHULQExploring Strategy7KHVHQRWHVDUH
QRWLQWHQGHGWREHSUHVFULSWLYHDQGLQVWUXFWRUVDUHHQFRXUDJHGWRXVHWKHVHDVVLJQPHQWVLQZD\V
WKDWEHVWVXLW\RXURZQOHDUQLQJVLWXDWLRQ

7KH ZRUN DVVLJQPHQWV ZLWK HDFK LOOXVWUDWLRQ DUH GHVLJQHG WR FRQVROLGDWH RQH RU WZR
OHDUQLQJSRLQWVIURPDSDUWRIWKHFKDSWHU7KHTXHVWLRQVZLWKFDVHH[DPSOHVDWWKHHQGRIWKH
FKDSWHU WDNH WKH PDLQ LVVXHV IURP HDFK FKDSWHU DQG VXJJHVW ZD\V LQ ZKLFK UHDGHUV FDQ
FRQVROLGDWH WKHLU XQGHUVWDQGLQJ E\ DSSO\LQJ WKHVH FRQFHSWV WR DSSURSULDWH FDVH VWXGLHV
LOOXVWUDWLRQV DQGRU RUJDQLVDWLRQV RI WKHLU RZQ FKRLFH 7KHUH DUH DOVR LQWHJUDWLYH
DVVLJQPHQWV WKDW ORRN DFURVVFKDSWHUV 7KH ZRUN DVVLJQPHQWV DUH SURYLGHG DW WZR OHYHOV
RI GLIILFXOW\ ± LQ RUGHU WR JLYHIOH[LELOLW\LQWKHLUXVH

 Standard DUHVWUDLJKWIRUZDUGDSSOLFDWLRQVRIFRQFHSWVRUIUDPHZRUNVWRVSHFLILFVLWXDWLRQV

 Advanced UHTXLUH D IXOOHU DQDO\VLV XVXDOO\ OLQNLQJ WZR RU PRUH FRQFHSWV DQGRU VLWXDWLRQV
DQGUHTXLULQJUHDGLQJURXQGWKHLVVXHV


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

7KH VHFWLRQV EHORZ SURYLGH FKDSWHUE\FKDSWHU JXLGDQFH RQ KRZ WXWRUV PLJKW XVH WKH
ZRUNDVVLJQPHQWVWRFRQVROLGDWHVWXGHQWV¶XQGHUVWDQGLQJRIWKHFRQFHSWVLQExploring Strategy
7KHUHDUHKRZHYHUDIHZJHQHUDOJXLGHOLQHVWKDW\RXPD\ZLVKWRFRQVLGHULQGHFLGLQJKRZ
WR JDLQPRVWEHQHILWIURPLQFRUSRUDWLQJWKHVHZRUNDVVLJQPHQWVLQWRWKHVWXGHQWV¶SURJUDPPH
RIVWXG\

• 5HPHPEHU WKHUH DUH PDQ\ GLIIHUHQW ZD\V LQ ZKLFK \RX FDQ XVH WKHVH DVVLJQPHQWV
)RUH[DPSOHDV

‡ WRSLFV IRU VWXGHQWV WR pre-prepare IRU D VHVVLRQ ZKHUH WKH FRQFHSW RU LVVXH ZLOO
EHGLVFXVVHGLQWKHOLJKWRIWKHLUSUHSDUDWLRQ

‡ DEDVLVRIDVWXGHQW¶Vpresentation LQDFODVVVHVVLRQ

‡ DVWXGHQWassessment

‡ Dself-study package, ZKLFKVWXGHQWVXVHWRWHVWWKHLURZQXQGHUVWDQGLQJ

• $OWKRXJK PDQ\ RI WKH ZRUN DVVLJQPHQWV GUDZ RQ LOOXVWUDWLRQV DQGRU FDVH VWXGLHV LQ
Exploring Strategy ZH KDYH WULHG WR ZULWH WKHP LQ D ZD\ WKDW GRHV QRW PDNH WKHP
HQWLUHO\GHSHQGHQW RQ WKLV VSHFLILF VRXUFH PDWHULDO 0RVW RI WKHVH ZRUN DVVLJQPHQWV
VKRXOG EHXVHDEOHLQDVLWXDWLRQRIWKHWXWRU¶VVWXGHQW¶VFKRLFH

• 7KHUHYHUVH LV DOVR WUXH WKH XVH RILOOXVWUDWLRQV FDVH H[DPSOHV DQG FDVH VWXGLHV VKRXOG
QRW EH FRQILQHG WR WKH VSHFLILF LVVXHV LQ WKH ZRUN DVVLJQPHQWV :LWK FDVH VWXGLHV \RX
ZLOOILQGWKDW WKH DXWKRUV¶ WHDFKLQJ QRWHV LQ 6HFWLRQ  VXJJHVW PDQ\ RWKHU LVVXHV DQG
TXHVWLRQVLQaddition WRWKRVHFLWHGLQZRUNDVVLJQPHQWV

$JXLGHWRXVLQJWKHFDVHVWXGLHV
• 6HFWLRQFRQWDLQVFRPSUHKHQVLYHWHDFKLQJQRWHVIRUHDFKRIWKHFDVHVWXGLHVWKDWDSSHDU
LQWKH WH[W DQG FDVHV HGLWLRQ RI Exploring Strategy 7KHVH QRWHV KDYH EHHQ SUHSDUHG
E\ WKH DXWKRUV RI HDFK FDVH VWXG\ DQG HGLWHG E\ 6WHYH 3\OH &OLYH .HUULGJH DQG -DVRQ
(YDQV7KHIDFLQJSDJHLVDJXLGHWRWKHPDLQIRFXVRIHDFKFDVHVWXG\DQGDOVRDSSHDUV
LQ WKH ERRN 7KH WDEOH DOVR LQGLFDWHV WKH IRFXV RI WKH classic cases. 7KHVH DUH D
VHOHFWLRQ RI FDVHV IURP UHFHQW HGLWLRQV RI WKH ERRN ZKLFKUHPDLQUHOHYDQWIRUWHDFKLQJ
7KHVHFDQEHIRXQGRQWKHFRPSDQLRQZHEVLWH

• 7KHVH FDVH VWXGLHV DOORZ WKH UHDGHU WR H[WHQG WKHLU OLQNLQJ RI WKHRU\ DQG SUDFWLFH
E\DGGUHVVLQJ WKH VWUDWHJLF LVVXHV RI VSHFLILF RUJDQLVDWLRQV LQ PXFK JUHDWHU GHSWK ±
RIWHQSURYLGLQJVROXWLRQVWRVRPHRIWKHSUREOHPVRUGLIILFXOWLHVLGHQWLILHGLQWKHFDVHV
&DVHVDUHLQWHQGHG WR VHUYH DV D EDVLV IRU FODVV GLVFXVVLRQ DQG QRW DV DQ LOOXVWUDWLRQ RI
HLWKHUJRRGRUEDGPDQDJHPHQWSUDFWLFH

• 7KHFDVHVWXGLHVKDYHEHHQFKRVHQRUVSHFLILFDOO\ZULWWHQWRSURYLGHUHDGHUVZLWKDFRUH

RIFDVHV ZKLFK WRJHWKHU FRYHU PRVW RI WKH PDLQ LVVXHV LQ WKH WH[W $V VXFK WKH\
VKRXOGSURYLGH D XVHIXO EDFNERQH WR D SURJUDPPH RI VWXG\ EXW FDQ EH VXSSOHPHQWHG
E\ RWKHUPDWHULDO :H KDYH SURYLGHG D PL[WXUH RI ORQJHU DQG VKRUWHU FDVHV WR LQFUHDVH
WKHIOH[LELOLW\IRULQVWUXFWRUV,QDGGLWLRQWKHUHLVDVKRUWFDVHH[DPSOHDWWKHHQGRIHDFK
FKDSWHULQERWKYHUVLRQV RI WKH ERRN 6RPH FDVHV DUH ZULWWHQ HQWLUHO\ IURP SXEOLVKHG
VRXUFHV EXW PDQ\KDYH EHHQ SUHSDUHG LQ FRRSHUDWLRQ DQG ZLWK WKH DVVLVWDQFH RI WKH


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

PDQDJHPHQW RI WKH RUJDQLVDWLRQ FRQFHUQHG &DVH VWXGLHV FDQ QHYHU IXOO\ FDSWXUH WKH
ULFKQHVVDQG FRPSOH[LW\RIUHDOOLIH PDQDJHPHQW VLWXDWLRQV KRZHYHU DQG ZH ZRXOG
HQFRXUDJH UHDGHUV DQG WXWRUVDGGLWLRQDOO\WRWDNHHYHU\SRVVLEOHRSSRUWXQLW\WRH[SORUH
WKHOLYHVWUDWHJLFLVVXHVRIRUJDQLVDWLRQV±ERWKWKHLURZQDQGRWKHUV

7KHDXWKRUVDUHDOZD\VLQWHUHVWHGLQWKHGHYHORSPHQWRIQHZFDVHVUHOHYDQWWRWKHIUDPHZRUNV
FRQFHSWVDQGLVVXHVRIWKHERRN,I\RXKDYHDQLGHDIRUVXFKDFDVHSOHDVHEHLQWRXFKLQWKH
ILUVW SODFH ZLWK ULFKDUGZKLWWLQJWRQ#VEVR[DFXN ZLWK D EULHI RXWOLQH RI WKH FDVH LGHD DQG DQ
H[SODQDWLRQRIKRZLWPLJKWILWZLWKWKHERRN$VPDOOIHHLVW\SLFDOO\SDLGIRUVXFKFDVHV


‹3HDUVRQ(GXFDWLRQ/LPLWHG
-RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO


 


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

7KHUH DUH DOVR DYDLODEOH RQ WKH ZHEVLWH µFODVVLF FDVHV¶ IURP SUHYLRXV HGLWLRQV RI
Exploring Strategy7KHVHDUHVXPPDULVHGEHORZ


‹3HDUVRQ(GXFDWLRQ/LPLWHG
-RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

Exploring strategyWHDFKHUV¶ZRUNVKRSV
(DFK \HDU VLQFH  WKH DXWKRUV KDYH KHOG RQHGD\ ZRUNVKRSV IRU WHDFKHUV ZKR XVH
Exploring Strategy RUDUHFRQVLGHULQJGRLQJVR

7KHVH KDYH EHHQ SUDFWLFDO GD\V FRQFHUQHG ZLWK KRZ WHDFKHUV PLJKW JDLQ PRVW DGYDQWDJH
IURP WKH ERRN DQG WKH DVVRFLDWHG WHDFKLQJOHDUQLQJ DLGV LOOXVWUDWLRQV FDVH VWXGLHV ZRUN
DVVLJQPHQWVYLGHRDQGZHEVLWHPDWHULDOV

,Q DGGLWLRQ WKHVH DQQXDO ZRUNVKRSV KDYH SURYLGHG D IRUXP WR PHHW ZLWK WKH DXWKRUV DQG
RWKHUVWUDWHJ\WHDFKHUVDQGVKDUHH[SHULHQFHVRIWHDFKLQJSUREOHPVDQGWKHLUVROXWLRQV8VHUVRI
WKH ERRN DUH RIWHQ LQYLWHG WR JLYH SUHVHQWDWLRQV RQ SDUWLFXODU FDVHV WKH\ KDYH GHYHORSHG RU
WHDFKLQJRUDVVHVVLQJVROXWLRQVWKDWKDYHZRUNHGIRUWKHPDQGPLJKWEHRILQWHUHVWWRRWKHUV
3OHDVH FRQWDFW ULFKDUGZKLWWLQJWRQ#VEVR[DFXN LI \RX DUH LQWHUHVWHG LQ GHOLYHULQJ VXFK D
SUHVHQWDWLRQ

)XUWKHULQIRUPDWLRQDERXWIRUWKFRPLQJZRUNVKRSVFDQEHREWDLQHGIURPWKHSXEOLVKHU


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 &+$37(5

,QWURGXFLQJVWUDWHJ\

,QWURGXFWLRQ
7KH RYHUDOO VWUXFWXUH RI Exploring Strategy KDV FKDQJHG VLQFH WKH WK HGLWLRQ DQG WKLV LV
UHIOHFWHG LQ WKLV LQWURGXFWRU\ FKDSWHU 0RVW QRWDEO\ ZH QRZ KDYH WZR QHZ FKDSWHUV RQ
HQYLURQPHQWDOFRQWH[W&KDSWHURQWKHPDFURFRQWH[WDQG&KDSWHURQLQGXVWU\FRQWH[W7KLV
FKDQJH LV LGHQWLILHG LQ 6HFWLRQ  7KH ([SORULQJ 6WUDWHJ\ )UDPHZRUN 6HFWLRQ  7KH
RWKHU FKDQJHV WR WKLV LQWURGXFWRU\ FKDSWHU LQFOXGH DQ RSHQLQJ VHFWLRQ WKDW IRFXVHV RQ VWUDWHJ\
WKURXJKWKHH\HVRIDVWUDWHJ\H[HFXWLYHLQRUGHUWRPRUHFORVHO\OLQNVWUDWHJ\WRSUDFWLFH7KHUH
LVD QHZVHFWLRQRQµ7KHSXUSRVHRIVWUDWHJ\0LVVLRQ9LVLRQ9DOXHVDQG2EMHFWLYHV¶
DQGWKHSUHYLRXVVHFWLRQRQµ7KHOHYHOVRI6WUDWHJ\¶KDVEHHQPRYHGDQGDGMXVWHG7KHUH
LVDOVRDQHZ,OOXVWUDWLRQ7HVOD0RWRUVWKHIXWXUHLVHOHFWULFWKHRWKHULOOXVWUDWLRQVKDYH
EHHQXSGDWHGDQGWKHUHLVDQHZHQGRIFKDSWHUFDVHµ7KHULVHRIDXQLFRUQ±$LUEQE¶

,OOXVWUDWLRQ
Tesla Motors: the future is electric!

0DQ\VWXGHQWVZLOOEHIDPLOLDUZLWKWKHGLVWLQFWLYHHOHFWULFFDUVRI7HVOD7KH\PD\EHQRWEHVR
DZDUH WKDW LW LV SDUW RI DQ RYHUDOO HQHUJ\ V\VWHP YLVLRQ $Q\ZD\ WKH PDLQ SXUSRVH RI WKLV
LOOXVWUDWLRQ LV WR LQWURGXFH VWXGHQWV WR WKH UDQJH RI LVVXHV WKDW PDNH XS VWUDWHJ\ ,W WRXFKHV
GLUHFWO\ RQ NH\ WRSLFV LQWURGXFHG LQ WKLV FKDSWHU IRU H[DPSOH VWUDWHJLF SXUSRVH WR RIIHU WKH
ZRUOGD VXVWDLQDEOHHQHUJ\V\VWHPFRUSRUDWHOHYHO VWUDWHJ\PRYLQJIURPFDUPDQXIDFWXUHWR
EDWWHU\ SURGXFWLRQ IRU KRPHV DQG EXVLQHVVHV DQG EXVLQHVV OHYHO VWUDWHJ\ XVLQJ GLVUXSWLYH
WHFKQRORJ\:LWKUHVSHFWWRWKHVSHFLILFTXHVWLRQV

 +RZGRHV7HVOD0RWRU¶VVWUDWHJ\ILWZLWKWKHYDULRXVVWUDWHJ\GHILQLWLRQVLQ)LJXUH"
2QWKHGHILQLWLRQVRIVWUDWHJ\LQWHUPVRI)LJXUH7HVODVHHPVWREHPRUH&KDQGOHULDQ
WKDQ0LQW]EHUJLDQZLWKDFOHDUGHWHUPLQDWLRQRIORQJUXQJRDOVDQGREMHFWLYHVµ«ZKLFKILWV
RXURYHUDUFKLQJSXUSRVHWRPRYHIURPPLQHDQGEXUQK\GURFDUERQVWRZDUGVDVXVWDLQDEOH
VRODU HOHFWULF HFRQRP\¶ ,W PLJKW EH ZRUWK GLVFXVVLQJ ZKHWKHU WKLV LV W\SLFDO RI
HQWUHSUHQHXULDOVWDUWXSVWKDQODUJHUFRUSRUDWLRQVDQGWKHSURVDQGFRQVRIWKLVDEXVLQHVV
SODQ FDQ EH SUHWW\ LPSRUWDQW WR HDUO\VWDJH LQYHVWRUV VHH &KDSWHU  $W WKH VDPH WLPH
7HVOD KDV D3RUWHULDQFRQFHUQIRUXVLQJGLVUXSWLYHLQQRYDWLRQWR JDLQDGYDQWDJHLQWKHFDU
PDUNHW 7KH WKHRU\ EHKLQG 7HVOD¶V SXUSRVH RI RIIHULQJ WKH ZRUOG D VXVWDLQDEOH HQHUJ\
V\VWHPLVQRWFOHDUO\DUWLFXODWHGLQWKHLOOXVWUDWLRQ+RZHYHUIURP'UXFNHU¶VSRLQWRIYLHZLW
PLJKW EH WKDW EXUQLQJ K\GURFDUERQV LV FDXVLQJ JOREDO ZDUPLQJ DQG WKH SURYLVLRQ RI DQ
DOWHUQDWLYH VXVWDLQDEOH DQG FOHDQ HQHUJ\ VRXUFH ZLOO UHPRYH RXU FDUERQ GHSHQGHQF\ µZH
DOVRSURYLGH]HURHPLVVLRQHOHFWULFSRZHUJHQHUDWLRQ¶

 :KDWVHHPVWRDFFRXQWIRU7HVOD¶VVXFFHVV"
$FFRXQWLQJ IRU 7HVOD¶V VXFFHVV RQ WKH 3RUWHULDQ SULQFLSOH 7HVOD LV FOHDUO\ RIIHULQJ D
GLIIHUHQW SURGXFW WR WKH UHVW RI WKH LQGXVWU\ ZLWK D KLJK SHUIRUPDQFH OX[XU\ HOHFWULF FDU
SULFHG FRPSHWLWLYHO\,WVIROORZRQPRGHOLVGHVLJQHGWREHDKLJKHUXQLWYROXPHFDUZLWK


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

ORZHU SULFHV ± DJDLQ GLVUXSWLQJ WKH FDU PDUNHW ,WV FXVWRPHUV DOVR YDOXH 7HVOD FDUV
GLIIHUHQWO\WRRWKHUFDUVDVWKHVHSURGXFWVDUHDWWUDFWLYHGXHWRWKHLUVSRUWLQJSHUIRUPDQFH
]HURHPLVVLRQVDQGIUHHSRZHU7KHUHLVDOVRQRGHQ\LQJWKHLPSRUWDQWUROHWKDW(ORQ0XVN
SOD\VDVDFKDULVPDWLFYLVLRQDU\DVZHOODVWKHHQWKXVLDVPRI7HVOD¶VRWKHUHQWUHSUHQHXUV

,OOXVWUDWLRQ
Strategy statements

$QLPSRUWDQWSRLQWLQWKLVLOOXVWUDWLRQLVWRVKRZKRZVWUDWHJ\DSSOLHVWRZLGHO\GLIIHUHQWNLQGV
RI RUJDQLVDWLRQV ± ERWK D ODUJH WHFKQRORJ\ FRPSDQ\ DQG D SXEOLF XQLYHUVLW\ $OWKRXJK WKH
SUHFLVH FRQWHQW RI WKH WZR RUJDQLVDWLRQ¶V PDWHULDOV YDU\ WKH\ ERWK FRYHU WKH PDMRU LVVXHV
LQYROYHGLQDVWUDWHJ\VWDWHPHQWJRDOVVFRSHDQGDGYDQWDJHVFDSDELOLWLHV

 &RQVWUXFW VKRUW VWUDWHJ\ VWDWHPHQWV FRYHULQJ WKH JRDOV VFRSH DQG DGYDQWDJH RI
6DPVXQJ DQG WKH 6RXWKDPSWRQ 8QLYHUVLW\ +RZ PXFK GR WKH GLIIHUHQW SULYDWH DQG
SXEOLFVHFWRUFRQWH[WVPDWWHU"
6WUDWHJ\VWDWHPHQWVIRU6DPVXQJ(OHFWURQLFVDQG6RXWKDPSWRQ8QLYHUVLW\6DPVXQJLVYHU\
FOHDU DERXW LWV JRDOV EQ LQ UHYHQXH DQG WRS ILYH EUDQG E\  QRWH LWV YLVLRQ ±
µ,QVSLUHWKH:RUOG&UHDWHWKH)XWXUH¶±VRXQGVPRUHOLNHDPLVVLRQVWDWHPHQWLWVVFRSHLV
FOHDUO\ H[SDQGLQJ IURP PRVWO\ FRQVXPHU HOHFWURQLFV LQWR KHDOWK PHGLFLQH DQG
ELRWHFKQRORJ\ DQG 6DPVXQJ EHOLHYHV LWV FRPSHWLWLYH DGYDQWDJHV OLH LQ QHZ WHFKQRORJLHV
LQQRYDWLYHSURGXFWVFUHDWLYHVROXWLRQVDQGWKHEULJKWHVWWDOHQWLQWKHZRUOG
6RXWKDPSWRQ 8QLYHUVLW\ KDV D YHU\ EURDG PLVVLRQ WR FKDQJH WKH ZRUOG IRU WKH EHWWHU ,WV
JRDOVDUHFOHDUWREHLQWKHWRS8.DQGWRSLQWHUQDWLRQDOO\,WVVFRSHLVUHVHDUFK
DQGHGXFDWLRQ,QWHUPVRIGLVWLQFWLYHFDSDELOLWLHVLWPHQWLRQVLQQRYDWLRQDQGHQWHUSULVHDQG
VXJJHVWVWKDWFROOHJLDOLW\LQWHUQDOTXDOLW\FRQWUROVVXVWDLQDELOLW\SURFHVVHVDUHLPSRUWDQW,W
PHQWLRQV LPSRUWDQW UHVRXUFHV VXFK DV DQ DOXPQL QHWZRUN  KLJK TXDOLW\ VWDII DQG VWUDWHJLF
SDUWQHUVKLSVEXWLWLVQRWFOHDULIWKHVHDUHDFWXDOO\GLVWLQFWLYH
2QWKHIDFHRILWWKHUHLVQRWPXFKGLIIHUHQFHEHWZHHQ6DPVXQJDQG6RXWKDPSWRQVWUDWHJ\
VWDWHPHQWV ± DQG VWUDWHJ\ ± DUH UHOHYDQW WR ERWK SULYDWH DQG SXEOLF VHFWRUV +RZHYHU \RX
PLJKW QRWLFH WKDW 6DPVXQJ IHDWXUHV D ILQDQFLDO JRDO UHYHQXHV ZKLOH 6RXWKDPSWRQ
SULRULWLVHV D TXDOLW\ JRDO D UHSWXDWLRQ IRU ZRUOG OHDGLQJ UHVHDUFK VWURQJ HGXFDWLRQDO
RIIHULQJ
,W PLJKW EH ZRUWKZKLOH FKDOOHQJLQJ WKH FODLPV WR FRPSHWLWLYH DGYDQWDJH RI ERWK 6DPVXQJ
DQG6RXWKDPSWRQ +RZ XQLTXHDUH6DPVXQJ¶VFRPSHWLWLYH DGYDQWDJHVYLVjYLV $SSOH RU
+7&" 'RHV 6RXWKDPSWRQ KDYH YHU\ VXEVWDQWLDO FRPSHWLWLYH DGYDQWDJHV RYHU PDQ\ RWKHU
XQLYHUVLWLHV LQWHUQDWLRQDOO\ IRU LQVWDQFH \RXU RZQ" +HUH RQH FRXOG UHIHU IRUZDUG WR
&KDSWHUDQGLWVGLVFXVVLRQRIYDOXDEOHUDUHLQLPLWDEOHDQGQRQVXEVWLWXWDEOHUHVRXUFHV

 &RQVWUXFW D VWUDWHJ\ VWDWHPHQW IRU \RXU RZQ RUJDQLVDWLRQ XQLYHUVLW\ VSRUWV FOXE RU
HPSOR\HU:KDWLPSOLFDWLRQVPLJKWWKLVVWDWHPHQWKDYHIRU\RXUSDUWLFXODUFRXUVHRU
GHSDUWPHQW"
6WUDWHJ\ VWDWHPHQWV IRU VWXGHQWV¶ RZQ RUJDQLVDWLRQV 7KLV PD\ ZHOO VXUIDFH WKH IDFW WKDW
VRPH SURYLGH PRUH SXEOLF LQIRUPDWLRQ WKDQ RWKHUV DQG DUH RIWHQ YDJXHU DERXW SDUWLFXODU
LVVXHV HVSHFLDOO\ VRXUFHV RI FRPSHWLWLYH DGYDQWDJH <RX PLJKW HQFRXUDJH VWXGHQWV WR
GLVFXVVWKHUHDVRQVIRUWKLV&OHDUVWDWHPHQWVRIGHWDLOHGVWUDWHJ\±FRPSHWLWLYHDGYDQWDJH
SUHFLVHREMHFWLYHVDQGVRRQ±DUHUDWKHUPRUHGLIILFXOWWRFRQVWUXFWWKDQEURDGFODLPVDERXW


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

ZKHUH RUJDQLVDWLRQV ZDQW WR JR $VNLQJ VWXGHQWV ZK\ WKH\ WKLQN WKLV LV WKH FDVH VKRXOG
VXUIDFHLVVXHVRIWKHFRPSOH[LW\RIVWUDWHJ\GHYHORSPHQWFRPSHWLWLRQDQGDFFRXQWDELOLW\

,OOXVWUDWLRQ
Strategists

7KLVLOOXVWUDWLRQLVLQWHQGHGWRUHLQIRUFHWKHWKHPHWKDWVWUDWHJ\LVVRPHWKLQJWKDWVWXGHQWVFRXOG
JHWLQYROYHGLQSHUVRQDOO\±DVDPLGGOHPDQDJHU*DOLQDDVDVWUDWHJ\FRQVXOWDQW&KDQWDOD
VWUDWHJLFSODQQHU±µLQKRXVHVWUDWHJ\VSHFLDOLVW¶3DXO$OORIWKHVHUROHVDUHIXUWKHUGLVFXVVHG
LQ&KDSWHU

7KH WZR TXHVWLRQV DVN VWXGHQWV WR WKLQN DERXW VWUDWHJ\ LQ UHODWLRQ WR WKHLU RZQ HGXFDWLRQ DQG
FDUHHUV 7KH UHIHUHQFHV DW WKH HQG RI WKH FKDSWHU SRLQW WKHP WR WKH PDMRU FRQVXOWLQJ ILUPV¶
ZHEVLWHVDQGJUDGXDWHHPSOR\PHQWZHEVLWHZZZYDXOWFRPDOORIZKLFKKDYHDQDEXQGDQFHRI
LQWHUHVWLQJDQGDWWUDFWLYHPDWHULDOUHODWLQJWRVWUDWHJ\FRQVXOWLQJLQSDUWLFXODU

7KH WKUHH VWUDWHJLVWV DOVR XVHIXOO\ UDLVH FRQFHSWV DQG WHFKQLTXHV WKDW DSSHDU ODWHU LQ WKH ERRN
<RX PLJKW OLNH WR QRWH SDUWLFXODUO\ KRZ *DOLQD UDLVHV LVVXHV WR GR ZLWK WKH UROH RI VWUDWHJLF
SODQQLQJ YHUVXV HPHUJHQFH &KDSWHU  KRZ &KDQWDO WDONV RI SUREOHP VROYLQJ &KDSWHU 
DQG 3DXO H[SODLQV WKH LPSRUWDQFH RI DQDO\VLV &KDSWHUV   DQG  DQG VWDNHKROGHU
PDQDJHPHQW&KDSWHULQRUGHUWRDFKLHYHVWUDWHJLFRXWFRPHV

$VVLJQPHQW
Strategy statements

7KHSXUSRVHRIWKLVDVVLJQPHQWLVWRJHWVWXGHQWVWRHQJDJHZLWKVWUDWHJ\LQUHDORUJDQLVDWLRQV
7KHVHFRXOGEHWKHLURZQXQLYHUVLW\RU±EHWWHULQRUGHUWRJHWDUDQJH±WKHLUDFWXDOHPSOR\HURU
DGHVLUHGHPSOR\HU6WXGHQWVVKRXOGEHWROGWRH[SHFWWKDWWKHH[WHQWRILQIRUPDWLRQLVOLNHO\WR
EH YDULDEOH 6WXGHQWV FRXOG EH DVNHG WR SRQGHU ZK\ VRPH RUJDQLVDWLRQV DUH PRUH LQIRUPDWLYH
WKDQRWKHUV3XEOLVKHGVWUDWHJ\LQIRUPDWLRQLVRIWHQSDUWLFXODUO\GHILFLHQWLQWZRDUHDV

• 'HWDLOV ZLWK UHJDUG WR REMHFWLYHV 9LVLRQ DQG PLVVLRQ VWDWHPHQWV DUH FRPPRQ +RZHYHU
RUJDQLVDWLRQVDUHRIWHQUHOXFWDQWWRUHYHDOPXFKDERXWWKHLUGHWDLOHGREMHFWLYHVERWKIRUIHDU
RIJLYLQJFOXHVDERXWWKHLUSUHFLVHVWUDWHJ\WRFRPSHWLWRUVDQGEHFDXVHWKH\GRQRWZLVKWR
EHKHOGWLJKWO\DFFRXQWDEOHVKRXOGWKH\IDOOVKRUW

• &RPSHWLWLYH DGYDQWDJHV 2UJDQLVDWLRQV RIWHQ GUDZ DWWHQWLRQ WR YDULRXV VWUHQJWKV RU
UHVRXUFHV WKDW WKH\ KDYH EXW WKH\ GR QRW VKRZ KRZ WKHVH DFWXDOO\ FRQVWLWXWH DGYDQWDJHV
RYHUFRPSHWLWRUV)RUH[DPSOHPDQ\XQLYHUVLWLHVFODLPWRKDYHDORQJ KLVWRULFDOKHULWDJH
EXWWKH\GRQRWH[SODLQZK\WKLVLVDFWXDOO\DQDGYDQWDJHLQFRPSHWLWLRQWRGD\RUVKRZKRZ
WKHLUKHULWDJHLVUHDOO\DGYDQWDJHRXVDJDLQVWRWKHUXQLYHUVLWLHVZLWKVLPLODUO\ORQJKLVWRULHV

,WLVXVHIXOWRHQFRXUDJHVWXGHQWVWREHFULWLFDORIWKHVWUDWHJ\LQIRUPDWLRQWKDWLVPDGHDYDLODEOH
SXEOLFO\ <RX PLJKW DOVR DOHUW WKHP WR WKH YDU\LQJ ZD\V WKDW RUJDQLVDWLRQV XVH WKH VDPH WHUP
HJYLVLRQDQGPLVVLRQLQSUDFWLFH6WXGHQWVRXJKWWREHDZDUHRIKRZVWUDWHJ\FRQFHSWVRIWHQ
GHSDUWIURPWKHWH[WERRNLQWKHUHDOZRUOG


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

$VVLJQPHQW
The Exploring Strategy Model

7KLV DVVLJQPHQW UHTXLUHV VWXGHQWV WR XVH )LJXUH  DV D JXLGH WR LGHQWLI\LQJ WKH GLIIHUHQW
HOHPHQWV LQ WKH VWUDWHJ\ RI DQ RUJDQLVDWLRQ ,W FDQ EH YHU\ XVHIXO LQ WHUPV RI KLJKOLJKWLQJ WKH
VFRSHRIWKHVXEMHFWDQGWKHRUJDQLVDWLRQRIWKHERRN

7KH$LUEQEFDVHLQWKHFDVHVHFWLRQRIWKHERRNLVGHVLJQHGIRUWKLVH[HUFLVHDQGWKHWHDFKLQJ
QRWHVIRUWKHFDVHVWXGLHVODWHULQWKLVPDQXDOSURYLGHDJXLGHWRLWVXVH8VLQJWKHVWXGHQW¶VRZQ
XQLYHUVLW\ZRXOGEHWKHEDVLVIRUDPRUHVXEVWDQWLDOSLHFHRIZRUNEXWZRXOGDOVRUHLQIRUFHWKH
WKHPHWKDWVWUDWHJ\LVFORVHWRKRPHDQGUHODWHVWRWKHVWXGHQWV¶RZQOLYHV/LNHZLVHDGHVLUHG
IXWXUHHPSOR\HUZRXOGEHDQHQJDJLQJDVVLJQPHQW

,WPLJKWEHKHOSIXOWRSURYLGHVWXGHQWVZLWKDµEODQN¶YHUVLRQRIWKHWKUHHFLUFOHPRGHOIRUWKHP
WRILOOLQWKHPVHOYHV

$VVLJQPHQW
Strategy consultants

5HLQIRUFLQJ WKH PHVVDJH LQ ,OOXVWUDWLRQ  µ6WUDWHJLVWV¶ WKLV DVVLJQPHQW LV LQWHQGHG WR
HPSKDVLVH WR VWXGHQWV WKDW VWUDWHJ\ LV QRW MXVW IRU WRS PDQDJHUV RU DERXW WKH IDWH RI ELJ
RUJDQLVDWLRQV 6WUDWHJ\ LV D NLQG RI ZRUN WKDW WKH\ WRR FRXOG GR )RU PDQ\ VWXGHQWV WKH
DWWUDFWLRQRIFRXUVHVVXFKDVPDUNHWLQJRUKXPDQUHVRXUFHPDQDJHPHQWLVWKDWWKH\OHDGGLUHFWO\
LQWR DFDUHHU)RUVWUDWHJ\WKDWGLUHFWOLQNWRDMRELVRIWHQ QRWVR FOHDU7KLVDVVLJQPHQW DVNV
WKHP WR FRQVLGHU ZKDW LV DWWUDFWLYH DQG QRW VR DWWUDFWLYH DERXW VWUDWHJ\ ZRUN LQ D VWUDWHJ\
FRQVXOWLQJILUP,WDOVRHQFRXUDJHVWKHPWRWKLQNDERXWZKDWWKH\PLJKWQHHGWRGRWRJHWVXFK
ZRUNW\SLFDOO\DYHU\KLJKFODVVRIGHJUHH

$VVLJQPHQW
Strategic management by context

7KH DLP RI $VVLJQPHQW  LV WR KHOS VWXGHQWV XQGHUVWDQG WKDW WKH HOHPHQWV RI VWUDWHJLF
PDQDJHPHQW VKRZQ LQ ([KLELW  DUH OLNHO\ WR GLIIHU VRPHZKDW EHWZHHQ GLIIHUHQW W\SHV RI
RUJDQLVDWLRQ 7KLV LV UDLVHG LQ ,OOXVWUDWLRQ  RI WKH WH[W 6DPVXQJ DQG 6RXWKDPSWRQ
8QLYHUVLW\6WXGHQWVVKRXOGEHDEOHWRVHHGLIIHUHQFHVLQGLIIHUHQWFRQWH[WV7U\WRJHWWKHPWR
FRQVLGHU WKLV LQ WHUPV RI VSHFLILF RUJDQLVDWLRQV WKH\ NQRZ RU IURP DUWLFOHV LQ WKH SUHVV RQ
EXVLQHVVHV DQG EXVLQHVV SUREOHPV RU IURP WKH FDVH VHFWLRQ RI WKH ERRN DV VXJJHVWHG EHORZ
6RPHRIWKHGLIIHUHQFHVZKLFKVKRXOGEHLGHQWLILHGPLJKWEHWKHIROORZLQJ

$VPDOOEXVLQHVVLVW\SLFDOO\KHDYLO\LQIOXHQFHGE\DQLQGLYLGXDOHJRZQHURUVPDOOJURXSVR

XQGHUVWDQGLQJWKHYDOXHVDQGYLHZVRIVXFKstakeholdersLV YLWDO+RZHYHUW\SLFDOO\VPDOOILUPV
DOVRIDFHLPSRUWDQWstrategic choices DERXWWKHEDVLVXSRQZKLFKWKH\FRPSHWHHJVKRXOGWKH\
VHHNSDUWLFXODUPDUNHWQLFKHV"KRZWKH\FRQILJXUHVFDUFHresources DQGPDLQWDLQIOH[LELOLW\LQ
VWUDWHJLFUHVSRQVH,WFDQEHXVHIXOWRDVNVWXGHQWVWRFRQVLGHUKRZWKHVHLVVXHVPLJKWFKDQJHDV
EXVLQHVVHVJURZ


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

7KH FRPSOH[LW\ RI D PXOWLQDWLRQDO EXVLQHVV VXFK DV .UDIW )RRGV LQ WKH 0RQGHOH] FDVH RU
6$%0LOOHULQWKH0HJDEUHZFDVHZLOOPHDQWKDWJOREDOORJLVWLFVDQGVWUXFWXUHDQGFRQWURODUH
LPSRUWDQW+RZHYHUWKHVWXGHQWVVKRXOGDOVRVHHWKDWRWKHUHOHPHQWVRIVWUDWHJ\DUHDOVRWKHUH
ERWK RUJDQLVDWLRQV KDYH SRUWIROLR VWUDWHJLF choices WR PDNH WKH\ KDYH KDG WR LQWHJUDWH DIWHU
mergers DQGPDQDJHGLVSRVDOVWKH\IDFHGLIIHUHQFHVRIculture EHWZHHQSDUWVRIWKHFRPSDQ\
DQG LQ GLIIHUHQW FRXQWULHV DQG QHHG WR GHWHUPLQH ZD\V WR control WKHLU RSHUDWLRQV DFURVV WKH
ZRUOG

7KH LQIOXHQFHV RQ VWUDWHJ\ LQ D SXEOLF VHFWRU RUJDQLVDWLRQ UHTXLUH WKH VWXGHQW WR UHFRJQLVH WKH
QDWXUHRISXEOLFFRQWURODQGLQIOXHQFH$ZLGHUDQJHRIVWDNHKROGHUVLVOLNHO\WREHLPSRUWDQWLQ
ERWKWKHSXEOLFVHFWRUDQGQRWIRUSURILWV'HWHUPLQLQJDQGSODQQLQJWKHallocation of resources
LQDFRQWH[WLQZKLFKGLIIHUHQWstakeholders KDYHVLJQLILFDQWLQIOXHQFHLVDPDMRULVVXHDVLQWKH
.LQJ)DLVDO+RVSLWDODQGLQ$FDGHPLHVDQG)UHH6FKRROV

2YHUDOOVWXGHQWVVKRXOGXQGHUVWDQGWKDWDOOWKHHOHPHQWVRIVWUDWHJLFPDQDJHPHQWDUHLPSRUWDQW
LQPRVWRUJDQLVDWLRQVEXWWKDWWKHZHLJKWLQJEHWZHHQWKHVHHOHPHQWVPD\GLIIHU

&DVH([DPSOH
The rise of a unicorn – Airbnb

7KLVFDVHLVEDVHGRQWKHPHWHRULFULVHRI$LUEQEDVHUYLFHSURYLGHU PRVWVWXGHQWVZLOONQRZ
DQG PDQ\ ZLOO KDYH H[SHULHQFHG <HW WKH\ DUH XQOLNHO\ WR KDYH FRQVLGHUHG WKH VWUDWHJLF
LPSOLFDWLRQV RI WKLV EXVLQHVV %HORZ WKHVH QRWHV DGGUHVV WKH VSHFLILF TXHVWLRQV KLJKOLJKWHG LQ
WKH FDVH H[DPSOH +RZHYHU LW¶V ZRUWK FRQVLGHULQJ VRPH LQWHUHVWLQJ IHDWXUHV RI WKH FDVH WKDW
RIIHURSSRUWXQLWLHVIRUZLGHUGLVFXVVLRQ

)RULQVWDQFHLWLVLQWHUHVWLQJWRFRQVLGHULWKHH[WHQWWRZKLFKWKH$LUEQEPRGHOFDQEHFRSLHG
LLKRZVXVWDLQDEO\WKHPRGHOLV"LLLZKHWKHUWKHPRGHOLVQRWMXVWDVHUYLFHRIIHULQJEXWKDVDQ
LPSRUWDQWVRFLDOFRPSRQHQWWKLVUDLVHVLVVXHVDURXQGFRUSRUDWHSXUSRVHDQGVXVWDLQDELOLW\WKDW
ZLOOEHLPSRUWDQWWR\RXQJPDQDJHUVLQWKHIXWXUH7KHVHLVVXHVRIWKHLQFUHDVLQJLPSRUWDQFHRI
VHUYLFHV UDSLGO\ FKDQJLQJ HQYLURQPHQWV VXVWDLQDEOH GHYHORSPHQWV DQG WKH LPSRUWDQFH RI
VWUDWHJLFFKRLFHZLOODOOEHLPSRUWDQWWRVWXGHQWVRZQVWUDWHJLFPDQDJHPHQW

6WLFNLQJ WR WKH ZRUG OLPLW VXJJHVWHG E\ &ROOLV DQG 5XNVWDG LQ 6HFWLRQ  ZKDW
VWUDWHJ\VWDWHPHQWZRXOG\RXSURSRVHIRUWKH$LUEQE"

 6WUDWHJ\6WDWHPHQW
&RQVLGHUDWLRQRI6HFWLRQUHYHDOVWKHIROORZLQJSRLQWVRIGLVFXVVLRQ
• ,Q WHUPV RI WKH JRDOV RI $LUEQE WKHVH ZHUH QRW FOHDUO\ DUWLFXODWHG DW WKH RXWVHW RI WKH
EXVLQHVVXQOLNH7HVODLQ,OOXVWUDWLRQ+RZHYHUWKH\FDPHWREHFRQQHFWLQJSHRSOH
VHHNLQJ ORGJLQJ ZLWK UHQWHUV ZKR KDYH OLVWHG WKHLU SHUVRQDO SURSHUWLHV RQ WKH $LUEQE
SODWIRUP$V$LUEQEKDVJURZQWKHVHJRDOVKDYHEHHQUHILQHGWREHSURYLGLQJDKRPHWR
SHRSOH DQ\ZKHUH DQG WKH\ QRZ DSSHDU WR EH FKDQJLQJ WR LQFOXGH WKH HQWLUH WUDYHO
H[SHULHQFH
• 7KHVFRSHRI$LUEQE¶VDFWLYLW\KDVFOHDUO\FKDQJHGLQRSHUDWLRQDOWHUPVUHIOHFWLQJWKHLU
UDSLG JURZWK ,QLWLDOO\ WKH IRXQGHUV VWDWHG WKH\ ZHUH MXVW WDUJHWLQJ FRQIHUHQFHV DQG
IHVWLYDOV DFURVV $PHULFD +RZHYHU WKH EXVLQHVV VRRQ RXWJUHZ MXVW FRQIHUHQFHV DQG
IHVWLYDOV$LUEQEWKHQH[SDQGHGJHRJUDSKLFDOO\DQGUDSLGO\EHFDPHJOREDO


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

• 7KHLU DGYDQWDJH LV SURYLGLQJ HDV\ WR ERRN VLJQLILFDQWO\ FKHDSHU DFFRPPRGDWLRQ WKDQ
WUDGLWLRQDO SURYLGHUV LQ D YHU\ ZLGH YDULHW\ RI ORFDWLRQV 7KHLU ZHEVLWH DOORZV UDSLG
PDWFKLQJRIEX\HUVDQGVHOOHUVDQGWKHLUVWHSVWRSURYLGHVHFXULW\WRUHQWLQJDQGOHWWLQJ
SDUWLHVKDVDOORZHGDGHJUHHRIWUXVWWREHEXLOWXSZLWKKLJKOHYHOVRIUHSHDWEXVLQHVV
$LUEQE EHQHILWV IURP QHWZRUN HIIHFWV VR WKDW WKH PRUH XVHUV LW DWWUDFWV WKH PRUH
VXFFHVVIXOWKHEXVLQHVV7KHFDVHDOVRPDNHVDORWRIWKH$LUEQEFXOWXUHDVDGLVWLQFWLYH
IHDWXUHRIWKHFRPSDQ\
 µ7KUHHKRUL]RQV¶DQDO\VLV
&RQVLGHUDWLRQRI6HFWLRQUHYHDOVWKHIROORZLQJSRLQWVRIGLVFXVVLRQ
• 7KHFRUHEXVLQHVVRI$LUEQELVWKH PDWFKLQJRIUHQWHUVDQGOHWWHUVIRUDFFRPPRGDWLRQ
ZRUOGZLGH$WWKLVSRLQWLQWLPHWKHEXVLQHVVLVVWLOOJURZLQJUDSLGO\DQGWKHUHLVQRHQG
LQ VLJKW VR ZH FDQQRW GHWHUPLQH WKH HQG RI KRUL]RQ  KRZHYHU QHZ FRPSHWLWRUV DUH
EHJLQQLQJ WR HQWHU WKH PDUNHW $V WKH PDUNHW LV JOREDO DQG WKH SRWHQWLDO LV YDVW WKLV
GRHV QRW SRVH DQ LPPHGLDWH WKUHDW EXW WKH ZHEVLWH DQG FDSDELOLWLHV XSRQ ZKLFK WKH
EXVLQHVVLVEDVHGZRXOGQRWEHVRGLIILFXOWWRFRS\VXJJHVWLQJWKDWWKHJURZWKUDWHPD\
WXUQ GRZQZDUGV DW VRPH SRLQW $V WKH QDWXUH RI RQOLQH EXVLQHVVHV WHQGV WR EH IDVW
JURZWKDQGLIWKHQHWZRUNDGYDQWDJHLVQRWXQDVVDLODEOHIDVWGHFOLQHZHPXVWDVVXPH
WKDWWKHEHJLQQLQJRIDVORZGRZQLQVDOHVZRXOGPDUNWKHEHJLQQLQJRIDVWHHSGHFOLQH
VHH<DKRRIRULQVWDQFH
• ,QWHUPVRIKRUL]RQLWVHHPVWKDW$LUEQELVWU\LQJWREURDGHQWKHVFRSHRILWVRIIHULQJ
VRWKDWRQHLVQRWMXVWERRNLQJDFFRPPRGDWLRQEXWDORFDOH[SHULHQFH7KLVHQULFKPHQW
RI SURGXFW RIIHULQJ PD\ KHOS WRWLH LQ FXVWRPHUV DQG ZRXOG EHKDUGHU WR UHSOLFDWH E\
FRPSHWLWRUV7KLVFRXOGH[WHQGWKHOLIHF\FOHRI$LUEQELILWEXLOGVFXVWRPHUOR\DOW\
• $KRUL]RQ$LUEQELVFRQVLGHULQJEHFRPLQJDOLIHVW\OHEUDQGEXVLQHVVHQFRPSDVVLQJD
ZLGHUVHWRISURGXFWVWKDQMXVWDFFRPPRGDWLRQ7KHIRFXVLVRQµEHORQJLQJ¶DOWKRXJKLW
LV QRW FOHDU H[DFWO\ ZKDW WKLV PLJKW HQWDLO DQG ZKHWKHU LW ZRXOG UHDOO\ H[WHQG WKH
VWUDWHJLFKRUL]RQ
 (QYLURQPHQWVWUDWHJLFFDSDELOLW\VWUDWHJLFSXUSRVHDQGFXOWXUH
&RQVLGHUDWLRQRI6HFWLRQUHYHDOVWKHIROORZLQJSRLQWVRIGLVFXVVLRQ
• $ZLGHUDQJHRIHQYLURQPHQWLVVXHVHPHUJHVZLWKRSSRUWXQLWLHVVXFKDVQHZJHRJUDSKLF
WHUULWRULHVGLIIHUHQWW\SHVRISURSHUW\RIIHULQJVDQGQHZVRFLDOWUHQGV7KUHDWVDUHDOVR
ORRPLQJ VXFK DV LQFUHDVHG QHZ FRPSHWLWRUV ORFDO EDFNODVK IURP LQFXPEHQWV DQG
UHJXODWRU\FRQVWUDLQWV
• ,VVXHV VXFK DV WKH LQFUHDVLQJ OHJLVODWLRQ ZLWK WKH QHHG IRU SHUPLWV DQG SRWHQWLDO WD[
FKDUJHVDUHDWKUHDWWR$LUEQEDQGPD\SUHVHQWRSSRUWXQLW\IRUFRPSHWLWRUV
• $LUEQEKDVIHZSK\VLFDOUHVRXUFHVDOWKRXJKWKHZHEVLWHLVGLVWLQFWLYH,WVEUDQGLVDOVR
ZHOO UHFRJQLVHG DOWKRXJK LW UHPDLQV WR EH VHHQ LI LW LV WUDQVIHUDEOH WR RWKHU
VHUYLFHVSURGXFWV ,W KDV GHYHORSHG XVHIXO FDSDELOLWLHV LQFOXGLQJ PHFKDQLVPV IRU
SURWHFWLQJFOLHQWVDQGSURPRWLQJSURSHUWLHVIRUUHQWDODOWKRXJKWKHVHDUHQRWGLVWLQFWLYH
WR$LUEQE$LUEQE¶VPDLQDGYDQWDJHLVLWVQHWZRUNWKDWJURZVLQLPSRUWDQFHZLWKHYHU\
DGGLWLRQDOFOLHQW
• 6WUDWHJLFSXUSRVHKDVHPHUJHGRYHUWLPHVHHVWUDWHJ\VWDWHPHQWDQGQRZKDVFODULW\LQ
WHUPVRIJURZLQJDVXFFHVVIXOPRGHOWRLWVOLPLWV+RZHYHUWKHVWUDWHJLFSXUSRVHJRLQJ
IRUZDUGVLVOHVVFOHDU
• 7KH HDUO\ HQWUHSUHQHXULDO FXOWXUH RI $LUEQE FOHDUO\ LPSDFWHG RQ LWV DELOLW\ WR UDLVH
ILQDQFHDQGIRUWKHFRPSDQ\WRWDNHRII$OWKRXJKWKHHQWKXVLDVPRIWKHHQWUHSUHQHXUV


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

KDVEHHQ YHU\LPSRUWDQWLQWHUPVRIZLQQLQJILQDQFLDODQG PDUNHWVXSSRUWIRU$LUEQE

ZKDWLVOHVVFOHDULVZKHWKHUWKHFXOWXUHWKDWQRZH[LVWVFDQDFWXDOO\JHQHUDWHEHQHILWIRU
WKHEXVLQHVV2QHPLJKWDUJXHWKDW$LUEQEGRHVQHHGHQWUHSUHQHXULDOSDVVLRQWRFUHDWHD
GULYLQJYLVLRQIRUWKHWKLUGKRUL]RQZKLFKLVZKDWWKHFDVHLVDUJXLQJIRUDOWKRXJKWR
FRQVROLGDWHLWVKXJHJDLQVLQWKHJOREDOSURSHUW\OHWWLQJVPDUNHWWKHUHFRXOGEHDJRRG
DUJXPHQWIRUDGLIIHUHQWFRPSDQ\FXOWXUH
 $OWHUQDWLYHVWUDWHJLHV
&RQVLGHUDWLRQRI6HFWLRQUHYHDOVWKHIROORZLQJSRLQWVRIGLVFXVVLRQ
• 7KH FDVH UHFRJQLVHV $LUEQE¶V SKHQRPHQDO JURZWK DQG GRHV QRW VHH DQ\ LPPHGLDWH
WKUHDW WR LWV EXVLQHVV VWUDWHJ\ +RZHYHU FRPSHWLWRUV DUH QRZ HPHUJLQJ DQG WKLV ZLOO
LQHYLWDEO\ EHJLQ WR UHGXFH $LUEQE¶V GRPLQDQW SRVLWLRQ LQ LWV PDUNHWV 3RVVLEOH WKUHDWV
ZLOO EH IURP GLIIHUHQW JHRJUDSKLHV ZLWK FRPSHWLWRUV EHWWHU DWWXQHG WR ORFDO WDVWHV DQG
DOVR IURP FRUH PDUNHWV ZKHUH FRPSHWLWRUV PD\ EHWWHU DGGUHVV VSHFLILF SURILWDEOH
VHJPHQWV
• 3RVVLEOHDOWHUQDWLYHVLQFOXGHJURZLQJWKHQHWZRUNHYHQIXUWKHUWRHVWDEOLVKXQDVVDLODEOH
GRPLQDQFH ± VR ORFDO RU PRUH VSHFLDOLVHG FRPSHWLWRUV FDQQRW EXLOG VXIILFLHQWO\ ODUJH
QHWZRUNVWREHFRPSHWLWLYH
• &RQWLQXHWRVWUHQJWKHQWKHEUDQGVRWKDWLWVYDOXHVDUHKDUGWRLPLWDWH
• 8VH EUDQG WR H[WHQG RIIHULQJV LQWR UHODWHG SURGXFWV DQG VHUYLFHV 3HUKDSV EHFRPH D
WUDYHOEUDQGUDWKHUWKDQMXVWDQDFFRPPRGDWLRQEUDQG7KLVZRXOGEHFORVHUWRWKHLUFRUH
LGHQWLW\ WKDQ D OLIHVW\OH EUDQG +RZHYHU LI WKH\ SXUVXH WKH ODWWHU WKHQ WKH\ ZLOO QHHG
VXEVWDQWLDOLQYHVWPHQWWRPDNHLWZRUN
• &RQWLQXHWRH[SDQGLQWRQHZJHRJUDSKLHV
• &RQWLQXLQJWREXLOGWKHQHWZRUNDQGVWUHQJWKHQLQJWKHEUDQGDUHLPSRUWDQWRSWLRQVEXW
QRWWRLQYHVWLQWKHVHDUHDVZRXOGOHDYHWKHFRPSDQ\WRLPLWDWLRQ$WWKHPRPHQWWKH
GLVWLQFWLYH DVSHFWV RI $LUEQE DUH QRW VR VXEVWDQWLDO WKDW WKH\ FRXOG QRW EH LPLWDWHG
7KHUHIRUH WKH FRPSDQ\ DOVR KDV WR FRQVLGHU KRZ WR IXQG D VXEVWDQWLDO VWHS FKDQJH LQ
LQYHVWPHQWDQGWKLVLVSUREDEO\ZK\WKH\DUHFXUUHQWO\GLVFXVVLQJDQ,32

 6WUDWHJLFWKLQNLQJLQWRDFWLRQ
&RQVLGHUDWLRQRI6HFWLRQUHYHDOVWKHIROORZLQJSRLQWVRIGLVFXVVLRQ
• (YDOXDWLRQRIWKHVWUDWHJLFRSWLRQVIURPDERYHVKRXOGUHYHDODQXPEHUWKDWDUHVXLWDEOH
DFFHSWDEOHDQGIHDVLEOH
• <HWWKHLUIXWXUHVWUDWHJLFGLUHFWLRQFDQQRWEHGHYHORSHGZLWKRXWVXEVWDQWLDOLQYHVWPHQW
DVWKHFRPSDQ\LVQRWJHQHUDWLQJODUJHDPRXQWVRIUHYHQXH
• $LUEQEVWUDWHJ\ZDVRULJLQDOO\HPHUJHQWDQGWKHQSODQQHGZKHQWKH\DFFHVVHGH[WHUQDO
IXQGLQJ DQG RQH FRXOG DUJXH WKDW WKH\ DUH QRZ LQ D FUHDWLYH SKDVH RI H[SORULQJ ZKDW
WKH\PLJKWGRQH[W
• /HDGHUVKLSDQGFKDQJHPDQDJHPHQWPD\FRQWLQXHWRFRPHIURPWKHRULJLQDOIRXQGHUV
DOWKRXJK$LUEQEIXQGHUVZLOOKDYHDPDMRUVD\LQZKDWFRPHVQH[W
• ,Q WHUPV RI WKH ZRUN LQYROYHG JRLQJ IRUZDUGV $LUEQE PDQDJHUV KDYH D ORW WR GR WR
FRPPXQLFDWHWKHLUYLVLRQIRUWKHIXWXUHDQGWRVHOOWKLVYLVLRQWRLQYHVWRUVLQRUGHUIRU
WKH,32WREHVXFFHVVIXO$VVXPLQJLWZRUNV$LUEQEVKRXOGWKHQKDYHVXIILFLHQWIXQGV
WRLQYHVWKHDYLO\LQLWVQH[WVWUDWHJLFGLUHFWLRQ


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 3$57,

7KHVWUDWHJLFSRVLWLRQ



‹3HDUVRQ(GXFDWLRQ/LPLWHG
 &+$37(5

0DFURHQYLURQPHQWDQDO\VLV

,QWURGXFWLRQ
7KLV LV D QHZ FKDSWHU LQWHQGHG WR KHOS LQVWUXFWRUV GHYHORS D GHHSHU DSSURDFK RQ WKH SDUW RI
VWXGHQWVWRHQYLURQPHQWDODQDO\VLV6RPHRIWKHPDWHULDOHJVFHQDULRVLVVLPLODUWRWKDWLQWKH
WKHGLWLRQ¶V&KDSWHUEXWWKHNH\FKDQJHKHUHLVDPRUHH[WHQGHGDQGDQDO\WLFDODSSURDFKWR
3(67(/(YHU\HOHPHQWRI3(67(/QRZKDVLWVRZQDQDO\WLFDOWRRORUFRQFHSWVHQFRXUDJLQJD
PRUH FULWLFDO DQG SHQHWUDWLQJ DSSURDFK 7KH )LJXUH LQ ,OOXVWUDWLRQ  SURYLGHV D VXPPDU\
GHYLFHWKDWVKRXOGKHOSVWXGHQWVFRPHWRDQRYHUDOOHYDOXDWLRQLQWKHLU3(67(/DQDO\VHV
7KHIRFXVKHUHLVRQµPDFUR¶HOHPHQWVRIWKHHQYLURQPHQW&KDSWHUQRZIRFXVHVRQLQGXVWULHV
DQGVHFWRUVLQFOXGLQJRIFRXUVH3RUWHU¶VILYHIRUFHVDQDO\VLV,QVWUXFWRUVVKRXOGUHFRJQLVHWKDW
UHVXOWVRIWKHLQGXVWU\DQGVHFWRUDQDO\VLVFDQEHIHGEDFNLQWRWKHLQLWLDO3(67(/DQDO\VHVWKDW
VWXGHQWV PD\ KDYH XQGHUWDNHQ DV SDUW RI DQ\ ZRUN UHODWHG WR WKLV FKDSWHU ,Q RWKHU ZRUGV
3(67(/LVUHOHYDQWWRERWK&KDSWHUVDQG7KHVDPHDSSOLHVWRVFHQDULRDQDO\VLV

,OOXVWUDWLRQ
BP’s PESTEL

7KLVLOOXVWUDWLRQLQWURGXFHVDQHZWRRODVLQWKH)LJXUHWRDVVHVVWKHRYHUDOOEDODQFHRIWKUHDWV
DQG RSSRUWXQLWLHV %3¶V SUHGLFDPHQW LQ WKH IDFH RI GHFOLQLQJ RLO SULFHV DQG LQFUHDVHG OHJDO
SUHVVXUHVWRSURPRWHGHFDUERQLVDWLRQVHHPVWRVWDFNWKHGHFNLQIDYRXURI7KUHDWV+RZHYHUDV
MXVWDERXWDOZD\VWKHUHDUHRSSRUWXQLWLHVWRR

 ,Q WKH OLJKW RI WKLV DQDO\VLV ZKDW VWUDWHJLF RSWLRQV ZRXOG \RX DGYLVH D :HVWHUQ RLO
SURGXFHUVXFKDV6KHOORU%3WRFRQVLGHU"
7KHWUDGLWLRQDORLOLQGXVWU\VHHPVVHWRQORQJWHUPUHODWLYHGHFOLQHSULQFLSDOO\EHFDXVHRI
OHJDO SUHVVXUHV LQ IDYRXU RI GHFDUERQLVDWLRQ DQG GHFOLQLQJ FDU XVDJH LQ WKH :HVW IRU
LQVWDQFHLQWKH867KHFDXVHVRIWKHRLOSULFHGLSPD\SDUWO\EHF\FOLFDO±VRPHWKLQJWR
DGGUHVV ODWHU LQ WKLV FKDSWHU ± EXW PD\ DOVR UHIOHFW WKHVH ORQJHUWHUP SUHVVXUHV +RZHYHU
VWXGHQWV ZLOO VHH RSSRUWXQLWLHV IRU H[DPSOH LQ KLJK JURZWK PDUNHWV VXFK DV ,QGLD DQG
$IULFD DQG LQ YDULRXV NLQGV RI GLYHUVLILFDWLRQ ZKHWKHU LQ WHUPV RI PHWKRGV IUDFNLQJ RU
DFWXDO IXHOV QRQFDUERQ ,W PLJKW EH LPSRUWDQW WR QRWH WKH YHU\ GLIIHUHQW FDSDELOLWLHV
&KDSWHULQYROYHGLQWKHVHYDULRXVNLQGVRIGLYHUVLILFDWLRQVHHWKH6KDOH*DVFDVHVWXG\
LQWKH7H[WDQG&DVHVHGLWLRQDQGDOVRWKHVL]HRI$IULFDQPDUNHWVUHODWLYHWRIRULQVWDQFH
WKH 86 %RWK GHYHORSLQJ PDUNHWV DQG VKDOH JDV LQYROYH JUHDW SROLWLFDO FRPSOH[LWLHV VHH
6HFWLRQ7HFKQRORJLFDORSSRUWXQLWLHVIRUFRVWVDYLQJVDUHOLDEOHWREHYHU\LPSRUWDQW
LQDWRXJKHQLQJHQYLURQPHQW

 +DYHWKH2SSRUWXQLWLHVDQG7KUHDWVFKDQJHGVLQFH"+RZZRXOG\RXXSGDWHWKLV
DQDO\VLV"
:ULWLQJ WKH PDQXDO LQ  WKLV LV KDUG WR MXGJH EXW WKH TXHVWLRQ DOORZV VWXGHQWV WR GR
VRPHUHVHDUFKLQRUGHUWRXSGDWHWKHLOOXVWUDWLRQ,WPD\EHXVHIXOWREHSDUWLFXODUO\DOHUWWR


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

DQ\SDUWLDOUHFRYHU\LQWKHRLOSULFH7KHSULFHGRHVWHQGWREHKLJKO\F\FOLFDODVDIXQFWLRQ

RI JOREDO HFRQRPLF JURZWK DQG FRXOG EH D ZD\ RI LQWURGXFLQJ WKH F\FOLFDO GLVFXVVLRQ LQ
6HFWLRQ

6WXGHQWVRIWHQZRUU\DERXWVSLOORYHUV EHWZHHQ FDWHJRULHV IRU LQVWDQFH GHFDUERQLVDWLRQFRXOG

EHFRQVLGHUHGXQGHUWKH3ROLWLFDODQG(FRORJLFDOFDWHJRULHVDVZHOODVWKH/HJDORQH7KLVNLQG
RI VSLOORYHU LV FRPPRQ DQG VWXGHQWV VKRXOG QRW EH WRR FRQFHUQHG 3(67(/ LV D FKHFNOLVW
WKH LPSRUWDQW WKLQJ LV WR KDYH FKHFNHG XQGHU RQH FDWHJRU\ RU DQRWKHU DOO SRVVLEOH NLQGV RI
RSSRUWXQLWLHVDQGWKUHDWV

,OOXVWUDWLRQ
Intelligence Unit 8200 and the small world of Israeli hi-tech

7KLV LOOXVWUDWLRQ LV LQWHQGHG WR KHOS VWXGHQWV UHFRJQLVH WKH LPSRUWDQFH RI RUJDQLVDWLRQDO ILHOGV
XVLQJ QHWZRUN FRQFHSWV VXFK DV GHQVLW\ KXEV DQG EURNHUV ,W PLJKW HYHQ EH XVHIXO WR DVN
VWXGHQWVWRVNHWFKDVRFLRJUDPRI8QLW¶VQHWZRUN)LJXUH
 ,GHQWLI\ DW OHDVW RQH LPSRUWDQW KXE DQG RQH LPSRUWDQW EURNHU LQ WKH 8QLW 
QHWZRUN
$ KXE LV D SDUWLFXODU RUJDQLVDWLRQ UHVSRQVLEOH IRU FRQQHFWLQJ PDQ\ QHWZRUN PHPEHUV
&OHDUO\ WKH 8QLW LWVHOI RFFXSLHV WKH PRVW FHQWUDO KXE SRVLWLRQ EXW VR WRR GRHV WKH 
DOXPQL DVVRFLDWLRQ $ EURNHU LV D SDUWLFXODU RUJDQLVDWLRQ WKDW FRQQHFWV RWKHUZLVH VHSDUDWH
JURXSVRIRUJDQLVDWLRQV7KH$GYDQFHG7HFKQRORJ\3DUNDW%H¶HU6KHYDLVDQLQFUHDVLQJO\
LPSRUWDQW EURNHU VRRQ FRQQHFWLQJ 8QLW  ZLWK %HQ *XULRQ 8QLYHUVLW\ WKH 1DWLRQDO
&\EHU%XUHDXDQGPDQ\PXOWLQDWLRQDOWHFKQRORJ\FRPSDQLHV7KHYHQWXUHFDSLWDOILUP-93
LVDQRWKHULPSRUWDQWEURNHU

 ,I \RX ZHUH D IRUHLJQ F\EHUVHFXULW\ FRPSDQ\ ZKDW ZRXOG \RX GR WR DFFHVV ,VUDHO¶V
H[SHUWLVH"
,W ZRXOG FOHDUO\ EH LPSRUWDQW WR DFFHVV WKH 8QLW  QHWZRUN <RX PLJKW UHFUXLW 8QLW
DOXPQLORFDWHLQWKH$GYDQFHG7HFKQRORJ\3DUNDFTXLUHZHOOFRQQHFWHGORFDOFRPSDQLHV
LQYHVWLQWKHYHQWXUHFDSLWDOILUP-93DQGHVWDEOLVKUHVHDUFKFROODERUDWLRQVZLWK%HQ*XULRQ
8QLYHUVLW\

,OOXVWUDWLRQ
Uber drives into trouble

7KH8EHUWD[LKDLOLQJFRPSDQ\KDVRIWHQUXQXSDJDLQVWORFDOUHJXODWLRQV

7KLVLOOXVWUDWLRQDGGUHVVHVOHJDODVSHFWVRIWKHHQYLURQPHQWVSHFLILFDOO\EXWDOVRUDLVHVSROLWLFDO
DQG WHFKQRORJLFDO LVVXHV ,Q WKLV VHQVH LW LV D JRRG H[DPSOH RI KRZ WKH YDULRXV HOHPHQWV RI
3(67(/DUHOLDEOHWRRYHUODS±VRPHWKLQJIRUVWXGHQWVWRJHWFRPIRUWDEOHZLWK

 8VLQJ WKH FRQFHSW RI µYDULHWLHV RI FDSLWDOLVP¶ LQ ZKLFK FRXQWULHV ZRXOG \RX H[SHFW
8EHUWREHPRVWVXFFHVVIXODQGLQZKLFKOHVVVR"
8EHU¶VIUHHZKHHOLQJDSSURDFKWRLQQRYDWLRQLVOLNHO\WREHPRVWDFFHSWDEOHDQGVXFFHVVIXO
LQ liberal market economies VXFK DV WKH 8QLWHG .LQJGRP DQG SRVVLEO\ VLPLODU FRXQWULHV


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

VXFKDV$XVWUDOLDDQG&DQDGDCoordinated market economiesDUHW\SLFDOO\PRUHKRVWLOHWR

RYHUVHDVFRPSDQLHVDQGPRUHFRQVHQVXDODQGUXOHERXQGPDUNHWVOLNH*HUPDQ\DQG-DSDQ
ZRXOG WKHUHIRUH SUREDEO\ EH KDUGHU IRU 8EHU WR SHQHWUDWH Developmental market
economies ZLOOWHQGWR VXSSRUWORFDO FRPSDQLHV DQG UHJXODWHODERXUVWULFWO\LQHFRQRPLHV
VXFKDV&KLQD8EHULVOLNHO\WRVWUXJJOH,QGHHGLQ-XO\DIWHUWKUHH\HDUVRIWU\LQJ
8EHUVROGLWV&KLQHVHEXVLQHVVWRDORFDOFRPSHWLWRU'LGL&KX[LQJ

 :KDWDUHWKHFRVWVDQGEHQHILWVRI8EHU¶VDJJUHVVLYHDSSURDFKWRJURZWK"
8EHU¶V DJJUHVVLRQ KDV KHOSHG WKH FRPSDQ\ H[SDQG UDSLGO\ LQWHUQDWLRQDOO\ ,Q DQ LQGXVWU\
ZKHUHVFDOHUHSXWDWLRQDQGQHWZRUNHIIHFWV&KDSWHUDUHJRLQJWREHLPSRUWDQWWKLVZLOO
KHOS 8EHU SUHHPSW FRPSHWLWLRQ LQ GLIIHUHQW FRXQWULHV DQG ORFDOLWLHV 2QFH D ORFDO
FRPSHWLWRU LV HVWDEOLVKHG ± DQG LW LV IDLUO\ HDV\ WR GHVLJQ D WD[LKDLOLQJ DSS ± LW ZLOO EH
GLIILFXOW WR GLVORGJH WKHP 2Q WKH RWKHU KDQG ORQJWHUP 8EHU PD\ QHHG WR JHW ORFDO
SROLWLFLDQVDQGRWKHUVWDNHKROGHUJURXSVRQVLGH,WVDOLHQDWLRQRIWKH'HOKLDXWKRULWLHVPD\
OHDGWRRIILFLDOIDYRXULWLVPEHQHILWLQJWKHORFDOFRPSHWLWRU2ODHVSHFLDOO\JLYHQWKDW,QGLD
LV D developmental market economy 7KHUH DUH DOUHDG\ VLJQV LQ YDULRXV HFRQRPLHV RI D
EDFNODVKDQG RIJURZLQJSROLWLFDO ZLOO WRLPSRVH UHJXODWLRQV IRU FRQVXPHUSURWHFWLRQ DQG
ZRUNHU ULJKWV +DYLQJ HVWDEOLVKHG LWV YDULRXV PDUNHW SRVLWLRQV WKHUH PLJKW EH D FDVH IRU
8EHUPRGHUDWLQJLWVDJJUHVVLRQDQGFRRSHUDWLQJPRUHZLWKORFDODXWKRULWLHV

,OOXVWUDWLRQ
Datatopia?

 :KLFK VFHQDULR ZRXOG FRPSDQLHV OLNH *RRJOH DQG )DFHERRN PRVW GHVLUH DQG ZKLFK
ZRXOGWKH\PRVWIHDU"
Society IncLVOLNHO\WRIDYRXU*RRJOHDQG)DFHERRNEHFDXVHWKH\DUHZHOOSODFHGWRJDWKHU
DQGH[SORLWLQIRUPDWLRQDWWKHVDPHWLPHDVKDYLQJWKHFDSDELOLWLHVWRFRSHZLWKUHJXODWLRQ
XQOLNHVWDUWXSVSHUKDSVSorcerer’s ApprenticeZRXOG SUREDEO\EHVDWLVIDFWRU\IRUWKHP
EXWWKH\ZRXOGIDFHFKDOOHQJHVIURPQHZHQWUHSUHQHXULDOFRPSDQLHVDigital Wild WestLV
WKUHDWHQLQJ DV LW ZRXOG FKDOOHQJH WKH ELJ FRPSDQLHV¶ DELOLW\ WR JDWKHU DQG H[SORLW
LQIRUPDWLRQ Datatopia ZRXOG HPSRZHU FRQVXPHUV DQG SURGXFHUV LQIRUPDWLRQ DW WKH
H[SHQVHRIELJFRUSRUDWLRQVZKRJDWKHUDQGDJJUHJDWHLQIRUPDWLRQ

 :KDW DUH WKH LPSOLFDWLRQV RI WKHVH VFHQDULRV IRU LQGXVWULHV RXWVLGH LQIRUPDWLRQ
WHFKQRORJ\IRUH[DPSOHSXEOLVKLQJDQGKRWHOV"
Datatopia ZRXOG IDYRXU SXEOLVKLQJ DV LW ZRXOG UHVWRUH FRS\ULJKW SURWHFWLRQ Sorcerer’s
Apprentice ZRXOG DOORZ KRWHOV WR WDLORU WKHLU VHUYLFHV DFFRUGLQJ WR LQGLYLGXDO FXVWRPHUV¶
QHHGV DQG WDVWHV KDUYHVWLQJ LQIRUPDWLRQ IURP DOO WKH YDULRXV WHFKQRORJLHV WKDW WKH\ XVH
8QGHUDigital Wild WestWKH\PLJKWHYHQFKDUJHIHHVQRWWRSDVVRQSHUVRQDOLQIRUPDWLRQ
WKH\KDYHOHDUQWIURPKRWHOYLVLWVWRRWKHUFRPSDQLHV
 


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

7KLQNLQJ'LIIHUHQWO\
The crowdsourced forecast

:K\PLJKWH[SHUWVPDNHEDGIRUHFDVWHUVLQWKHFDVHRIL3UHVLGHQWLDOHOHFWLRQVLLQHZ

SURGXFWGHYHORSPHQWV"

([SHUW MXGJHPHQW LV OLDEOH WR ERWK H[FHVVLYH GHWDFKPHQW DQG H[FHVVLYH DWWDFKPHQW ,Q
3UHVLGHQWLDO HOHFWLRQV H[SHUWV PLGGOHFODVV KLJKO\HGXFDWHG DQG EDVHG LQ :DVKLQJWRQ RU
VLPLODU FRVPRSROLWDQ FLWLHV EHFRPH WRR UHPRWH IURP RUGLQDU\ YRWHUV WR XQGHUVWDQG WKHLU WUXH
IHHOLQJV 9RWHUV PD\ HYHQ KLGH WKHLU WUXH IHHOLQJV ZKHQ DVNHG RU SROOHG EHFDXVH WKH\ EHOLHYH
WKDWWKHH[SHUWVZLOOGLVDSSURYHRIWKHP([SHUWVDUHWKHUHIRUHOLDEOHWRXQGHUHVWLPDWHIHHOLQJV
WKDW DUH GLIIHUHQW WR WKRVH IDPLOLDU WR WKHPVHOYHV ,W ZDV IRU WKLV NLQG RI UHDVRQ WKDW LQ -XQH
PDQ\H[SHUWVZHUHVXUSULVHGE\WKHRXWFRPHRIWKH8QLWHG.LQJGRP¶V(XURSHDQ8QLRQ
UHIHUHQGXPZKLFKRSWHGIRUVRFDOOHG%UH[LW

,QWKHVDPHZD\GHWDFKPHQWIURPWKHOLYHVRIPDQ\SHRSOHPD\DOVRHQFRXUDJHHOLWLVWH[SHUWV
WR XQGHUHVWLPDWH WKH PDUNHWV IRU QHZ SURGXFWV WKDW DUH QRW DSSHDOLQJ WR WKHLU RZQ WDVWHV
0HQFNHQ¶VZDUQLQJPD\EHGLVDJUHHDEO\H[SUHVVHGEXWLVVWLOODSWµ1RRQHLQWKLVZRUOG«KDV
HYHUORVWPRQH\E\XQGHUHVWLPDWLQJWKHLQWHOOLJHQFHRIWKHJUHDWPDVVHVRIWKHSODLQSHRSOH¶%XW
DQRWKHUSUREOHPIRUH[SHUWVLQSDUWLFXODUWHFKQRORJLHVRUSURGXFWVLVWKDWWKHLUH[SHUWLVHPD\EH
WRR FORVHO\ DWWDFKHG WR WKH VXFFHVV RU IDLOXUH RI WKRVH WHFKQRORJLHV RU SURGXFWV ([SHUWV DUH
PRUHOLNHO\WRKDYHYHVWHGLQWHUHVWVWKDQSHRSOHZKRKDYHQRW\HWPDGHDQ\FRQQHFWLRQZLWKWKH
PDWWHULQKDQG

$VVLJQPHQW
PESTEL analysis

3(67(/ LV D XVHIXO VWDUWLQJ SRLQW IRU HQYLURQPHQWDO DQDO\VLV ,OOXVWUDWLRQ  SURYLGHV VRPH
LQLWLDOJXLGDQFHIRUVWXGHQWV,QSDUWLFXODUWKH)LJXUHLVGHVLJQHGWRHQFRXUDJHVWXGHQWVWRtake a
viewRQWKHEDODQFHRISRVLWLYHVDQGQHJDWLYHVEDVHGRQWKHLUDQDO\VLVUDWKHUWKDQVLPSO\OLVW
IRUFHVDQGLQIOXHQFHV$JRRGIROORZXSTXHVWLRQLVWR DVVHVV ZKLFK RI WKH IRUFHV DUH OLNHO\
WR EH most significant LQGULYLQJLQGXVWU\FKDQJH6WXGHQWVVKRXOGMXVWLI\WKHLUYLHZVLQWHUPV
RIWKHHYLGHQFHIURPWKHSDVWDQGWKHOLNHO\LPSDFWLQWKHIXWXUHRIDQ\SDUWLFXODULQIOXHQFH

)RU VLPSOLFLW\ LW LV VHQVLEOH WR JXLGH VWXGHQWV WR GR D 3(67(/ RI D UHODWLYHO\ XQGLYHUVLILHG
EXVLQHVV OLNH %3 %0: $LUEQE RU 8EHU UDWKHU WKDQ RI D GLYHUVLILHG FRQJORPHUDWH OLNH
*RRJOHRU*HQHUDO(OHFWULF

$VVLJQPHQW
Political risk analysis

7KLV FRXOG EH YHU\ YDOXDEOH IRU VWXGHQWV DV WKH\ ZLOO EH IRUFHG RIWHQ WR FKDOOHQJH WKHLU
XQH[DPLQHG DVVXPSWLRQV DERXW WKHLU FRXQWULHV RI RULJLQ DQG HQJDJH ZLWK WKH MXGJHPHQW RI
H[SHUW DQDO\VWV DERXW LVVXHV WKDW WKH\ PD\ WDNH IRU JUDQWHG $V LQ 7KLQNLQJ 'LIIHUHQWO\ WKHVH
H[SHUWVFDQRIFRXUVHEHZURQJEXWVWXGHQWVZLOOEHREOLJHGWRDVVHPEOHWKHLURZQHYLGHQFHWR
VXSSRUWWKHLUEHOLHIV$OVRH[SHUWSROLWLFDOULVNDQDO\VHVPD\EHVXGGHQO\RXWGDWHGIRUH[DPSOH


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

E\ D FKDQJH RI RLO SULFH IRU PDQ\ RLO SURGXFLQJ QDWLRQV RU E\ DQ XQH[SHFWHG HOHFWLRQ RU
UHIHUHQGXPUHVXOWVHHWKH%UH[LWUHIHUHQGXPDERYH

,WPLJKWEHZLVHWRDQWLFLSDWHWKDWVRPHVWXGHQWVPD\EHUHOXFWDQWWRHQJDJHLQREMHFWLYHSROLWLFDO
ULVN DQDO\VLV RI WKHLU RZQ FRXQWU\ IRU H[DPSOH RI &KLQD (J\SW RU 5XVVLD ,W LV WKHUHIRUH
VHQVLEOH WR RIIHU VWXGHQWV D FKRLFH ,W PLJKW DOVR EH VHQVLEOH WR VHWRXW PDUNLQJ FULWHULD WKDW
H[SOLFLWO\JLYHPRUHZHLJKWWRWKHHYLGHQFHSURYLGHGWKDQWKHILQDOYLHZDERXWSROLWLFDOULVN

$VVLJQPHQW
Forecasts

7KLVDVVLJQPHQWZLOOKHOSIDPLOLDULVHVWXGHQWVZLWKWKHNH\VRXUFHVRIHFRQRPLFIRUHFDVWVDWWKH
VDPH WLPH DV FXOWLYDWLQJ D FDXWLRXVO\ FULWLFDO YLHZ RI WKHP 1RWH ZKLOH WKLV PD\ KHOSIXOO\
LQWHJUDWHDQ\HFRQRPLFVFRXUVHVWKDWVWXGHQWVPD\KDYHWDNHQLWGRHVQRWUHDOO\UHTXLUHDIRUPDO
WUDLQLQJLQPDFURHFRQRPLFV(YHU\ERG\UHJDUGOHVVRIWUDLQLQJVKRXOGEHDEOHWRKDYHDVWDEDW
WKLV DVVLJQPHQW ,QGHHG LQVWUXFWRUV PLJKW ZDQW WR VSHFLILFDOO\ ZDUQ VWXGHQWV IURP EHLQJ WRR
WHFKQLFDOLQWKHLUHFRQRPLFV

6WXGHQWVVKRXOGEHDEOHWRWHOOGLIIHUHQFHVEHWZHHQIRUHFDVWVDQGRXWFRPHVIURPZLGHO\DYDLODEOH
VWDWLVWLFDODQGPHGLDVRXUFHV0HGLDVRXUFHV±HVSHFLDOO\WKHEconomistWKHFinancial TimesWKH
Wall Street JournalRUORFDOHTXLYDOHQWV±VKRXOGEHDEOHWRJLYHVRPHYLHZVRQUHDVRQVIRUORZHU
RU KLJKHU JURZWK WKDQ RULJLQDOO\ IRUHFDVW 7KH TXHVWLRQ DVVXPHV D IRFXV RQ ZRUOG HFRQRPLF
JURZWK EXW RQH FRXOG HTXDOO\ VSHFLI\ JURZWK IRU D SDUWLFXODU FRXQWU\ RU UHJLRQ WKH VXJJHVWHG
VRXUFHVW\SLFDOO\IRUHFDVWIRULPSRUWDQWFRXQWULHVDQGUHJLRQVDVZHOO$JDLQLWPLJKWEHZLVHWR
GLVFRXUDJH D WHFKQLFDO GLVFXVVLRQ RI ZKLFK UHDVRQV ZHUH PRVW LPSRUWDQW IRU DQ\ GLIIHUHQFH
EHWZHHQ IRUHFDVW DQG RXWFRPHWKH SRLQWLVWR HQFRXUDJH DZDUHQHVV RIWKHLPSDFW RI HFRQRPLF
F\FOHV DORQJ ZLWK D FULWLFDO DSSURDFK WR IRUHFDVWV QRW WR WUDLQ VWXGHQWV WR EH PDFURHFRQRPLF
IRUHFDVWHUVWKHPVHOYHV

$VVLJQPHQW
Building scenarios

*XLGHOLQHV IRU WKH FRQVWUXFWLRQ RI VFHQDULRV DUH JLYHQ LQ 6HFWLRQ  ,W LV UHFRPPHQGHG
WKDW VWXGHQWV IROORZ WKHVH EXLOGLQJ HLWKHU WZR RU IRXU VFHQDULRV IRU D JLYHQ LQGXVWU\ 7KH
ZRUN GRQH LQ $VVLJQPHQW  R Q  3 ( 6 7 ( /  VKRXOG SURYLGHWKHEDVHVRILGHQWLI\LQJWKHNH\
IRUFHV RU LQIOXHQFHV ZKLFK ZLOO HQDEOH WKHP WR GR WKLV 6RPH RI WKH SUREOHPV RI VFHQDULR
EXLOGLQJVKRXOGEHHPSKDVLVHGWRVWXGHQWV

• 6WXGHQWVPD\WU\WREXLOGLQtoo many factors DQGWKHUHIRUHQRWEHDEOHWROLPLWWKHQXPEHU

RIVFHQDULRV,GHQWLI\LQJµPHJDWUHQGV¶PD\KHOSKHUH

• 7KH\ PD\ ILQG GLIILFXOW\ LQ JHQHUDWLQJ VFHQDULRV ZLWK D coherent DQG FRPSDWLEOH VHW RI
IDFWRUV

• 6RPH PD\ EH ZDU\ RI KDYLQJ WR H[HUFLVH judgement DQG RWKHUV ZLOO FRQIXVH MXGJHPHQW
ZLWK KXQFK 7U\ WR HQFRXUDJH D UHDOLVWLF GHEDWH WKDW WHVWV RXW DVVXPSWLRQV DQG SURMHFWLRQV
DJDLQVWNQRZQIDFWVDQGWUHQGV


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

$SDUWLFXODUO\XVHIXOH[HUFLVHLVWRDVNVWXGHQWVWREXLOGVFHQDULRVIRUDQLQGXVWU\IRUZKLFKWKH
7H[WDQG&DVHVHGLWLRQKDVDFRPSDQ\FDVHRUIRUWKHLURZQLQGXVWU\FRPSDQ\LISRVVLEOHDQG
WKHQWRDVVHVVWKHFRPSDQ\¶VVWUDWHJLFSRVLWLRQLQWKHOLJKWRIWKHGLIIHUHQWVFHQDULRVHJVHHWKH
QRWHVDERYHRQWKHEUHZLQJLQGXVWU\

2QH RI WKH LVVXHV WKDW PLJKW VXUIDFH LV WKH HDVH RU GLIILFXOW\ ZLWK ZKLFK VFHQDULRV FDQ EH
FRQVWUXFWHG,WXVXDOO\HPHUJHVWKDWVFHQDULRVDUHPXFKHDVLHUWRFRQVWUXFWZKHUHWKHQXPEHURI
NH\IRUFHVDWZRUNLQDQLQGXVWU\LVUHODWLYHO\IHZ7KH\DUHOHVVHDV\WRFRQVWUXFWLIWKHQXPEHU
RI LPSRUWDQW IRUFHV LV KLJK EHFDXVH WKH QXPEHU RI YDULDEOHV WKH VWXGHQW LV WU\LQJ WR KDQGOH
EHFRPHVWRRJUHDW

7KLVLQWXUQUDLVHVDQRWKHULVVXH6FHQDULRVDUHRISDUWLFXODUXVHLQXQFHUWDLQHQYLURQPHQWVDVD
PHDQV RIKHOSLQJ PDQDJHUVWR WKLQNWKURXJKSRVVLEOHIXWXUHV +RZHYHU XQFHUWDLQW\ PD\ DULVH
IRU D QXPEHU RI UHDVRQV ,I XQFHUWDLQW\ DULVHV EHFDXVH RI WKH XQSUHGLFWDELOLW\ RI D IHZ IRUFHV
WKHQ DUJXDEO\ VFHQDULRV PD\ EH YHU\ KHOSIXO EXW ZKDW LI XQFHUWDLQW\ DULVHV SULPDULO\ EHFDXVH
WKHUH DUH D ODUJH QXPEHURI IRUFHVDWZRUN WRZKDW H[WHQW DUH VFHQDULRV RI XVH LQ VXFK
FLUFXPVWDQFHV" 7KHUH DUH D OLPLWHG QXPEHU RI YHU\ LPSRUWDQW IRUFHV DW ZRUN LQ WKH EUHZLQJ
LQGXVWU\ EXW ZKDW RI IDVWPRYLQJ KLWHFK LQGXVWULHV ZKHUH WKHUH DUH PDQ\ GLIIHUHQW IRUFHV DW
ZRUN"

,QWHJUDWLYHDVVLJQPHQW
Full analysis of an industry or a sector

7KLVDVVLJQPHQWZRXOGEHDGHPDQGLQJUHVHDUFKSURMHFWRYHUDVLJQLILFDQWSDUWRIWKHFRXUVH,W
LV KRZHYHU D YHU\ JRRG WHVW RI VWXGHQWV¶ DELOLW\ WR DSSO\ WRROV WR UHDO GDWD DSSURSULDWHO\ DV
ZHOO DV GHYHORSLQJ WKHLU UHVHDUFK VNLOOV 6WXGHQWV ZLOO VHH LW DV SUDFWLFDO DQG LI DOORZHG D
FKRLFHRIVHFWRUVUHOHYDQWWRWKHLURZQLQWHUHVWV

*RRG UHVHDUFK UHVRXUFHV DUH HVVHQWLDO $V ZHOO DV IUHH ZHEEDVHG UHVRXUFHV VXFK DV FRPSDQ\
UHSRUWV WUDGH DVVRFLDWLRQ VWDWLVWLFV DQG VRPH JRYHUQPHQW RU VXSUDJRYHUQPHQWDO (8 81
UHSRUWVDQGVWDWLVWLFVVWXGHQWVZRXOGOLNHO\QHHGOLPLWHGDFFHVVUHVRXUFHVVXFKDVWKHEXVLQHVV
SUHVVDQGMRXUQDOVDYDLODEOHWKURXJK%XVLQHVV6RXUFH3UHPLHU)DFWLYDRU3URTXHVWDQGUHSRUWV
IURPRUJDQLVDWLRQVVXFKDV(XURPRQLWRUDQG0LQWHO<RXULQVWLWXWLRQ¶VOLEUDULDQZLOO DGYLVH\RX
RQZKDWLVDYDLODEOHWRVWXGHQWVDQGKRZSURILFLHQWWKH\DUHOLNHO\WREHLQXVLQJVXFKVRXUFHV

<RX ZRXOG DOVR ZDQW WR JXLGH VWXGHQWV RQ ZKLFK LQGXVWULHV RU VHFWRUV WR FKRRVH 9HU\ EURDG
LQGXVWULHV±IRUH[DPSOHWKHZRUOGDLUOLQHLQGXVWU\±DUHOLNHO\WRRYHUZKHOPVWXGHQWVZLWKGDWD
,WPLJKWEHKHOSIXOWRHQFRXUDJHIRFXV±IRUH[DPSOHWKHDLUOLQHLQGXVWU\LQ,QGLDRUVLPLODU

,QGXVWU\ IRFXV DOVR UHGXFHV WKH ULVN RI SODJLDULVP 7KHUH DUH PDQ\ VWXGHQW DVVLJQPHQWV RI D
VLPLODUQDWXUHDYDLODEOHIRUDIHHRQWKHZHEDQGLWZRXOGGHILQLWHO\EHZLVHWRDYRLGDOORZLQJ
VWXGHQWV WR UHVHDUFK WKH VDPH LQGXVWULHV LQ VXFFHVVLYH \HDUV 5HTXLULQJ D VSHFLILF IRFXV RQ
SDUWLFXODU WKHPHV HJ LQWHUQDWLRQDOLVDWLRQ RU VRPH OHVV FRPPRQ FRQFHSWV HJ WKH VWUDWHJ\
FDQYDV F\FOHV RI FRPSHWLWLRQ HWF FDQ DOVR UHGXFH SODJLDULVP ,QVLVWLQJ RQ SUHFLVHO\ FLWLQJ
VRXUFHV IRU NH\ GDWD DQG SRLQWV WKURXJK DQ HQGQRWH V\VWHP RU VLPLODU PDNHV VLPSOH
SODJLDULVP KDUGHU WRR DV ZHOO DV EHLQJ JRRG SUDFWLFH ORWV RI RXWRIGDWH UHIHUHQFHV PLJKW
LQGLFDWHSODJLDULVP

,IDOORZHGVWXGHQWVZLOOILQGYHU\KHOSIXODFRXSOHRIH[DPSOHDVVLJQPHQWVIURPSUHYLRXV\HDUV
WRJXLGHWKHPURXJKO\RQZKDWWKH\DUHVXSSRVHGWRGR$UHSRUWOHQJWKOLPLWRIDURXQG±


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

 ZRUGV ZRXOG HQFRXUDJH VWXGHQWV WR IRFXV RQ ZKDW LV UHDOO\ LPSRUWDQW 5HTXLULQJ DQ
µH[HFXWLYH VXPPDU\¶ ZRXOG DOVR IRUFH VWXGHQWV WR FRQVLGHU ZKDW LV UHDOO\ LPSRUWDQW DQG ZKDW
DUHWKHNH\LPSOLFDWLRQV

2YHUDWZRVHPHVWHUFRXUVHWKLVDVVLJQPHQWFRXOGEHVWDJHRQHRIDWZRSDUWDVVHVVPHQWUHJLPH
WKHVHFRQGVHPHVWHUFRXOGKDYHDVDQDVVLJQPHQWDVNLQJVWXGHQWVWRFRQVLGHULPSOLFDWLRQVRIWKH
ILUVWSDUWIRUWKHVWUDWHJ\RIDSDUWLFXODUFRPSDQ\LQWKHRULJLQDOLQGXVWU\RUVHFWRU

&DVH([DPSOH
Alibaba – the Yangtze River Crocodile

7KLVFDVHIRFXVHVRQ3(67(/DQGFRXOGDOVRSURYLGHDJRRGZD\RILQWURGXFLQJDGLVFXVVLRQ
RI SROLWLFV VRFLDO QHWZRUNV DQG WHFKQRORJLFDO IRUFHV LQ SDUWLFXODU 7KLV PLJKW EH D JRRG
RSSRUWXQLW\WRGUDZRQWKHNQRZOHGJHRIDQ\&KLQHVHVWXGHQWVLQ\RXUFODVVURRP

 &DUU\RXWD3(67(/DQDO\VLVRI$OLEDEDDWWKHWLPHRIWKHFDVH(YDOXDWHWKHEDODQFH
RIRSSRUWXQLWLHVDQGWKUHDWVXVLQJVDPHNLQGRIILJXUHDVLQ,OOXVWUDWLRQ
$ EDVLF 3(67(/ ILJXUH LV EHORZ $OWKRXJK WKHUH DUH PDQ\ SRVLWLYH RSSRUWXQLWLHV LQ WKH
0DFURHQYLURQPHQWWKHUHDUHDOVRPDQ\WKUHDWV,WPLJKWEHZRUWKREVHUYLQJKRZPDQ\RI
WKHVHRSSRUWXQLWLHVDQGWKUHDWVDUHWLHGWRVWDWHSROLF\QRWH[FOXVLYHO\MXVWXQGHUWKH3ROLWLFV
FDWHJRU\ IRU H[DPSOH WKH VWDWH¶V SROLFLHV UHJDUGLQJ VXSSRUWLQJ HFRPPHUFH DQG PRYLQJ
DZD\ IURP KHDY\ LQGXVWULHV DUH SRVLWLYH EXW WKH DQWLFRUUXSWLRQ FDPSDLJQV DQG WKH DQWL
IRUJHU\ LQYHVWLJDWLRQV DUH SRWHQWLDOO\ QHJDWLYH 7KH LVVXH RI JURZLQJ FRPSHWLWLRQ PD\ EH
PRUH IXOO\ H[SORUHG DIWHU VWXGHQWV WDFNOH &KDSWHU  EXW -'FRP DSSHDUV EHWWHU SODFHG WR
WDFNOHWKHWHFKQRORJLFDOWKUHDWRIDVKLIWWRPRELOHFRPPHUFH2YHUDOOWKLVDQDO\VLVZRXOG
VXJJHVWWKDWWKHEDODQFHRIRSSRUWXQLWLHVDQGWKUHDWVLVWXUQLQJPRUHQHJDWLYHIRU$OLEDED


 


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

 'UDZ D EDVLF VRFLRJUDP RI $OLEDED¶V QHWZRUN VHH 6HFWLRQ  DQG )LJXUH 
([SODLQZK\WKLVQHWZRUNPD\EHXVHIXO
$EDVLFVRFLRJUDPLVRIIHUHGEHORZ$PXFKPRUHVRSKLVWLFDWHGRQHLVDYDLODEOHLQWKHNew
York Times6HSWHPEHU:KDWZLOOEHLPPHGLDWHO\DSSDUHQWIURPWKLVVRFLRJUDPLV
WKHLQWHUQDWLRQDOFRQQHFWLRQVHQMR\HGE\$OLEDEDXQGHU-DFN0DSLFWXUHGLQWKHPLGGOHKH
LV ZHOOFRQQHFWHG LQ &KLQD -DSDQ DQG WKH 8QLWHG 6WDWHV ,W LV QRWLFHDEOH WKDW WKHVH
FRQQHFWLRQVDUHQRWMXVWEXVLQHVVFRQQHFWLRQVEXWDOVRSROLWLFDO
7KLV QHWZRUN LV XVHIXO EHFDXVH LW PD\ KHOS $OLEDED GHDO ZLWK SROLWLFDO WKUHDWV D JURZLQJ
LVVXHLQWKH 3(67(/DQDO\VLV DERYH&RQQHFWLRQV ZLWKOHDGLQJ LQYHVWPHQW EDQN*ROGPDQ
6DFKV µWKH VTXLG¶ ZLOO KHOS ZLWK DFFHVV WR FDSLWDO PDUNHWV LQ WKH 8QLWHG 6WDWHV SRVVLEOH
DFTXLVLWLRQ RSSRUWXQLWLHV SROLWLFDO FRQWDFWV DQG IDYRXUV DV ZHOO DV JHQHUDO PDUNHW DFFHVV
6RIWEDQN DQG <DKRR PD\ KHOS ZLWK FRQQHFWLRQV WR ODWHVW -DSDQHVH DQG $PHULFDQ
WHFKQRORJLFDODQGFRQVXPHUWUHQGVWKRXJKYHU\OLNHO\OLQNVZLWKWKHVHFRQGFRPSDQ\DUHD
GHFOLQLQJ DVVHW $ JRRG TXHVWLRQ WR DVN LV WKH H[WHQW WR ZKLFK WKHVH NLQGV RI FRQQHFWLRQV
PLJKWEHLPSRUWDQWIRUH[DPSOHLQ5XVVLDDQG%UD]LOZKHUHWKH\DUHJURZLQJIDVWEXWVRIDU
GRQRWVHHPWRKDYHPDGHWKHHTXLYDOHQWOLQNV


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 &+$37(5

,QGXVWU\DQGVHFWRUDQDO\VLV

,QWURGXFWLRQ
7KLV FKDSWHU KDV EHHQ UHZULWWHQDQGLVQRZHQWLUHO\IRFXVHGRQLQGXVWU\DQGVHFWRUDQDO\VLV3RUWHU¶V
ILYH IRUFHV DQDO\VLV UHPDLQV WKH FRUH RI WKH FKDSWHU EXW LW KDV EHHQ H[WHQGHG DQG PRUH FRPSUHKHQVLYH
GLVFXVVLRQVRIFRPSOHPHQWRUVDQGQHWZRUNHIIHFWVKDYHDOVREHHQLQFOXGHG

,OOXVWUDWLRQ
Busted banking barriers?

(QWU\EDUULHUVLQWRWKHEDQNLQJLQGXVWU\KDYHWUDGLWLRQDOO\EHHQXQXVXDOO\VWURQJDQGWKLVLQGXVWU\WKXV
DOORZV RQH WR LOOXVWUDWH DOO ILYH LPSRUWDQW HQWU\ EDUULHUV GLVFXVVHG LQ 6HFWLRQ  7KH ILUVW TXHVWLRQ
UHTXLUHV VWXGHQWV WR PDNH D FDUHIXO DQDO\VLV RI WKH VWURQJ EDUULHUV WR HQWU\ LQWR EDQNLQJ 7KH VHFRQG
TXHVWLRQ H[WHQGV WKH LOOXVWUDWLRQ DQG IRFXVHV RQ ZKDW LV ODEHOOHG strategic barriers LQ WKH LOOXVWUDWLRQ
7KH\ LQFOXGH NHHSLQJ RU GULYLQJ RXW FRPSHWLWRUV RXW DQG VWXGHQWV DUH DVNHG WR UHIOHFW RYHU HWKLFDO
FRQVLGHUDWLRQVLQUHODWLRQWKLVW\SHRIVWUDWHJLFEHKDYLRXU

 (YDOXDWHWKHVWUHQJWKVRIWKHEDQNLQJLQGXVWU\¶VHQWU\EDUULHUVDFFRUGLQJWR3RUWHU¶VFULWHULD
+HUHVWXGHQWVVKRXOGPDNHDVWHSE\VWHSDQDO\VLVRIDOOWKHHQWU\EDUULHUVLQWRWKHEDQNLQJLQGXVWU\
+RZHYHU DV ZLWK ILYH IRUFH JHQHUDOO\ LW LV LPSRUWDQW WKH\ FDUHIXOO\ MXVWLI\ WKHLU DQDO\VLV DQG
SURYLGH FOHDU FRQFOXVLRQV 7KH\ VKRXOG FOHDUO\ PRWLYDWH why D SDUWLFXODU HQWU\ EDUULHU LV RI
LPSRUWDQFHDQGhow$FRPPRQPLVWDNHLQILYHIRUFHDQDO\VLVLVWRPDNHPRUHRUOHVVWKRXJKWIXO
OLVWVRIILYHIRUFHVXEIDFWRUVZLWKRXWFDUHIXOO\DQDO\VLQJWKHLULPSDFWRQWKHLQGXVWU\DQGLWVYDULRXV
FRPSHWLWRUV%DQNVKDYHJURZQRIWHQE\DFTXLVLWLRQVLQWRPHJDHQWLWLHVDQGWRGD\KXJHscale and
experience EDUULHUV SURWHFW EDQNV IURP QHZ HQWUDQWV 7KH PDUNHW VWUXFWXUH LQ PDQ\ PDUNHWV LV
FDWHJRULVHG E\ DQ ROLJRSRO\ VLWXDWLRQ ZLWK UHGXFHG FRPSHWLWLRQ %DQNV KDYH DOVR YHUWLFDOO\
LQWHJUDWHGWRWDNHFRQWURORYHUQRWRQO\distributionEXWDOVRsupply channelsIRUH[DPSOHRIPXWXDO
IXQGV7KH\KDYHILHUFHO\retaliatedZKHQQHZHQWUDQWVKDYH PDQDJHGWRHQWHURIWHQE\DFTXLULQJ
WKHP $OWKRXJK government action ODWHO\ KDV DLPHG DW LQFUHDVLQJ FRPSHWLWLRQ DV LQGLFDWHG LQ WKH
LOOXVWUDWLRQ WKLV KDV EHHQ SUHFHGHG E\ VHYHUDO \HDUV RI OHJLVODWLRQ WKDW UDWKHU KDYH LQFUHDVHG HQWU\
EDUULHUV E\ LQFUHDVLQJ FDSLWDO UHTXLUHPHQWV ZKLFK KDV LPSOLHG HYHQ ODUJHU EDQN HQWLWLHV )LQDOO\
EDQNV RIWHQ KDYH incumbency advantages EDVHG RQ WKHLU EUDQGV JRYHUQPHQW UHODWLRQV DQG ,7
LQIUDVWUXFWXUH

 +RZZRXOG\RXHYDOXDWHWKHHWKLFDOEHKDYLRXURIEDQNVWU\LQJWRNHHSFRPSHWLWLRQRXW"
4XHVWLRQH[WHQGVWKHLOOXVWUDWLRQE\DVNLQJVWXGHQWVWRWKLQNDERXWHWKLFDOFRQVLGHUDWLRQVLQUHODWLRQ
WR WKH ILYH IRUFHV DQG VWUDWHJ\ PRUH JHQHUDOO\ 7KH strategic barriers PHQWLRQHG LQ WKH LOOXVWUDWLRQ
LQFOXGHFRPSHWLWRUVGHOLEHUDWHO\WU\LQJWRUHGXFHFRPSHWLWLRQE\GLIIHUHQWPHDQV7RZKDWH[WHQWFDQ
WKLVNLQGRIVWUDWHJLFEHKDYLRXUEHGHIHQGHGLQWKHSXUVXLWRIDQLPSURYHGFRPSHWLWLYHSRVLWLRQ"7KLV
TXHVWLRQLVHVSHFLDOO\SHUWLQHQWLQWKHEDQNLQJLQGXVWU\DVLWVHWKLFDOVWDQGDUGVKDYHEHHQTXHVWLRQHG
UHSHDWHGO\ GXULQJ WKH ODVW IHZ \HDUV ,W VKRXOG DOVR EH FRQVLGHUHG WKDW KLJKHU VWDQGDUGV RI HWKLFDO
EHKDYLRXUDQGD PRUHVLJQLILFDQWFRQWULEXWLRQWRVRFLHW\DUHLQFUHDVLQJO\H[SHFWHGIURPFRPSDQLHV
WRGD\ VHH &KDSWHU  ,W¶V VLPSO\ QR ORQJHU HQRXJK WR VXSSO\ SURGXFWV DQG PDNH PRQH\ IRU


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

VKDUHKROGHUVFRPSDQLHVLQFOXGLQJEDQNVQHHGDOVRWRKDYHKLJKHWKLFDODQGVXVWDLQDELOLW\VWDQGDUGV
DQG FRQWULEXWH WR VRFLHW\ PRUH EURDGO\ ,Q IDFW WKLV LV LQFUHDVLQJO\ H[SHFWHG E\ ODUJH LQVWLWXWLRQDO
VKDUHKROGHUVOLNHJRYHUQPHQWUHWLUHPHQWIXQGVDQGWKHOLNH

,OOXVWUDWLRQ
Facebook’s network fears

1HWZRUNHIIHFWV¶KDYHSUREDEO\EHFRPHWKHPRVWXELTXLWRXVSKUDVHXVHGLQUHODWLRQWRRQOLQHEXVLQHVVHV
DQG)DFHERRN¶VVWUDWHJ\LVFHQWUDOO\IRFXVHGRQWKHP7KHUHDUHQHWZRUNHIIHFWVLQDQLQGXVWU\ZKHQRQH
FXVWRPHURIDSURGXFWRUVHUYLFHKDVDSRVLWLYHHIIHFWRQWKHYDOXHRIWKDWSURGXFWIRURWKHUFXVWRPHUV
(YHQ WKRXJK PRVW LQGXVWULHV DUHQ¶W VXEMHFW WR WKHP WKH\ FDQ PDNH DQ LQGXVWU\ KLJKO\ VWUXFWXUDOO\
DWWUDFWLYHZLWKKLJKEDUULHUVWRHQWU\ORZLQWHQVLW\RIULYDOU\DQGVWURQJSRZHURYHUEX\HUVDVHQWUDQWV
DQGULYDOVFDQ¶WFRPSHWHZLWKFRPSHWLWRUV¶ODUJHUQHWZRUNVZKHQEX\HUVEHFRPHORFNHGLQWRWKHP,I
QHWZRUNHIIHFWVDUH SUHVHQWLQDQLQGXVWU\WKH\WKXVQHHGWR EH FDUHIXOO\FRQVLGHUHG LQDGGLWLRQWRWKH
ILYHIRUFHVZKHQWU\LQJWRXQGHUVWDQGLQGXVWU\VWUXFWXUHDQGVWUDWHJLFSRVLWLRQLQJ7KHTXHVWLRQVIRUWKLV
LOOXVWUDWLRQHQFRXUDJHVVWXGHQWVWRFRQVLGHUZKDWQHWZRUNHIIHFWVDUHDQGWKLQNDERXWKRZWKHVWXGHQWV¶
RZQDQGWKHLUIULHQGV¶GHFLVLRQVLQFKRRVLQJVRFLDOPHGLDQHWZRUNVDUHSDUWRIWKHP

 :K\ DUH QHWZRUN HIIHFWV LPSRUWDQW IRU )DFHERRN" :RXOG \RX VZLWFK WR DQRWKHU VRFLDO
QHWZRUNLILWKDGEHWWHUIHDWXUHVHYHQLILWZDVFRQVLGHUDEO\VPDOOHU"
+HUHVWXGHQWVQHHGWRVSHFLI\ZKDWH[DFWQHWZRUNHIIHFWV)DFHERRNEXLOGVRQDQGZK\WKH\DUHVR
LPSRUWDQW IRU WKH FRPSDQ\ DQG KRZ WKLV LV UHODWHG WR WKH VWXGHQWV¶ RZQ GHFLVLRQV ZKHQ FKRRVLQJ
VRFLDO PHGLD QHWZRUNV $ QHZ VRFLDO PHGLD QHWZRUN RU SODWIRUP PD\ LQFOXGH FRRO IHDWXUHV WKDW
DWWUDFW VRPH VWXGHQWV+RZHYHU LI QRQHRUYHU\IHZRIWKHLUIULHQGV XVH WKHP DQG WKH\WKXVFDQ¶W
FRPPXQLFDWHZLWKWKHPYLDWKHQHWZRUNLW¶VGRXEWIXOWKH\ZRXOGFKRRVHWKHPRYHU)DFHERRN7KH
PRUH FXVWRPHUV WKDW XVH )DFHERRN WKH EHWWHU IRU HYHU\RQH LQ WKH QHWZRUN RI XVHUV RU SXW VLPSO\
PRUHXVHUV PRUHYDOXHXVHUV7KHYDOXHRI)DFHERRNWKXVLQFUHDVHVIRUDXVHUZKHQWKHQHWZRUNRI
XVHUV JURZV DV WKLV LPSOLHV D ODUJHU QXPEHU RI IULHQGV PHVVDJHV XSGDWHV SKRWRV YLGHRV HWF
&RROHUEXWVPDOOHUVRFLDOPHGLDQHWZRUNVPD\WKXVQRWEHWKUHDWHQLQJIRU)DFHERRNLIWKH\GRQ¶W
DWWUDFWHQRXJKXVHUV

 :KDWRWKHUVRFLDOPHGLDQHWZRUNVDQGDSSVGR\RXXVHWKDW\RXWKLQNFRXOGEHDW)DFHERRN"
:K\"
6WXGHQWV DUH OLNHO\ WR PHQWLRQ D UDQJH RI VRFLDO PHGLD SODWIRUPV IRU H[DPSOH 6QDSFKDW EXW WKH\
QHHG WR WKLQN FDUHIXOO\ WR ZKDW H[WHQW WKHVH FDQ EXLOG RQ QHWZRUN HIIHFWV WR EHDW )DFHERRN 7KH
UHDVRQ ZK\ QHWZRUN HIIHFWV KDYH EHFRPH VRPHWKLQJ RI D KRO\ JUDLO IRU RQOLQH EXVLQHVVHV LV WKH
SRVVLELOLW\IRUDVLQJOHFRPSDQ\WREHFRPHWKHILUVWWREXLOGDQGWKULYHRQWKHPDQGWKXVJHWDKHDG
RI FRPSHWLWRUV :KLOH )DFHERRN FXUUHQWO\ LV LQ WKH OHDG WKH LOOXVWUDWLRQ VKRZV WKDW VHYHUDO RWKHU
VRFLDOQHWZRUNLQJVLWHV SUHFHGHG)DFHERRNDQGLW¶VQRW XQFRQFHLYDEOHWKDW)DFHERRNRQH GD\ZLOO
IDFHDVXSHULRUVRFLDOPHGLDSODWIRUP7RVWD\DKHDG)DFHERRNWKXVPXVWFRQWLQXRXVO\XSGDWHDQG
LPSURYHWKHLUVHUYLFHVDQGHQVXUHWKDWXVHUV¶VZLWFKLQJFRVWVDUHVXIILFLHQWO\KLJKWRORFNWKHPLQWR
WKHLU SDUWLFXODU VHUYLFH :KDWVDSS DQG ,QVWDJUDP FRXOG KDYH WKUHDWHQHG )DFHERRN DV WKH\
LQFUHDVLQJO\ DWWUDFWHG PRUH WHHQDJH XVHUV EXW WKH\ ZHUH DFTXLUHG E\ )DFHERRN $V )DFHERRN KDV
IDFHGFRQWLQXHGGHFOLQHVLQHQJDJHPHQWDPRQJLWVWHHQDJHXVHUVWKH\DOVRWULHGWRDFTXLUH6QDSFKDW
IRUELOOLRQLQEXWWKHIRXQGHUVGHFOLQHG,QEULHIVWXGHQWVVKRXOGFRQVLGHUWKHDWWUDFWLYHQHVV
RIWKHVRFLDOPHGLDQHWZRUNRUDSSDQGWKHLUSRWHQWLDOIRUJURZWKDQGWKXVQHWZRUNHIIHFWV


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

,OOXVWUDWLRQ
Steps in an industry analysis

7KLV LOOXVWUDWLRQ HPSKDVLVHV WKDW LQGXVWU\ DQDO\VLV LV VRPHWKLQJ PRUH FRPSUHKHQVLYH WKDQ D TXLFN ILYH
IRUFH RYHUYLHZ 7RR RIWHQ VWXGHQWV PDNH TXLWH WKLQ DQG ZHDN ILYH IRUFH DQDO\VHV LQFOXGLQJ VLPSOH
GHVFULSWLRQV DQG OLVWV RI IDFWRUV WKDW PD\ RU PD\ QRW LQIOXHQFH LQGXVWU\ DWWUDFWLYHQHVV DQG FRPSHWLWLYH
VWUDWHJ\ LQ WKH LQGXVWU\ 6RPH VWHSV LQ DQ LQGXVWU\ DQDO\VLV PD\ HYHQ EH LJQRUHG OLNH GHILQLQJ WKH
LQGXVWU\FOHDUO\VWHSGHWHUPLQLQJWKHVWUHQJWKRIHDFKIRUFHVWHSDVVHVVLQJSRVVLEOHFKDQJHVLQWKH
ILYHIRUFHVVWHSDQGGUDZLQJILQDOFRQFOXVLRQVVWHSDQG7KHILUVWTXHVWLRQWKXVLQYLWHVVWXGHQWV
WR PDNH D SURSHU LQGXVWU\ DQDO\VLV VWHS E\ VWHS 7KH\ DUH IRUFHG WR WKLQN FDUHIXOO\ DERXW LPSRUWDQW
LQGXVWU\ IRUFHV DQG IDFWRUV 6WXGHQWV VKRXOG KDYH VRPH LQVLJKWV LQWR WKH FRIIHH VKRS LQGXVWU\ DQG LW
SURYLGHVDIDLUO\HDV\WRXQGHUVWDQGFDVHRILQGXVWU\DQDO\VLV7KHVHFRQGTXHVWLRQWXUQVWRWKHSULPDU\
DLP RI WKH ILYH IRUFH DQDO\VLV KHOSLQJ RUJDQLVDWLRQV DQG FRPSDQLHV WR XQGHUVWDQG WKHLU FRPSHWLWLYH
SRVLWLRQ DQG ZKDW VWUDWHJ\ WR SXUVXH 6XUSULVLQJO\ WKLV ODVW VWHS LQ LQGXVWU\ DQG ILYH IRUFH DQDO\VHV LV
RIWHQLJQRUHGDOWRJHWKHU

 +HOS (PLO\ DQG JR WKURXJK HDFK VWHS DERYH $QVZHU WKH TXHVWLRQV DQG PDNH D FRPSOHWH
DQDO\VLV:KDWLV\RXUDVVHVVPHQWRIWKHLQGXVWU\"
7KH ILUVW TXHVWLRQ FDQ VLPSO\ EH DSSURDFKHG E\ PDNLQJ DQ LQGXVWU\ DQDO\VLV RI WKH FRIIHH VKRS
LQGXVWU\,W¶VLPSRUWDQWWKDWVWXGHQWVFRYHUDOOILYHILUVWVWHSVDVLQGLFDWHGLQWKHLOOXVWUDWLRQDQGQRW
RQO\ VWHS  LQFOXGLQJ WKH ILYH IRUFH DQDO\VLV VWHS  LV FRQVLGHUHG LQ 4XHVWLRQ  EHORZ 7KH ILYH
IRUFH DQDO\VLV FDQ EH VXPPDULVHG XVLQJ WKH SORW GHYLFH LQWURGXFHG LQ )LJXUH  7KH UDGDUSORW
PLJKWORRNURXJKO\VXFKDVWKHIROORZLQJ


5LYDOU\
/RZ







 
 
 

 6XEVWLWXWHWKUHDW
(QWU\WKUHDW 
+LJK +LJK 
/RZ
/RZ  +LJK

  +LJK

 
 

 
+LJK 


 


 








 

   
 /RZ /RZ

 
%X\HUSRZHU 6XSSOLHUSRZHU



‹3HDUVRQ(GXFDWLRQ/LPLWHG
 %DVHGRQ\RXUDQDO\VLV+RZVKRXOG(PLO\KDQGOHWKHGLIIHUHQWIRUFHV":KDWVWUDWHJLF
RSWLRQVVKRXOGVKHFRQVLGHU"
7KLVTXHVWLRQHPSKDVLVHVZKDWWKHXOWLPDWHDLPRIDQLQGXVWU\DQGILYHIRUFHDQDO\VLVUHDOO\
LV WR DVVLVW RUJDQLVDWLRQV RU LQGLYLGXDO HQWUHSUHQHXUV OLNH (PLO\ LQ IRUPXODWLQJ DQG
GHYHORSLQJ VWUDWHJ\ 7KHUH DUH VHYHUDO VWURQJ FRPSHWLWLYH IRUFHV LQ WKLV LQGXVWU\ VRPH RI
ZKLFK(PLO\SRVVLEO\FRXOGLQIOXHQFHRUDWOHDVWDYRLGEXWRWKHUVZRXOGEHPRUHGLIILFXOW
IRU(PLO\WRGRVRPHWKLQJDERXW)RUFHVWKDWDUHVRPHZKDWZHDNHUSUHVHQWDQRSSRUWXQLW\
IRU (PLO\ WR H[SORLW WR KHU DGYDQWDJH 6WXGHQWV VKRXOG EH LQYLWHG WR SURSRVH GLIIHUHQW
VWUDWHJLFRSWLRQVDQGVWUDWHJLHVEXWEHUHTXLUHGWRFDUHIXOO\PRWLYDWHKRZWKH\KDQGOHHDFK
RI WKH FRPSHWLWLYH IRUFHV DQG DQ\ SRWHQWLDO FKDQJH LQ WKHP :KLOH VWXGHQWV DUH OLNHO\ WR
VXJJHVWDZKROHUDQJHRIVWUDWHJLHVWKHPRVWIHDVLEOHRQHVDUHOLNHO\WRLQYROYHVRPHW\SHRI
GLIIHUHQWLDWLRQ VHH &KDSWHU  WR QHXWUDOLVH WKH UDWKHU VWURQJ HQWU\ DQG ULYDOU\ IRUFHV 7KH
PRVWFKDOOHQJLQJDVSHFWRIWKHVXSSOLHUIRUFHLVDFFHVVWRJRRGORFDWLRQVDVUHQWVDWWKHPRVW
DWWUDFWLYHVLWHVDUHOLNHO\WREHKLJK(YHQWKRXJKFXVWRPHUVDUHTXLWHVWURQJEDVHGRQWKH
ZLGHUDQJHRIFRIIHHVKRSVWRFKRRVHIURPLQUXUDODUHDVWKH\DUHQRWWRRSULFHVHQVLWLYHDQG
WKH\FDQEHDWWUDFWHGE\DGLIIHUHQWLDWHGFRQFHSW

,OOXVWUDWLRQ
Consolidation across the UK charity and public sectors

7KHDLPRIWKLVLOOXVWUDWLRQRIFRXUVHLVWRVKRZWKDWLQGXVWU\VWUXFWXUHDQDO\VLVLVUHOHYDQWWR
QRWIRUSURILWVDQGWKHSXEOLFVHFWRUDVZHOO,QGHHGFKDULWLHVDSSHDUUXWKOHVVO\FRPSHWLWLYHDQG
WKHSXEOLFVHFWRUWRRULVNGHYHORSLQJPXOWLSOHHQWLWLHVWKDWSHUIRUPVLPLODUDFWLYLWLHVDQGLQGHHG
FRPSHWHZLWKHDFKRWKHU

 +RZZRXOG\RXGHVFULEHWKHFXUUHQWFKDULW\LQGXVWU\VWUXFWXUH"+RZFRXOGLWFKDQJH
LIFRQVROLGDWLRQLQFUHDVHVDQGZKDWZRXOGEHWKHEHQHILWVDQGGLVDGYDQWDJHV"
7KHILUVWTXHVWLRQHQFRXUDJHVVWXGHQWVWRWKLQNDERXWWKHFXUUHQWLQGXVWU\RUVHFWRUVWUXFWXUH
DQGKRZLWSRVVLEO\FRXOGLPSURYH&XUUHQWO\LWFDQEHGHVFULEHGDVKLJKO\IUDJPHQWHGDQG
FRPSHWLWLYH:KLOHWKHPHUJHUVDQGLQFUHDVLQJFRQFHQWUDWLRQOHYHOVLPSO\JURZLQJLQGXVWU\
FRQVROLGDWLRQLWLVIDUIURPDFRQVROLGDWHGVWUXFWXUH7KHODUJHVWFKDULWLHVDUHJURZLQJIDVWHVW
WKURXJK PHUJHUV DQG DFTXLVLWLRQV DQG WKHUH PD\ EH ZLGHVSUHDG DGYDQWDJHV WR WKH VHFWRU
PRYLQJWRZDUGVDPRUHROLJRSROLVWLFVLWXDWLRQ

 :KLFKRI3RUWHU¶VILYHIRUFHVDUHFUHDWLQJSUREOHPVIRUWKH8.¶VFKDULW\VHFWRU"
7KHVHFRQGTXHVWLRQSRLQWVWRDWOHDVWWKUHHRIWKH3RUWHULDQIRUFHVDVFDXVLQJSUREOHPV
L 7KHUH DUH ORZ EDUULHUV WR HQWU\ ZLWK µFRQVWDQW UHIUHVKPHQW¶ RI WKH LQGXVWU\ E\ QHZ
FKDULWLHV
LL 7KHUHLVVWURQJEX\LQJSRZHURQWKHSDUWRIORFDODXWKRULWLHVFRPPLVVLRQLQJVHUYLFHV
LLL 7KHUH LV LQWHQVH ULYDOU\ EHFDXVH RI WKH QXPEHU RI FRPSHWLWRUV DQG WHQGHQF\ WRZDUGV
RYHUODSDQGGXSOLFDWLRQRIFKDULWDEOHVHUYLFHV,QDGGLWLRQWKH\IDFHVXEVWLWXWHVLQWKH
IRUPRIORFDODXWKRULWLHV DQG RWKHU DJHQFLHV SHUIRUPLQJ VHUYLFHV LQKRXVH EXW DW WKLV
SRLQWWKH WUHQG LQWKDW UHVSHFWZDVLQWKHLUIDYRXU7KH VXSSOLHUVRIIXQGV ±GRQRUV ±
KDYHPDQ\DOWHUQDWLYHFKDULWLHVWRJLYHWR


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

7KLQNLQJ'LIIHUHQWO\
From five forces to one

3RUWHU¶VILYHFRPSHWLWLYHIRUFHVIUDPHZRUNKDVVRPHWLPHVEHHQFULWLFLVHGIRUIRFXVLQJWRRPXFK
RQ FRPSHWLWLRQ DQG QRW WDNLQJ YDOXH FUHDWLRQ LQWR FRQVLGHUDWLRQ 7KLV 7KLQNLQJ 'LIIHUHQWO\ LV
EDVHGRQDHarvard Business ReviewDUWLFOHEDVHGRQJDPHWKHRU\WKDWUDWKHUKDVYDOXHFUHDWLRQ
DV WKH SRLQW RI GHSDUWXUH IRU FRPSHWLWLYH DQDO\VLV 0 ' 5\DOO µ7KH QHZ G\QDPLFV RI
FRPSHWLWLRQ¶Harvard Business Review±7KHTXHVWLRQLQYLWHVVWXGHQWVWR
WKLQNFDUHIXOO\DERXWKRZWKLVHPHUJLQJYLHZGLIIHUVIURP3RUWHU¶V

+RZZRXOG\RXFRPSDUHWKHµYDOXHFDSWXUHPRGHO¶ZLWK3RUWHU¶VILYHIRUFHVZKHQPDNLQJ
DQLQGXVWU\DQDO\VLV":KDW¶VWKHEHQHILWVDQGGUDZEDFNRIHDFK"

0RVW REYLRXVO\ WKH GLIIHUHQFH UHODWHV WR ZKDW ZDV PHQWLRQHG DERYH WKH SULPDU\ IRFXV RQ
FRPSHWLWLRQ LQ 3RUWHUV YLHZ DQG WKH HPSKDVLV RQ YDOXH FUHDWLRQ LQ WKLV DOWHUQDWLYH YLHZ 7KH
TXHVWLRQ KRZHYHU UHTXLUHV VWXGHQWV WR HQJDJH PRUH GHHSO\ ZLWK WKH REMHFWLYH RI DQ LQGXVWU\
DQDO\VLV ,V LW PRUH GHIHQVLYH LQ WU\LQJ WR NHHS HQWUDQWV DQG FRPSHWLWRUV RXW DQG EX\HUV DQG
VXSSOLHUVZHDNDVLQ3RUWHUVIUDPHZRUNRULVLWWRLGHQWLI\RSSRUWXQLWLHVWRFUHDWHPRUHYDOXHDV
LQWKHµYDOXHFDSWXUHPRGHO¶"7KHUHPD\DOVREHHWKLFDOFRQVLGHUDWLRQVWRFRQVLGHUKHUH±ZKDW
SHUVSHFWLYH LV PRUH OHJLWLPDWH WU\LQJ WR PDNH RWKHU DFWRUV HQWUDQWV FRPSHWLWRUV EX\HUV DQG
VXSSOLHUV ZHDNHU DV LQ 3RUWHUV YLHZ RU WU\LQJ WR JHQHUDWH D KLJKHU YDOXH WRJHWKHU ZLWK WKRVH"
:KLOH WKLV LOOXVWUDWHV WKH SRWHQWLDO GUDZEDFN ZLWK WKH 3RUWHU IUDPHZRUN RQH RI LWV SULPDU\
EHQHILWVLVRIFRXUVHLWVLQWXLWLYHDSSHDODQGUHODWLYHHDVLQHVVWRDSSO\LQGHHGWKDWLVZK\LWKDV
EHFRPH RQH RI WKH PRVW SRSXODU VWUDWHJ\ WRROV 7KH EHQHILWV RI WKH µYDOXH FDSWXUH PRGHO¶
VKRXOGEHFOHDUIURPWKHDERYH±DFKDQJHGSHUVSHFWLYHZLWKWKHSULPDU\IRFXVRQYDOXHFUHDWLRQ
DQGKRZYDOXHFDQEHFUHDWHGWRJHWKHUZLWKRWKHUDFWRUVEXWDOVRLQFRUSRUDWLQJZKDWDFWRUWKDW
FDQ DSSURSULDWH PRVW YDOXH IURP WKLV 2QH FOHDU GUDZEDFN FRPSDUHG WR WKH ILYH IRUFHV LV WKH
ODFNRIDFOHDUDQGHDVLO\DSSOLHGIUDPHZRUNIRUDSSO\LQJWKLVPRGHOLQSUDFWLFHVRPHWKLQJWKDW
DOVRLVDFNQRZOHGJHGLQWKHHarvard Business ReviewDUWLFOH

$VVLJQPHQW
Five competitive forces

)LYHIRUFHVDQDO\VLVLVDQDEVROXWHO\IXQGDPHQWDOWHFKQLTXHLQVWUDWHJ\6HFWLRQVKRXOGJLYH
VWXGHQWV WKH DELOLW\ WR FDUU\ RXW D EDVLF ILYH IRUFHV DQDO\VLV RI DQ\ LQGXVWU\ 7KH\ VKRXOG EH
HQFRXUDJHG WR FRQVLGHU DOO RI WKH HOHPHQWV RI HDFK RI WKH ILYH IRUFHV VR IRU H[DPSOH XQGHU
EDUULHUV WR HQWU\ VFDOH DQG H[SHULHQFH HIIHFWV FKDQQHOV UHWDOLDWLRQ DQG VR RQ 7KH UDGDUSORW
WHFKQLTXHRI)LJXUHVKRXOGRQO\EHXVHGDVDVXPPDU\once WKHIXOODQDO\VLVLVFRPSOHWHWKH
GDQJHULVRILWEHLQJXVHGWRVKRUWFLUFXLWWKHDQDO\VLV6WXGHQWVVKRXOGEHH[SHFWHGWRGRPRUH
WKDQVLPSO\OLVWHOHPHQWVWKH\VKRXOGFOHDUO\LGHQWLI\WKHLPSOLFDWLRQVSRVLWLYHRUQHJDWLYHRI
HDFK 7KH VHFRQG TXHVWLRQ DERXW FRQFOXVLRQV IRU LQGXVWU\ DWWUDFWLYHQHVV VKRXOG XQGHUOLQH WKH
LPSRUWDQFHRIGUDZLQJRXWLPSOLFDWLRQVUDWKHUWKDQMXVWOLVWLQJ


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

$VVLJQPHQW
Network effects

1HWZRUNHIIHFWVDUHRIWHQFRQVLGHUHGDGHPDQGRUEX\HUVLGHHFRQRPLHVRIVFDOHDQGLVSUHVHQW
ZKHQRQHFXVWRPHURIDSURGXFWRUVHUYLFHKDVDSRVLWLYHHIIHFWRQWKHYDOXHRIWKDWSURGXFWRU
VHUYLFH IRU RWKHU FXVWRPHUV 6WXGHQWV DUH KHUH LQYLWHG WR FKRRVH DQ LQGXVWU\ WKDW WKH\ WKLQN
LQYROYHQHWZRUNHIIHFWVDQGWKXVQHHGWRWKLQNFDUHIXOO\LILWLVWKHFDVHWKDWWKHPRUHFXVWRPHUV
WKDW XVH WKH FRUH VHUYLFH RU SURGXFW LQ WKH LQGXVWU\ WKH EHWWHU IRU HYHU\RQH LQ WKH QHWZRUN RI
XVHUVKHQFH PRUH XVHUV  PRUH YDOXHIRUXVHUV 6WXGHQWVDUH OLNHO\WR FKRRVHYDULRXVVRFLDO
PHGLDQHWZRUNVOLNH)DFHERRNGHVFULEHGLQ,OOXVWUDWLRQRURWKHURQOLQHEXVLQHVVHV%HVLGHV
LQ RQOLQH EXVLQHVVHV KRZHYHU QHWZRUN HIIHFWV DUH HVSHFLDOO\ SURPLQHQW LQ VRIWZDUH DQG
KDUGZDUH LQGXVWULHV DQG LQ EXVLQHVVHV ZKHUH SODWIRUPV SOD\ DQ LPSRUWDQW UROH OLNH WKH YLGHR
FRQVROHJDPLQJLQGXVWU\

2QHRQOLQHEXVLQHVVH[DPSOHLVRQOLQHDXFWLRQVLWHVDVWKHYDOXHRIWKLVVHUYLFHLQFUHDVHVIRUD
FXVWRPHUDQGXVHUDVWKHQHWZRUNRIRWKHUVHOOHUVDQGEX\HUVJURZVH%D\LQWKHRQOLQHDXFWLRQ
LQGXVWU\KDVEXLOWWKHLUVWUDWHJ\RQWKHVHQHWZRUNHIIHFWV7KH\JRWDQHDUO\VWDUWDQGDWWUDFWHGD
ODUJHQHWZRUNRIVHOOHUVDQGEX\HUVDQGWRGD\WKHDPRXQWRIJRRGVRQWKHLUVLWHVXUSDVVHVDQ\
FRPSHWLWRU ZKLFK PDNHV WKHLU VHUYLFH PRUH DWWUDFWLYH FRPSDUHG WR RWKHUV +RZHYHU WR VWD\
DKHDGH%D\DQGRWKHUVWKDWEXLOGRQQHWZRUNHIIHFWVOLNH$LUEQEDQG8EHUPXVWFRQWLQXRXVO\
XSGDWH WKHLU VHUYLFHV DQG HQVXUH WKDW FXVWRPHUV¶ VZLWFKLQJ FRVWV DUH VXIILFLHQWO\ KLJK WR ORFN
WKHPLQWRWKHLUSDUWLFXODUVHUYLFH

$VVLJQPHQW
Comparisons between industries and over time

7KLVDVVLJQPHQWDOORZVVWXGHQWVWREXLOGRQ$VVLJQPHQWLQRUGHUWRFRQVLGHUWKHLQYHVWPHQW
LPSOLFDWLRQV RI GLIIHUHQFHV EHWZHHQ LQGXVWULHV DQG FKDQJH RYHU WLPH 7KH DVVLJQPHQW LV D
VXEVWDQWLDO RQH LI UHO\LQJ RQ VWXGHQWV¶ RZQ UHVHDUFK +RZHYHU WLPH FDQ EH VDYHG LI WZR FDVH
VWXGLHV DUH XVHG HJ SKDUPDFHXWLFDOV RU EUHZLQJ SHUKDSV ORRNLQJ EDFNZDUGV DWFKDQJHRYHU
WKHSDVWWKUHHWRILYH\HDUVUDWKHUWKDQFKDQJHLQWKHIXWXUH6LPLODUO\VWXGHQWVPD\VDYHWLPHE\
XVLQJWKHUDGDUSORWWHFKQLTXH)LJXUHDVLQWKHGLVFXVVLRQRI,OOXVWUDWLRQ

,W LV LPSRUWDQW WR QRWH WKH WZR IROORZXS TXHVWLRQV ([SOLFLWO\ DVNLQJ IRU MXVWLILFDWLRQ KHOSV
VWXGHQWVDYRLGWKHVXSHUILFLDODQDO\VLVZKLFKLVHDV\WRGRZLWKILYHIRUFHV$VNLQJWKHTXHVWLRQ
DERXW LQYHVWPHQW KHOSV VWXGHQWV WKLQN DERXW FRQFUHWH LPSOLFDWLRQV DJDLQ VRPHWKLQJ WKDW I LYH
IRUFHV DQDO\VHV RIWHQ QHJOHFW %\ ORRNLQJ RYHU WLPH VWXGHQWV ZLOO OHDUQ WR EH FDXWLRXV DERXW
LQYHVWLQJLQLQGXVWULHVZLWKGHFOLQLQJDWWUDFWLYHQHVV%\FRPSDULQJLQGXVWULHVVWXGHQWVFDQDOVR
FRQVLGHULQGXVWU\DWWUDFWLYHQHVVLQWKHLUGLYHUVLILFDWLRQGHFLVLRQVDQLVVXHSLFNHGXSLQ&KDSWHU

$W WKH VDPH WLPH LW LV ZRUWK FRXQWHULQJ WKH LPSOLFDWLRQV RI ILYH I RUFHV DQDO\VLV ZLWK WZR
WKRXJKWV

• ,QGXVWULHV WKDW DUH KLJKO\ DWWUDFWLYH DUH OLNHO\ WR KDYH KLJK EDUULHUV WR HQWU\ VR WKH FRVWV
RIHQWU\PD\RXWZHLJKWKHEHQHILWVRIHQWHULQJ


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

• $Q LQGXVWU\ WKDW LV EHFRPLQJ UHODWLYHO\ XQDWWUDFWLYH PD\ EH QHJOHFWHG E\ FRPSHWLWRUV
DQGLI\RXHQMR\DVWURQJFRPSHWLWLYHDGYDQWDJHLQWKDWLQGXVWU\LWPD\VWLOOEHDVRXUFHRI
SURILWWR\RX

$VVLJQPHQW
Strategic groups

7KLVDVVLJQPHQWEXLOGVRQWKHQRWLRQRIVWUDWHJLFJURXSVDQGVWUDWHJLFVSDFHRXWOLQHGLQ6HFWLRQ
LQWKHWH[W)LJXUHSURYLGHVDQH[DPSOHRIKRZWKHH[HUFLVHFRXOGEHFDUULHGRXW7KLV
FRXOGIRUH[DPSOHEHDSSOLHGWRWKHDGYHUWLVLQJLQGXVWU\
• .H\ VWUDWHJLFGLPHQVLRQV PLJKW FRPH XQGHUHLWKHU RI WKH VFRSH RUUHVRXUFH FRPPLWPHQW
FKDUDFWHULVWLFV LQ 6HFWLRQ  ± IRU H[DPSOH SURGXFW UDQJH RU H[WHQW RI YHUWLFDO
LQWHJUDWLRQ 3RVVLEOH NH\ VWUDWHJLF GLPHQVLRQV LQ WKH DGYHUWLVLQJ LQGXVWU\ PLJKW LQFOXGH
JHRJUDSKLFDOFRYHUDJHGLYHUVLILFDWLRQVL]HRIILUPGHJUHHRIFUHDWLYLW\DQGVRRQ

• 6WXGHQWV DUH HQFRXUDJHG WR GUDZ PRUH WKDQ RQH VWUDWHJLF JURXS PDS LI WKH\ EHOLHYH WKDW
PRUHWKDQWZRGLPHQVLRQVDUHLPSRUWDQW,WLVXVHIXOWRDVNWKHPWRFRQVLGHUWKHH[WHQWWR
ZKLFK GLIIHUHQW EDVHV RI VXFK PDSV JLYH ULVH WR VLPLODU RU GLIIHUHQW FRQILJXUDWLRQV 7KH\
PLJKW ILQG IRU H[DPSOH WKDW KRZHYHU WKH PDSV DUH GUDZQ XS VRPH FRPSDQLHV DOZD\V
WHQG WR HQG XS LQ WKH VDPH JURXSV ,Q RWKHU ZRUGV VRPH FRPSDQLHV PD\ KDYH D YHU\
VLPLODUVHWRIVWUDWHJLFFKDUDFWHULVWLFVDORQJmany GLPHQVLRQV

• 6WXGHQWV DUH DVNHG WR H[DPLQH WKH VWUDWHJLF JURXS PDSV WR VHH LI WKHUH DUH DQ\ XQGHU
SRSXODWHGµZKLWHVSDFHV¶LQWKHLQGXVWU\)RUH[DPSOHLQEUHZLQJLVWKHUHDQRSSRUWXQLW\
IRUDJLDQWVSHFLDOLVWLQPDNLQJµRZQEUDQG¶EHHUIRUWKHODUJHUHWDLOHUV"+RZHYHUVWXGHQWV
VKRXOG DVVHVV FDUHIXOO\ why WKHUH DUH IHZ FRPSHWLWRUV LQ DQ\ VXFK ZKLWH VSDFHV :KLWH
VSDFHVFDQRIWHQWXUQRXWWREHGDQJHURXVµEODFNKROHV¶UDWKHUWKDQDWWUDFWLYHRSSRUWXQLWLHV

$VVLJQPHQW
Critical success factors and the strategy canvas

,W LV YHU\ OLNHO\ WKDW VWXGHQWV ZLOO FRQFHQWUDWH RQ VXFFHVV IDFWRUV WKDW DUH VDOLHQW WR WKHP DV
FRQVXPHUV±IRUH[DPSOHWKHSURGXFWUDQJHVRIDFORWKLQJUHWDLOHU/HVVYLVLEOHHOHPHQWVVXFK
DV RZQHUVKLS E\ D GLYHUVLILHG SDUHQW FRPSDQ\ PD\ EH QHJOHFWHG +RZHYHU IRU D VKRUW
DVVLJQPHQWWKLVQHHGQRWPDWWHUWRRPXFKWKHHVVHQFHLVFRPSDULVRQLQRUGHUWRLGHQWLI\DUHDV
RI SRWHQWLDO FRPSHWLWLYH DGYDQWDJH 7KH NH\ LQVLJKW RI D VWUDWHJ\ FDQYDV LV WR HQFRXUDJH
FRPSHWLWRUV WR FRPSHWH ZKHUH LW LV UHODWLYHO\ HDV\ WR VHFXUH D VLJQLILFDQW DGYDQWDJH %OXH
2FHDQDQGQRWQHFHVVDULO\WRFRPSHWHILHUFHO\RYHUWKHWRSUDWHGVXFFHVVIDFWRUVLIDGYDQWDJH
FDQRQO\EHREWDLQHGDWYHU\FRQVLGHUDEOHFRVW5HG2FHDQ<RXFDQLQWURGXFHOHVVYLVLEOHEXW
VWUDWHJLFDOO\VLJQLILFDQWHOHPHQWVDIWHUWKH\KDYHGRQHWKHLUEDVLFDQDO\VLV


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

,QWHJUDWLYHDVVLJQPHQW
Full analysis of an industry or a sector

7KLVDVVLJQPHQWZRXOGEHDGHPDQGLQJUHVHDUFKSURMHFWRYHUDVLJQLILFDQWSDUWRIWKHFRXUVH,W
LV KRZHYHU D YHU\ JRRG WHVW RI VWXGHQWV¶ DELOLW\ WR DSSO\ WRROV WR UHDO GDWD DSSURSULDWHO\ DV
ZHOO DV GHYHORSLQJ WKHLU UHVHDUFK VNLOOV 6WXGHQWV ZLOO VHH LW DV SUDFWLFDO DQG LI DOORZHG D
FKRLFHRIVHFWRUVUHOHYDQWWRWKHLURZQLQWHUHVWV

*RRG UHVHDUFK UHVRXUFHV DUH HVVHQWLDO $V ZHOO DV IUHH ZHEEDVHG UHVRXUFHV VXFK DV FRPSDQ\
UHSRUWV WUDGH DVVRFLDWLRQ VWDWLVWLFV DQG VRPH JRYHUQPHQW RU VXSUDJRYHUQPHQWDO (8 81
UHSRUWVDQGVWDWLVWLFVVWXGHQWVZRXOGOLNHO\QHHGOLPLWHGDFFHVVUHVRXUFHVVXFKDVWKHEXVLQHVV
SUHVVDQGMRXUQDOVDYDLODEOHWKURXJK%XVLQHVV6RXUFH3UHPLHU)DFWLYDRU3URTXHVWDQGUHSRUWV
IURPRUJDQLVDWLRQVVXFKDV(XURPRQLWRU.H\1RWHVDQG0LQWHO<RXULQVWLWXWLRQ¶VOLEUDULDQZLOO
DGYLVH\RXRQZKDWLVDYDLODEOHWRVWXGHQWVDQGKRZSURILFLHQWWKH\DUHOLNHO\WREHLQXVLQJVXFK
VRXUFHV

<RX ZRXOG DOVR ZDQW WR JXLGH VWXGHQWV RQ ZKLFK LQGXVWULHV RU VHFWRUV WR FKRRVH 9HU\ EURDG
LQGXVWULHV±IRUH[DPSOHWKHZRUOGDLUOLQHLQGXVWU\±DUHOLNHO\WRRYHUZKHOPVWXGHQWVZLWKGDWD
,WPLJKWEHKHOSIXOWRHQFRXUDJHIRFXV±IRUH[DPSOHWKHDLUOLQHLQGXVWU\LQ,QGLDRUVLPLODU

,QGXVWU\ IRFXV DOVR UHGXFHV WKH ULVN RI SODJLDULVP 7KHUH DUH PDQ\ VWXGHQW DVVLJQPHQWV RI D
VLPLODUQDWXUHDYDLODEOHIRUDIHHRQWKHZHEDQGLWZRXOGGHILQLWHO\EHZLVHWRDYRLGDOORZLQJ
VWXGHQWV WR UHVHDUFK WKH VDPH LQGXVWULHV LQ VXFFHVVLYH \HDUV 5HTXLULQJ D VSHFLILF IRFXV RQ
SDUWLFXODU WKHPHV HJ LQWHUQDWLRQDOLVDWLRQ RU VRPH OHVV FRPPRQ FRQFHSWV HJ WKH VWUDWHJ\
FDQYDV F\FOHV RI FRPSHWLWLRQ HWF FDQ DOVR UHGXFH SODJLDULVP ,QVLVWLQJ RQ SUHFLVHO\ FLWLQJ
VRXUFHV IRU NH\ GDWD DQG SRLQWV WKURXJK DQ HQGQRWH V\VWHP RU VLPLODU PDNHV VLPSOH
SODJLDULVP KDUGHU WRR DV ZHOO DV EHLQJ JRRG SUDFWLFH ORWV RI RXWRIGDWH UHIHUHQFHV PLJKW
LQGLFDWHSODJLDULVP

,IDOORZHGVWXGHQWVZLOOILQGYHU\KHOSIXODFRXSOHRIH[DPSOHDVVLJQPHQWVIURPSUHYLRXV\HDUV
WRJXLGHWKHPURXJKO\RQZKDWWKH\DUHVXSSRVHGWRGR$UHSRUWOHQJWKOLPLWRIDURXQG±
 ZRUGV ZRXOG HQFRXUDJH VWXGHQWV WR IRFXV RQ ZKDW LV UHDOO\ LPSRUWDQW 5HTXLULQJ DQ
µH[HFXWLYH VXPPDU\¶ ZRXOG DOVR IRUFH VWXGHQWV WR FRQVLGHU ZKDW LV UHDOO\ LPSRUWDQW DQG ZKDW
DUHWKHNH\LPSOLFDWLRQV

2YHUDWZRVHPHVWHUFRXUVHWKLVDVVLJQPHQWFRXOGEHVWDJHRQHRIDWZRSDUWDVVHVVPHQWUHJLPH
WKHVHFRQGVHPHVWHUFRXOGKDYHDVDQDVVLJQPHQWDVNLQJVWXGHQWVWRFRQVLGHULPSOLFDWLRQVRIWKH
ILUVWSDUWIRUWKHVWUDWHJ\RIDSDUWLFXODUFRPSDQ\LQWKHRULJLQDOLQGXVWU\RUVHFWRU

&DVH([DPSOH
Global forces and the advertising industry

7KHFDVHRQWKHDGYHUWLVLQJLQGXVWU\IRFXVHVRQWKHNH\WHFKQLTXHVRI3RUWHU¶VILYHIRUFHVDQG
FRPSOHPHQWRUV 7KH 6WUDWHJ\ ([SHULHQFH VLPXODWLRQ KWWSZZZP\VWUDWHJ\ODEFRPVWUDWHJ\
H[SHULHQFHIXUWKHUH[SORUHVVWUDWHJLFLVVXHVLQWKLVLQGXVWU\
 


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

7KLVWHDFKLQJQRWHLVIRFXVVHGRQWKHNH\WHFKQLTXHVLQWURGXFHGLQ&KDSWHUIRUXQGHUWDNLQJDQ
,QGXVWU\DQG6HFWRU$QDO\VLVRIWKH$GYHUWLVLQJ,QGXVWU\7KHDQDO\VLVVKRXOGHQDEOHVWXGHQWV
WR

• DVVHVVWKHDWWUDFWLYHQHVVRIWKLVLQGXVWU\FRPSHWLWLYHULYDOU\DQGSURILWSRWHQWLDO

• FRQVLGHUWKHEDVLVIRUEXLOGLQJFRPSHWLWLYHDGYDQWDJHLQWKLVLQGXVWU\DQGVWUDWHJLHVWKDWZLOO
GHOLYHUVXVWDLQDEOHDGYDQWDJHLQDQLQGXVWU\XQGHUJRLQJVXFKUDGLFDOFKDQJHE\LQIOXHQFLQJ
WKHILYHIRUFHV

 &DUU\ RXW D ILYH IRUFHV DQDO\VLV RI WKH DGYHUWLVLQJ LQGXVWU\ LQ  :KDWLVWKH
VWUHQJWK RI WKH ILYH IRUFHV DQG ZKDW XQGHUO\LQJ IDFWRUV GULYH WKHP" :KDW LV WKH
LQGXVWU\DWWUDFWLYHQHVV"
)LYHIRUFHV
:LWKWKHILYHIRUFHVDQDO\VLVLWLVEHQHILFLDOWRGUDZVWXGHQWVRXWRQWKHµVRZKDW¶TXHVWLRQ
RQWKHLUDQDO\VLV
%X\HUV7KH7RSDGYHUWLVHUVJOREDOO\DFFRXQWIRUQHDUO\RIPHDVXUHGDGYHUWLVLQJ
(PHUJHQFH RI WKH QHZ WUHQGV LQ DGYHUWLVLQJ DJHQF\ UHPXQHUDWLRQ GULYHQ E\ PDMRU )0&*
FRPSDQLHV VXFK DV 8QLOHYHU DQG 3URFWHU  *DPEOH ZKR DUH UHQHJRWLDWLQJ DFFHSWHG
DGYHUWLVLQJDJHQF\UHPXQHUDWLRQVWUXFWXUHVZKLFKUHTXLUHDGYHUWLVLQJDJHQFLHVWRVKDUHULVN
DQGVXFFHVVRIWKHLUDGYHUWLVLQJFDPSDLJQVFUHDWHGRQEHKDOIRIWKHLUFOLHQWV
6XSSOLHUV 0DMRU DGYHUWLVLQJ DJHQFLHV KDYH WKH SRZHU WR XVH FRQWUDFWV WR ORFNLQ
VSHFLDOLVW VXSSOLHUV ZLWK VSHFLDOLVW NQRZOHGJH WR KHOS GLIIHUHQWLDWH WKHLU RIIHULQJ
RQ DQ H[FOXVLYH EDVLV 6PDOO DQG PHGLXPVL]HG DJHQFLHV KDYH WR FRPSHWH IRU WKHVH
VXSSOLHUV *RRJOH LV D SRWHQWLDO VXSSOLHU WR DGYHUWLVLQJ DJHQFLHV EXW LV DOVR D SRWHQWLDO
VXEVWLWXWH
6XEVWLWXWHV *RRJOH DQG RWKHU VHDUFK FRPSDQLHV FRPSHWH IRU D VKDUH RI WKH
PDUNHWLQJ EXGJHW WDUJHWHGE\ DGYHUWLVLQJDJHQFLHV ,QWKHFDVHLWLVSRLQWHGRXWWKDW:33
WKH ZRUOG¶V ODUJHVW DGYHUWLVLQJ DJHQF\ VHHV *RRJOH DV ERWK D VXSSOLHU µIULHQG¶ DQG D
FRPSHWLWRU µHQHP\¶DQGFRLQHGWKHWHUPµIUHQHP\¶IRULWVUHODWLRQVKLSZLWK*RRJOH
7KH ILYH IRUFHV IUDPHZRUN VKRXOG EH XVHG ZLWK FDUH DQG LV QRW QHFHVVDULO\ FRPSOHWH LQ
LWVHOI 6RPH LQGXVWULHV KDYH XVHG WKH LGHQWLILFDWLRQ RI D µWK IRUFH¶ LQ WKH DQDO\VLV
RUJDQLVDWLRQVWKDWDUHFRPSOHPHQWRUVUDWKHUWKDQVLPSOHFRPSHWLWRUV6RDNH\TXHVWLRQLQ
WKHDGYHUWLVLQJLQGXVWU\LVDUHVHDUFKFRPSDQLHV VXFKDV*RRJOHFRPSOHPHQWRUVVXSSOLHUV
RUFRPSHWLWRUVWRDGYHUWLVLQJDJHQFLHV":KHUH*RRJOHLVXVHGE\DGYHUWLVLQJDJHQFLHVDVD
µPHGLD FRPSDQ\¶ LW FDQ EH YLHZHG DV D VXSSOLHU DQG SRVVLEO\ D FRPSOHPHQWRU LI GDWD LV
VKDUHG WR µDGG YDOXH¶ IRU VWUDWHJLF LQVLJKWIRUHVLJKW WR WKH DGYHUWLVLQJ DJHQFLHV¶ RIIHULQJ
:KHUH *RRJOH LV XVHG E\ FOLHQWV RI DGYHUWLVLQJ DJHQFLHV DQG GRHV QRW JLYH WKH DJHQF\
FRPSOHWHDFFHVVWRVHDUFKGDWDDQDO\WLFVDVKDVEHHQ SRLQWHG RXW E\ :33 *RRJOH FRXOG
EH UHJDUGHG DV D FRPSHWLWRU RU VXEVWLWXWH +RZHYHU *RRJOH FRXOG EH VHHQ DV D
FRPSOHPHQWDULW\RUJDQLVDWLRQLIWKHUHODWLRQVKLSLVRSHQDQGPXWXDOO\EHQHILFLDOLHIULHQG
6LPLODUO\ VRFLDO PHGLD FDQEH VHHQDV DFWLQJDVDGYHUWLVLQJ VXEVWLWXWHVZLWK WKH SRZHUIXO
ZRUGRIPRXWKHIIHFWRI7ZLWWHU)DFHERRNDQG606PHVVDJLQJUHSODFLQJWUDGLWLRQDOPHGLD
LQDGYHUWLVLQJWHUPV
1HZ HQWUDQWV 7HFKQRORJLFDOO\ IRFXVHG µGLJLWDO¶ DJHQFLHV DUH WDNLQJ PRUH DGYHUWLVLQJ
EXGJHW DZD\ IURP µWUDGLWLRQDO¶ PHGLD IRFXVHG DJHQFLHV 7KHUH DUH GLIIHUHQW OHYHOV RI
UHVSRQVH IURP DGYHUWLVLQJ DJHQFLHV GHSHQGLQJ RQ WKHLU VL]H DQG DFFHVV WR FDSLWDO IRU


‹3HDUVRQ(GXFDWLRQ/LPLWHG
 -RKQVRQet al.Exploring Strategy Text and CasesH,QVWUXFWRU¶V0DQXDO

DFTXLVLWLRQV%HVLGHVVHDUFKDQGVRFLDOPHGLDFRPSDQLHVSKRQHFRPSDQLHVFRXOGHPHUJHDV
DSRWHQWLDOQHZHQWUDQWE\FUHDWLQJWKHLURZQPDUNHWLQJPHGLXPDVWHFKQRORJLHVFRQYHUJH
5LYDOU\ /RZHU DGYHUWLVLQJ EXGJHWV LQ :HVWHUQ (XURSH DQG 1RUWK $PHULFD QHZ
WHFKQRORJ\EDVHG HQWUDQWV LQFUHDVH WKH VFRSH IRU ULYDOU\ +RZHYHU VHFWRU H[SHUWLVH DQG
FUHDWLYLW\ FDQ PLWLJDWH SULFHFRPSHWLWLRQ 7KH ODUJHU JOREDO SOD\HUV DUH FRQVROLGDWLQJ LQWR
PXOWLGLVFLSOLQH FRQJORPHUDWHV E\ EX\LQJ HPHUJLQJ VSHFLDOLVW FRPSDQLHV IRU H[DPSOH
:33¶VDFTXLVLWLRQRIGLJLWDODJHQF\$.4$,WPLJKWEHXVHIXOWRDVNVWXGHQWVWRFRPSDUH
KRZ VPDOOHU DQG PLGVL]HG DJHQFLHV FRPSHWH ZLWK WKH WRS ILYH JOREDO SOD\HUV 6PDOOHU
DQG PLGVL]HG DJHQFLHV PXVW KDYH VSHFLDOLVW VHFWRU NQRZOHGJH RU VSHFLDOLVW NQRZOHGJH LQ
RUGHU WR FRPSHWH $PRQJ WKH PLGVL]HG WR VPDOOHU DJHQFLHV WKH HPHUJHQFH RI SULFH
FRPSHWLWLRQ
,QGXVWU\ $WWUDFWLYHQHVV 7KH XOWLPDWH DLP RI D ILYH IRUFHV DQDO\VLV DQG WKH IXQGDPHQWDO
TXHVWLRQ DW LWV FRQFOXVLRQ VKRXOG W\SLFDOO\ EH LV WKH LQGXVWU\ DWWUDFWLYH LQ WKH VHQVH RI
RIIHULQJ SURILW RSSRUWXQLWLHV" ,W LV HDV\ WR EH GRZQ DERXW WKH DGYHUWLVLQJ LQGXVWU\
+RZHYHU 7DEOH  LQGLFDWHV SUHWW\ JRRG SURILW PDUJLQV IRU WKH PDMRU SOD\HUV ,W LV DOVR
LQVWUXFWLYH WR FKHFN WKH DGYHUWLVLQJ LQGXVWU\ RU PHGLD LQGXVWU\ RI ZKLFK DGYHUWLVLQJ LV D
ODUJH SDUWVWRFNPDUNHW LQGLFHV DV DJDLQVWWKH PDUNHW DV D ZKROH 2YHU WKH ILYH \HDUV WR
 86 DGYHUWLVLQJ DJHQFLHV WHQGHG WR RXWSHUIRUP WKH 1HZ <RUN 6WRFN ([FKDQJH DV D
ZKROH 7KLV LQGLFDWHV WKDW LQYHVWRUV DW OHDVW UHJDUG LW DV D UHODWLYHO\ DWWUDFWLYH LQGXVWU\
ZLWK JRRG IXWXUH SURILW SRWHQWLDO ,W LV IDLUO\ HDV\ WR JHW IUHH RQOLQH XSGDWHV RQ WKH
DGYHUWLVLQJ VHFWRUDO LQGLFHV WKURXJK %LJ&KDUWVFRP RU )LQDQFLDO&RQWHQWFRP DQG VLPLODU
7KLVZRXOGEHDXVHIXOVWXGHQWH[HUFLVH

 :KDW DUH WKH FKDQJHV LQ WKH LQGXVWU\" :KLFK IRUFHV DUH EHFRPLQJ PRUH QHJDWLYH RU
SRVLWLYHIRUWKHPDMRUDGYHUWLVLQJDJHQFLHV"
$V FDQ EH VHHQ IURP WKH FDVH ULYDOU\ KDV LQWHQVLILHG ZLWK WKH GHYHORSPHQW RI QHZ
WHFKQRORJLHV DQG WKH UHVXOWDQW HPHUJHQFH RI VHDUFK DQG VRFLDO PHGLD DV SRWHQWLDO
DGYHUWLVLQJPHGLDVXEVWLWXWHV3OXVEX\HUVWKHFOLHQWVRIPDMRUDGYHUWLVLQJDJHQFLHVKDYH
SXW SUHVVXUH RQ DGYHUWLVLQJ DJHQFLHV WR DFFHSW D GLIIHUHQW UHPXQHUDWLRQ PRGHO ZKLFK KDV
LPSDFWHGRQUHYHQXHVDQGPDUJLQV
,Q RUGHU WR FRXQWHU WKHVH QHJDWLYH IRUFHV PDMRU DGYHUWLVLQJ DJHQFLHV ZLWK WKH FDSLWDO
DYDLODEOH KDYH DFTXLUHG VPDOOHU HPHUJLQJ ULYDOV DQG VXSSOLHUV DV D UHVSRQVH LQ RUGHU WR
GLIIHUHQWLDWH WKHPVHOYHV IURP WKHLU FRPSHWLWRUV E\ EHLQJ DEOH WR RIIHU D ZLGHU UDQJH RI
VSHFLDOLVWDGYHUWLVLQJDQGPDUNHWLQJVHUYLFHV
2QWKHSRVLWLYHVLGHWKHKROGLQJFRPSDQ\PRGHORIIHUVDFRQWLQXHGGHJUHHRIIOH[LELOLW\DQG
VSHFLDOLVDWLRQZLWKLQLQGLYLGXDODJHQFLHV±WKHµXQEXQGOLQJ¶RIVHUYLFHV±DVFOLHQWVGHPDQG
PRUHVHUYLFHVLQVSHFLDOLVWFKDQQHOVLQQRQWUDGLWLRQDODUHDVDQGRQOLQHZKLOHEHLQJDEOHWR
NHHSDJOREDOFOLHQW¶VRYHUDOOVSHQGZLWKLQDVLQJOHRYHUDOOVHWRIDJHQFLHV8QEXQGOLQJPD\
VLJQDO WKH VWUXFWXUDO HQG RI WKH ROGHUVW\OH µRQHVWRSVKRS¶ DJHQF\ EXW LW LV DOVR DQ
LQGLFDWLRQ RI WKH LQFUHDVLQJ FRPSOH[LW\ RI DGYHUWLVLQJ RIIHULQJV DQG WKH DGYHUWLVLQJ YDOXH
FKDLQ ± VWUHWFKLQJ DFURVV KROGLQJ FRPSDQLHV DGYHUWLVLQJ DJHQFLHV PHGLD DJHQFLHV DQG
PDUNHWLQJVHUYLFHV
7KH ULVH RI WKH JOREDO KROGLQJ FRPSDQLHV LV D VROXWLRQ WR JUDVS VRPH RI WKH SRVLWLYHV RI
JOREDOLVDWLRQDQGFRQYHUJHQFHZKLOHFUHDWLQJHQRXJKVFDOHWRVHUYHJOREDOFRPSDQ\QHHGV
HIIHFWLYHO\
,WKDVDOVRIRUFHGWKHDGYHUWLVLQJLQGXVWU\WRGHYHORSQHZEXVLQHVVPRGHOVDQGWRJREH\RQG
DGYHUWLVLQJWRIRFXVRQFRQVXPHUFHQWULFPDUNHWLQJWDFWLFV


‹3HDUVRQ(GXFDWLRQ/LPLWHG