Business Strategy

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Please note: certain slides are from Viljoen and Dann, 2000:
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business strategy: The journey travelled
business strategy thought: A history

Introduction and background
business strategy thought: A history

Outline
Terminology and first courses
Practice of business strategy
Development of business strategy thought
business strategy thought: A summary.
Nature and scope of business

strategy
Introduction
business strategy
equals
Strategic planning
+
Implementation
Management
Evaluation
= Strategic
+
Definition of business strategy
The process of identifying, choosing and implementing

activities that will enhance the long-term performance of
an organisation by setting direction, and by creating
ongoing compatibility between the internal skills and
resources of the organisation, and the changing external
environment within which it operates.
(Viljoen and Dann,2003:15)
Dimensions of business strategy

business strategy comprises three dimensions:
Strategic PROCESS
Strategic CONTENT
Strategic CONTEXT
(de Wit and Meyer, 2010: 5-7)
Dimensions of business strategy

business strategy comprises three dimensions
(de Wit and Meyer, 1998 edition: 6)
What is business strategy?

business strategy by time horizon
Existing
operation
efficiency
(ROI)
New projects
Project payback
Future options
Potential cost/benefit (NPV)
0
Years
Pearson Educ ation Australia 2000
Levels of strategy
Strategy may be practised at different organisational levels
(Based on deWit and Meyer, 2010: 9)
NETWORK/ JOINT VENTURE LEVEL STRATEGIES

Multiple corporations working collaboratively
CORPORATE LEVEL STRATEGIES
Strategies for a corporation with multiple businesses
BUSINESS LEVEL STRATEGIES
Strategies for a business in a single industry or market

Your case study organisation sits here.
FUNCTIONAL LEVEL STRATEGIES
Strategies for each functional or discipline area in a business that combine to implement
business level strategies.
Your case study organisations functional area strategies sit here.
Process of business strategy
A business strategy process: Rational or formal model

2.
Strategic analysis
3.
Analyse the
environment
Strategic
direction-setting
Identify
opportunities
and threats
1.
6.
Identify the
organisations
current vision,
mission and
strategic
objectives/
Reassess the
organisations
vision, mission
and strategic
objectives
4.
Analyse the
organisations
resources
Strategic choice Strategic

Strategic
implementation evaluation
5.
7.
Formulate
business
and
functional
level
strategies
8.
Implement
strategies
9.
Evaluate
results
Identify
strengths and
weaknesses
Source: Based on Hanson et al., 2014: 4; Viljoen and Dann, 2003: 42 and 59; Robbins et al., 1997: 248
business strategy in practice

In this age of rapid, volatile, discontinuous change, business
strategy is a constant, dynamic interplay of planning,
implementation and evaluation.
The process is undertaken 24/7/365!
Intended strategy:
Realised strategy:
Unrealised strategy:
Imposed strategy:
that which was deliberately formulated

that which is being executed
that which is not happening
that which is imposed by government, corp.
headquarters of a business unit, or by
environmental circumstances
Emergent strategy:
strategy which emerges from a complex
mix of:
individual experiences
company experiences
organisational culture
negotiation
corporate politics
learning processes (the learning
organisation)

The notion of punctuated equilibrium
( Johnson and Scholes, 2002: 78)

The notion of strategic drift
(Johnson et al., 2008: 180)
Concept of the Sigmoid Curve

(Handy, 1994)
A strategic philosophy to promote corporate longevity

(Fortune diagram: Handy, C. 1994. The empty raincoat. pp. 50-51).
Strategic analysis: The

external environment
Strategic analysis: The external environment

2.
Strategic analysis
3.
Analyse the
environment
Strategic
direction-setting
6.
Identify the
organisations
current vision,
mission,
strategic
objectives
Assess the
organisations
vision, mission
and strategic
objectives
Analyse the
organisations
resources
Strategic
Strategic
Identify
opportunities
and threats
1.
4.
Strategic choice
7.
Formulate
business
and
functional
strategies
8.
Implement
strategies
9.
Evaluate
results
5.
Identify
strengths and
weaknesses
Analysing external environments

The general and specific external environments illustrated
General
Environment
Politic
al
Customer
s
Legal
Specific
Environme
ntSupplie
rs
Organisation
Governme
nt
Econo
mic
Substitut
es
Social
New
Entrants
Competito
rs
Environmen
tal
Technologi
cal
Diagram created by Melanie Law,

RDACC
(From Hubbard, G., Pocknee, G. and Taylor, G. 1996. Practical Australian Strategy. Prentice Hall, Australia,

Opportunity
A condition in the general or specific environment that, if exploited,
helps a firm achieve strategic competitiveness and above average
returns.
Threat
A condition in the general or specific environment that may hinder a
firms efforts to achieve strategic competitiveness and above average
returns.
Copyright 2014 Cengage Learning Pty Limited

General
Environment
Politic
al
Customer
s
Legal
Specific
Environme
ntSupplie
rs
Organisation
Governme
nt
Econo
mic
Substitut
es
Social
New
Entrants
Competito
rs
Environmen
tal
Technologi
cal

RDACC
Whats going on in external environments?

We live in an age of age of unprecedented rapid, volatile,
discontinuous change!
The nature of competition in many of the worlds industries is changing:
Rapid technological change is the norm

The size of investments required for global business can be enormous
The post global financial crisis business environment is dangerous
Hypercompetition is escalating!
The global economy is a reality
Globalisation is driven primarily by technology
Success depend upon strategic flexibility.

The general external environment: PESTEL
Political
Economic
Social
Technological
Environmental
Legal
(Note: The Hanson et al., version of this model includes a Global issues segment but not an
Environmental issues segment).
(Hanson et al., 2014:35-50; Viljoen and Dann, 2003:121-130)

The general external environment
PESTEL analysis of the general environment aims to
identify:
The key MEGATRENDS/ DISCONTINUITIES faced
by a firm in its general external environment
The opportunities offered to a firm by those
megatrends; or the threats posed to a firm by those
megatrends.
EXAMPLES?

General
Environment
Politic
al
Customer
s
Legal
Specific
Environme
ntSupplie
rs
Organisation
Governme
nt
Econo
mic
Substitut
es
Social
New
Entrants
Competito
rs
Environmen
tal
Technologi
cal

RDACC

The specific/industry environment
There are two models typically used to analyse the
specific/industry environment:
The turbulence model

Porters Five Forces plus Government model.
Both models tell us something about the

opportunities and threats faced by a firm in its
specific environment or industry.

The specific/ industry environment
A reminder
Opportunity
A condition in the general or specific environment that, if exploited,
helps a firm achieve strategic competitiveness and above average
returns.
Threat
A condition in the general or specific environment that may hinder a
firms efforts to achieve strategic competitiveness and above average
returns.

Concept of environmental turbulence in an industry
The turbulence model

Indicates the degree of change taking place within a specific environment or
industry. Often but not always, this change may be due to discontinuities
from the general external environment impacting the industry. The more
change, the greater the turbulence in a specific environment or industry
(Viljoen and Dann, 2003:149-153)
The greater the turbulence in a firms environment, the greater the likely
number of opportunities and threats a firm typically faces.
How to analyse the source of these opportunities or threats?

Concept of environmental turbulence in an industry: The
turbulence model
Three criteria to identify degree of turbulence:
Complexity
Dynamism
Unpredictability.

Concept of environmental turbulence in an industry: The
turbulence model
Environmental turbulence and managerial focus
Types of Inactive
turbulence
Gentle
Moderate Discontinuous Unpredictable/

disruptive
Appropriate
management Preservation Inward Customer and Formal Creative and
looking competitor strategic
flexible
focus
based
planning strategic
management
Dynamic business strategy
Pearson Education Australia 2000

Porters Five Forces plus Government model

Provides a useful way to systematically pinpoint where changes are being
triggered within a specific environment or industry. The most important
changes are called MEGAFORCES, which may provide major
opportunities to improve a firms returns or threats that could severely
reduce a firms returns (Hanson, Hitt, Ireland and Hoskisson, 2014: 51-63)

Porters Five Forces Model
The five forces model is a strategy tool of analysis to identify sources of
specific industry opportunities and threats.

Hanson et al., 2014: 51

Porters Five Forces Model
A sixth force?
Government!

Porters Five Forces plus Government model analysis of a firms specific/
industry environment aims to identify:
The MEGAFORCES faced by a firm in its specific/ industry
environment
The opportunities offered by those megaforces; or the threats posed
by those megaforces
The overall capacity of the industry to offer a firm the potential for
above average returns.
37
Strategic analysis: Internal environment
Strategic analysis: The internal environment

2.
Strategic analysis
3.
Analyse the
environment
Strategic
direction-setting
6.
Identify the
organisations
current vision,
mission,
strategic
objectives
Assess the
organisations
vision, mission
and strategic
objectives
Analyse the
organisations
resources
Strategic
Strategic
Identify
opportunities
and threats
1.
4.
Strategic choice
7.
Formulate
business
and
functional
strategies
8.
Implement
strategies
9.
Evaluate
results
5.
Identify
strengths and
weaknesses
Analysing the organisation

Components of internal analysis


What are skills and resources?
Skills and resources may be classified in many ways eg:

Physical, human, financial, intellectual,
organisational
Threshold minimum needed to operate
Tangible and intangible.

What are strategic capabilities?
Analysing the internal environment

What are strategic capabilities?
HOWEVER
The presence of strategic capabilities alone usually does
not produce sustained superior performance against
competitors in a market.
Why?
Because most (if not all) competitors are likely to have
similar strategic capabilities to enable them to operate
and compete in the market.

What are core competencies?
Sustained superior performance requires combining

strategic capabilities in ways unique to each firm:
that is combining strategic capabilities into:
core competencies.

Concept of core competence
A core competence
(an activity) a company does especially well in comparison to its

competitors (Hamel and Pralahad,1990 cited in Viljoen and Dann, 2003:197, bracket
added).

Concept of core competence
Characteristics of core competencies:
Systems of integrated strategic capabilities
Based on strategic capabilities (skills and knowledge) rather
than products or services
Built up through experience and commitment over time
Are in a constant state of adaptation and evolution
Limited in number (maximum 5?)
Difficult to replicate; they are areas where a firm dominates its
competitors
Areas of activity that provide major value to customers
Unique to each organisation cant be acquired in the market
Are deeply embedded in the firms organisation and systems
Difficult to readily observe.
(Hanson et al., 2014: 79-93; Viljoen and Dann, 2003:197-198;
Hubbard et al, 1996: 127-129)

What are core competencies?
The four criteria to test for a core competence: Valuable; rare; costly to
imitate; non-substitutable.

Concept of strategic competitive advantage


The combination of a firms core competencies emerges

IN THE MARKETPLACE
in the form of the firms strategic competitive advantage
(SCA) or uniquely competitive position in its market.

The firms strategic competitive advantage (SCA) and
hence the core competencies that make up the SCA,
must satisfy the four core competencies criteria:
Valuable to the customers in the markets targeted by the
firm
Rare. That is, much better than competitors offerings in the
eyes of those customers;
Costly or difficult for competitors to imitate, exceed, or
substitute with something else.
The offering has no competitive substitute (ie. few
competitors, if any, can offer anything like it).
51
Strategic direction-setting
Strategic direction and strategic objectives

2.
Strategic analysis
3.
Analyse the
environment
Strategic
direction-setting
6.
Identify the
organisations
current vision,
mission,
strategic
objectives
Assess the
organisations
vision, mission
and strategic
objectives
Analyse the
organisations
resources
Strategic
Strategic
Identify
opportunities
and threats
1.
4.
Strategic choice
7.
Formulate
business
and
functional
strategies
8.
Implement
strategies
9.
Evaluate
results
5.
Identify
strengths and
weaknesses
Organisational vision and mission

Vision statement
specifies what an organisation could achieve if it
performed perfectly..
(Viljoen and Dann,2003:97)
Organisational vision and mission

Elements of a mission statement
Strategic distinctiveness
How the organisation
differentiates itself
from others of its type
Fundamental purpose
the business of the
organisation -its reason for
existence
THE MISSION
STATEMENT
Values and beliefs

Guidelines on how
things are to be done
in the organisation
Standards and behaviours

the major policies an procedures
used to implement the strategy
and reinforce the values and beliefs
Pearson Education Australia 2000
Stakeholder promises
the commitment of the
organisation to all
interested parties
Public image
How the organisation
wishes to be seen by
external constituents
Strategic objectives
What are strategic objectives?
specify exactly what it (a firm ) hopes to achieve in

the future
(Viljoen and Dann, 2003:201)
Strategic objectives involve the whole organisation

Strategic objectives link an organisation to its environment
Strategic objectives are the focus of top management.
Scope of strategic objectives
Strategic objectives may be:
Financial
Non-financial
Examples of financial strategic objectives:
Growth in dividends
Eps
Profits
Sales
Scope of strategic objectives
Examples of areas for non-financial strategic objectives:
Employee relations, development and safety

Customer service and satisfaction levels
Fair treatment and payment of suppliers
Ethical standards of behaviour in communities
Environmental responsibility.
Major influences on strategic objectives formation

(Viljoen and Dann, 2003:47-53 & 205-208)
Business ethics
Stakeholder expectations
They are closely related. Why? Because ethics typically
focuses upon responsibilities to stakeholders.
Defining stakeholders
Freemans (1984) classic definition of stakeholders as any
group or individual who can affect or is affected by the
achievement of the firms objectives
(Freeman, R.E. 1984. Strategic management: A stakeholder approach. Pitman, Marshfield,
USA, p. 25).
Four stakeholder groups

Major determinants of strategic objectives

Another view of stakeholder groups
( Johnson, G., Scholes, K. and Whittington, R. (2008). Exploring Corporate
Strategy: Text and Cases, 8th edition, Prentice-Hall, Pearson Education, UK: 154).
Business ethics
(Hanson et al., 2014: 312)
Strategic objective-setting is heavily influenced by a firms

ethical stance towards its stakeholders.
Ethical stance: standards of behaviour and moral judgement
practised by a firm
Ethical stance shaped by:
Societys expectations (legal, social, moral) about business
behaviour
Individuals ethical views/practices within a firm,
ESPECIALLY those of top management and CEO.
Business ethics
Four broad levels of ethical stance
Ethical
responsibility to
Other
commitments
Comment
Short-term shareholder
interests
Legal minimum to all

other stakeholders
Many new economy firms

appear to be of this type
Longer-term shareholder
interests
May need to heed certain

stakeholder interests; all
others, legal minimum
Many firms in this

category
Multiple stakeholders
Recognise stakeholder
interests beyond legal
minimum
Many charitable and

church based
organisations
Society
Commitments to main
groups
Some family firms,

charitable trusts etc.
(Please note this diagram is from the earlier edition of Johnson, G., Scholes, K.
and Whittington, R. 2005. Exploring Corporate Strategy, 7th edition: 189-191)
Business ethics
Example of a corporate code of ethics or conduct statement
Endeavour Energy
Business ethics
In sum
A firms mission statement and corporate code of ethics or conduct statement
should answer the questions:
Who are the firms stakeholders (including whether there is only one or
are multiple stakeholders)
The firms view about the ethical stance and responsibilities it has towards
these stakeholders.
Problem
Stakeholders are not passive
They have demands on the firm and expectations that the firm will
satisfy those demands
Those expectations or demands are often in conflict!
How does a CEO:
Determine these expectations or demands of stakeholders?
Prioritise those often conflicting expectations or demands?
Determine how those expectations or demands should be met?
The Mitchell, Agle and Wood (1997) stakeholder theory model provides a
way to address these vital questions.
The Mitchell, Agle and Wood model (1997: 874)
THE NEXT STEP: CEOs must then develop the
firms STRATEGIC OBJECTIVES to address
those prioritised stakeholder demands.
This linkage between stakeholder salience and strategic objectivesetting is vitally important to CEOs but often not properly
understood or well addressed in the literature.
Example of strategic objectives identified using a stakeholder

analysis table
Source: Woolworths strategic case study by Lynda OHanlon, Mitch Soree and Seyed Zoheir Mirkarimi,
Newcastle Business School, MBA program, trimester 3, 2010.
Strategic choice
Strategic choice
2.
Strategic analysis
3.
Analyse the
environment
Strategic
direction-setting
6.
Identify the
organisations
current vision,
mission,
strategic
objectives
Assess the
organisations
vision, mission
and strategic
objectives
Analyse the
organisations
resources
Strategic
Strategic
Identify
opportunities
and threats
1.
4.
Strategic choice
7.
Formulate
business
and
functional
strategies
8.
Implement
strategies
9.
Evaluate
results
5.
Identify
strengths and
weaknesses
Levels of strategy
Strategy may be practised at different organisational levels

(Based on deWit and Meyer, 2010: 9)


Strategies for each functional or discipline area in a business
that combine to implement business level strategies
Business level strategies

Ansoffs product/market strategies
Markets/
Clients
Products/
Services
Same
Same
Market
Penetration
New
Product
Development
Least risk
New
Market
Development
More risk
Diversification
More risk
Pe ar son Education Australia 2000
Most risk

Miles and Snows adaptive strategies
(Source: Robbins, S. P., Bergman, R., and Stagg, I 1997. Management, Prentice Hall, Australia: 257-260; and Miles, R.E.,
Snow, C.C., Meyer, A.D and Coleman, H.J. 1978. Organizational Strategy, Structure and Process. The Academy of
Management Review, July: 546-562).

Porters competitive strategies


International strategies
(Hanson et al., 2014: 219 - 247)

How are business-level strategic plans enacted?

(Diagram based on deWit and Meyer, 2010: 9)


Ansoffs product/ market strategies
Miles and Snows adaptive strategies
Porters competitive strategies
International strategies
Strategies for each functional or discipline area in a business that combine to implement
business level strategies
Sales
Marketing
Product development
Finance
Manufacturing
Systems
IT
Accounting
HR
Logistics
Many other disciplines
Strategic implementation
Strategic implementation
2.
Strategic analysis
3.
Analyse the
environment
Strategic
direction-setting
6.
Identify the
organisations
current vision,
mission,
strategic
objectives
Assess the
organisations
vision, mission
and strategic
objectives
Analyse the
organisations
resources
Strategic
Strategic
Identify
opportunities
and threats
1.
4.
Strategic choice
7.
Formulate
business
and
functional
strategies
8.
Implement
strategies
9.
Evaluate
results
5.
Identify
strengths and
weaknesses
Strategic implementation: What must the CEO focus

upon?
McKinsey 7-S model
(Viljoen and Dann, 2003: 368-369)
Structure
Systems
Strategy
Style
Shared Values
Skills
Staff
Pe ar son Education Australia 2000

upon?
McKinsey 7-S Plus model
McKinsey 7-S Plus model

Resources (apart from staff)
Innovation
Information technology incl. the internet
Knowledge management
Finance
Intellectual property
Legal and e-legal issues
Mergers and acquisitions
Strategic alliances

upon?
The McKinsey 7-S Plus model
The issue of internal consistency change one element

and others must also be changed.

upon?
The McKinsey 7-S Plus model: need for consistency (Hubbard et
al., 1996: 243)
Strategic Direction
Vision
Mission
Strategic Objectives
LEADERSHIP
CULTURE
STAFF
The key
resource
The way we do
things around
here.
The guiding
force
Current issues in business strategy:

Innovation as a core competence
What is innovation?
A definition
..the process of harnessing creativity to create new value in new
ways through new products, new services, and new businesses.
(Jonash and Sommerlatte, 1999:6).
Innovation may therefore be viewed both as:
A process
An outcome.
We view innovation as a process in this topic.
Innovation in the business strategy process

The CEO must be heavily focused upon supporting innovation as part of strategic
implementation.
McKinseys 7-S model areas
Strategy
Structure of organisation
Staff
Skills
Shared values culture
Style of leadership
Systems
PLUS
Innovation in the business strategy process

The CEO must be heavily focused upon supporting innovation as part of strategic
implementation.
McKinsey 7-S Plus model areas

Resources (apart from staff)
Innovation
Information technology incl. the internet
Knowledge management
Finance
Intellectual property
Legal and e-legal issues
Mergers and acquisitions
Strategic alliances
Strategic evaluation
Strategic evaluation
2.
Strategic analysis
3.
Analyse the
environment
Strategic
direction-setting
6.
Identify the
organisations
current vision,
mission,
strategic
objectives
Assess the
organisations
vision, mission
and strategic
objectives
Analyse the
organisations
resources
Strategic
Strategic
Identify
opportunities
and threats
1.
4.
Strategic choice
7.
Formulate
business
and
functional
strategies
8.
Implement
strategies
9.
Evaluate
results
5.
Identify
strengths and
weaknesses
Some strategic performance reporting systems

Two strategic performance reporting systems used in many
firms:
The balanced scorecard
Triple bottom line reporting.
These strategic performance reporting systems are used to report firm
performance against those strategic objectives developed to meet
prioritised stakeholder demands developed in the strategic objectivessetting stage of the business strategy process.

The balanced scorecard
(Hanson et al., 2014: 377-378)
Cash flow


Triple bottom line reporting
(Viljoen and Dann, 2003: 208-211)
Focuses on reporting strategic performance in three areas:

The environmental bottom line
The organisations achievement of environmental objectives developed
to meet the demands of environmental stakeholders.
The social justice bottom line

The organisations achievement of community and relevant social
objectives developed to meet the demands of community and social
stakeholders.
Financial or economic bottom line

The organisations achievement of financial and related objectives

Triple bottom line reporting: Rio Tinto


A business strategy process: Rational or formal model

2.
Strategic analysis
3.
Analyse the
environment
Strategic
direction-setting
6.
Identify the
organisations
current vision,
mission,
strategic
objectives
Assess the
organisations
vision, mission
and strategic
objectives
Analyse the
organisations
resources
Strategic
Strategic
Identify
opportunities
and threats
1.
4.
Strategic choice
7.
Formulate
business
and
functional
strategies
8.
Implement
strategies
9.
Evaluate
results
5.
Identify
strengths and
weaknesses
Paradoxes of strategy
(with apologies to de Wit and Meyer)
Strategy is about:
The need to think creatively as well as logically

Reliable planning as well as letting strategy emerge over time
The need for revolutionary jumps and evolutionary paths
Focusing on strengths as well as on markets
Sticking to the knitting while responding to change
Competing hard as well as co-operating
Thriving on chaos while seeking control
Thinking globally but acting locally
Pursuing profits for shareholders while looking after others
Strategy: a study in contradictions

Business Strategy

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COMMONWEALTH OF AUSTRALIA

Copyright Regulations 1969

DO NOT REMOVE THIS NOTICE

business strategy: The journey travelled

business strategy thought: A history

business strategy thought: A history

Terminology and first courses

Practice of business strategy

Development of business strategy thought

business strategy thought: A summary.

Nature and scope of business

Definition of business strategy

The process of identifying, choosing and implementing

Dimensions of business strategy

Dimensions of business strategy

What is business strategy?

Pearson Educ ation Australia 2000

NETWORK/ JOINT VENTURE LEVEL STRATEGIES

CORPORATE LEVEL STRATEGIES

Strategies for a corporation with multiple businesses

BUSINESS LEVEL STRATEGIES

Strategies for a business in a single industry or market

Process of business strategy

A business strategy process: Rational or formal model

Strategic choice Strategic

business strategy in practice

The process is undertaken 24/7/365!

business strategy in practice

that which was deliberately formulated

business strategy in practice

business strategy in practice

(Johnson et al., 2008: 180)

Concept of the Sigmoid Curve

A strategic philosophy to promote corporate longevity

Strategic analysis: The

Strategic analysis: The external environment

Analysing external environments

Diagram created by Melanie Law,

Analysing external environments

Copyright 2014 Cengage Learning Pty Limited

Analysing external environments

Diagram created by Melanie Law,

Whats going on in external environments?

The nature of competition in many of the worlds industries is changing:

Rapid technological change is the norm

Analysing external environments

Analysing external environments

Analysing external environments

Diagram created by Melanie Law,

Analysing external environments

The turbulence model

Both models tell us something about the

Analysing external environments

Copyright 2014 Cengage Learning Pty Limited

Analysing external environments

The turbulence model

Analysing external environments

Three criteria to identify degree of turbulence:

Analysing external environments

Moderate Discontinuous Unpredictable/

Pearson Education Australia 2000

Analysing external environments

Porters Five Forces plus Government model