Strategic Management For The Capstone Business Simulation .

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Strategic Management for theCapstone Business Simulation andComp-XM and Global DNA Michael L. Pettus, Ph.D.7thEditionALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced orused in any form or by any means- graphic, electronic, or mechanical, including photocopying, recording,taping, Web distribution, or information storage and retrieval systems without the written permission of theauthor, Michael L. Pettus. Susquehanna UniversityCopyright 2015 is a registered trademark of Management Simulations, Inc.1


“This text is excellent as a strategic management text which uses the Capstonesimulation and cases to explain the linkages of strategic management concepts toreal world business problems.”Joseph Mahoney, Ph.D.Caterpillar Chair in Strategic ManagementUniversity of IllinoisAssociate Editor, Strategic Management Journal“If you use the Capstone simulation this strategic management text must be used.No other strategic management text can drive the concepts of strategic managementinto a real world based simulation.”Peter Wright, Ph.D.Free Enterprise Chair in Strategic ManagementUniversity of Memphis3

AcknowledgmentsI would like to thank many people for their hard work and dedication to theconstruction of this book. First, I would like to thank Dan Smith, founder of theCapstone Business Simulation, for giving me the opportunity to prepare the book.Second, I would like to thank all the students who spent hundreds of hoursword processing this book: Karen Knight and Tim Wiggenbach deserve specialrecognition. Amanda Walker was especially helpful in the construction of thissecond edition. Denisa Smaldone was very helpful in the development of the thirdedition. Victoria Dudleston was instrumental in the constructing of the fourthedition. Kelsey Lee was very important, and made significant contributions, in theconstruction of the 5th edition. Audra Davis was crucial in terms of assistance of theupdated 5th edition. Maddison Harner was outstanding in terms of assistance increating the 6th edition. Kelsey Armstrong was very helpful in the construction ofthis 7th edition. Someday all of you will walk with industry giants.Third, there are two people who were vital to the construction of this book:May Zelner of Capstone Business Simulation and Hans Royal-Hedinger of MillikinUniversity. Without the hard work of these individuals, this book would never havebeen accomplished. If I were to pick a number of individuals to start a business,May and Hans would be among my ten top picks in the world! Someday both ofyou will walk with captains of industry.Fourth, I would like to thank Eddie Schwertz of Webster University for hisreview of the 6th edition.4

Michael L. Pettus earned a PhD in strategic management from the University ofIllinois in 1997 and has more than 40 years of global experience in airline, airfreightand trucking industries. He is published in the Academy of Management Journal, theStrategic Management Journal, and many leading practitioner journals. He is theauthor of Growth from Chaos (2003: Praeger) which explores corporate growth inderegulated transportation industries. This book, Strategic Management for theCapstone Business Simulation and Comp - XM, which is now in its 7th edition,explains how the content of strategic management is integrated into businesssimulations.5

This book is dedicated to all the wonderfulprofessors who use it.6

Summary Table of ContentsForward .17Inside the Mind of the Global CEO; an Interview with DougOberhelman, CEO and Chairman of the Board of Directors ofCaterpillar Inc. 17Chapter 1 . 25Managing Environmental Turbulence . 25Chapter 2 . 49Industry Analysis and Industry Evolution for the 21st Century . 49Chapter 3 . 73Utilizing Internal Analysis to Build Competitive Advantage OverRivals . 73Chapter 4 . 93Business Level Strategy . 93Chapter 5.107Applying Game Theory to Collective Bargaining and CompetitiveDynamics.107Chapter 6 . 125Analysis of Markets and Positioning . 125Chapter 7 . 149Growth by Internal Development . 149Chapter 8 . 169Corporate Level Strategies and Restructuring. 169Chapter 9 . 199Growth Via Strategic Alliances . 199Chapter 10 . 227Acquisition Strategies . 227Chapter 11 . 249International Strategies . 249Chapter 12.277Global DNA.277Chapter 13 . 303Strategic Leadership Decision Making .303Chapter 14 . 329Wealth Creation . 329Chapter 15 . 347Conducting Case Analysis: An Exercise in Wealth Creation .347Chapter 16 . 359Comp-XM .359Major Cases 379Appendix . 4367

Glossary. 438Index . 4448

Detailed Table of ContentsForward .17Inside the Mind of the Global CEO; an Interview with Doug OberhelmanCEO and Chairman of the Board of Directors of Caterpillar Inc .17Chapter 1 . .25Managing Environmental Turbulence . 25Learning and Assessment Goals .26U.S. Economic Collapse .33U.S. Government Stimulus Plan .35U.S. Auto Industry .35International Recession .36The "Secret" Global Bailout .38The Economic Recovery.38Discussion Questions .43References .44L’Oréal Mini Case.47Chapter 2 . 49Industry Analysis and Industry Evolution for the 21st Century . 49Learning and Assessment Goals .51The Competitive Environment in the 21st Century .52Industry Structure .54Industry Classification .54Porter’s Five Forces .56Potential Entrants (Threat of New Entrants) . 57Bargaining Power of Suppliers . 57Bargaining Power of Buyers . 57Threat of Substitutes . 58Degree of Rivalry . 58Industry Analysis Using Porter’s Five Forces Model .59Industry Evolution .60Introduction Stage . 61Growth Stage. 61Maturity Stage . 61Decline Stage . 62Industry Life Cycle.64Discussion Questions .69References .70Intel Mini Case .729

Chapter 3 . 73Utilizing Internal Analysis to Build CompetitiveAdvantage Over Rivals.73Learning and Assessment Goals .75The Resource-Based View .76Criteria for Competitive Advantage . 77Value Chain Analysis .78Technology Development . 83Human Resource Management . 84Firm Infrastructure . 84Procurement . 85Inbound and Outbound Logistics . 85Operations . 85Marketing and Sales . 86Service. 86Global Outsourcing.87Discussion Questions .89References .90Ryder Mini Case .92Chapter 4 . 93Business Level Strategy . 93Learning and Assessment Goals .95Key Success Factors .96Determining Key Success Factors. 96Utilizing Key Success Factors over Time . 97Generic Business Level Strategies .97Cost leadership . 98Focused low cost . 98Differentiation . 98Focused differentiation . 99Walmart Expansion . 101Discussion Questions .104References .105Dell Mini Case .106Chapter 5.107Applying Game Theory to Collective Bargaining and CompletiveDynamics.107Learning and Assessment Goals.109Competitive Dynamics.115SWOT es.116Threats.11610

Competitive Dynamics Over Time.118Discussion Questions.122References.123Eli Lilly Mini Case .124Chapter 6 . 125Analysis of Markets and Positioning . 125Learning and Assessment Goals .127Market Segmentation .128Market Segmentation of the Airline Industry . 128Product Positioning 130Sales Forecasting .132Sales Forecasting Methods . 132Sales Forecasting and Capstone Simulation .133Marketing Mix Variables .139Product Variable. 139Price Variable . 140Promotion Variable . 140Distribution Variable. 142Branding.143Discussion Questions .145References .146Embraer Mini Case .147Chapter 7 . 149Growth by Internal Development . 149Learning and Assessment Goals .150Internal Development Strategies.151Market Penetration . 151Market Development . 153Product Development . 155Diversification . 157Competition .157Internal Development and Capstone Simulation .158Growth by Market Penetration . 158Growth by Market Development . 159Growth by Product Development. 161Growth by Diversification . 163Discussion Questions .164References .165Starbucks Mini Case .167Chapter 8 . 169Corporate Level Strategies and Restructuring. 169Learning and Assessment Goals .170Diversification.171Diversification and Performance . 17111

Diversification and Value Chain Analysis . 173Same Industry Diversification .174Related Industry Diversification .175Unrelated Industry Diversification .176Diversification and Risk . 176Business Strengths and Industry Attractiveness .177Industry Attractiveness . 179Business Strength . 180Restructuring.181Downsizing . 182Downscoping . 184Realignment . 185Restructuring and the Capstone Simulation .186Discussion Questions .192References .193General Electric (G.E.) Mini Case .198Chapter 9 . 199Growth Via Strategic Alliances . 199Learning and Assessment Goals .201Trust .203Scale of Coverage .204Relationship-Specific Assets .204Complementary Capabilities .204Interfirm Knowledge Sharing .204Scale Alliances .205Link Alliances .207Joint Ventures .209The Downside of Strategic Alliances and Joint Ventures .212Strategic Alliances and the Recession.212The Future of Strategic Alliances .213Strategic Alliances and Capstone Simulation .214Discussion Questions .217References .218Oneworld Airline Strategic Alliance Mini Case .224TNK & BP Mini Case .225Chapter 10 . 227Acquisition Strategies . 227Learning and Assessment Goals .228Attributes of Successful Acquisitions .231Access to International Markets . 231Synergies Resulting from Economies of Scale . 232Synergies Resulting from Economies of Scope . 232Reduce Costs of New Product Development . 232Entry into More Attractive Industries . 233Problems with Acquisitions .23312

Paying Too Much . 233Inability to Achieve Synergies . 233Failure to Retain Key Personnel. 234Too Much Debt . 234Invest in Mature Industries . 235Process for Achieving Successful Acquisitions .236Due Diligence . 236Engage in Friendly Acquisitions . 236Maximize Resource Utilization . 236Diversify Into Firms That Have Strong Brand Names. 237Acquire High Growth Firms . 238Hostile Acquisitions .238Are Acquisitions Beneficial? .239Acquisitions as a Source of Innovation .241Discussion Questions .242References .243Proctor and Gamble Mini Case .246Chapter 11 . 249International Strategies . 249Learning and Assessment Goals .250Factors Encouraging International Expansion .251Innovation in Domestic Market .

Caterpillar Chair in Strategic Management University of Illinois Associate Editor, Strategic Management Journal “If you use the Capstone simulation this strategic management text must be used. No other strategic management text can drive the concepts of strategic management into a real world based simulation.” Peter Wright, Ph.D.

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