Chapter 16 Strategy.

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Presentation transcript:

Chapter 16 Strategy

Strategy Various definitions and approaches “identifying key factors and responding with an intentional plan” Informed action to secure desired outcome “Competitive Advantage” the dominant paradigm 1. Positioning (Porter) – external mapping 2. Resource-based (Barney) – internal resources Conceptual and technological advances have seen emergence of other paradigms Chapter 16 © Philip O’Regan 2016

Strategies for growth 1. Organic 2. Differentiation 3. Acquisition Growth generated internally (primarily) Typically focus is on increasing revenue 2. Differentiation Exploiting unique selling points Focus on brand (and price) 3. Acquisition Focus on synergies, market share, etc Favoured by dominant governance model Chapter 16 © Philip O’Regan 2016

Industry/sector analysis Various tools/techniques developed Give different insights into sector: competition profitability key success factors value propositions Useful to use various approaches Chapter 16 © Philip O’Regan 2016

Porter’s “Five Forces” Major impact on strategic planning Forces that impact competition/profitability: barriers to entry competitive rivalry power relative to buyers power relative to suppliers threat of substitutes Framework for understanding context(s) What are trends, risks, opportunities, etc. Chapter 16 © Philip O’Regan 2016

Value chain analysis (VCA) Porter Prompts focus on process and competence Chapter 16 © Philip O’Regan 2016

Industry life cycle Most industries have life cycle introductory phase growth maturity decline Understanding phase should inform analysis e.g. investing in growth phase more attractive than in decline Strengthened if complemented by insights from e.g. product life cycle analysis Chapter 16 © Philip O’Regan 2016

Value net Important insight on “complementors” Shows inter-dependence that exists in most sectors/industries e.g. Intel Prompts more holistic consideration of strategic options co-operation v. competition Chapter 16 © Philip O’Regan 2016

Strategic planning Formal process typical PESTEL SWOT (but note alternative views, e.g. Mintzberg) PESTEL SWOT Portfolio analysis Balanced score card Chapter 16 © Philip O’Regan 2016

Financing strategy Key accounting input Accounting numbers central to Overall strategic planning role Detailed budgetary role Accounting numbers central to formulation planning control and review Role challenged by technology, failures Chapter 16 © Philip O’Regan 2016

Summary Strategy key to corporate activity Plan with future orientation Competitive advantage view Industry/sector analysis Strategic planning Financing strategy Central role of accounting information Chapter 16 © Philip O’Regan 2016