Solutions For Strategic Management, Concepts and Cases, Competitiveness and Globalization, 14th Edition Hitt (All Chapters included)
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Course
Strategic Management
Institution
Strategic Management
Complete Solutions Manual for Strategic Management Concepts and Cases Competitiveness and Globalization, 14th Edition by Michael A. Hitt, R. Duane Ireland, Robert E. Hoskisson ; ISBN13: 9780357716762. Full SM Chapters included Chapter 1 to 13 + Cases Solutions.
1. Strategic Management and Strategi...
TABLE OF CONTENTS
Purpose and Perspective of the Chapter ........................................................................... 2
Chapter Objectives ............................................................................................................... 3
Complete List of Chapter Activities and Assessments ..................................................... 3
Key Terms ............................................................................................................................. 4
What's New in This Chapter ................................................................................................ 5
Chapter Outline .................................................................................................................... 6
Review Questions ............................................................................................................... 27
Additional Activities and Assignments ............................................................................. 30
Appendix .............................................................................................................................. 31
Generic Rubrics ...........................................................................................................................31
Standard Writing Rubric............................................................................................................31
Standard Discussion Rubric .................................................................................................... 32
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, Instructor Manual: Hitt, Ireland, Hoskisson, Harrison, Strategic Management: Concepts and Cases:
Competitiveness and Globalization, 14th Edition. 9780357716830; Chapter 1: Strategic Management and Strategic
Competitiveness
PURPOSE AND PERSPECTIVE OF THE CHAPTER
This chapter is an introductory chapter. Its purpose is to define critical concepts and
introduce students to the concepts that will be covered in this book. This chapter
serves to establish the context within which subsequent chapters fit and lays the
foundation for the rest of the text.
Chapter 1 begins by introducing several key concepts that will be woven throughout
the text. The most important of these is the strategic management process, which is
the set of commitments, decisions, and actions firms take to achieve strategic
competitiveness so they can earn above-average returns. The process begins with
performing both internal and external analyses, after which a firm can determine how
to create superior value for customers in ways that cannot be imitated, thus creating
a competitive advantage.
The strategic management process is influenced by the competitive landscape, or the
nature of competition within any given industry. Digitalization is among the factors
that have recently influenced the competitive landscape, as are hypercompetition,
technology, and knowledge. Another important factor is globalization, the increasing
economic interdependence among countries and their organizations as reflected in
the flow of products, financial capital, and knowledge across borders.
The next sections of the chapter explore the different models firms can use to
determine the best strategies for achieving above-average returns. The older
industrial organization model, or I/O model, assumes that the external environment
imposes pressures and constraints that determine the best strategies. This model is
also based on the idea that firms possess the same types of resources and can thus
choose to compete in the most attractive industries. A more contemporary model is
the resource-based model, which is based on the idea that every firm has unique
resources, capabilities, and core competencies, thus the internal environment has
greater impact on a firm’s selection of the best strategies. Last, the stakeholder
model is one in which individuals, groups, and organizations that have enforceable
claims on a firm’s performance both affect a firm’s vision and mission and are
affected by a firm’s strategic outcomes. Stakeholders can be classified into primary
stakeholders and secondary stakeholders.
After analyzing the external environment and the internal organization, a firm can
then develop its vision, mission and values, which are covered in the following
section of the chapter. Vision is the broad-strokes picture of what a firm wants to be
and to achieve. Mission is a specific statement of the industry in which the firm
intends to compete and the customers it intends to serve. Values define what should
matter most to managers and employees when they make and implement strategic
decisions.
The final two sections wrap up the chapter with a discussion of how strategic
leaders, at all levels and in all areas of a firm, can help drive the strategic direction of
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