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• Enron, WorldCom, Parmalat • Jack Welch’s retirement package. War[r]
(1)Current Trends in Strategic Management
Current Trends in Strategic Management
• The New Economy
• New Directions in Strategic Thinking
• Redesigning the Organization
• New Modes of Leadership
(2)The Turbulent 21st Century
The Turbulent 21st Century
Collapse of New Economy
•Dot.com bubble bursts
•TMT recession
Collapse of New Economy
•Dot.com bubble bursts •TMT recession
Corporate Scandals
• Enron, WorldCom, Parmalat
• Jack Welch’s retirement package
Corporate Scandals
• Enron, WorldCom, Parmalat • Jack Welch’s retirement package
War
• Invasion of Afghanistan & Iraq
•Civil was in Congo, Liberia, Sudan
War
• Invasion of Afghanistan & Iraq
•Civil was in Congo, Liberia, Sudan
Age of Disbelief
Age of Disbelief
The Curse of Terrorism
• Sept 11, 2001
•Suicide bombings in Israel, Iraq, Saudi
Arabia, Turkey, Afghanistan
The Curse of Terrorism
• Sept 11, 2001 •Suicide bombings in
Israel, Iraq, Saudi Arabia, Turkey,
Afghanistan Fear of Disease
•SARS, Mad Cow, Bird Flu
Fear of Disease
•SARS, Mad Cow, Bird Flu
Unstable Currencies
US$ declines by >50% against Euro 2002-04
Unstable Currencies
US$ declines by >50% against Euro 2002-04
Decline of Multilateralism
•Collapse of Doha round
• Trade wars between US, EU, China •Weakening of UN
International
competition intensifies
(3)0 1 2 3 4 5 6 7
1995 1996 1997 1998 1999 2000 2001 2002 2003
Q1 Q2 Q3 Q4
Source: Bureau of Labor Statistics
US Labor Productivity: Changes in Non-Farm Output per Hour Worked from Year ago Quarter, 1995-2003
(4)Return on Equity of US Manufacturing Corporations, 1990-2003
Return on Equity of US Manufacturing Corporations, 1990-2003
0 2 4 6 8 10 12 14 16 18
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
ROE ( %)
(5)0 0.5 1 1.5 2 2.5 3 3.5 4 4.5
1990 1992 1994 1996 1998 2000 2002
$ trillion The value of mergers and
acquisitions worldwide
The value of mergers and acquisitions worldwide
(6)Key Trends of the 1990s:
•Quest for shareholder value
•Adjusting to increased
turbulence & more intense competition
Influential Strategy Concepts:
•Modern financial analysis
—shareholder value, economic profit, option theory
•Core competences and intangible assets
•Dynamically competitive markets
—“hypercompetition”
•Competitive advantage through alliances, networks, and standards
Major Themes of Business Strategy:
•Cost cutting—squeezing
overhead, business process engineering, increasing labor productivity
•Outsourcing/refocusing/ divestment
•Performance management and incentive alignment
Directions in Strategic Management Practice—Trends of the 1990s
(7)Future Sources of Profit
Limits of downsizing/cost cutting Where are future sources of
profit?
Technology
Continued advances in ICT
Forces Shaping Company Strategies 2001-04
Concepts & Theories
•Resources & capabilities as
basis for competitive advantage
•Knowledge-based theory of the firm
•Option theory
•Complexity theory
The Business Environment
•Uncertainty
•Stalling of economic liberalization
•Intense competition
Demands of society
•Social & environmental responsibility
•Ethics & fairness