Showing papers on "Strategic planning published in 2001"
TL;DR: The authors formalizes the RBV, answering the causal "how" questions, incorporating the temporal component, and integrating RBV with demand heterogeneity models for strategic management, and outlines conceptual challenges for improving this situation.
Abstract: As a potential theory, the elemental resource-based view (RBV) is not currently a theoretical structure. Moreover, RBV proponents have assumed stability in product markets and eschewed determining resources' values. As a perspective for strategic management, imprecise definitions hinder prescription and static approaches relegate causality to a “black box.” We outline conceptual challenges for improving this situation, including rigorously formalizing the RBV, answering the causal “how” questions, incorporating the temporal component, and integrating the RBV with demand heterogeneity models.
3,634 citations
TL;DR: The authors examined the major issues raised by Priem and Butler about my 1991 article and subsequent resource-based research and pointed out some important requirements of this kind of research, which will be necessary if a more complete resourcebased theory of strategic advantage is to be developed.
Abstract: Here I examine each of the major issues raised by Priem and Butler (this issue) about my 1991 article and subsequent resource-based research. While it turns out that Priem and Butler's direct criticisms of the 1991 article are unfounded, they do remind resource-based researchers of some important requirements of this kind of research. I also discuss some important issues not raised by Priem and Butler—the resolutions of which will be necessary if a more complete resource-based theory of strategic advantage is to be developed.
2,475 citations
TL;DR: The authors drew upon strategic management theory, organizational behavior theory, organization theory, and entrepreneurship models to form an integrated model of venture growth including 17 concepts from different domains including strategic management and organizational behavior.
Abstract: We drew upon strategic management theory, organizational behavior theory, organization theory, and entrepreneurship models to form an integrated model of venture growth including 17 concepts from f...
1,554 citations
TL;DR: In this paper, the authors explore strategic entrepreneurship in several important organizational domains to include external networks and alliances, resources and organizational learning, innovation and internationalization, and integrate, extend and test theory and research from entrepreneurship and strategic management in new ways such as creative destruction (discontinuities), resource-based view, organizational learning and transaction costs.
Abstract: Entrepreneurship involves identifying and exploiting entrepreneurial opportunities. However, to create the most value entrepreneurial firms also need to act strategically. This calls for an integration of entrepreneurial and strategic thinking. We explore this strategic entrepreneurship in several important organizational domains to include external networks and alliances, resources and organizational learning, innovation and internationalization. The research in this special issue examines both traditional (e.g., contingency theory, strategic fit) and new theory (e.g., cultural entrepreneurship, business model drivers). The research also integrates, extends, and tests theory and research from entrepreneurship and strategic management in new ways such as creative destruction (discontinuities), resource-based view, organizational learning, network theory, transaction costs and institutional theory. The research presented herein provides a basis for future research on strategic entrepreneurship for wealth creation. Copyright © 2001 John Wiley & Sons, Ltd.
1,325 citations
TL;DR: In this article, the authors integrate theory and research from disparate areas to develop a descriptive stakeholder theory and show that at any given organizational life cycle stage, certain stakeholders, because of their potential to satisfy critical organizational needs, will be more important than others.
Abstract: We integrate theory and research from disparate areas to develop a descriptive stakeholder theory. We (1) show that at any given organizational life cycle stage, certain stakeholders, because of their potential to satisfy critical organizational needs, will be more important than others; (2) identify specific stakeholders likely to become more or less important as an organization evolves from one stage to the next; and (3) propose that the strategy an organization uses to deal with each stakeholder will depend on the importance of that stakeholder to the organization relative to other stakeholders.
1,151 citations
TL;DR: In this article, the authors examined how external network ties determine a board's ability to contribute to the strategic decision-making process and found that the simple number of director appointments to other boards is not a good predictor of board performance.
Abstract: This study examines how external network ties determine a board's ability to contribute to the strategic decision making process. Although the simple number of director appointments to other boards...
1,117 citations
03 Jan 2001
TL;DR: The paper describes the impact of critical success factors (CSFs) across the stages of enterprise resource planning (ERP) implementations using the responses from 86 organizations that completed or are in the process of completing an ERP implementation.
Abstract: The paper describes the impact of critical success factors (CSFs) across the stages of enterprise resource planning (ERP) implementations using the responses from 86 organizations that completed or are in the process of completing an ERP implementation. Our results provide advice to management on how best to utilize their limited resources to choose those CSFs that are most likely to have an impact upon the implementation of the ERP system.
973 citations
TL;DR: In this paper, the authors draw on five case studies in health care organizations to develop a process theory of strategic change in pluralistic settings characterized by diffuse power and divergent objectives.
Abstract: In this article, we draw on five case studies in health care organizations to develop a process theory of strategic change in pluralistic settings characterized by diffuse power and divergent objectives. The creation of a collective leadership group in which members play complementary roles appears critical in achieving change. However. collective leadership is fragile. We identify three levels of “coupling” between leaders. organization, and environment that need to be mobilized to permit change. Since it is difficult to maintain coupling at all levels simultaneously, change tends to proceed sporadically, driven by the effects of leaders' actions on their political positions.
773 citations
TL;DR: The authors examined how historical resource endowments and competencies affect strategic change and its outcomes in an industry context characterized both by substantial resource heterogeneity and environmental turbulence and found that organizations possessing greater stocks of historically valuable resources were much less likely to engage in adaptive strategic change, but also that this resource-driven disinclination towards change tended to have a benign or even beneficial effect on performance.
Abstract: This study examines how historical resource endowments and competencies affect strategic change and its outcomes amid environmental turbulence. Drawing from both behavioral and economics-based literatures, we develop four distinct perspectives regarding the likely effect of resources on strategic change. These four perspectives offer alternative predictions about how and why resource endowments should affect the likelihood or magnitude of strategic change, and how and why they should moderate the relation between strategic change and performance. We examine the predictive power of these four alternative arguments using extensive longitudinal data from a single industry context characterized both by substantial resource heterogeneity and environmental turbulence. Results indicate that organizations possessing greater stocks of historically valuable resources were much less likely to engage in adaptive strategic change, but also that this resource-driven disinclination towards change tended to have a benign or even beneficial effect on performance. We discuss the implications of our theory and findings for the strategic change literature and also for the literature on the resource-based view of the firm.
605 citations
TL;DR: In this paper, the authors identify critical success factors in alliance-making with special consideration given to the specific situation of small and medium-sized enterprises (SMEs) with a comprehensive questionnaire used to interview a random sample of key executives in 164 Austrian SMEs.
490 citations
TL;DR: In this article, a survey examines the usage of these tools over a seven-year period, assesses user satisfaction with the tools, and attempts to correlate tool usage with company performance, identifying tools that have been consistently used over time as well as those that seem to have been passing fads.
Abstract: Management tools such as strategic planning, benchmarking, pay-for-performance, outsourcing, customer segmentation, reengineering, balanced scorecard, and total quality management garner considerable attention in the popular management literature. Companies throughout the world spend millions of dollars each year implementing a dozen or so of these tools. This survey examines the usage of these tools over a seven-year period, assesses user satisfaction with the tools, and attempts to correlate tool usage with company performance. It identifies tools that have been consistently used over time as well as those that seem to have been passing fads.
TL;DR: This article found that ownership alone was insufficient to influence R&D investments, and that institutional ownership alone is insufficient and that instituti... and found that large ownership stakes held by institutional investors grant them power to influence research investments.
Abstract: Researchers have assumed that large ownership stakes held by institutional investors grant them power to influence R&D investments. We found that ownership alone was insufficient and that instituti...
Book•
29 Jan 2001
TL;DR: The role of the board in family business planning is discussed in this article, where the authors discuss the importance of planning for families and the parallel planning process of families and business families.
Abstract: PART 1: UNDERSTANDING FAMILY BUSINESS PLANNING The Importance of Planning for Business Families The Parallel Planning Process PART 2: PLANNING FOR THE FAMILY Securing Family Commitment Encouraging Family Participation Preparing the Next Generation of Family Managers and Leaders Developing Effective Ownership PART 3: PLANNING FOR THE BUSINESS Assessing the Firm's Strategic Potential Exploring Possible Business Strategies Finalizing Strategy and Investment Decisions PART 4: INTEGRATING THE FAMILY AND BUSINESS PLANS The role of the board in family business planning
Book•
16 Jan 2001
TL;DR: The need for strategic planning for Project Management Impact of economic conditions on Project Management Principles of Strategic Planning An Introduction to the Project Management Maturity Model (PMMM) Level 1: Common Language Level 2: Common Processes Level 3: Singular Methodology Level 4: Benchmarking Level 5: Continuous Improvement Sustainable Competitive Advantage Special Problems with Strategic Planning.
Abstract: Foreword Preface Introduction The Need for Strategic Planning for Project Management Impact of Economic Conditions on Project Management Principles of Strategic Planning An Introduction to the Project Management Maturity Model (PMMM) Level 1: Common Language Level 2: Common Processes Level 3: Singular Methodology Level 4: Benchmarking Level 5: Continuous Improvement Sustainable Competitive Advantage Special Problems with Strategic Planning for Project Management Case Studies Index
TL;DR: In this article, the authors draw from the authors' experience in over 70 mergers and acquisitions to understand the managerial actions that distinguish successful from disappointing combinations, focusing on early efforts in the precombination phase that steer a combination toward the successful path.
Abstract: Executive Overview Three out of four mergers and acquisitions fail to achieve their financial and strategic objectives. Because the nature of the combination process--such as the secrecy that shrouds negotiations--runs counter to the requirements of rigorous research, efforts to learn why so many combinations fail, and to understand the management actions that put combinations on a successful course, have yielded limited insights. As a result, mergers and acquisitions continue to be mismanaged and to produce disappointing results. This article draws from the authors' experience in over 70 mergers and acquisitions to understand the managerial actions that distinguish successful from disappointing combinations. It focuses on early efforts in the precombination phase that steer a combination toward the successful path. Precombination preparation covers strategic and psychological matters. The strategic challenges concern key analyses that clarify and bring into focus the sources of synergy in a combination. ...
TL;DR: Witthun et al. as mentioned in this paper presented a vision of what a brokerage firm can and should be in the new millennium, and their expertise in delivering innovative products and services to clients in a way that not only exceeds their expectations, but fundamentally changes them.
Abstract: Executive Overview As the 21st century unfolds, entrepreneurial actions are viewed as critical pathways to competitive advantage and improved performance. One company in the healthcare management Held, Acordia, Inc., developed and prospered through its strategic entrepreneurial vision. In the words of Acordia's CEO, Frank C. Witthun: “2000 was another landmark year for Acordia, with important acquisitions, innovative new products, and the foresight of sound, strategic planning fueling our impressive growth. It is our expert vision that has brought us to this point: a vision of what a brokerage firm can and should be in the new millennium, and our expertise in delivering innovative products and services to our clients in a way that not only exceeds their expectations, but fundamentally changes them.” Starting in 1986, entrepreneurial actions were instrumental to how Acordia has conducted business over the last 15 or so years. We use insights from the academic literature and business press as the framework ...
Book•
01 Jan 2001
TL;DR: In this paper, Michel Godet has collected an impressive arsenal of the most effective methodologies for strategic planning, including information technology in Europe, AXA Insurance, EDF (the French electrical utility), individual combat weapon (French military), and BASF and the agribusiness environmental challenge.
Abstract: Whatever happens tomorrow depends less on prevailing trends and more on individual and collective decisions taken in the face of these trends. If the future is indeed the fruit of human desire, then we have the power to change it to organizational or personal advantage. In Creating Futures, Michel Godet has collected an impressive arsenal of the most effective methodologies for strategic planning. Godet maintains that with the right tools and attitudes, people can learn how to create futures. The book presents these planning methods with lively examples and illustrative and informative case studies. These include information technology in Europe, AXA Insurance, EDF (the French electrical utility), individual combat weapon (French military), and BASF and the agri-business environmental challenge. Creating Futures provides the tools managers, planners, and entrepreneurs need to anticipate change; avoid forecasting errors; avoid cliches and conventional thinking; and make sense of the concepts used in foresight, scenario building and strategic planning.
TL;DR: In this paper, a case study of a unique organization whose purpose is to facilitate strategic knowledge distillation is presented, which is characterized by targeted information gathering that relies on diverse experts for interpretation as well as validation.
Abstract: Strategic learning aims to generate learning in support of future strategic initiatives that will, in turn, foster knowledge asymmetries that can lead to differences in organizational performance. From a case study of a unique organization whose purpose is to facilitate strategic knowledge distillation, it was found that this process is characterized by targeted information gathering that relies on diverse experts for interpretation as well as validation. It also embodies the organizational capability to leverage information technologies in the distillation effort, integrating them with processes for generating, storing, and transporting rich, de-embedded knowledge across multiple levels of the organization. As a result of the case study, a model of the strategic learning is developed and a series of propositions regarding its context and processes are presented based on this model. The model highlights key dimensions of strategic learning that suggest design parameters for organizations building strategic learning systems.
TL;DR: Three commentaries are presented concerning the AMR paper "The Promise of Entrepreneurship As a Field of Research" by Shane and Venkataraman, including a response from the authors to all three commentaries as mentioned in this paper.
Abstract: Three commentaries are presented concerning the Academy of Management Review (AMR) paper “The Promise of Entrepreneurship As a Field of Research” (January 2000), by Shane and Venkataraman, including a response from the authors to all three commentaries. An exchange pertaining to Fisher and White's AMR note, “Downsizing in a Learning Organization: Are There Hidden Costs?” (January 2000) is also presented.
TL;DR: Fast growth family firms surveyed about their business and strategic planning practices were surveyed by as discussed by the authors, who found that the majority of fast growth families prepare written formal plans, but the majority did not consider the impact of external factors.
Abstract: Fast‐growth family firms were surveyed about their business and strategic planning practices. Of the 65 fast‐growth family firms surveyed, the majority prepare written formal plans. The business pl...
TL;DR: In this paper, the authors present a comprehensive plan outlining detailed expectations, requirements, and expected benefits of strategic alliances, which is essential that corporations enter into strategic alliances arrangements with a comprehensive expectation and requirements.
Abstract: Strategic alliances can be effective ways to diffuse new technologies rapidly, to enter a new market, to bypass governmental restrictions expeditiously, and to learn quickly from the leading firms in a given field. However, strategic alliances are not simple or easy to create, develop, and support. Strategic alliances projects often fail because of tactical errors made by management. By using a well managed strategic alliances agreement, companies can gain in markets that would otherwise be uneconomical. Considerable time and energy must be put forth by all involved in order to create a successful alliance. It is essential that corporations enter into strategic alliances arrangements with a comprehensive plan outlining detailed expectations, requirements, and expected benefits.
TL;DR: In this paper, the authors present a framework for strategy design, arguing that a strategy has five elements, providing answers to five questions: what are those parts, what are the areas, and what is the goal of a strategy?
Abstract: Executive Overview After more than 30 years of hard thinking about strategy, consultants and scholars have provided an abundance of frameworks for analyzing strategic situations. Missing, however, has been any guidance as to what the product of these tools should be—or what actually constitutes a strategy. Strategy has become a catchall term used to mean whatever one wants it to mean. Executives now talk about their “service strategy,” their “branding strategy,” their “acquisition strategy,” or whatever kind of strategy that is on their mind at a particular moment. But strategists—whether they are CEOs of established firms, division presidents, or entrepreneurs—must have a strategy, an integrated, overarching concept of how the business will achieve its objectives. If a business must have a single, unified strategy, then it must necessarily have parts. What are those parts? We present a framework for strategy design, arguing that a strategy has five elements, providing answers to five questions—arenas: wh...
TL;DR: A model of strategic information systems (IS) investment in small and medium-sized enterprises (SMEs) is developed, which is termed the focus-dominance model, and reports that IS investment is strongly influenced by an SME's strategic context.
Abstract: Based on multiple-case research, this paper develops a model of strategic information systems (IS) investment in small and medium-sized enterprises (SMEs). IS investment is modelled as a function of an SME's strategic context as defined by its strategic focus, i.e. cost reduction versus value added and its market positioning, i.e. few versus many customers. The paper first investigates the ways in which IS may add value to organizations. It then outlines the use of IS in SMEs. This is followed by an analysis of competitiveness in small businesses. The paper develops an analytical model, which is termed the focus-dominance model, analyses case studies of 27 firms and reports that IS investment is strongly influenced by an SME's strategic context. Four cases are presented in order to illustrate the four different IS profiles identified. Finally, the implications for theory and practice are discussed.
TL;DR: The concept of agile manufacturing was formulated in response to the constantly changing 'new economy' and as a basis for returning to global competitiveness as discussed by the authors, which is characterized by cooperativeness and synergism (possibly resulting in virtual corporations), by a strategic vision that enables thriving in face of continuous and unpredictable change, by the responsive creation and delivery of customer-valued, high quality and mass customized goods/services, by nimble organization structures of a knowledgeable and empowered workforce, and facilitated by an information infrastructure that links constituent partners in a unified electronic network.
Abstract: About a decade ago, the agile manufacturing paradigm was formulated in response to the constantly changing 'new economy' and as a basis for returning to global competitiveness. While agility means different things to different enterprises under different contexts, the following elements capture its essential concept: agility is characterized by cooperativeness and synergism (possibly resulting in virtual corporations), by a strategic vision that enables thriving in face of continuous and unpredictable change, by the responsive creation and delivery of customer-valued, high quality and mass customized goods/services, by nimble organization structures of a knowledgeable and empowered workforce, and facilitated by an information infrastructure that links constituent partners in a unified electronic network. During this period, a significant amount of attention from both the academic and industrial communities has produced a large body of results in research and development related to this topic. Each contrib...
Book•
01 Jan 2001
TL;DR: The Strategy Formulator as mentioned in this paper is a software tool for using strategy analysis and choice in a business policy case, and it can be used to evaluate a business strategy case and implement strategies.
Abstract: INTRODUCTION. How to Analyze a Business Policy Case. Instructions for Using The Strategy Formulator Software. I. OVERVIEW OF STRATEGIC MANAGEMENT. 1. The Nature of Strategic Management. II. STRATEGY FORMULATION. 2. The Business Mission. 3. The External Assessment. 4. The Internal Assessment. 5. Strategies in Action. 6. Strategy Analysis and Choice. III. STRATEGY IMPLEMENTATION. 7. Implementing Strategies: Management Issues. 8. Implementing Strategies: Marketing, Finance/Accounting, R&D, and CIS Issues. IV. STRATEGY EVALUATION. 9. Strategy Review, Evaluation, and Control. Name Index. Subject Index. Company index.
TL;DR: In this article, the authors consider the mechanisms of selection, adaptation and co-evolution that take place between levels within the firm and between the firms and its environment, and from this identify four ideal kinds of strategic renewal journeys that organisations can adopt as a way of coping with increasing environmental pressures.
TL;DR: In this article, the authors investigated the implementation process of a strategic decision in two international hotel groups via in-depth, semi-structured interviews, observations and documentation analysis, and identified ten implementation variables and a conceptual framework constructed.
Abstract: Aims to develop an implementation framework. Further to a critical review of previous research, ten implementation variables were identified and a conceptual framework constructed. The implementation process of a strategic decision was investigated in two international hotel groups via in‐depth, semi‐structured interviews, observations and documentation analysis. The initial conceptual framework was found to be useful as it grouped key variables together and illustrated their roles when implementing strategic decisions. Three new variables, however, emerged from the findings; namely, multiple project implementation, organisational learning and working with external companies. A revised framework was then proposed and further explanations provided. Concludes by emphasising the importance of contextual variables in implementation and dispels the strategic management notion of “fit”.
Book•
01 Jan 2001
TL;DR: In this paper, the evolution of principles and values underlying management of forests is discussed, and the concepts for forest management planning are discussed. But, the focus of this paper is on the economic aspects of forest management and not the environmental aspects.
Abstract: Part I Introduction to Forest Management1 Introduction to Forest Management: The Evolution of Principles and Values Underlying Management of Forests 2 Elements of Forest Management: Goals, Land Classification, Prescriptions, and Estimates of Conditions and Outcomes3 Concepts for Forest Management Planning Part II Predicting Conditions and Outcomes for Stands and Forests4 Fundamentals of Structure, Growth, and Development in Even-Aged and Uneven-Aged Stands and Forests5 Quantitative Estimation of Conditions and Outcomes in Even-Aged and Uneven-Aged Stands and Forests Part III Fundamentals of Decision Analysis to Achieve Ecological, Economic, and Social Values6 Financial Analysis of Trees, Stands, and Forests 7 Valuation of Forest Assets, Outputs, Structure, and Process8 Problem Identification and Decision Analysis Tools 9 Evaluation and Comparison of Planning Alternatives Part IV Forest Management Planning to Achieve Ecological, Economic, and Social Goals10 Classical Approaches 11 Strategic Planning for Timber Production 12 Strategic Planning for Multiple Ecological and Economic Goals 13 Strategic Planning Considering the Spatial Context, Cumulative Effects Across Ownerships, and the Episodic Nature of Natural Disturbances 14 Tactical and Operation Planning
TL;DR: In this paper, the authors provide a retrospective overview of asset management in the construction industry, focusing on assessing decision-support tools for municipal infrastructure planning and identifying the challenges for maintenance, repair, and renewal planning faced by asset owners and managers.
Abstract: This paper provides a retrospective overview of asset management in the construction industry. Emphasis is placed on assessing decision-support tools for municipal infrastructure planning. The study identifies the extent of the asset management market in North America, addresses the need for decision-support tools for municipal-type organizations, and identifies the challenges for maintenance, repair, and renewal planning faced by asset owners and managers. Integration with existing systems such as computerized maintenance management, geographic information, and corporate legacy systems is seen as the largest challenge for developing and using decision-support tools in the area of asset management. The present study classifies various stages of implementation for asset management using the six “whats”—questions that an asset manager should ask about the status of his portfolio. Finally, the activities of a consortium in the area strategic asset management are introduced. The investigation leading to this ...
TL;DR: In this paper, the role of stakeholder driven strategic planning as a contributor to the ultimate sustainability of tourism development is discussed, and a quantitative instrument by which a specific tourism development planning pro...
Abstract: This paper is concerned with the role of stakeholder driven strategic planning as a contributor to the ultimate sustainability of tourism development. An initial literature review describes the evolution of theory related to three specific issues in the study of tourism – sustainability of tourism development as a desirable goal, stakeholder participation as a contributor to sustainability, and strategic planning as an appropriate framework within which stakeholder driven development activity can occur. The review concludes that these concepts are well supported in the literature, with little empirical evidence available on which to base any meaningful level of support. It is therefore argued that the value of these propositions may exist more strongly in theory than in practice. After discussing a number of factors which may negatively impact upon the practical implementation of these theoretical constructs, the paper proposes a quantitative instrument by which a specific tourism development planning pro...