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Contents

Preface xvii What Is Our Business? 43
Vision versus Mission 45 & The Process of Developing Vision
Acknowledgments xxiii
and Mission Statements 46
About the Author xxvii Importance (Benefits) of Vision and Mission
Statements 47
Part 1 A Resolution of Divergent Views 48
Overview of Strategic Management 2 Characteristics of a Mission Statement 49
A Declaration of Attitude 49 & A Customer
Chapter 1 Orientation 50 & Mission Statement Components 51
The Nature of Strategic Management 2 Writing and Evaluating Mission Statements 53
MCDONALD’S CORPORATION: DOING GREAT ASSURANCE OF LEARNING EXERCISES 56
IN A WEAK ECONOMY 4
Assurance of Learning Exercise 2A: Evaluating Mission
What Is Strategic Management? 5 Statements 56
Defining Strategic Management 6 & Stages of Assurance of Learning Exercise 2B:Writing a Vision and Mission
Strategic Management 6 & Integrating Intuition Statement for McDonald’s Corporation 56
and Analysis 7 & Adapting to Change 8
Assurance of Learning Exercise 2C:Writing a Vision and Mission
Key Terms in Strategic Management 9 Statement for My University 57
Competitive Advantage 9 & Strategists 10 & Vision and Mission Assurance of Learning Exercise 2D: Conducting Mission Statement
Statements 11 & External Opportunities and Threats 11& Research 57
Internal Strengths and Weaknesses 12 & Long-Term Objectives 13
& Strategies 13 & Annual Objectives 13 & Policies 14
Chapter 3
The Strategic-Management Model 14
The External Assessment 58
Benefits of Strategic Management 16
Financial Benefits 17 & Nonfinancial Benefits 18 DUNKIN' BRANDS, INC.: DOING GREAT IN A WEAK
Why Some Firms Do No Strategic Planning 18 ECONOMY 60
Pitfalls in Strategic Planning 19 The Nature of an External Audit 61
Guidelines for Effective Strategic Management 19 Key External Forces 61 & The Process of Performing an External
Audit 62
Comparing Business and Military Strategy 21
The Industrial Organization (I/O) View 63
THE COHESION CASE: MCDONALD’S
CORPORATION—2009 27 Economic Forces 63
ASSURANCE OF LEARNING EXERCISES 37 Social, Cultural, Demographic, and Natural Environment
Forces 66
Assurance of Learning Exercise 1A: Gathering Strategy
Information 37 Political, Governmental, and Legal Forces 68
Assurance of Learning Exercise 1B: Strategic Planning Technological Forces 69
for My University 37
Competitive Forces 71
Assurance of Learning Exercise 1C: Strategic Planning
Competitive Intelligence Programs 72 & Market Commonality
at a Local Company 38
and Resource Similarity 74
Assurance of Learning Exercise 1D: Getting Familiar with SMCO 38
Competitive Analysis: Porter’s Five-Forces
Model 74
Part 2 Rivalry Among Competing Firms 75 & Potential Entry of
Strategy Formulation 40 New Competitors 76 & Potential Development of Substitute
Products 77 & Bargaining Power of Suppliers 77 & Bargaining
Chapter 2 Power of Consumers 77
The Business Vision and Mission 40 Sources of External Information 78
WAL-MART: DOING GREAT IN A WEAK ECONOMY 42 Forecasting Tools and Techniques 78
What Do We Want to Become? 43 Making Assumptions 79
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